PONTIAC ACADEMY FOR EXCELLENCE Pontiac, Michigan. FINANCIAL STATEMENTS June 30, 2016

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1 PONTIAC ACADEMY FOR EXCELLENCE Pontiac, Michigan FINANCIAL STATEMENTS June 30, 2016

2 TABLE OF CONTENTS Page Number Independent Auditor s Report Management s Discussion and Analysis 1 Basic Financial Statements 8 District Wide Statement of Net Position 9 District Wide Statement of Activities 10 Governmental Funds Balance Sheet 11 Reconciliation of Balance Sheet of Governmental Funds to the Statement of Net Position 12 Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance 13 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities 14 Statement of Fiduciary Net Position 15 Notes to Financial Statements 16 Required Supplemental Information 26 Budgetary Comparison Schedule General Fund 27 Other Supplemental Information 28 Independent Auditor s 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 29

3 TABLE OF CONTENTS Page Number Independent Auditor s Report on Compliance For Each Major Program and on Internal Control Over Compliance Required by OMB Circular A Schedule of Expenditures of Federal Awards 34 Notes to Schedule of Expenditures of Federal Awards 36 Schedule of Findings and Questioned Costs 37 Schedule of Prior Year Findings and Questioned Costs 40

4 INDEPENDENT AUDITOR S REPORT October 7, 2016 To the Board of Directors Pontiac Academy for Excellence Report of the Financial Statements We have audited the accompanying financial statements of the governmental activities, the major fund, and the remaining fund information of Pontiac Academy for Excellence as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise Pontiac Academy for Excellence 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 financial statements that are free of 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 of 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.

5 To the Board of Directors Pontiac Academy for Excellence Page Two We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 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 major fund and the remaining fund information of Pontiac Academy for Excellence as of June 30, 2016 and the respective changes in financial position for the year then ended, in conformity 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 as listed 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 Pontiac Academy for Excellence s basic financial statements. The schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is not a required part of the basic financial statements. The schedule of expenditures of federal awards is the responsibility of management and was derived from and relate 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 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 schedule of expenditures of federal awards is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

6 To the Board of Directors Pontiac Academy for Excellence Page Three Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 7, 2016, on our consideration of Pontiac Academy for Excellence 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 Pontiac Academy for Excellence s internal control over financial reporting and compliance. Certified Public Accountants

7 MANAGEMENT S DISCUSSION AND ANALYSIS

8 PONTIAC ACADEMY FOR EXCELLENCE MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED) This section of the Pontiac Academy for Excellence annual financial report presents our discussion and analysis of the Academy s financial performance during the year ended June 30, Please read it in conjunction with the Academy s basic financial statements, which immediately follow this section. Using this Annual Report This annual report consists of a series of financial statements and notes to those statements. These statements are organized so the reader can understand Pontiac Academy for Excellence financially as a whole. The Academy-wide financial statements provide information about the activities of the whole Academy, presenting both an aggregate view of the Academy s finances and a longer-term view of those finances. The fund financial statements provide the next level of detail. For governmental activities, these statements tell how services were financed in the short-term as well as what remains for future spending. The fund financial statements look at the Academy s operations in more detail than the Academy-wide financial statement by providing information about the Academy s funds. Management s Discussion and Analysis (MD&A) (Required Supplemental Information) Basic Financial Statements Academy-wide Financial Statements Fund Financial Statements Notes to the Basic Financial Statements (Required Supplemental Information) Budgetary Information General Fund Other Supplemental Information Reporting the Academy as a Whole Academy-wide Financial Statements One of the most important questions asked about the Academy is, As a whole, what is the Academy s financial condition as a result of the year s activities? The statement of net position and the statement of activities, which appear first in the Academy s financial statements, report information on the Academy as a whole and its activities in a way that helps you answer this question. We prepare these statements to include all assets and liabilities, using the accrual basis of accounting, which is similar to the accounting used by most private sector companies. All of the current year s revenues and expenses are taken into account regardless of when cash is received or paid. 1

9 PONTIAC ACADEMY FOR EXCELLENCE MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED) Reporting the Academy as a Whole Academy-wide Financial Statements (continued) These two statements report the Academy s net position the difference between assets and liabilities, as reported in the statement of net position as one way to measure the Academy s financial health or financial position. Over time, increases or decreases in the Academy s net position as reported in the statement of activities are indicators of whether its financial health is improving or deteriorating. The relationship between revenues and expenses is the Academy s operating results. However, the Academy s goal is to provide services to our students, not to generate profits as commercial entities do. One must consider many other non-financial factors, such as the quality of the education provided and the safety of the school, to assess the overall health of the Academy. The statement of net position and the statement of activities report the governmental activities for the Academy, which encompass all of the Academy s services, including instruction, support services, community, food service and athletics. Unrestricted state aid (foundation allowance revenue) and state and federal grants finance most of these activities. Reporting the Academy s Most Significant Fund Fund Financial Statements The Academy s fund financial statements provide detailed information about the individual funds not the Academy as a whole. Some funds are required to be established by State law and by bond covenants. However, the Academy establishes other funds to help it control and manage money for particular purposes (the food service fund, for example). Governmental Fund All of the Academy s services are reported in governmental funds. Governmental fund reporting focuses on showing how money flows into and out of funds and the balances left at year end that are available for spending. They 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 operations of the Academy and the services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the Academy s programs. We describe the relationship (or differences) between governmental activities (reported in the statement of net position and the statement of activities) and governmental funds in a reconciliation. 2

10 PONTIAC ACADEMY FOR EXCELLENCE MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED) The Academy as Trustee Reporting the Academy s Fiduciary Responsibilities The Academy is the trustee, or fiduciary, for its student activity funds. All of the Academy s fiduciary activities are reported in a separate statement of fiduciary net position. We exclude these activities from the Academy s other financial statements because the Academy cannot use these assets to finance its operations. The Academy is responsible for ensuring that the assets reported in these funds are used for their intended purposes. The Academy as a Whole Table 1 Assets Current and other assets $ 4,863,786 $ 5,133,936 Capital assets - Net of accumulated depreciation 713, ,007 Total Assets 5,577,466 5,975,943 Liabilities Current liabilities 699, ,121 Total Liabilities 699, ,121 Net position Net investment in capital assets 713, ,007 Unrestricted 4,164,044 4,506,815 Total Net Position $ 4,877,724 $ 5,348,822 The above analysis focuses on the net position (see Table 1). The Academy s net position was $4,877,724 at June 30, Net investment in capital assets totaling $713,680 compares the original cost, less depreciation of the Academy s capital assets, to long-term debt used to finance the acquisition of those assets. The remaining amount of net position, $4,164,044 was unrestricted. The $4,164,044 in unrestricted net position of governmental activities represents the accumulated results of all past years operations. The unrestricted net position balance enables the Academy to meet working capital and cash flow requirements as well as to provide for future uncertainties. The operating results of the general fund will have a significant impact on the change in unrestricted net position from year to year. 3

11 PONTIAC ACADEMY FOR EXCELLENCE MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED) The Academy as a Whole (continued) The results of this year s operations for the Academy as a whole are reported in the statement of activities (Table 2), which shows the changes in net position for fiscal years 2016 and Table 2 Revenue Program revenue: Grants 3,057,955 Governmental Activities $ $ 3,234,136 General revenue State foundation allowance 7,310,290 7,233,393 Other 44,181 41,116 Interest 2,952 4,057 Total Revenue 10,415,378 10,512,702 Function/Program expenses Instruction 3,986,317 3,837,548 Support services 5,880,784 5,606,448 Food services 623, ,957 Athletics 94,415 90,487 Community services 173, ,666 Depreciation (unallocated) 128, ,926 Total function/program expenses 10,886,476 10,457,032 Increase (decrease) in Net Position $ (471,098) $ 55,670 As reported in the statement of activities, the cost of all of our governmental activities this year was $10,886,476. Certain activities were partially funded by other governments that subsidized certain programs with $3,057,955 in grants. We paid for the remaining public benefit portion of our governmental activities with $7,310,290 in state foundation allowance, and with our other revenues. The Academy experienced a decrease in net position of $(471,098) as compared to an increase of $55,670 in the previous year. Revenues decreased approximately 1% while expenses increased approximately 4%. Most of the decrease in revenue was in grants. Expenses increased in all categories except for depreciation. The Academy s Funds As we noted earlier, the Academy uses funds to help it control and manage money for particular purposes. Looking at funds helps the reader consider whether the Academy is being accountable for the resources the State and others provide to it and may provide more insight into the Academy s overall financial health. 4

12 PONTIAC ACADEMY FOR EXCELLENCE MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED) The Academy s Funds (continued) The general fund balance decreased $(370,697) as compared to a $218,116 increase in the previous year. Revenue decreased.9% over last year and expenditures increased 5%. The food service program had an increase in fund balance of $27,926 as compared to an increase of $18,480 in the previous year. The increase in fund balance was primarily due to a continued efficient staffing pattern resulting in lower expenditures. The revenues were enhanced by improved participation in breakfast and lunch programs despite a decrease in enrollment. General Fund Budgetary Highlights Over the course of the year, the Academy revises its budget as it attempts to deal with unexpected changes in revenues and expenditures. State law requires that the budget be amended to ensure that expenditures do not exceed appropriations. A schedule showing the Academy s original and final budget amounts compared with amounts actually paid and received is provided in the required supplemental information of these financial statements. First Versus Final Budget Revenue: The final budget was decreased $226,007 from the first budget. Significant variances are as follows: Federal revenue was decreased $177,068 primarily to reflect lower than anticipated grant awards and grant expenditures. Expenditures: The final budget was decreased $1,384,206 from the first budget. Significant variances are as follows: Basic program expenditures were decreased $465,305 due to lower than expected enrollment and lower than anticipated equipment costs. Instructional staff expenditures were decreased $376,104 primarily due to lower than anticipated technology and grant expenditures. Final Budget Versus Actual Results Revenue: Actual results for revenue were $4,599 lower than the final budget. Management does not believe that variance to be significant. 5

13 PONTIAC ACADEMY FOR EXCELLENCE MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED) Final Budget Versus Actual Results (continued) Expenditures: Final expenditures were $281,395 lower than anticipated. There were variances in every category none of which management believes to be significant. Capital Assets and Debt Administration Capital Assets As of June 30, 2016, the Academy had $713,680 invested in capital assets. This amount represents a net decrease (including additions, disposals, and depreciation) of approximately $128,327, or 15%, from last year Land $ 358,250 $ 358,250 Leasehold improvements 976, ,719 Furniture and equipment 1,589,714 1,619,755 Computer equipment 289, ,792 Total Capital Assets 3,213,830 3,586,516 Less Accumulated Depreciation 2,500,150 2,744,509 Net Capital Assets $ 713,680 $ 842,007 Additional information regarding capital assets is in the notes to the financial statements. Debt At June 30, 2016, the Academy had no long term debt. 6

14 PONTIAC ACADEMY FOR EXCELLENCE MANAGEMENT S DISCUSSION AND ANALYSIS (UNAUDITED) Economic Factors and Next Year s Budgets and Rates Management is aware of certain significant factors that would affect the budget. The anticipated student count is unknown at this time. Management will adjust its budget to reflect the gain or loss of students. Management is planning on using approximately $1,823,796 of its projected fund balance during the year primarily to improve student achievement, curriculum, after school programs, marketing, purchasing busses and to provide transportation. Contacting the Academy s Financial Management If you have questions regarding this report, please contact the business office at 196 Cesar E. Chavez Avenue, Pontiac, MI

15 BASIC FINANCIAL STATEMENTS 8

16 Pontiac Academy for Excellence District Wide Statement of Net Position June 30, 2016 Governmental Activities Assets Cash & cash equivalents $ 2,862,178 Due from other governmental units 1,774,406 Due from agency fund Other receivables 36,928 Prepaid 190,274 Capital assets less accumulated depreciation 713,680 Total Assets 5,577,466 Liabilities Accounts payable 169,193 Accrued liabilities 468,258 Due to agency 777 Unearned revenue 61,514 Total Liabilities 699,742 Net Position Net investment in capital assets 713,680 Unrestricted 4,164,044 Total Net Position $ 4,877,724 The accompanying notes are an integral part of these financial statements. 9

17 Pontiac Academy for Excellence District Wide Statement of Activities For the Year Ended June 30, 2016 Net (Expense) Revenue and Changes in Net Position Charges Operating Grants Governmental Functions/Programs Expenses For Services and Contributions Activities Instruction $ 3,986,317 $ - $ 1,105,650 $ (2,880,667) Support services 5,880,784-1,301,228 (4,579,556) Community services 173, (173,482) Food services 623, ,077 27,926 Athletics 94, (94,415) Depreciation (unallocated) 128, (128,327) Totals $ 10,886,476 $ - $ 3,057,955 (7,828,521) General revenues: State aid - unrestricted 7,310,290 Other 44,181 Interest 2,952 Total General Revenues 7,357,423 Change in Net Position (471,098) Net Position - Beginning of Year 5,348,822 Net Position - End of Year $ 4,877,724 The accompanying notes are an integral part of these financial statements. 10

18 Pontiac Academy for Excellence Balance Sheet June 30, 2016 General Food Fund Service Totals Assets Cash & cash equivalents $ 2,862,178 $ - $ 2,862,178 Due from other governmental units 1,733,938 40,468 1,774,406 Other receivables 36,928-36,928 Due from other funds - 48,939 48,939 Prepaid expenditures 190, ,274 Total Assets $ 4,823,318 $ 89,407 $ 4,912,725 Liabilities and Fund Balance Liabilities Accounts payable $ 169,193 $ - $ 169,193 Accrued liabilities 468, ,258 Due to agency fund Due to other funds 48,939-48,939 Unearned revenue 61,514-61,514 Total Liabilities 748, ,681 Fund Balance Nonspendable Prepaid expenditures 190, ,274 Assigned 1,823,796 89,407 1,913,203 Unassigned 2,060,567-2,060,567 Total Fund Balance 4,074,637 89,407 4,164,044 Total Liabilities and Fund Balance $ 4,823,318 $ 89,407 $ 4,912,725 The accompanying notes are an integral part of these financial statements. 11

19 Pontiac Academy for Excellence Reconciliation of Balance Sheet of Governmental Funds To Net Position June 30, 2016 Total Fund Balances - Governmental Funds $ 4,164,044 Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not financial resources and are not reported in the funds. The cost of the capital assets is 3,213,830 Accumulated depreciation is (2,500,150) Total Net Position - Governmental Activities (Academy Wide) $ 4,877,724 The accompanying notes are an integral part of these financial statements. 12

20 Pontiac Academy for Excellence Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance For the Year Ended June 30, 2016 Food General Service Totals Revenue Local $ 457,669 $ - $ 457,669 State 8,158, ,158,845 Federal 1,148, ,597 1,798,864 Total Revenue 9,764, ,077 10,415,378 Expenditures Instruction Basic programs 2,736,492-2,736,492 Added needs 1,249,825-1,249,825 Support Services Pupil support 737, ,660 Instructional staff 688, ,785 General administration 514, ,574 School administration 569, ,933 Business 341, ,289 Operation and maintenance 2,417,031-2,417,031 Pupil transportation services 248, ,496 Central services 363, ,016 Athletics 94,415-94,415 Community services 173, ,482 Food service - 623, ,151 Total Expenditures 10,134, ,151 10,758,149 Excess (Deficiency) of Revenues over Expenditures (370,697) 27,926 (342,771) Fund Balance, Beginning 4,445,334 61,481 4,506,815 Fund Balance, Ending $ 4,074,637 $ 89,407 $ 4,164,044 The accompanying notes are an integral part of these financial statements. 13

21 Pontiac Academy for Excellence Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance of Governmental Funds to the Statement of Activities For the Year Ended June 30, 2016 Net Change in Fund Balances - Governmental Funds $ (342,771) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlay as expenditures; in the statement of activities, these costs are capitalized and depreciated over their estimated useful lives. Depreciation expense (128,327) Change in Net Position of Governmental Activities (Academy Wide) $ (471,098) The accompanying notes are an integral part of these financial statements. 14

22 Pontiac Academy for Excellence Fiduciary Fund Statement of Fiduciary Net Position June 30, 2016 Assets Cash, student organizations $ 7,782 Due from general fund 777 Total Assets $ 8,559 Liabilities Due to student organizations $ 8,559 Total Liabilities $ 8,559 The accompanying notes are an integral part of these financial statements. 15

23 NOTES TO FINANCIAL STATEMENTS 16

24 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 1--Summary of Significant Accounting Policies The accounting policies of Pontiac Academy for Excellence (the Academy) conform to accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental units. The following is a summary of the significant accounting policies used by the Academy. Reporting Entity The Academy was formed as a charter school academy pursuant to the Michigan School Code of 1976, as amended by Act No. 362 of the Public Acts of 1993 and Act No. 416 of the Public Acts of On January 27, 1997, the Academy entered into a five-year contract with the Saginaw Valley State University Board of Trustees to charter a public school academy, which was subsequently extended through June 30, The contract requires the Academy to act exclusively as a governmental agency and not undertake any action inconsistent with its status as an entity authorized to receive state school aid funds pursuant to the state constitution. The Saginaw Valley State University Board of Trustees is the fiscal agent for the Academy and is responsible for overseeing the Academy s compliance with the contract and all applicable laws. The Academy pays the Saginaw Valley State University Board of Trustees three percent of the state aid foundation as administrative fees. The total administrative fees for the year ended June 30, 2016, to the Saginaw Valley State University Board of Trustees was $219,308. The accompanying basic financial statements have been prepared in accordance with criteria established by the Governmental Accounting Standards Board for determining the various governmental organizations to be included in the reporting entity. These criteria include significant operational or financial relationships with the public school academy. Based on application of the criteria, the entity does not contain component units. Academy-wide and Fund Financial Statements The Academy-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. All of the Academy-wide activities are considered governmental activities. 17

25 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 1--Summary of Significant Accounting Policies (continued) Academy-wide and Fund Financial Statements (continued) The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function. Program revenue includes (1) charges to students or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes, intergovernmental payments, and other items not properly included among program revenues are reported instead as general revenue. Separate financial statements are provided for governmental funds. Major individual governmental funds are normally reported as separate columns in the fund financial statements. The Academy has elected to show all funds. If the criteria for major fund determination had been used, only the general fund would have been considered major. Measurement Focus, Basis of Accounting, and Financial Statement Presentation Academy-wide Financial Statements The Academy-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenue is recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants, categorical aid, and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Fund Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenue is recognized as soon as it is both measurable and available. Revenue is considered to be available if it is collected within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Academy considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures are recorded only when payment is due. Unrestricted state aid, intergovernmental grants, and interest associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenue of the current fiscal period. All other revenue items are considered to be available only when cash is received by the Academy. 18

26 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 1--Summary of Significant Accounting Policies (continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (continued) Fiduciary fund statements are also reported using the economic resources measurement focus and accrual basis of accounting. The Student Activities Agency Fund is maintained to record the transactions of the student group for school and school related purposes. The fund is segregated and held in trust for the students. The Academy reports the following major governmental fund: The general fund is the Academy s primary operating fund. It accounts for all financial resources of the Academy, except those required to be accounted for in another fund. Additionally, the Academy reports the following fund type: The special revenue funds are used to account for the proceeds of specific revenue sources that are restricted to expenditures for specified purposes. The Academy s special revenue fund is the food service fund. Any operating deficit generated by these activities is the responsibility of the general fund. Assets, Liabilities, and Net Position or Equity Cash Cash includes cash on hand and demand deposits. Receivables The Academy receivables consist of revenue earned at year-end but not yet received. Prepaid Certain payments to vendors reflect costs applicable to future fiscal years and are recorded as prepaid items in both Academy-wide and fund financial statements. Capital Assets Capital assets, which include leasehold improvements, furniture and fixtures, and computer equipment, are reported in the applicable governmental column in the Academy-wide financial statements. Capital assets are defined by the Academy as assets with an initial individual cost of more than $3,000 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. Costs of normal repair and maintenance that do not add to the value or materially extend asset life are not capitalized. The Academy does not have infrastructure type assets. 19

27 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 1--Summary of Significant Accounting Policies (continued) Assets, Liabilities, and Net Position or Equity Leasehold improvements, furniture and equipment, and computer equipment are depreciated using the straight-line method over the following useful lives: Leasehold improvements Furniture and other equipment Computer equipment 6-12 years 7 years 5 years Accounts Payable Accounts payable consists of items which the Academy benefited during the current year but has not yet paid. Accrued Liabilities Accrued liabilities are items related to personnel costs. Unearned Revenue Unearned revenue represents amounts for which the Academy has received but has not earned at year-end. Fund Balance the Academy recognizes fund balance in the following categories: In the fund financial statements, governmental funds report the following components of fund balance: Nonspendable Amounts that are not in spendable form or are legally or contractually required to be maintained intact. Restricted Amounts that are legally restricted by outside parties, constitutional provisions, or enabling legislation for use for a specific purpose. Committed Amounts that have been formally set aside by the Board of the Academy for use for specific purposes. Commitments are made and can be rescinded only via resolution of the Board of the Academy. Assigned Intent to spend resources on specific purposes expressed by the Board of the Academy. Unassigned Amounts that are available for any purpose. At June 30, 2016, the food service fund balance in the amount of $89,407 was assigned. The general fund had $190,274 in nonspendable fund balance for prepaids and $1,823,796 assigned for the budget. Comparative Data/Reclassification Comparative data is not included in the Academy s financial statements. Subsequent Events The financial statements and related disclosures include evaluation of events up through and including October 7, 2016, which is the date the financial statements were available to be issued. 20

28 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 1--Summary of Significant Accounting Policies (continued) Deferred outflows/inflows of resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The Academy had no items that qualify for reporting in this category. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The Academy has no items that qualify for reporting in this category. Net position flow assumption Sometimes the Academy will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the Academy s policy to consider restricted net position to have been depleted before unrestricted net position is applied. Fund balance flow assumptions Sometimes the Academy will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the Academy s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. 21

29 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 2--Stewardship, Compliance and Accountability Budgetary Information Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America and state law for the general and special revenue funds. All annual appropriations lapse at fiscal year end. The budget document presents information by fund, function, and object. The legal level of budgetary control adopted by the governing body (i.e., the level at which expenditures may not legally exceed appropriations) is the function level. State law requires the Academy to have its budget in place by July 1. Expenditures in excess of amounts budgeted are a violation of Michigan law. State law permits academies to amend their budgets during the year. During the year, the budget was amended in a legally permissible manner. The Academy adjusted budgeted amounts during the year in response to actual and projected activity. Amounts encumbered for purchase orders, contracts, etc., are tracked during the year. Budget appropriations are considered to be spent once the goods are delivered or the services rendered. Excess of Expenditures Over Appropriations in Budgeted Funds During the year, the Academy did not incur expenditures in the general fund, which were in excess of the amounts budgeted, as illustrated in the supplemental information. NOTE 3--Deposits and Investments The Academy is authorized, by the State of Michigan, to deposit its funds in banks, savings and loan associations, or credit unions having a principal office in Michigan. The Academy is also authorized to invest in the following: a. Direct bonds and obligations of the U.S. or agency or instrumentality, b. CDs, savings accounts with banks, savings and loan associations, or credit unions which are insured with the applicable federal agency, c. Commercial paper within three highest rate classifications by at least two rating services, maturing not later than 270 days, d. U.S. or agency repurchase agreements, e. Banker s acceptance of U.S. banks, and f. Mutual funds investments which local unit can make directly. The investment policy is in accordance with the Revised School code of Michigan and its primary objectives, in priority order, of investments shall be, safety, liquidity and yield. 22

30 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 3--Deposits and Investments (continued) Custodial Credit Risk of Bank Deposits Custodial credit risk is the risk that in the event of a bank failure, the Academy s deposits may not be returned to it. The Academy evaluates financial institutions and only those with an acceptable risk level for custodial risk are used for the Academy s deposits. At year-end, the Academy s deposit balance of $3,216,287 had $2,966,287 of bank deposits (checking and savings accounts) that were uninsured and uncollaterized. The Academy believes that due to the dollar amounts of cash deposits and limits of FDIC insurance, it is impractical to insure all deposits. Interest Rate Risk Interest rate risk is the risk that the value of investments will decrease as a result of a rise in interest rates. Credit Risk State law limits investments in commercial paper to the top two ratings issued by nationally recognized statistical rating organizations. NOTE 4--Capital Assets Capital asset activity of the Academy s governmental activities was as follows: Balance Adjustments Adjustments Balance Beginning Additions Disposals Ending Capital Assets-Non-Depreciable Land $ 358,250 $ - $ - $ 358,250 Capital assets subject to depreciation Leasehold improvements 976, ,719 Furniture and equipment 1,619,755-30,041 1,589,714 Computer equipment 631, , ,147 Subtotal 3,586, ,686 3,213,830 Accumulated depreciation Leasehold improvements 569,835 94, ,288 Furniture and equipment 1,623,253 9,342 30,041 1,602,554 Computer equipment 551,421 24, , ,308 Subtotal 2,744, , ,686 2,500,150 Total Net Capital Assets $ 842,007 $ (128,327) $ - $ 713,680 Depreciation expense was not charged to activities as the Academy considers its assets to impact multiple activities and allocation is not practical. The total amount of capital leases recorded as assets is $181,

31 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 5--Operating Leases The Academy leases its building under an operating lease through February Rent expense is calculated based on a set amount per square foot of leased space, adjusted for consumer price index each year. The amount expensed under the lease for the year ended June 30, 2015 was $1,659,072. The Academy leases a gymnasium under an operating lease through September 30, Rent is set at $17,520 per month with increases the lesser of the Consumer Price Index or 2½% of the rent from the previous year. Rent expense for 2016 was $214,310. The Academy leases its parking lot under an operating lease which automatically renews under the same terms each year. The amount expensed under the lease was $6,000 for the fiscal year ended June 30, The Academy leases its copiers under an operating lease through June 30, Minimum monthly payments are set at $4,192. On July 2, 2016 the Academy entered into a new lease for its building which runs through June 30, Rent is set at $1,585,558 per year through June 30, For the years June 30, 2021 through June 30, 2029, rent will be adjusted by the consumer price index each year. Minimum estimated annual payments required under the leases are as follows: For the Year Ended Copier June 30, Building Gym Lease Total 2017 $ 1,585,558 $ 214,310 $ 50,302 $ 1,850, ,585, ,310 50,302 1,850, ,585, ,310 50,302 1,850, ,585, ,310-1,799, ,585,558 53,577-1,639,135 Total $ 7,927,790 $ 910,817 $ 150,905 $ 8,989,512 NOTE 6--Contracts The Academy subcontracts all employees from Charter School Services of Michigan, Inc. and reimburses all personnel related expenses. 24

32 PONTIAC ACADEMY FOR EXCELLENCE NOTES TO FINANCIAL STATEMENTS NOTE 7--Risk Management The Academy is exposed to various risks of loss related to property loss, torts, errors and omissions, employee injuries (workers compensation), as well as medical benefits provided to employees. The risk of employee injuries and medical benefits for employees of the management company is covered by insurance held by the employee leasing company discussed. The Academy has purchased commercial insurance for all other claims. Settled claims relating to the commercial insurance have not exceeded the amount of insurance coverage since inception. NOTE 8--Grant Programs All grant programs are subject to a final audit from the grantor agency, the outcome of which may or may not result in disallowed costs that the Academy may be required to pay back. 25

33 REQUIRED SUPPLEMENTAL INFORMATION 26

34 Pontiac Academy For Excellence Budgetary Comparison For The Year Ended June 30, 2016 General Fund Special Revenue Fund Food Service Variance Variance First Final Favorable First Final Favorable Budget Budget Actual (Unfavorable) Budget Budget Actual (Unfavorable) Revenue Local $ 451,317 $ 413,287 $ 457,669 $ 44,382 $ - $ - $ - $ - State 8,170,889 8,159,980 8,158,365 (1,615) 16, (2) Federal 1,372,701 1,195,633 1,148,267 (47,366) 643, , ,597 (22,881) Total Revenues 9,994,907 9,768,900 9,764,301 (4,599) 660, , ,077 (22,883) Expenditures Instruction Basic programs 3,274,997 2,809,692 2,736,492 73, Added needs 1,378,303 1,275,253 1,249,825 25, Support Services Pupil support 811, , ,660 15, Instructional staff 1,111, , ,785 46, General administration 544, , ,574 13, School administration 563, , ,933 13, Business 358, , ,289 11, Operation and maintenance 2,543,808 2,446,854 2,417,031 29, Pupil transportation services 300, , ,496 2, Central services 517, , ,016 20, Athletic activities 102, ,425 94,415 10, Community services 282, , ,482 20, Food service , , ,151 38,506 Outgoing transfers and other transactions 10, Total Expenditures 11,800,599 10,416,393 10,134, , , , ,151 38,506 Excess (Deficiency) of Revenues Over Expenditures (1,805,692) (647,493) (370,697) 276, ,303 27,926 15,623 Fund Balance - Beginning of Year 4,445,334 4,445,334 4,445,334-61,481 61,481 61,481 - Fund Balance - End of Year $ 2,639,642 $ 3,797,841 $ 4,074,637 $ 276,796 $ 62,333 $ 73,784 $ 89,407 $ 15,623 27

35 OTHER SUPPLEMENTAL INFORMATION 28

36 INDEPENDENT AUDITOR S 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 October 7, 2016 Board of Directors Pontiac Academy for Excellence We have audited, in accordance with the 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, the financial statements of the governmental activities, the major fund, and the remaining fund information of Pontiac Academy for Excellence, as of and for the year ended June 30, 2016, and the related notes to the financial statements, which collectively comprise Pontiac Academy for Excellence s basic financial statements, and have issued our report thereon dated October 7, Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Pontiac Academy for Excellence s internal 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 Pontiac Academy for Excellence s internal control. Accordingly, we do not express an opinion on the effectiveness of Pontiac Academy for Excellence 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. 29

37 To the Board of Directors Pontiac Academy for Excellence Page Two Other Matters The Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards became effective for new federal awards and/or new funding increments made on or after December 26, Standards set forth related to the audit requirements were effective for audits of fiscal years effective for audits of the July 1, 2015 through June 30, 2016 fiscal year. As a precondition to receive federal funds, prospective recipients must have effective administrative and financial internal controls. The Uniform Guidance requires the following written policies and procedures: Cash Management (b)(6) requires written procedures to implement the requirements of Payment. Allowability of Costs (b)(7) requires written procedures for determining the Allowability of costs in accordance with Subpart E Cost Principles and the terms and conditions of the federal award. Conflict of Interest (c) requires written standards of conduct covering conflicts of interest and governing the actions of employees engaged in the selection, award and administration of contracts. Procurement (c) requires written procedures for procurement transactions. Method for Conducting Technical Evaluations (d)(3) requires a written method for conducting technical evaluations of the procurement proposals received and for selecting recipients. Travel Reimbursement (b) requires a written travel policy for costs incurred by employees and officers for travel, including costs of lodging, other subsistence, and incidental expenses. Written policies and procedures in compliance with the Uniform Guidance were not created until September of We noted a physical inventory of capital assets had not been completed recently. We recommend an inventory be taken and the capital asset listing updated for items that have been disposed of or cannot be located. Compliance and Other Matters As part of obtaining reasonable assurance about whether Pontiac Academy for Excellence s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Certified Public Accountants 30

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