e~'l~asedate_t)[(;1519

Transcription

1 WestCarolParishScholBoard OakGrove,Louisiana AsofandfortheYearEndedJune30,19 AnualFinancialReport copyofthereporti:~.~;b~:~r~nsubnfittedfol~je:i~.~dit-,~.d,oreviewed, enti!y~nd(~tl(:r8~p~o~)riatepublic oficials.tt'.(-~reportisvailabk-,,for publicinspectionathebaton RougeoficeoftheLe~islativeAuditorand,whereapropriate,athe "#riceoftheparishclerkofcourt Jnoerprovisionsofs~ateI~w,[nl~ reportisai:mblicdocument.a e~'l~asedate_t)[(;1519

2 WestCarolParishScholBoard AnualFinancialReport OakGrove,Louisiana AsofandfortheYearEndedJune30,19 INDEPENDENTAUDITORS'REPORT GENERAL-PURPOSEFINANCIALSTATEMENTS CONTENTS Statement CombinedBalanceShet-AlFundTypesandAcountGroups GOVERNMENTALFUNDS CombinedStatementofRevenues,Expenditures, CombinedStatementofRevenues,Expenditures, andchangesinfundbalances-algovernmentalfunds 5-6 NotestotheGeneral-PurposeFinancialStatements andchangesinfundbalances-budget(gapbasis)andactua 7-10 Index Notes REQUIREDSUPLEMENTALINFORMATION Exhibit SUPLEMENTALINFORMATION Year20Information SPECIALREVENUEFUNDS CombiningBalanceShet CombiningStatementofRevenues,Expenditures AGENCYFUNDS: andchangesinfundbalances CombiningStatementofAsetsandLiabilities StatementofChangesinAsetsandLiabilities ScheduleofChangesinDepositsDueOthers ScholActivityFund SalesTaxColectionFund

3 WestCarolParishScholBoard AnualFinaucialReport OakGrove,Louisiana AsofandfortheYearEndedJune30,19 CONTENTS SUPLEMENTALINFORMATION:(Continued) Exhibit GENERAL ScheduleofCompensationPaidBoardMembers 5252 OTHEREPORTSREQUIREDBYGOVERNMENTAUDITINGSTANDARDSAND BYOF1CEOFMANAGEMENTANDBUDGET(OMB/CIRCULARNO.A-13: ReportonComplianceandonInternalControlOverFinancialReporting BasedonanAuditofFinancialStatementsPerformedinAcordance ReportonComplianceWithRequirementsAplicabletoEachMajorProgramand WithGovernmentAuditineStandards 54-5 ScheduleofExpendituresofFederalAwards oninternalcontrolovercomplianceinacordancewithombcircularno.a NotestotheScheduleofExpendituresofFederalAwards OTHERINFORMATION ScheduleofFindingsandQuestionedCosts SumaryScheduleofPriorAuditFindings CorectiveActionPlanforCurent-YearFindingsandQuestionedCosts ManagementLeterItems ManagementLeter StatusofPriorManagementLeterItems (Concluded) 70

4 "thecpa, ALEN,GREN&COMPANY,LP CERTIFIEDPUBLICACOUNTANTS P.O.Box FerandStretMonroe,LA Monroe.LA71201 Telephone:(318)38-42 Facsimile:(318) Website:v~vw.alengrencpa.com BoardMembers WestCarolParishScholBoard OakGrove.Louisiana 285BentonRoad G.O.P.Buildinglit,Suite4O0 BosierCity.LA71 Telephone:(318) Facsimile:(318) INDEPENDENTAUDITORS'REPORT ErnestL,Al~ec~,CPA (AProfesional AcountingCorp.) TimGren,CPA MargieWiIliamsoṇCPA WehaveauditedtheacompanyingGENERAL-PURPOSEFINANCIALSTATEMENTSoftheWestCarol ParishScholBoard,OakGrove,Louisiana,asofandfortheyearendedJune30,19,aslistedinthetableof contents.thesegeneral-purposefinancialstatementsaretheresponsibilityofthescholboard'smanagement. Ouresponsibilityistoexpresanopiniononthesegeneral-purposefinancialstatementsbasedoilouraudit. Weconductedourauditinacordancewithgeneralyaceptedauditingstandardsandthestandardsaplicableto financialauditscontainedingovernmentauditin~standards,isuedbythecomptrolergeneraloftheunited States.Thosestandardsrequirethatweplanandperformtheauditobtainreasonableasuranceaboutwhether thefinancialstatementsarefreofmaterialmistatement.anauditincludesexamining,onatestbasis,evidence suportingtheamountsandisclosuresinthefinancialstatements.anauditalsoincludesasesingtheacounting principlesusedandsignificantestimatesmadebymanagement,aswelasevaluatingtheoveralfinancialstatemeut presentation.webelievethatourauditprovidesareasonablebasisforouropinion. Inouropinion,thegeneral-purposefinancialstateinentsreferedtoabovepresentfairlyinalmaterialrespectstile financialpositionofthescholboardasofjune30,19,andtheresultsofitsoperationsfortheyearthenended mconfornfitywithgeneralyaceptedacountingprinciples. Theyear20informationonpage30isnotarequiredpartofthebasicfinancialstatementsbutisuplementary informationrequiredbythegovernmentalacountingstandardsboard(gasb)technicalbuletin(tb)9-1, DisclosuresAboutYear20Isues-anamendmentofTechnicalBuletin98-1.Wehaveapliedcertainlimited procedures,whichconsistedprincipalyofinquiriesofmanagementregardingthemethodsofmeasurementand presentationofthesuplementaryinformation.however,wedidnotauditheinformationandonotexpresan opiniononit.inadition,wedonotprovideasurancethathescholboardisorwilbecomeyear20 conlpliant,thathescholboard'syear20remediationefortswilbesucesfulinwholeorinpart,orthat partieswithwhichthescholboardoesbusinesareorwilbecomeyear20compliant. InacordancewithGovernmentAuditingStandards,wehavealsoisuedoureportdatedOctober6,19,onour cousiderationofthescholboard'sinternalcontroloverfinancialreportingandonourtestsofitscompliancewith certainprovisionsoflaws,regulations,contractsandgrants. Ourauditwasperformedforthepurposeoforminganopiniononthegeneral-purposefinancialstatementsofthe ScholBoard,takenasawhole.TheacompanyingSUPLEMENTALINFORMATIONispresentedforpurposes ofaditionalanalysisandisnotarequiredpartofthegeneral-purposefinancialstatements.suchinformationhas bensubjectedtotheauditingproceduresapliedintheauditofthegeneral-purposefinancialstatementsand,in ouropinion,isfairlystated,inalmaterialrespects,inrelationtothegeneral-purposefinancialstatementstaken asawhole. Member:AmericanInslitut~ofCertifiedPublicAcCOuntants,SocietyofLouisianaCertifiedPublicAcountantsand AmericanInstituteofCertifiedPublicAcountantsDivisionforCPAFirms EqualOportunityEmployer

5 BoardMembers WestCarolParishScholBoard OakGrove,Louisiana Also,theacompanyingOTIERINFOI~VIATION,aslistedinthetableofcontents,ispresentedforpurposesof aditionalanalysisandisnotarequiredpartofthegeneral-purposefnancialstatementsofthescholboard.such informationhasnotbensubjectedtotheauditingproceduresapliedintheauditofthegeneral-purposefinancial statementsand,acordingly,wexpresnopiniononit. Monroe,Louisiana October6.19 ALEN.GREN&COMPANY.LP

6 WESTCAROLPARISHSCHOLBOARD CombinedBalanceShet-AlFundTypesandAcountGroups OakGrove.Louisiana June30.19 GOVERNMENTALFUNDS ASETSANDOTHERDEBITS Asets: Cashandcashequivalents Receivables $ GENERAL SPECIAL FUND REVENUE FIDUCIARY FUNDS- FUNDS526,91$ AGENCY FUNDS246,401 2,803,676$ Interfundreceivable 36,984 Inventory Otherdebits: Prepaiditems Fixedasets 23, ,960 O 2,80 6,580 AmountobeprovidedforetirementofLong-term TOTALASETSANDOTHERDEBITS debtobligations 0 O 0 LIABILITIES,EQUITYANDOTHERCREDITS Liabilities: Acounts,salariesandotherpayables Interfundpayable Deferedrevenues $ 15,181$ Depositsdueothers Workers'compensationpayable 23, Compensatedabsencespayable 815,568$0000O 0 246, EquityandOtherCredits: TotalLiabilities $ 815,5685_38,902~ 401 Investmentingeneralfixedasets FundBalances: Reservedforinventory Reservedforprepaiditems Reservedforfireandliability Reservedforunemployment Unreserved: Reservedforbuspurchases 218,061 2, , ,2480 6,58 00 TolatEquityandOtherCredits Undesignated TOTALIABILITIES,EQUITYANDOTHERCREDITS $2,50, $ 0 THENOTESTOTHEFINANCIALSTATEMENTSAREANINTEGRALPARTOFTHISTATEMENT 3

7 GENERALGENERAL ACOUNTGROUPS StatementA ASETS FIXED LONG-TERM DEBT (MEMORANDUM TOTAL ONLY) 050OoO3,57,068 65, , ,691 6,580 2, , O ,27 23, ,401 24,27 0$ 634,462$2,035, ,793,691$ 05 0o ,061 6,580 2,80 10,638 O2,651, S9,793,691S 0S12,868,352

8 REVENUES Localsources: Taxes:Advalorem Salesanduse Intereatearnings Fodservice Other Statesources: Equalization Other Federalsources Totalrevenues WESTCAROLPARISHSCHOLBOARD OakGrove,Louisiana CombinedStatementofRevenues,Expenditures, andchangesinfundbalances-algovernmentalfunds FortheYearEndedJune30,19 StatementB EXPENDI'rURES Curent: Instruction: Regularprograms Specialprograms Otherinstructionalprograms Suportservices: Studentservices Instructionalstafsuport Generaladministration ScholaomlnJstration Plantservices Studentransportationservices Centralservices Fodservices Comunityserviceprogram Facilitiesacquisitionandconstruction Totalexpenditures EXCES(Deficiency)OFREVENUES OVEREXPENDITURES GENERAL FUND SPECIAL REVENUE FUNDS 369,618$ 870,713 85,070 1,291 8,576,62 567,510 TOTAL (MEMORANDUM ONLY} 425,049$0 6, , ,0 75, ,67 870,713 91, , ,826,62 642, ,580,872$2,625,168$13,206,040 5,20,375$ 1,101, , , , , ,247 60,85 841,1595,17 79, ,876$ 60, ,972 18,547 30,80 17, , ,139, ,40,251 1,701, , ,062 29, , , , ,159 5,17 1,219, q,~64$2~6_3~6_L12,879, $_(13~28~$326~080 (CONTINUED

9 WESTCAROLPARISHSCHOLBOARD CombinedStatementofRevenues,Expenditures, OakGrove,Louisiana andchangesinfundbalances-algovernmentalfunds FortheYearEndedJune30,t9 StatementB GENERAL OTHERFINANCINGSOURCES(USES) FUND SPECIAL REVENUE FUNDS (MEMORANDUM TOTAL ONLY) Operatingtransfersin Operatingtransfersout Saleofasets 40,0$ (6,0)795 (40,0)164 6,0$ (46,0 EXCES(Deficiency)OFREVENUESAND TOTALOTHERFINANCINGSOURCES(USES) 959 $ 34,795$(3~$ 959 OTHERSOURCESOVEREXPENDITURES FUNDBALANCESATBEGININGOFYEAR ANDOTHERUSES $374,203$(47,164)$327,039 FUNDBALANCESATENDOFYEAR 2,176, ,829 2,747,6&2 (CONCLUDED) THENOTESTOTHEFINANCIALSTATEMENTSAREANINTEGRALPARTOFTHISTATEMENT

10 WESTCAROLPARISHSCHOLBOARD OakGrove,Louisiana CombinedStatementofRevenues,Expenditures,andChangesinFundBalances- Budget(GAPBasis)andActual-GovernmentalFunds-GeneralFund FortheYearEndedJune30,19 StatementC REVENUES Localsources: Taxes:Advalorem Salesanduse Interestearnings Other Statesources: Equalization Other Totalrevenues EXPENDITURES Curent: Instruction: Regularprograms Specialprograms Otherinstructionalprograms Supodservices: Studentservices Instructionalstafsuport Generaladministration Scholadministration Busineservices Plantservices Studentransportationservices Centralservices Fodservices Comunityserviceprogram Facilitiesacquisitionandconstruction Totalexpenditures EXCES(Deficiency)OFREVENUES OVEREXPENDITURES BUDGET ACTUAL 389,139$ 840,0 106, ,576, VARIANCE FAVORABLE JUNFAVORABLE)_ 369,618$ 870,713 85, ,576, (19,521) 30,713 (21,68) $ $10_,580,872$ 52j8_93 5,348,797$ 1,151, , , ,81 352, ,960 15, ,989 1,019,278 7,0 79,861 1, ,20,375$ 1,101, , , , , ,247 60,85 841, ,506O 79, ,42 50, ,428 18,36 84,25 2,986 49,569 74, ,191, ,0 130,286 1,071,291$10,241, ,827 (543,312)$ 39408$ ~0 (CONTINUED)

11 WESTCAROLPARISHSCHOLBOARD CombinedStatementofRevenues,Expenditures,andChangesinFundBalances- OakGrove,Louisiana Budget(GAPBasis)andActual-GovernmentalFunds-GeneralFund FortheYearEndedJune30.t9 StatementC BUDGET ACTUAL ~UNFAVORABLE) VARIANCE OTHERFINANCINGSOURCES(USES) Operatingtransfersin Operatingtransfersout Saleofasets 40,0$ (6,o)o 40,0$ (6,0o0) TOTALOTHERFINANCINGSOURCES(USES) $ 34,0$ 34,795$ o795 EXCES(Deficient)OFREVENUESAND OTHERSOURCESOVEREXPENDITURES ANDOTHERUSES $(509,312)$374,203$ FUNDBALANCESATBEGININGOFYEAR ,793 83,515 FUNDBALANCESATENDOFYEAR CONTINUED)

12 WESTCAROLPARISHSCHOLBOARD OakGrove,Louisiana CombinedStatementofRevenues,Expenditures,andChangesinFundBalances- Budget(GAPBasis)andActual-GovernmentalFunds-SpecialRevenueFunds FortheYearEndedJune30,19 StatementC REVENUES Localsources: Taxes:Advalorem interestearnings Fodservice Other Statesources: Equalization Other Federalsources Totalrevenues EXPENDITURES Curent: Instruction: Regularprograms Specialprograms Otherinstructionalprograms Suportservices: Studentservices Instructionalstafsuport Generaladministration Scholadministration Plantservices Fodservices Facilitiesacquisitionandconstruction Totalexpenditures EXCES(Deficiency)OFREVENUES OVEREXPENDITURES BUDGET VARIANCE FAVORABLE ACTUAL~UNFAVORABLE~ 420,50$ 5, , ,0 73, , ,049$ 6, , ,0 75,164 1,683,91 4, (10, ,187 L74~ $2,704,612L2,625,168~_(74~ 219,910$ 70, , ,521 36,734 28,160 43, ,876$ 60, ,972 18,547 30,80 17, , ,034 10, (15,026) 5,854 10, ,381 21,125 _ 929~61 $3,07,523L2,638,496$ 369_027 $~302,91)$(13,328)~_289~583_. (CONTINUED)

13 WESTCAROLPARISHSCHOLBOARD CombinedStatementofRevenues,Expenditures,andChangesinFundBalances- OakGrove,Louisiana Budget(GAPBasis)andActual-GovernmentalFunds-SpecialRevenueFunds FortheYearEndedJune30.19 StatementC VARIANCE BUDGET ACTUAL.(UNFAVORABLE) OTHERFINANCINGSOURCES(USES) Operatingtransfersin Operatingtransfersout 6,0$ Saleofasets (40,0) 164 (40,0) 6,0$ TOTALOTHERFINANCINGSOURCES(USES) $(3,836)$_(3,836~_$ 164 EXCES(Deficiency)OFREVENUESAND OTHERSOURCESOVEREXPENDITURES FUNDBALANCESATBEGININGOFYEAR ANDOTHERUSES (36,747)$(47,164)$ , ,583 (3) FUNDBALANCESATENDOFYEAR (CONCLUDED) THENOTESTOTHEFINANCIALSTATEMENTSAREANINTEGRALPARTOFTHISTATEMENT

14 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana AsofandfortheYearEndedJune30,19 INDEX NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES A.REPORTINGENTITY B.FUNDSANDACOUNTGROUPS GovernmentalFunds C.MEASUREMENTFOCUSANDBASISOFACOUNTING FiduciaryFunds AcountGroups GovernmentalFunds D.BUDGETS FiduciaryFunds GeneralBudgetPolicies E.CASHANDCASHEQUIVALENTS Encumbrances F.SHORT-TERMINTERFUNDRECEIVABLES/PAYABLES BudgetBasisofAcounting G.INVENTORYANDPREPAIDITEMS H.FIXEDASETS I.DEFEREDREVENUES J.COMPENSATEDABSENCES K.LONG-TERMOBLIGATIONS L.FUNDEQUITY M.INTERFUNDTRANSACTIONS N.SALESTAXES NOTE2-LEVIEDTAXES O.USEOFESTIMATES NOTE3-CASHANDCASHEQUIVALENTS P.MEMORANDUMONLY-TOTALCOLUMNS NOTE4-RECEIVABLES NOTE5-FIXEDASETS NOTE6-RETIREMENTSYSTEMS NOTE7-OTHERPOST-EMPLOYMENTBENEFITS NOTE8-ACOUNTS,SALARIESANDOTHERPAYABLES NOTE9-COMPENSATEDABSENCES NOTE10-CHANGESINAGENCYFUNDEPOSITSDUEOTHERS NOTE1-CHANGESINGENERALONG-TERMOBLIGATIONS NOTE12-INTERFUNDTRANSACTIONS NOTE13-RESERVEDANDESIGNATEDFUNDBALANCES NOTE14-RISKMANAGEMENT NOTE15-LITIGATIONANDCLAIMS NOTE16-ON-BEHALFPAYMENTSFORFRINGEBENEFITSANDSALARIES

15 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES AsofandfortheYearEndedJune30,19 Theacompanyingeneral-purposefinancialstatementsoftheWestCarolParishScholBoardhaveben preparedinconformitywithgeneralyaceptedacountingprinciples(gap)asapliedtogovernmentalunits. TheGovernmentalAcountingStandardsBoard(GASB)istheaceptedstandard-setingbodyforestablishing governmentalacountingandfinancialreportingprinciples. A.Fd2PORTINGENTITY TheWestCarolParishScholBoardwascreatedbyLouisianaRevisedStatute(LSA-R.S.)17:51toprovide publiceducationforthechildrenwithinwestcarolparish.thescholboardisauthorizedbylsa-r.s. 17:81toestablishpoliciesandregulationsforitsowngovernmentconsistentwiththelawsofthestateof LouisianandtheregulationsoftheLouisianaBoardofElementaryandSecondaryEducation.TheSchol Boardiscomprisedofsevenmemberswhoarelectedfromsevendistrictsfortermsofouryears. TheScholBoardoperateseightscholswithintheparishwithatotalenrolmentofaproximately2,604 pupils.inconjunctionwiththeregulareducationalprograms,someofthesescholsoferspecialeducation and/oradulteducationprograms.inadition,thescholboardprovidestransportationandscholfod servicesforthestudents. GASBStatement14establishescriteriafordeterminingthegovernmentalreportingentityandcomponent unitsthatshouldbeincludedwithinthereportingentity.underprovisionsofthisstatement,thescholboard isconsideredaprimarygovernment,sinceitisaspecialpurposegovernmenthathasaseparatelyelected governingbody,islegalyseparate,andisfiscalyindependentofotherstateorlocalgovernments.asused mgasbstatement14,fiscalyindependentmeansthathescholboardmay,withoutheaprovalor consentofanothergovernmentalentity,determineormodifyitsownbudget,levyitsowntaxesorsetrates orcharges,andisuebondedebt.thescholboardalsohasnocomponentunits,definedbygasb Statement14asotherlegalyseparateorganizationsforwhichthelectedScholBoardmembersare financialyacountable.therearenotherprimarygovernmentswithwhichthescholboardhasa significantrelationship. B.FUNDSANDACOUNTGROUPS TheacountsoftheScholBoardareorganizedandoperatedonthebasisofundsandacountgroups.A fundisanindependentfiscalandacountingentitywithaself-balancingsetofacounts.fundacounting segregatesfundsacordingtotheirintendedpurposeandisusedtoaidmanagementindemonstrating compliancewithfinance-relatedlegalandcontractualprovisions.theminimumnumberofundsare maintainedconsistentwithlegalandmanagerialrequirements.acountgroupsareareportingdeviceto acountforcertainasetsandliabilitiesofthegovernmentalfundsnotrecordedirectlyinthosefunds. Afundisaseparateacountingentitywithaself-balancingsetofacounts.Ontheotherhand,anacount groupisafinancialreportingdevicedesignedtoprovideacountabilityforcertainasetsandliabilitiesthat arenotrecordedinthefundsbecausetheydonotdirectlyafectnetexpendablefinancialresources.

16 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Continued) AsofandfortheYearEndedJune30,19 B.FUNDSANDACOUNTGROUPS(Continued) FundsoftheScholBoardareclasifiedintotwocategories:governmental,andfiduciary.Intuna,each categoryisdividedintoseparatefundtypes.thefundclasificationsandadescriptionofeachexistingfund typefolow: GovernmentalFunds GovernmentalfundsarcusedtoacountfortheScholBoard'sgeneralgovernmentactivities,including thecolectionandisbursementofspecificorlegalyrestrictedmoniesandtheacquisitionorconstruction ofgeneralfixedasets.governmentalfundsinclude: Generalfund-theprimaryoperatingfundoftheScholBoard.Itacountsforalfinancia resourcesofthescholboard,excepthoserequiredtobeacountedforinanotherfund. Specialrevenuefunds-acountforevenuesourcesthatarelegalyrestrictedtoexpendituresfor FiduciaryFunds specifiedpurposes(notincludingexpendabletrustsormajorcapitalprojects). Fiduciaryfundsacountforasetsheldbythegovernmentinatrustecapacityorasanagentonbehalf ofoutsideparties,includingothergovernments,oronbehalfofotherfundswithinthescholboard. Agencyfundsarecustodialinature(asetsequaliabilities)andonotpresentresultsofoperationsor haveameasurementfocus.agencyfundsareacountedforusingthemodifiedacrualbasisof acounting.theyareusedtoacountforasetsthathegovernmentholdsforothersinanagency capacity.theseagencyfundsareasfolows: Scholactivityfund-acountsforasetsheldbytheScholBoardasanagentfortheindividua scholsandscholorganizations. Salestaxcolectionfund-acountsformoniescolectedonbehalfofothertaxingauthoritieswithin AcountGroups ThcgeneralfixedasetsacountgroupisusedtoacountforalfixedasetsoftheScholBoard Thegeneralong-termobligationsacountgroupisusedtoacountforgeneralong-termdebtandcertain otherliabilitiesthatarenotspecificliabilitiesofproprieta~ortrustfunds.

17 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana AsofandfortheYearEndedJune30,19 NOTEl-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Continued) C.MEASUREMENTFOCUSANDBASISOFACOUNTING GovcrnlentalFunds ]'heacountingandfinancialreportingtreatmentapliedtoafundisdeterminedbyitsmeasurement focus.govcrnmentalfundtypesusetheflowofcurentfinancialresourcesmeasurementfocusandthe modifiedacrualbasisofacounting.underthemodifiedacrualbasisofacountingrevenuesare recognizedwhensusceptibletoacrual(i.e.,whentheyare"measurableandavailable")."measurable" meanstheamountofthetransactioncanbedeterminedand"available"meanscolectiblewithinthe cun-entperiodorsonenoughthereaftertopayliabilitiesofthecurentperiod.thegovernmentconsiders alrevcnuesavailableiftheyarecolectedwithin60daysafteryear-end.expendituresarerecordedwhen therelatedfundliabilityisincured,exceptforunmaturedinterestongeneralong-termdebtwhichis recognizedwhendue,andcertaincompensatedabsencesandclaimsandjudgmentswhicharcrcognizcd whentheobligationsarexpectedtobeliquidatedwithexpendableavailablefinancialresources. Withthismeasurementfocus,onlycurentasetsandcurentliabilitiesaregeneralyincludedonthe balanceshect.operatingstatementsofthesefundspresentincreasesandecreasesinetcurentasets. Thegovernmentalfundsusethefolowingpracticesinrecordingrevenuesandexpenditures: Revenues Advalorcmtaxesantisalestaxesaresusceptibletoacrual Entitlementsandsharedrevenues(whichincludestatequalizationandstaterevenuesharing) arerecordedasunrestrictedgrants-in-aidathetimeofreceiptorearlierifthesusceptibleto acrualcriteriaremet.expenditure-drivengrantsarerecognizedasrevenuewhenthequalifying expenditureshavebenincuredandalothergrantrequirementshavebenmet. OthereceiptsbecomemeasurableandavailablewhencashisreceivedbytheScholBoardand Expenditures arcrecognizedasrevenueathatime. Otherfinanein~SOUrCes(Uses Salariesarerecordedaspaid.Salariesfornine-monthemployesareacruedatJune30 Transfersbetwenfundsthatarenotexpectedtoberepaid(capitaleasetransactions,saleof fixedasets,dcbtextinguishments,andlong-termdebtproceds)areacountedforasotber financingsources(uses).theseotherfinancingsources(uses)arerecognizedathetimethe underlyingeventsocur.

18 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Continued) AsofandfortheYearEndedJune30,19 C.MEASUI~,.EMENTFOCUSANDBASISOFACOUNTING(Continued) FiduciaryFunds Theagencyfundiscustodialinatureandoesnotpresentresultsofoperationsorhaveameasurement focus.agencyfundsareacountedforusingthemodifiedacrualbasisofacounting.thisfundisused toacountforasetsthathescholboardholdsforothersinanagencycapacity. D.BUDGETS GeneralBnd~oetPolicies TheScholBoardfolowstheseproceduresinestablishingthebudgetarydatareflectedinthecombined financialstatements: Statestatuterequiresbudgetsbeadoptedforthegeneralfundandalspecialrevenuefunds EachyearpriortoSeptember15,theSuperintendentsubmitstotheBoardproposedanualbudgetsfor thegeneralfundandspecialrevenuefund.publichearingsareconducted,priortotheboard'saproval, tobtaintaxpayercoments.theoperatingbudgetsincludeproposedexpendituresandthemeansof financingthem. Apropriations(unexpendedbudgetbalances)lapseatyearend Formalbudgetintegration(withintheacountingrecords)isemployedasamanagementcontroldevice. Albudgetsarecontroledathedivision,departmentalorprojectlevel.Budgetamountsincludedinthe acompanyingfinancialstatementsincludetheoriginaladoptedbudgetandalsubsequentanaendments. TheserevisionswereconsideredinsignificantbytheBoard.Albudgetrevisionsarcaprovedbythe Encumbrances Outstandingencumbranceslapseatyear-end.Authorizationfortheventualexpenditurewilbeincluded inthefolowingyear'sbudgetapropriations.encumbranceacountingisnotemployedingovernmental funds. Encumbranceacounting(e.g.,purchaseorders,contracts)isnotrecognizedwithintheacountingrecords forbudgetarycontrolpurposes. 15

19 WestCarolParishScholBoard NotestotileGeneral-PurposeFinancialStatenleuts OakGrove,Louisiana AsofandfortheYearEndedJune30,19 NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Continued) I).BUDGETS(Continued) BudgetBasisofAcountin~o Algovernmentalfunds'budgetsarepreparedonthemodifiedacrualbasisofacounting,abasis consistentwithgeneralyaceptedacountingprinciples(gap).budgetedamountsareasoriginaly adoptedorasamendedbytheboard.legaly,theboardmustadoptabalancedbudget;thatis,total budgetedrevenuesandotherfinancingsourcesincludingfundbalancemustequalorexcedtotal budgetedexpendituresandotherfinancinguses.statestatutesrequiretheboardtoamenditsbudgets whenrevenuesplusprojectedrevenueswithinafundarexpectedtobelesthanbudgetedrevenuesby fivepercentormoreand/orexpenditureswithinafundarexpectedtoexcedbudgetedexpendituresby fivepercentormore.thescholboardaprovesbudgetsathefunctionlevelandmanagementcan E.CASIANDCASHEQUIVALENTS transferamountsbetwenlineitemswithinafunction. ('ashincludesamountsindemandeposits,interest-bearingdemandeposits,andtimedepositacounts. Cashequivalentsincludeanaountsintimedepositsandthoseinvestmentswithoriginalmaturitiesof90days orles.understatelaw,thescholboardmaydepositfundsindemandeposits,interest-bearingdemand deposits,ortimedepositswithstatebanksorganizedunderlouisianalawandnationalbankshavingtheir principaloficesmlouisiana. F.StlOP,T-TERM1NTERFUNI)RECEIVABLES/PAYABLES Duringthcourseofoperations,numeroustransactionsocurbetwenindividualfundsforgodsprovided onscrvicesrendered.thesereceivablesandpayablesareclasifiedasinterfundreceivables/payablesonthe balanceshet.short-terminterfundloansarealsoclasifiedasinterfundreceivables/payables. G.INVENTORYANDPREPAIDITEMS Inventoriesofthegovernmentalfundtypearcrecordedasexpendituresaspurchasedexceptforinventor,of thescholfodservicefund. InventoryofthescholtbodservicespecialrevenuefundconsistsofodpurchasedbytheScholBoardand comoditiesgrantedbytheunitedstatesdepartmentofagriculturethroughthelouisianadepartmentof AgricultureandForestry.Thecomoditiesarerecordedasrevenueswhenreceived;however,alinventory itemsarerecordedasexpenditureswhenconsumed.unusedcomoditiesatjune30,arereportedasdefered revenue.alpurchasedinventoryitemsarevaluedatcost(first-m,first-out)andcomoditiesarcasigncd valuesprovidedbytheunitedstatesdepartmentofagriculture. Certainpaymentstovendorsreflectcostsaplicabletofutureacountingperiodsandarerecordedasprcpmd items.

20 WestCarolParishScholBoard OakGrove,Louisiana NotestotheGeneral-PurposeFinancialSlatements NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Continued) AsofandfortheYearEndedJune30,19 HI.FIXEDASETS FixedasetsusedingovernmentalfundtypesoftheScholBoardarerecordedinthegeneralfixedasets acountgroupatcostorestimatedhistoricalcostifpurchasedorconstructed.donatedfixedasetsare recordedatheirestimatedfairvalueathedateofdonation.asetsinthegeneralfixedasetsacountgroup arenotdepreciated.interestduringconstructionisnotcapitalizedongeneralfixedasets. Aproximately90%ofixedasetsarevaluedatactualcosts,whiletheremaining10%arevaluedatestimated costontheactualcostoflikeitems. Publicdomain(infrastructure)generalfixedasets(i.e.roads,bridges,sidewalksandotherasetsthatare imovableandofvalueonlytothegovernment)arecapitalized. Thecostofnormalmaintenanceandrepairsthatdonotadtothevalueoftheasetormaterialyextend asets'livesarenotincludedinthegeneralfixedasetsacountgroup. I.DEFEREDREVENUES TheScholBoardreportsdeferedrevenuesonitscombinedbalanceshet.Deferedrevenuesarisewhen resourcesarereceivedbythescholboardbeforeithasalegalclaimtothem,aswhengrantmoniesare receivedpriortotheocurenceofqualifyingexpenditures.insubsequentperiods,whenthescholboard hasalegalclaimtotheresources,theliabilityfordeferedrevenueisremovedfromthecombinedbalance shetandtherevenueisrecognized. J.COMPENSATEDABSENCES Al12-monthemployesearn12to18daysofvacationleaveachyeardependingonthenumberofyears employed.employescanacumulmeupto20daysofvacationleave. AlScholBoardemployesearnaminimumofl0to18daysofsickleaveachyear,dependinguponthe numberofyearsemployed.sickleavecanbeacumulatedwithoutlimitation. TheScholBoard'srecognitionandmeasurementcriteriaforcompensatedabsencesfolows GASBStatementNo.16providesthatvacationleaveandothercompensatedabsenceswithsimilar characteristicshouldbeacruedasaliabilityasthebenefitsarearnedbythemployesifbothofthe folowingconditionsaremet: A.Themployes'rightstoreceivecompensationareatributabletoservicesalreadyrendered B.Itisprobablethathemployerwilcompensatethemployesforthebenefitsthroughpaidtimeof orsomeothermeans,suchascashpaymentsaterminationoretirement.

21 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Continued) AsofandfortheYearEndedJune30,19 J.COMPENSATEDABSENCES(Continued) GASBStatementNo.16providesthataliabilityforsickleaveshouldbeacruedusingoneofthefolowing terminationaproaches: A.Anacrualforearuedsickleaveshouldbemadeonlytothextentitisprobablethathebenefitswil resultinterminationpayments,ratherthanbetakenasabsencesduetoilnesorothercontingencies, B.Alternatively,agoverumentalentityshouldestimateitsacruedsickleaveliabilitybasedonthesick suchasmedicalapointmentsandfunerals. leaveacumulatedathebalanceshetdatebythosemployeswhocurentlyareligibletoreceive terminationpaymentsaswelasotheremployeswhoarexpectedtobecomeligibleinthefuture Onlythecurentportionoftheliabilityforcompensatedabsencesisreportedinthefund.Thecurentportion toreceivesuchpayments. istheamountleftunpaidathendofthereportingperiodthatnormalywouldbeliquidatedwithexpendable availablefinancialresources.theremainderoftheliabilityisreportedinthegeneralong-termobligations acountgroup.thescholboardusesaproachbtoacruetheliabilityforsickleave. K,LONG-TERMOBLIGATIONS Forgovernmentalfundtypes,bondpremiumsandiscounts,aswelasisuancecosts,arcrecognizeduring thecurentperiod.bondprocedsarereportedasanotherfinancingsourcenetoftheaplicablepremium ordiscount.isuancecosts,evenifwitheldfromtheactualnetprocedsreceived,arereportedasdebt servicexpenditures. 1.FUNDEQUITY Reservationsofundbalancesrepresentamountsofundbalancethatarenotapropriableforexpenditures orarelegalysegregatedforaspecificfutureuse. M.INTERFUNDTRANSACTIONS Quasi-externaltransactionsareacountedforasrevenuesorexpenditures.Transactionsthatconstitute reimbursementstoafundforexpenditures,initialyrnadefromithatareproperlyaplicabletoanotherfund. arcrecordedasexpendituresinthereimbursingfundandasdeductionsofexpendituresinthefundthatis reimbursed.

22 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana AsofandfortheYearEndedJune30,19 NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Continued) M.INTERFUNDTRANSACTIONS(Continued) Alotherinterfundtransactions,exceptquasi-externaltransactionsandreimbursements,arereportedas transfers.nonrecuringornonroutinepermanentransfersofequityarereportedasresidualequitytransfers. Alotherinterfundtransfersarereportedasoperatingtransfers. N.SALESTAXES TheScholBoardhasaone-centparish-widesalesandusetaxasauthorizedinaspecialelectionheld November18,1967.Inacordancewiththepropositionaprovedbythevotersoftheparish,"thenet revenuesderivedfromsaidsalesandusetaxistobededicatedandusedsolelyforthepurposeofproviding fundsforthepaymentofsalariesofscholemployesintheparishofwestcarol." O.USEOFESTIMATES Thepreparationofinancialstatementsinconformitywithgeneralyaceptedacountingprinciplesrequires managementomakestimatesandasumptionsthatafecthereportedamountsofasetsandliabilitiesand disclosureofcontingentasetsandliabilitiesathedateofthefinancialstatementandthereportedamounts ofrevenuesandexpensesduringthereportingperiod.actualresultscouldiferfromthosestimates. P.MEMORANDUMONLY-TOTALCOLUMNS Totalcolumnsonthegeneral-purposefinancialstatementsarecaptionedas"MemorandumOnly"toindicate thatheyarepresentedonlytofacilitatefinancialanalysis.datainthesecolumnsdonotpresentfinancial position,resultsofoperationsorcashflowsinacordancewithgeneralyaceptedacountingprinciples. Neitherisuchdatacomparabletoaconsolidation.Interfundeliminationshavenotbenmadeinthe agregationofthisdata.

23 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana NOTE2-LEVIEDTAXES AsofandfortheYearEndedJune30,19 TheScholBoardleviestaxesonrealandbusinespersonalpropertylocatedwithinWestCarolParish's boundaries.propertytaxesareleviedbythescholboardonpropertyvaluesasesedbythewestcarolparish TaxAsesorandaprovedbytheStateofLouisianaTaxComision. TheWestCarolParishSherifPsOficebilsandcolectspropertytaxesfortheScholBoard.Colectionsare remitedtothescholboardmonthly. Milageratesadopted PropertyTaxCalenda Levydate Taxbilsmailed September8,198 Duedate September2,198 Liendate OnoraboutOctober7,198 Taxsaledate-198delinquentproperty December31,198 April16,19 AsesedvaluesarestablishedbytheWestCarolParishTaxAsesoreachyearonauniformbasisathe May12,19 folowingratiosofasesedvaluetofairmarketvalue: 10%land 10%residentialimprovements 15%industrialimprovements 15%machinery 15%comercialimprovements Arevaluationofalpropertyisrequiredafter1978tobecompletednolesthaneveryfouryears.Thelast 25%publicserviceproperties,excludingland revaluationwascompletedfortherolofjanuary1,196.totalasesedvaluewas$4,293,027incalendaryear 198.Louisianastatelawexemptsthefirst$7,50ofasesedvalueofataxpayer'sprimaryresidencefromparish propertytaxes.thishomesteadexemptionwas$12,56,595oftheasesedvalueincalendaryear198. Statelawrequiresthesheriftocolectpropertytaxesinthecalendaryearinwhichtheasesmentismade. l'ropertytaxesbecomedelinquentjanuary1ofthefolowingyear.lftaxesarenotpaidbytheduedate,taxesbear interestatherateof1.25%permonthuntilthetaxesarepaid.afternoticeisgiventothedelinquentaxpayers. thesherifisrequiredbytheconstitutionofthestateoflouisianatoseltheleastquantityofpropertynecesary tosetlethetaxesandinterestowed. Alproperlytaxesarerecordedinthegeneralfundandconstructionandmaintenancefundsonthebasisexplained innote1.revenuesinsuchfundsarerecognizedintheacountingperiodinwhichtheybecomemeasurableand available.ihopcrtytaxesarconsideredmeasurableinthecalendaryearofthetaxlevy.estimateduncolectible taxesarethosetaxesbasedonpastexperiencewhichwilnotbecolectedinthesubsequentyearandareprimarily ductosubsequentadjustmentstothetaxrol.availablemeansdue,orpastdue,andreceivablewithinthecurent periodandcolectedwithinthecurentperiodorexpectedtobecolectedsonenoughthereaftertopayliabilities ofthecurentperiod.theremainingpropertytaxesreceivableareconsideredavailablebecausetheyarc substantialycolectedwithin60daysubsequentoyear-end. 20

24 WestCarolParishScholBoard OakGrove,Louisiana NotestotheGeneral-PurposeFinancialStatements AsofandfortheYearEndedJune30,19 NOTE2-LEVIEDTAXES(Continued) ThetaxrolispreparedbytheparishtaxasesorinNovemberofeachyear;therefore,the19propertytaxesare colectedindecember,januaryandfebruaryofthenextyear.noreceivablefor19taxesisincludedonthe acompanyingbalanceshetbecausethetaxesarenotavailablewithin60daysofthescholboardsyear-end. ltistoricaly,virtualyaladvaloremtaxesarecolectedbecausetheyaresecuredbyproperty.thereforețhereis noalowanceforuncolectibletaxes. Thefolowingisasumaryofauthorizedandlevied(taxrateper$1,0asesedvalue)advaloremtaxes Parish-widetaxes: Constitutional Maintenanceandoperation Maintenanceandoperation Districtaxes: Ward1Maintenance NOTE3-CASHANDCASHEQUIVALENTS Authorized Miliad,e.g._ Levied Milage Expiration Date Statutol2~ AtJune30,19,theScholBoardhadcashandcashequivalents(bokbalances)totaling$3,57,068asfolows Demandeposit Interest-bearingdemandeposits Total $752,76 2,824,302 {;3,57,068 Thcscdcposilsarestatedatcost,whichaproximatesmarket.Understatelax',thesedeposits(ortheresultingbank bahmces)mustbesecuredbyfederaldepositinsuranceorthepledgeofsecuritiesownedbythefiscalagentbank. Themarketvalueofthepledgedsecuritiesplusthefederaldepositinsurancemustataltimesequaltheamounton depositwiththefiscalagent.thesesecuritiesareheldinthenameofthepledgingfiscalagentbankinaholding orcustodialbankthatismutualyaceptabletobothparties. Atyear-end,theScholBoard'scaryingamountofdepositswas$3,57,068andthebankbalancewas$4,67,540. Ofthebankbalance,$212,49wascoveredbyfederaldepositoryinsuranceorbycolateralheldbytheSchol Board'sagentintheScholBoard'sname(GASBCategory1).Oftheremainingbalance,$4,186,23was colateralizedwithsecuritiesheldbythepledgingfinancialinstitution'strustdepartmentoragentbutnotinthc ScholBoard'sname(GASBCategory3).Theremainingbalanceof$278,818isnotsecuredbythepledgeof securitiesandisinviolationofstatelaw.theundercolateralizedepositsresultedfromthefacthataspledged securitiesmaturedthebankwasnotreplacingthemwithnewsecurities.

25 WestCarolParishScholBoard OakGrove,Louisiana NotestotheGeneral-PurposeFinancialStatements AsofandfortheYearEndedJune30,19 NOTE3-CASHANDCASHEQUIVALENTS(Continued) Eventhoughthepledgedsecuritiesareconsidereduncolateralizext(Category3)undertheprovisionsofGASB Statement3,LouisianaRevisedStatute39:129imposesastatutoryrequirementonthecustodialbanktoadvertise andselthepledgedsecuritieswithin10daysofbeingnotifiedbythescholboardthathefiscalagenthasfailed topaydepositedfundsupondemand. NOTE4-RECEIVABLES Thereceivablesof$65,980atJune30,19,areasfolows ClasofReceivable Taxes:Salesanduse lntergovernmental-grants Federal State Other NOTE5-FIXEDASETS Thechangesingeneralfixedasetsareasfolows LandBuildings Furnitureandequipment NOTE6-RETIREMENTSYSTEMS Plandescription General Fund $ ,025 5,756 Special Revenue Funds $ 321,907 6,71378 Total $91, , ,736 6,134 Balance Balance July1,198AditionsDeletionsJune30,19 $2,30 5,1t4, ,072 $15,0$ ,49 $9,346,707$58,483.$J41,49 $237,30 5,20,35 4,360~36 SubstantialyalScholBoardemployesparticipateineithertheTeachers'RetirementSystemortheSchol Employes'RetirementSystem(theSystems),whicharecost-sharing,multiple-employerpublicemployeretirement systems(pers).benefitprovisionsareultimatelyaprovedandamendedbythelouisianalegislature.

26 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana NOTE6-RETIREMENTSYSTEMS(Continued) AsofandfortheYearEndedJune30,19 ParticipationintheTeachers'RetirementSystemisdividedintotwoplans-theTeachers'RegularPlanandthe Teachers'PlanA.Ingeneral,profesionalemployes(suchasteachersandprincipals)andlunchromworkersare membersofthelouisianateachers'retirementsystem(trs);otheremployes,suchascustodialpersoneland busdrivers,aremembersofthelouisianascholemployes'retirementsystem(lsers).generaly,alful-time employesareligibletoparticipateinthesystem. WithrespectotheTeachers'RetirementSystemRegularPlan,normalretirementisatagesixtywithtenyearsof service,oratanyagewithtwentyearsofservice.theformulaforanualmaximumretirementbenefitsis generalytwopercent(withlesthantwenty-fiveyearsofservice)or2.5percent(withtwenty-fiveormoreyears ofservice)timestheyearsofcreditableservicetimestheaveragesalaryofthethirty-sixhighestsucesivemonths (plus$30aplicabletopersonsbecomingmemberspriortojuly1,1986). UndertheTeachers'RetirementSystemPlanA,normalretirementisgeneralyatanyagewith30ormoreyears ofcreditableservice,atage5withatleast25yearsofcreditableserviceandatage60withatleast10yearsof creditableservice.theretirementbenefitformulaisgeneraly3%timestheyearsofcreditableservicetimesthe averagesalaryofthe36highestsucesivemonthsplus$24peryearofservice. EmployesparticipatingintheScholEmployes'RetirementSystemareligiblefornormalretirementafter30 yearsofservice,orafter25yearsofserviceatage5orafter10yearsofserviceatage60.themaximum retirementalowanceiscomputedat2.5%timesthehighest36monthsofaveragesalary,timestheyearsofservice plusasuplementof$2.0permonthtimestheyearsofservice. BothTRSandLSERSisueanualfinancialreports.Thereportscanbeobtainedbytelephoningorwritingtothe folowing: Teachers'RetirementSystemofLouisiana PostOficeBox94123 BatonRouge,Louisiana LouisianaScholEmployes'RetirementSystem FundingPolicy (25) PostOficeBox4516 BatonRouge,Louisiana70804 (25) Eachsystemisadministeredandcontroledathestatelevelbyaseparateboardoftrustes,withcontributionrates aprovedandamendedbythelouisianalegislature.benefitsofthesystemsarefundedbyemployeandemployer contributions.benefitsgrantedbytheretirementsystemsareguarantedbythestateoflouisianaunderprovisions ofthelouisianaconstitutionof1974.thescholboard'semployercontributionforthetrs,asprovidedbystate law,isfundedbythestateoflouisianathroughanualapropriations,bydeductionsfromlocaladvaloremtaxes. andbyremitancesfromthescholboard.forthelsers,thescholboard'semployercontributionisfunded bythestateoflouisianathroughanualapropriations.

27 WestCarolParishScholBoard OakGrove,Louisiana NotestotheGeneral-PurposeFinancialStatements AsofandfortheYearEndedJune30,19 NOTE6-RETIREMENTSYSTEMS(Continued) Inadition,themployerdoesnotremitotheTeachers'RetirementSystem,RegularPlanorPlanA,themployer's contributionfortheprofesionalimprovementprogram(pip)portionofpayroḷthepipcontributionismade directlytotheretirementsystembythestateoflouisianạ Contributionrates(asapercentageofcoveredsalaries)foractiveplanmembersasestablishedby"theLouisiana LegislaturefortileyearendedJune30,19,areasfolows: LouisianaTeachers'RetirementSystem Regular PlanA LouisianaScholEmployes'RetirementSystem Employe En~lover 8.0% 16.50% 9.10% 16.50% 6.35% 6.0% TotalcoveredpayroloftheScholBoardforTRS-RegularPlan,TRS-PlanA,andLSERSfortheyearended June30,19,anaountedto$6,53892,$62,841,and$678159,respectively.Employercontributionsfortheyear endedjune30,19,andeachofthetwoprecedingyearsareasfolows: FiscalYearEnding June30,197 June30,198 June30,19 Anual Actuarialy Required ~Contribution_ $1,01,049 1,153,613 1,218,052 TRS NOTE7-OTHERPOST-EMPLOYMENTBENEFITS Percentage ofanual Required Contribution Paid 91.51% 87.48% 89.43% LSERSPercentage AnualofAnual ActuarialyRequired RequiredContribution ContributionPaid $30,613 36,647 42, % 96.32% 96.32%

28 WestCarolParishScholBoard OakGrove,Louisiana NotestotileGeneral-PurposeFinancialStatements AsofandfortheYearEndedJune30,19 NOTE8-ACOUNTS,SALARIESANDOTHERPAYABLES Thepayablesof$930,749atJune30,19,areasfolows Acounts Salariesandwitholding Total NOTE9-COMPENSATEDABSENCES General Fund $103, Special Revenue Funds Total $I15,181$218, AtJune30,19,employesoftheScholBoardhadacumulatedandvested$610,235ofemployeleavebenefits, including$75,50ofsalary-relatedbenefits.thesemployeleavebenefitswerecomputedinacordancewith GASBCodificationSectionC60.Thisamountisnotexpectedtobepaidfromcurentresources;therefore,the liabilityof$610,235isrecordedwithinthegeneralong-tern1obligationsacountgroup. NOTE10-CHANGESINAGENCYFUNDEPOSITSDUEOTHERS Asumaryofchangesinagencyfundepositsdueothersfolows Agencyfunds: Scholactivityfund Salestaxfund Balanceat Begining ofyearaditionsreductions $218,462$819,96 3,825,149$792,027 3,825,149 Balance atend ofyear $ NOTE1-CHANGESINGENERALONG-TERMOBLIGATIONS Thefolowingisasumaryofthelong-termobligationtransactionsfortheyearendedJune30,19 Balanceatbeginingofyear Aditions Deductions Balanceatendofyear Workers' CompensationCompensated Payable Absences Total $8,974 46,76 31,523 $49, ,954 13,047 $508, ,570

29 WestCarolParishScholBoard OakGrove,Louisiana NotestotheGeneral-PurposeFinancialStatements AsofandfortheYearEndedJune30,19 NOTE12-INTERFUNDTRANSACTIONS Duefrom/totherfunds ReceivableFund Generalfund Total Interfundoperatingtransfers PavaNeFund TitleI TitleVI Specialfederal Adulteducation OperatingtransfersfortheyearendedJune30,19,wereasfolows Generalfund Specialrevenuefunds: ForestScholDistrict#3 ConsolidatedScholDistrict# Total NOTE13-RESERVEDANDESIGNATEDFUNDBALANCES Reservations: In $40,0 6,0 $46,0 Amount $102,434 7,057 93,404 20,209 $23,104 Out $6,0 20,0 20,0 $46,0 InventoryThisamountrepresentstheportionofundbalancerelatingtoinventoryonhandwhichis thereforeunavailabletobexpendedforotherpurposes. PrepaiditemsThisanaountrepresentstheportionofundbalancerelatingtoprepaiditemswhichis thereforeunavailabletobexpendedforotherpurposes, Fire&LiabilityThisamountrepresentstheportionofundbalancesetasidefordeductiblesandother costsnotcoveredbyinsuranceandisthereforeunavailabletobexpendedforotherpurposes. UnemploymentThisanaountrepresentstheportionofundbalancerelatingtothesecurityinterest establishedwiththestateoflouisianaoficeofworkers'compensationandisthereforeunavailableto bexpendedforotherpurposes. BusPurchasesThisamountrepresentstheportionofundbalancesetasidetopurchasetwobusesthat wereaprovedforpurchaseinmarch19,butwerenotdeliveredbeforejune30,19. 26

30 WestCarolParishScholBoard OakGrove,Louisiana NotestotheGeneral-PurposeFinancialStatements AsofandfortheYearEndedJune30,19 NOTE13-RESERVEDANDESIGNATEDFUNDBALANCES(Continued) Reservations: Fire&Liability Unemployment Buspurchases NOTE14-RISKMANAGEMENT Balanceat Begining ofyear AditionsDeductions $209, Balancea Endof Year $8,949 $ $218,061 4,058 10,638 94, TheScholBoardisexposedtovariousrisksoflosrelatedtotons;theftof,damageto,andestructionofasels erorsandomisions;injuriestoemployes;andnaturaldisasters. Ariskmanagementprogramforworkers'compensationinsurancewasestablishedbytheScholBoardseveral yearsago.itjoinedapolwithtwotherscholboardsinnortheastlouisianainordertoshareworkers' compensationcost.thescholboard'shareofriskisdeterminedbycalculatingitspercentageofthetotalmanual premiumofthegroup.theriskalocatedtothescholboardfortheyearendedjune30,19,was29.31%. Premiumsarepaidtoathird-partyadministratorandareavailabletopayclaims,claimreservesandadministrative costsoftheprogram.asofjune30,19,suchinterfundpremiumsdidnotexcedreimbursablexpenditures. Thesepremiumsarebasedprimarilyupontheindividualfunds'payrolandarereportedasexpendituresintile individualfunds.duringthefiscalyear19,atotalof$31,523waspaidinbenefitsandadministrativecosts. Aninsurancepolicycoversindividualclaimsinexcesof$175,0.Claimsexpendituresandliabilitiesare reportedwhenitisprobablethataloshasocuredandtheamountofthatloscanbereasonablyestimated.these losesincludeanestimateofclaimsthathavebenincuredbutnotreported.thisliabilityisthescholboard's bestestimatebasedonavailableinformation.asofjune30,19,claimspayableof$24,27havebenacrued asaliabilityinthegeneralong-termobligationsacountgroup. Changesintheclaimsamountinpreviousfiscalyearswereasfolows Beginingof FiscalYear Liability $7,490 14, Claimsand Changesin Estimates $54,318 36, Benefit Payments andclaims $47,208 41,892 31,523 Endingof FiscalYear Liability $14,60 8,974 24,27 TheScholBoardcontinuestocaryconunercialinsuranceforalotherisksoflos.Setledclaimsresultingfrom theseriskshavenotexcededcomercialinsurancecoverageinanyofthepasthrefiscalyears. TheScholBoardalsohaspledgeda$10,0leterofcreditwiththeOficeofEmploymentSecurities.Maximum retentionexposureforagregateclaimsamountsto$1,0,0.anamountofself-insurancelosesof$10,638 wasreservedatjune

31 WestCarolParishScholBoard NotestotheGeneral-PurposeFinancialStatements OakGrove,Louisiana NOTE15-LITIGATIONANDCLAIMS AsofandfortheYearEndedJune30,19 Litigation AtJune30,19,theScholBoardwasinvolvedinonelitigation.Managementandlegalcounselforthe ScholBoardbelievethathepotentialclaimsagainstheScholBoardnotcoveredbyinsurancewouldnot materialyafecthescholboard'scombinedfinancialposition. GrantDisalowances TheScholBoardparticipatesinanumberofstateandfederalyasistedgrantprograms.Theprograrasare subjectocomplianceauditsunderthesingleauditaproach.suchauditscouldleadtorequestsfor reimbursementbythegrantoragencyforexpendituresdisalowedundertermsofthegrants.scholboard managementbelievesthatheamountofdisalowances,ifany,whichmayarisefromfutureauditswilnot bematerial. TaxArbitraeRebate UndertheTaxReformActof1986,interestearnedonthedebtprocedsinexcesofinterestexpenseprior tothedisbursementoftheprocedsmastberebatedtotheinternalrevenueservice(irs).management believesthereisnotaxarbitragerebateliabilityatyearend. SelfInsurance TheScholBoardispartialyself-insuredforworkers'compensation.TheScholBoardmaintainstop-los coveragewithaninsurancecompanyforclaimsinexcesof$175,0perocurenceforeachemploye.al knownclaimsfiledandanestimateofincuredbutnotreportedclaimsbasedolexperienceoftheschol NOTE16-ON-BEHALFPAYMENTSFORFRINGEBENEFITSANDSALARIES Boardaremadeandacruedasnecesaryinthefinancialstatements. On-behalfpaymentsforfringebenefitsandsalariesaredirectpaymentsmadebyanentity(thepayingagent)toa third-partyrecipientforthemployesofanother,legalyseparatentity(themployerentity).gasbstatement No.24requiresemployergovernmentstorecognizerevenueandexpendituresorexpensesfortheseon-behalf payments. ThestateofLouisianamadepensioncontributions(regardingProfesionalImprovementProgram)directlytothe Teachers'RetirementSystemofLouisianaonbehalfoftheScholBoardintheamountof$14,624.Thisamount wasrecognizedastaterevenueandacorespondingexpenditureintheaplicablefundfromwhichthesalarywas paid. TheScholBoardisamemberoftheNorthLouisianaEducationConsortium(NLEC),comprisedoftwelveschol boards.oneoftheotherscholboardservesasthefiscalagentandpaysthebilsforalparticipatingmembers oftheconsortium.thisfiscalagentpaid$19,315forsalariesandbenefitsforthescholboard.theamounthas benrecordedasfederalrevenueandasanexpenditureintheaplicablefund.

32 WestCarolParishScholBoard OakGrove,Louisiana REQUIREDSUPLEMENTALINFORMATION 29

33 WestCarolParishScholBoard OakGrove,Louisiana OnMarch29,19,theGovernmentalAcountingStandardsBoard(GASB)isuedTechnicalBuletin(TB)9-1, DisclosuresaboutYear20Isues-anamendmentofTechnicalBuletin98-1.Theamendment,amongother things,providesthatrequiredyear20disclosuresmaybereportedasrequiredsuplementaryinformation.thc ScholBoardreportedtheyear20disclosuresasrequiredsuplementalinformation. Year20Information TheYear20istheresultofshortcomingsinmanyelectronicdataprocesingsystemsandotherelectronic equipmenthatmayadverselyafecthegovernment'soperation. TheWestCarolParishScholBoardhascompletedaninventoryofcomputersystemsandotherelectronic equipmenthatmaybeafectedbytheyear20isueandthatisnecesarytoconductingscholboard operations.thesearefinancialreporting,payrol,employebenefits,andeducationalstatisticsreporting.al ofthesesystemsareinthevalidation/testingstage. AlscholsitesinWestCarolParishavebencontactedtodeterminelevelofY2Kcompliance.Hardware vendorsarcprovidingtestingmeasurestoensureoperatingsystems,computer/networkinghardwareand telecomunicationsequipmentarecompliant.softwareforstatereporting(sis,pep,afr,lanser, Sponsor/Site,ScholCalendar,ASR,TitleI)areY2Kcompliant. TheScholBoardestimatesthatfuturexpenditurestomakesystemsY2Kcompliantwilnotbesignificant 30

34 WestCarolParishScholBoard OakGrove,Louisiana SUPLEMENTALINFORMATION 3

35 WestCarolParishScholBoard OakGrove,Louisiana TITLEI SPECIALREVENUEFUNDS ThisfundisusedtoacountforESEAfunds BASICGRANT Thisprogramwasdesignedtoimprovetheducationaloportunitiesofeducationalydeprivedchildrenby helpingthemsucedintheregularscholprogram,ataingradelevelproficiencyandimproveachievement inbasicandmoreadvancedskils.servicesuplement,notsuplant,thosenormalyprovidedbystateand localeducationalagencies. TITLElI Thisprogramwasdesignedtoimprovetheskilsofteachersandthequalityof science,alsotoincreasetheacesibilityofsuchinstructiontoalstudents. TITLEIV Thisprogramwasdesignedtoestablishstateandlocalprogramsofalcoholandragabuseducationand preventioncordinatedwithrelatedcomunityefortsandresources. TITLEVI Thisprogramwasdesignedtoasiststateandlocaleducationalagenciesimprovelementaryandsecondary education. SPECIALFEDERAL Thisfundisusedtoacountforalfederalrevenuethatisnotacountedforinotherfunds SPECIALEDUCATION-STATEGRANTS Thisprogramwasdesignedtoprovidegrantstostatestoasistheminprovidingafreapropriatepublic educationtoalchildrenwithdisabilities. PRESCHOLGRANTS Thisprogramwasdesignedtoprovidegrantstostatestoasistheminprovidingafreapropriatepublic educationtoprescholdisabledchildrenagedthrethroughfiveyears. VOCATIONALEDUCATION-BASICGRANTSTOSTATES ThisprogramwasdesignedtomaketheUnitedStatesmorecompetitiveintheworldeconomybydcvcloping morefulytheacademicandocupationalskilsofalsegmentsofthepopulation,principalythrough concentratingresourcesonimprovingeducationalprogramsleadingtoacademicandocupationalskils nededtoworkinatechnologicalyadvancedsociety. 32