V ernon Parish Tax Agency Fund O f the V ernon Parish SchoolBoard Leesville,Louisiana. FinancialStatem ents A s of and for the Year Ended June 30,2002

Size: px

Start display at page:

Download "V ernon Parish Tax Agency Fund O f the V ernon Parish SchoolBoard Leesville,Louisiana. FinancialStatem ents A s of and for the Year Ended June 30,2002"

Erik Tate
5 years ago
Views:

1 V ernon Parish Tax Agency Fund Leesville,Louisiana FinancialStatem ents A s of and for the Year Ended June 30,2002

2 IND EPEND EN T A UD ITO R S'REPORT FIN AN CIAL STA TEM EN TS Statem entof A ssets and Liabilities Statem entof Changesin A ssets and Liabilities N otesto the FinancialStatem ents Index N otes A B OTHER REPORT RE QUIRE D BY GOVERNM ENT AUDITIN G STANDARDS Reporton Com pliance and on InternalControlOver FinancialReporting Based on an A udit of FinancialStatem entsperform ed in A ccordance W ith 7-8

3 NeverUnoe~ tlmatetb~valus; A LLEN,G REEN & W ILLIAM SON,LLP CERTIFIED PUBLIC ACCOUNTANTS P,O,Box Ferrand Street M onroe,la M onroe,la Tol-free:(888) www,a lengreencpa,co rn Phone:(318) Fax:(318) Tim Greel,CPA M argie W il iam son,cpa ErnestL.A len,cpa (Retired) Independent A uditors'r eport Board M em bers V ernon Parish SchoolBoard Leesville,Louisiana W e have audited the financialstatem entsof the V ernon Parish Tax A gency Fund of the V ernon Parish School Board asof and forthe yearended June 30,2002,aslisted in the table of contents.these financialstatem entsare the responsibility of the Vern on Parish SchoolBoard'sm an agem ent.our responsibility isto expressan opinion on these financialstatem entsbased on ouraudit. W e conducted our auditin accordance w ith auditing standardsgenerally accepted in the United Statesof Am erica and the standards applicable to finan cialaudits contained in Governm entauditing Standards issued by the Com ptrollerg eneralof the U nited Statesof A m erica.those standardsrequire thatw e plan and perform the audit to obtain reasonable assurance aboutw heth erthe financialstatem entsare free of m aterialm isstatem ent.a n audit includesexam ining,on a testbasis,evidence supporting th e am ountsand disclosuresin the finan cialstatem ents. A n auditalso includesassessing the accounting principlesused and significantestim atesm ade by m anagem ent,as wellasevaluating the overallfinancialstatem entpresentation. W e believe th atourauditprovidesa reasonable basis for our opinion. As discussed in N ote 1,the financialstatem ents of the V ern on Parish Tax A gency Fund ar e intended to presentthe assetsan d liabilitiesan d the changesin assetsand liabilitiesof only thatportion of the reporting entity of the V ern on Par ish SchoolBoard thatisattributable to th e transactionsof th e V ern on Par ish Tax A gency Fund. In ouropinion,the financialstatem entsreferred to above presentfairly,in allm aterialrespects,the assetsand liabilitiesof the V ernon Parish Tax Agency Fund of th e Vernon Parish SchoolBoard,asof June 30,2002,and the changesin assetsan d liabilitiesforthe year then ended in conform ity w ith accounting prin ciplesgenerally accepted in th e U nited Sta tes of Am erica. In accordance w ith G overnm entauditing Sta ndards,w e have also issued our reportdated Septem ber 20,2002,on ourconsideration of the V ern on Par ish Tax A gency Fund'sinternalcontroloverfinancialreporting and on ourtests of itscom pliance w ith certain provisionsof law s,regulations,contractsan d grants,thatreportisan integralpart of an auditperformed in accordan ce with GovernmentAuditing Standardsand should be read in conjtmctiou with thisreport in considering th e resultsof ouraudit. A LLEN,G REEN & W ILLIA M SON,LLP M onroe,louisiana Septem ber20,2002 Also Located in Jena and Shreveport,Louisiana M ember:american InstituteofCertified PublicAecountm]ts,Society oflouisianacertified PublicAeeounto/ltsand Am erican hlstltuteofcertified Pu blica~eountantsdivision tbrcpa Fills EqualOpportdnityEraploy~r

4 Statem entof A ssetsand Liabilities June 30,2002 Statem enta A SSETS Cash TotalA ssets N one N one LIA BILITIES D epositsdue others TotalLiabilities The notesto the financialstatem entsare an integralpartof thisstatem ent. 2

5 Statem entof C hangesin A ssets and Liabilities For the Y ear E nded June 30,2002 Balance Beginning Statem entb Balance Ending A SSETS Cash LIA BILITIES D epositsdue others The notesto the financialstatem entsare an integralpartof thisstatem ent. 3

6 N otesto the FinancialStatem ents N OTE 1-SUM M ARY OF SIGN IFICANT A CCOUN TIN G POLICIES A. REPORTIN G EN TITY B. FUND A CCOUNTS... Fiduciary Fund C. BASIS OF ACCOUNTIN G D, U SE OF ESTIM A TES N OTE 2 -CHA N G ES IN DEPO SIT S DUE OTH ERS N OTE 3 -COM M ITM EN TS AN D CON TIN G EN CIES

7 O f the Vernon Parish SchoolBoard N otesto the FinancialStatem ents N OTE 1-SUM M A RY O F SIG NIFICANT ACCO UNTING POLICIES The Vernon Parish Tax Agency Fund hasbeen formed underjointagreementof thevernon Parish SchoolBoard,theVernon Parish PoliceJury,theCity of Leesville,the Town of N ew Llano,the Town of Rosepine and thetown of H om beck forthe collection of sales, use taxesand other fees,in accordance w ith Louisiana Revised Sta tutes33:2844. A.REPO RTING ENTITY Forfin an cial reporting purposes,in conform an ce with GA SB StatementNo.14,the Veruon Parish Tax Agency Fund isan agen cy fund of thevernon Parish SchoolBoard. Accordingly,the accom panying financial statem entspresent only the accountsof the tax agency fun d and are not intended to present fairly the financialposition an d resultsof operation sof the V ernon Parish SchoolBoar d in con formity with accounting principlesgeneraly accepted intheunited StatesofAmerica.TheVernon Parish Tax Ag ency Fun d isincluded as partof th e general-purpose financial statem entsof the V ernon Parish SchoolBoard. B.FUN D A CCO UN TS A fund isa separ ate accounting entity with a self-balan cin g set of accounts th atcom prises itsasset s,liabilities,fund equity,reven ues,an d expenditures. An accoun t group,on the other hand,isa financial reporting devicedesigned to provideaccoun tability forcertain assetsan d liabilities(generalfixed assetsand gen eral leng-tenn obligations)thatarenotrecorded in the"fun ds"becausethey do notdirectly afectnet expendable available finan cial resources.they are concerned only with the m easurem en t of financial position,not with the m easur em ent of resultsof operations. Fun ds ar e classified into one category,fiduciary. The category',in turn,is divided in to sep arate "fund types." Fiduciary fu ndsar e used to accountforassetsheld foroth ers.thetax agency fu nd requiresth e use era fiduciary fund asdescribed below : Fiduciary Fund - Th evernon Parish Tax Ag ency Fun d isused to accoun tforthecolection an d distribution of salesan d usetaxesimposed byth e var ioustaxing authoritieswithin th e par ish.the agency fire d iscustodial in nature (assetsequalliabilities)an d doesnotinvolvemeasur ementofresultsof operations. C.BA SIS O F ACCO UNTING The basisof accomlring foran agency fund isthe m odified accrual basis.the m easurem ent focusiscustodial,sin ce th e fu nd isnot in volved with the perform an ce of governm enta lservices.an agency ftmd ha sno reven uesor expenditur esan d th erefore th ere isno fu nd balan ce or need to m easuretheresultsof crperation sfora period. D.USE OFESTIM ATES Thepreparationoffmaneialstatem entsinconfonnitywithgenerauyaceeptedace ounting principlesrequi resm an agem entto m ake estim atesan d assumptionsth at afect the rep orted am ountsof assetsan d liabilitiesan d disclosure of contingen tassetsand liabilitiesatth edate of the finan cialstatem en t and the rep orted am oun tsof revenuesan d expensesdur ing th e reporting period.a ctualresul ts could differ from th ose estim ates. NO TE 2 -CH ANGES IN DEPO SITS DUE O THE RS A summ ary of changesin dep ositsdue oth ersforth e year en ded June 30,2002,is asfollow s:

8 N otesto the FinancialStatem ents BA LAN CE,Beginning A DDITION S: Salestax collections D EDUCTION S: Taxesdistributed to others: V ern on Parish SchoolBoard V ernon Parish Police Jury City of Leesville Town of N ew Llano Town of Rosepine Town of H om beck Totaldeductions 14,648,724 7,220,892 5,409,250 1,847,324 86,320 70,293 14,645 14,648,724 BAL AN CE,Ending NO TE 3 -COM M ITM ENTS AND CO NTING ENCIES The Vernon Parish Tax Agency isnotinvolved in an y litigation atjune 30,2002,nor isit aw ar e of any an asserted claim s,

9 Th~C~A. A LLEN, G REEN & W ILLIAM SON,LLP 2414 Fe rand Street Monme,LA CERTIFIED PUBLIC ACCOUNTANTS P.O.Box6075 M onroe,la Tol-free:(888) lengreencpa.com Phone:(318) Fax:(315) Tim Green,CPA M argiew iltiamson,cpa ErnestL.AI[~I,CPA (Retired) O R eporton C om pliance and on InternalC ontrolo ver Financial R eporting Based on an A uditof FinancialStatem ents Perform ed in A ccordance W ith G overnm enta uditin~ Standard Board M em bers V ernon Parish SchoolBoard Leesville,Louisiana W e have audited the financialstatem entsof the V ernon Parish Tax A gency Fund of the V ernon Parish School Board asof and forth e yearended June 30,2002,and have issued ourreportthereon dated Septem ber20,2002. W e conducted ourauditin accordance w ith auditing standardsgenerally accepted in the United Statesof Am erica and the standards applicable to financialaudits contained in Governm entauditing Standards,issued by th e Com ptrollerg eneralof the U nited Statesof A m erica. A sdiscussed in Note 1,the finan cialstatem entsof the Vern on Parish Tax Agency Fund are intended to presentthe assets and liabilitiesand the changesin assetsan d liabilitiesof only thatportion of th e reporting entity of the V ernon Parish SchoolBoard thatisatributable to th e transactionsof the V ernon Par ish Tax A gency Fund. Com pliance A spartof obta ining reasonable assuran ce aboutwhether th e V ernon Parish Tax A gency Fund of the V ern on Par ish SchoolBoard'sfinan cialstatem entsar e free of m aterialm isstatem ent,w e perform ed testsof itscom pliance w ith certain provisionsof law s,regulations,contracts an d grants,noncom pliance w ith which could have a directand m aterialefecton the determ ination of financialstatem entam ounts.how ever,providing an opinion on com plian ce with thoseprovisionswasnotan objectiveof ourauditand,accordingly,wedo notexpresssuch an opinion.the results of ourtestsdisclosed no instan cesof noncom pliance thatare required to be reported under G overnm ent A uditing Standards. nternalcontrolo verfinancialrenorting In planning mad perform ing ouraudit,we considered th e V ern on Parish Tax A gency Fund of the V ernon Parish SchoolBoard's internalcontroloverfinan cialreporting in order to determ ine our auditing procedures for th e purpose of expressing ouropinion on the finan cialstatem ents an d notto provide assurm~ce on th e internalcontrol overfinancialreporting.ourconsideration of the internalcontroloverfinan cialreporting would notnecessarily disclose allm attersin the internalcontroloverfinancialreporting thatm ightbe m aterialw eaknesses.a m aterial w eaknessisa condition in which the design or operation of one orm ore of the internalcontrolcom ponentsdoes notreduce to a relatively low levelth e risk thatm isstatem entsin am oun ts thatw ould be m aterialin relation to the generalpurpose finan cialsta tem ents being audited m ay occuran d notbe detected w ith in a tim ely period by enaployees in the norm alcause of perform ing theirassigned functions. W e noted no m attersinvolving th e intern al controloverfinancialreporting an d itsoperation th atw e considerto be m aterialw eaknesses. Also Located in Jena and Shreveport,Louisiana M ember:american InstituteofCertified PublicAecountzalts,Society ofloui~ la Certified PublioAccountantsand Alnedcan InstituteofCertified PublicAccountantsDivision forcpa Fimls

10 Thisreportisintended forthe inform ation of the Board,m anagem ent,the V ernon Parish Police Jury,th e City of Leesville,th e Town of New Llano,the Town of Rosepine,mad the Town of Hornbeck,and isnotintended to be and should notbe used by anyone otherthan the specified parties. A LLEN,G REEN & W ILLIA M SON,LLP M onroe,louisiana Septem ber 20,2002

A m A LLEN,GRIEN & COM PAN Y,LLP. Board M em bers Vem on Parish SchoolBoard Leesville,Louisiana

A m A LLEN,GRIEN & COM PAN Y,LLP. Board M em bers Vem on Parish SchoolBoard Leesville,Louisiana Board M em bers Vem on Parish SchoolBoard This reportis intended forthe inform ation of the Board,m anagem ent th e V ern on Parish Police Jury, the City of Leesville,the Town of N ew Llan o,th e Town