SANBORN REGIONAL SCHOOL DISTRICT Financial Statements With Schedule of Expenditures of Federal Awards June 30, 2016 and Independent Auditor's Report

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1 SANBORN REGIONAL SCHOOL DISTRICT Financial Statements With Schedule of Expenditures of Federal Awards and Independent Auditor's Report 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 Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by the Uniform Guidance Schedule of Findings and Questioned Costs

2 SANBORN REGIONAL SCHOOL DISTRICT FINANCIAL STATEMENTS TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT MANAGEMENT'S DISCUSSION AND ANALYSIS Page(s) I-VB BASIC FINANCIAL STATEMENTS EXHIBITS: A Statement of Net Position B C Statement of Activities Balance Sheet - Governmental Funds 2 3 C-1 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position D Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds D-1 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities E F Statement of Fiduciary Net Position - Fiduciary Funds Statement of Changes in Fiduciary Net Position- Fiduciary Funds 7 8 NOTES TO BASIC FINANCIAL ST A TEMENTS 9-28 REQUIRED SUPPLEMENTARY INFORMATION SCHEDULES: Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual (Budgetary Basis) - General Fund 2 Schedule of Funding Progress for Other Post-Employment Benefits 3 Schedule of Changes in the District's Proportionate Share of the Net Pension Liability 4 Schedule of District Contributions NOTES TO REQUIRED SUPPLEMENT ARY INFORMATION

3 SANBORN REGIONAL SCHOOL DISTRICT FINANCIAL STATEMENTS TABLE OF CONTENTS (CONTINUED) FEDERAL COMPLIANCE SCHEDULE: I Schedule of Expenditures of Federal Awards Page(s) 35 NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AW ARDS 36 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 Report on Compliance for Each Major Federal Program and Report on Internal Control Over Compliance Required by the Uniform Guidance Schedule of Findings and Questioned Costs 41-42

4 ~VACHON CLUKAY &COMPANYPC CERTIFIED PUBLIC ACCOUNTANTS 608 Chestnut Stree t Manchester, New Hampshire (603) Fax: (603) To the School Board Sanborn Regional School District Report on the Financial Statements INDEPENDENT AUDITOR'S REPORT We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Sanborn Regional School District as of and for the year ended, and the related notes to the financial statements, which collectively comprise the District'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 from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

5 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the Sanborn Regional School District, as of, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, budgetary comparison information, schedule of funding progress for other post-employment benefits, schedule of changes in the District's proportionate share of the net pension liability, and the schedule of District contributions, on pages i-vii and be presented to supplement the basic financial statements. Such information, although not a pait 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. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise Sanborn Regional School District's basic financial statements. The accompanying schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, is presented for purposes of additional analysis 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 related directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

6 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated January 23, 2017 on our consideration of Sanborn Regional School District's internal control over financial reporting and on our tests of its compliance with ce1iain provisions of laws, regulations, contracts, and grant agreements. 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 Sanborn Regional School District's internal control over financial reporting and compliance. Manchester, New Hampshire January 23, 2017

7 MANAGEMENT'S DISCUSSION AND ANALYSIS As management of the Sanborn Regional School District (the District), we offer readers this narrative overview and analysis of the financial activities of the District for the fiscal year ended. A. OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is intended to serve as an introduction to the basic financial statements. The basic financial statements are comprised of three components: (1) government-wide financial statements, (2) fund financial statements, and (3) notes to financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of our finances in a manner similar to a private-sector business. The Statement of Net Position presents information on all assets, deferred outflows of resources and liabilities and deferred inflows of resources, with the difference being reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position is improving or deteriorating. The Statement of Activities presents information showing how the District's net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., and earned but unused vacation leave). Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Fund accounting is used to ensure and demonstrate compliance with finance-related legal requirements. All of the funds can be divided into two categories: governmental funds and fiduciary funds. Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a District's near-term financing requirements. Because the focus of governmental funds is narrower than that of the governmentwide financial statements, it is useful to compare the information presented for

8 governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the District's near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. An annual appropriated budget is adopted for the general fund. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget. Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the District's own programs. The accounting used for fiduciary funds is.much like that used for proprietary funds. Notes to financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. Other information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information which is required to be disclosed by accounting principles generally accepted in the United States of America. 8. FINANCIAL HIGHLIGHTS As of the close of the current fiscal year, the total of assets exceeded liabilities by $322,170 (i.e., net position}, a change of $1,103,516 in comparison to the prior year. As of the close of the current fiscal year, governmental funds reported combined ending fund balances of $2,593,045, a change of $31,768 in comparison to the prior year. At the end of the current fiscal year, total fund balance for the general fund was $2,243,501, an increase of $181,409 in comparison to the prior year. Total long-term obligations (i.e., bonds payable, capital leases, early retirement and compensated absence benefits) at the close of the current fiscal year was $11,844,966, a decrease of $(1,380,403) in comparison to the prior year. ii

9 C. GOVERNMENT-WIDE FINANCIAL ANALYSIS The following is a summary of condensed government-wide financial data for the current and prior fiscal years. NET POSITION Current assets Capital assets Total assets $ Governmental Activities ,140,098 $ 2,957,158 32,128,788 32,343,217 35,268,886 35,300,375 Deferred outflows of resources Total deferred outflows of resources 2,359,599 2,180,374 2,359,599 2,180,374 Long-term liabilities Other liabilities Total liabilities $ 33,557,484 $ 33, 143, 163 2,753,929 2,675,085 36,311,413 35,818,248 Deferred inflows of resources related to net pension liabilities & unearned revenue Net position: Net investments in capital assets Restricted Unrestricted $ 994,902 2,443, ,902 2,443,847 21,576,098 20,336,087 32,366 33,433 (21,286,294) (21,150,866) 322,170 $ (781,346) Revenues: Program revenues: Charges for services $ Operating grants and contributions Capital grants and contributions General revenues: School district assessments Grants and contributions not restricted to specific programs Investment Income Miscellaneous Total Revenues $ ,443,121 $ 4,421,408 2,118,030 2,118,294 58,890 90,558 20,830,464 20,126,934 6,285,193 6,348,959 10,878 3, , ,585 33,895,892 $ 33,259, 720 (continued) iii

10 (continued) CHANGES IN NET POSITION Governmental Activities Expenses: Instruction Student services Instructional staff General administration Operations and maintenance Pupil Transportation Food Service Other Interest Total expenses Change in net position Net position - beginning of year Net position - end of year $ 19, 702,272 18,563,179 2,216,563 2,171, , ,199 3,429,679 3,326,508 3,181,670 3,411,154 1,239,707 1,048, , , , , , ,219 32,792,376 31,365,565 1,103,516 1,894,155 (781,346) (2,675,501) 322,170 $ (781,346) As noted earlier, net position may serve over time as a useful indicator of a District's financial position. At the close of the most recent fiscal year, total net position was $322, 170, a change of $1, 103,516 from the prior year. The largest portion of net position $21,576,098 reflects our investment in capital assets (e.g., land, buildings and improvements, machinery, equipment and furnishings, and vehicles); less any related debt used to acquire those assets that is still outstanding. These capital assets are used to provide services to citizens; consequently, these assets are not available for future spending. Although the investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of net position $32,366 represents resources that are subject to external restrictions on how they may be used. The unrestricted net position deficit of $(21,286,294) primarily results from implementation of GASB #68, Accounting and Financial Reporting for Pensions and the use of fund balance in fiscal year Governmental activities. Governmental activities for the year resulted in a change in net position of $1, 103,516. Key elements of this change are as follows: iv

11 Change in Fund Balances $ 31,768 OPEB, compensated absenses and early retirement (413,371) Pension contribution in excess of pension expense 286,338 Depreciation expense in excess of outlays (213,822) Bond premium, payments and capital leases 1,413,210 Other (607} Total $ 1,103,516 D. FINANCIAL ANALYSIS OF THE GOVERNMENT'S FUNDS As noted earlier, fund accounting is used to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds. The focus of governmental funds is to provide information on near-term inflows, outflows and balances of spendable resources. Such information is useful in assessing financing requirements. In particular, unreserved fund balance may serve as a useful measure of a District's net resources available for spending at the end of the fiscal year. As of the end of the current fiscal year, governmental funds reported combined ending fund balances of $2,593,045, a change of $31,768 in comparison to the prior year. Key elements of this change are as follows: General fund revenues and transfers in in excess of expenditures and transfers out $ 181,409 Special revenue fund expenditures and transfers out in excess of revenues and transfers in Total $ (149,641) 31, 768 The general fund is the chief operating fund. At the end of the current fiscal year, fund balance of the general fund was $2,243,501. As a measure of the general fund's liquidity, it may be useful to compare total fund balance to total general fund expenditures. Refer to the table below. General Fund Total fund balance Change $ 2,243,501 $ 2,062,092 $ 181,409 % of Total General Fund Expenditures 7.08% v

12 E. GENERAL FUND BUDGETARY HIGHLIGHTS There were no changes to the original General fund budget. However, management did transfer appropriations between operating categories, as allowable per District policies. F. CAPITAL ASSET AND DEBT ADMINISTRATION Capital assets. Total investment in capital assets at year-end amounted to $32, 128, 788, (net of accumulated depreciation), a change of ($214,429) from the prior year. This investment in capital assets includes land, buildings and improvements, machinery, equipment and furnishings, and vehicles. Additional information on capital assets can be found in the Notes to the Basic Financial Statements (Note 3). Long-term debt. At the end of the current fiscal year, total bonds payable outstanding was $9,604,591, all of which was backed by the full faith and credit of the District. Additional information on long-term debt can be found in the Notes to the Basic Financial Statements (Note 4). G. THE DISTRICT'S FUTURE The following will be a major factor in the future for the district: Default Budget. The district has operated at or below the default budget since FY , in March 2016 voters again chose to support the default budget. The adoption of a default budget does not allow the district the opportunity to add substantial new educational initiatives nor does it allow for significant upgrades to educational facilities. vi

13 REQUESTS FOR INFORMATION This financial report is designed to provide a general overview of the Sanborn Regional School District's finances for all those with an interest in the District's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to: Sanborn Regional School District 178 Main Street Kingston, New Hampshire vii

14 EXHIBIT A SANBORN REGIONAL SCHOOL DISTRICT Statement of Net Position ASSETS Current Assets: Cash and cash equivalents Accounts receivable, net Due from other governments Prepaid expenditures Total Current Assets Noncurrent Assets: Capital assets: Non-depreciable capital assets Depreciable capital assets, net Total Noncurrent Assets Total Assets Deferred Outflows of Resources: Total deferred outflows related to net pension liability Total Deferred Outflows of Resources LIABILITIES Current Liabilities: Accounts payable Accrued expenses Advances from grantor Unearned food service sales Current portion of bonds payable Current portion of capital lease payable Current portion of early retirement benefits Total Current Liabilities Noncurrent Liabilities: Bonds payable Capital lease payable Early retirement benefits Compensated absences payable Other post-employment benefits obligation Net pension liability Total Noncurrent Liabilities Total Liabilities Deferred Inflows of Resources: Total deferred inflows related to net pension liability Total Deferred Inflows of Resources Governmental Activities $ 1,515,601 34,683 1,567,626 22,188 3,140,098 1,117,857 31,010,931 32,128,788 35,268,886 2,359,599 2,359, , ,396 95,015 11,930 1,286,752 46, ,921 2,753,929 9,002, , , ,641 2,863,938 20,441,723 33,557,484 36,311, , ,902 NET POSITION Net investment in capital assets Restricted Unrestricted (deficit) 21,576,098 32,366 (21,286,294) Total Net Position $ 322,170 See accompanying notes to the basic financial statements 1

15 EXHIBIT B SANBORN REGIONAL SCHOOL J)JSTRICT Statement of Activities For the Year Ended Functions/Programs Expenses Charges for Services Program Revenues Operating Grants and Contributions Capital Grants and Contributions Net (Expense) Revenue and Changes in Net Position Governmental Activities Governmental Activities: Instruction Supporting services Instructional staff services General administration Operation and maintenance of plant Pupil transportation Food service Other Interest Total governmental activities $ 19,702,272 2,216, ,775 3,429,679 3,181,670 1,239, , , ,789 $ 32,792,376 $ 4,013,810 51, ,539 $ 4,443,121 $ 930,096 9, ,718 25, , ,677 $ 2, 118,030 $ 58,890 $ 58,890 $(14, 758,366) (2,206,698) (559,057) (3,429,679) (3,071,008) (1,213,753) (50,510) (601,152) (282, 112) (26, 172,335) General revenues: Property taxes State adequacy education grant Statewide Tax Other unrestricted State Aid Interest income Miscellaneous Total general revenues Change in net position Net position - beginning (deficit) Net position - ending 20,830,464 3,781,800 2,483,633 19,760 10, ,316 27,275,851 1,103,516 (781,346) $ 322,170 See accompanying notes to the basic financial statements 2

16 EXHIBIT C SANBORN REGIONAL SCHOOL DISTRICT Balance Sheet Governmental Funds Federal Nonmajor General Project Governmental Fund Fund Funds Assets: Cash and cash equivalents $ 1,515,601 Accounts receivable, net 24,029 $ Due from other governments 1,279,233 $ 280,636 Due from other funds 160,803 Prepaid expenses 22,188 Total Assets 3,001, ,636 10,654 7, , ,234 Total Governmental Funds $ 1,515,601 34,683 1,567, ,626 22, 188 3,661,724 Deferred Outflows of Resources: Total Deferred Outflows of Resources Total Assets and Deferred Outflows of Resources $ 3,001,854 $ 280,636 $ 379,234 $ 3,661,724 Liabilities: Accounts payable $ 253,081 $ 24,818 $ Accrued expenses 103,663 Advances from grantors 95,015 Unearned food service sales Due to other funds 401, ,803 Total Liabilities 758, ,636 Deferred Inflows of Resources: Total Deferred Inflows of Resources 17,760 11,930 29,690 $ 295, ,663 95,015 11, ,412 1,068,679 Fund balances: Nonspendable 22,188 Restricted 8,521 Committed 381,320 Assigned 1,831,472 Total Fund Balances 2,243,501 Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 3,001,854 $ 280,636 $ 23, , , ,234 22,188 32, ,320 2,157,171 2,593,045 $ 3,661,724 See accompanying notes to the basic financial statements 3

17 EXHIBIT C-1 SANBORN REGIONAL SCHOOL DISTRICT Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position Total Fund Balances - Governmental Funds (Exhibit C) $ 2,593,045 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, therefore, are not reported in the funds. Deferred outflows ofresources and deferred inflows ofresources that do not require or provide the use of current financial resources are not reported within the funds. Deferred outflows ofresources attributable to net pension liability Deferred inflows ofresources attributable to net pension liability Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Longterm liabilities at year end consist of: Bonds payable Capital leases payable Accrued interest on long-term obligations Early retirement benefits payable Compensated absences payable Other post-employment benefits obligation Net pension liability 32,128,788 2,359,599 (994,902) (I 0,289,084) (263,606) (613,733) (764,635) (527,641) (2,863,938) (20,441,723) Net Position of Governmental Activities (Exhibit A) $ 322, 170 See accompanying notes to the basic financial statements 4

18 EXHIBIT D SANBORN REGIONAL SCHOOL DISTRICT Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds For the Year Ended Federal General Project Fund Fund Revenues: Taxes $ 20,830,464 Intergovernmental 7,207,041 $ 834,775 Charges for services 4,013,810 Interest income 10,878 Miscellaneous 47, ,722 Total Revenues 32,109,334 1,052,497 Expenditures: Current operations: Instruction 18,614, ,879 Supporting services 2,217,736 9,865 Instructional staff services 584, ,718 General administration 3, 172,375 Operation and maintenance of plant 2,948,155 Pupil transportation 1,239,707 Food service Other 521,732 Capital outlay 117,884 Debt service: Principal retirement 1,351,421 Interest and fiscal charges 939,470 Total Expenditures 31,707,202 1,051,462 Excess of revenues under expenditures 402, 132 1,035 Other financing sources (uses): Transfers in 1,035 Transfers out {221,758) (1,035) Total other financing sources (uses) (220,723) (1,035) Net change in fund balances 181,409 Fund balances at beginning of year 2,062,092 Fund balances at end of year $ 2,243,501 $ Nonmajor Governmental Funds $ 203, ,3I1 101, ,061 7, , , ,554 1, 105,460 (371,399) 221, ,758 (149,641) 499,185 $ 349,544 Total Governmental Funds $ 20,830,464 8,245,426 4,443,121 10, ,003 33,895,892 19,296,513 2,227, ,212 3,172,418 3,139,795 1,239, , , ,438 1,351, ,470 33,864,124 31, ,793 {222,793) 31,768 2,561,277 $ 2,593,045 See accompanying notes to the basic financial statements 5

19 EXHIBIT D-1 SANBORN REGIONAL SCHOOL DISTRICT Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Year Ended Net Change in Fund Balances - Governmental Funds (Exhibit D) $ 31,768 Amounts reported for governmental. activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which depreciation expense exceeded capital outlays in the current period. Governmental funds only report the disposal of assets to the extent proceeds are received from the sale. In the statement of activities a gain or loss is reported for each disposal. This is the amount of the loss on the disposal of capital assets reduced by the actual proceeds received from the disposal. Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position. Governmental funds report the effect of bond issuance premiums when debt is first issued, whereas these amounts are amortized in the statement of activities over the life of the related debt. Repayment of principal on capital leases is an expenditure in the governmental funds, but the repayment reduces the long-term liabilities in the statement of net position. In the statement of activities, interest is accrued on outstanding bonds payable, whereas in governmental funds, an interest expenditure is reported when due. Some expenses reported in the statement of activities, such as compensated absences, early retirement benefits and other post-employment benefits, do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds. Governmental funds report pension contributions as expenditures. However, in the statement of activities, pension expense reflects the change in the net pension liability and related deferred outflows and inflows of resources, and do not require the use of cmtent financial resources. This is the amount by which pension contributions exceeded pension expense in the current period. Change in Net Position of Governmental Activities (Exhibit B) (213,822) (607) 1,351,421 57,911 45,108 (41,230) (413,371) 286,338 $ 1,103,516 See accompanying notes to the basic.financial statements 6

20 EXHIBIT E SANBORN REGIONAL SCHOOL DISTRICT Statement of Fiduciary Net Position Fiduciary Funds Cash and cash equivalents Due from other funds Total assets ASSETS Private Purpose Trust Fund $ 40,786 40,786 Student Activities Agency Funds $ 150,862 $ 150,862 DEFERRED OUTFLOWS OF RESOURCES Total Deferred Outflows of Resources Due to student groups Total liabilities LIABILITIES $ 150,862 $ 150,862 DEFERRED INFLOWS OF RESOURCES Total Deferred Inflows of Resources Held in trust Total Net Position NET POSITION 40,786 $ 40,786 See accompanying notes to the basic financial statements 7

21 EXHIBITF SANBORN REGIONAL SCHOOL DISTRICT Statement of Changes in Fiduciary Net Position Fiduciary Funds For the Year Ended ADDITIONS: Contributions Total Additions DEDUCTIONS: Scholarship Benefits Total Deductions Change in Net Position Net Position - beginning of year Net Position - end of year Private Purpose Trust Fund $ 26,137 26,137 7,150 7,150 18,987 21,799 $ 40,786 See accompanying notes to the basic financial statements 8

22 SANBORN REGIONAL SCHOOL DISTRICT NOTES TO BASIC FINANCIAL STATEMENTS NOTE 1-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the Sanborn Regional School District conform to accounting principles generally accepted in the United States of America for local educational units of government, except as indicated hereinafter. The following is a summary of significant accounting policies. Financial Reporting Entity The Sanborn Regional School District (the "District") is an independent governmental entity organized under the laws of the State of New Hampshire to provide public education within the bqrders of the Towns of Kingston and Newton, New Hampshire. The District's legislative body is the annual deliberative session followed by balloting of registered voters within the District and is governed by an elected School Board. The District has no other separate organizational units, which meet criteria for inclusion in the financial statements as defined by the Governmental Accounting Standards Board (GASB). Basis of Presentation The District's basic financial statements consist of government-wide statements, including a statement of net position and a statement of activities, and fund financial statements which provide a more detailed level of financial information. I. Government-Wide Financial Statements: The statement of net position and the statement of activities display information about the District as a whole. These statements include the financial activities of the primary government, except for fiduciary funds. The statement of net position presents the financial condition of the governmental activities of the District at year end. The statement of activities presents a comparison between direct expenses and program revenues for each program or function of the District's governmental activities. Direct expenses are those that are specifically associated with a service, program or department and, therefore, clearly identifiable to a particular function. Program revenues include charges paid by the recipient of the goods or services offered by the program, grants and contributions that are restricted to meeting the operational or capital requirements of a particular program and interest earned on grants that is required to be used to support a particular program. Revenues which are not classified as program revenues are presented as general revenues of the District. The comparison of direct expenses with program revenues identifies the extent to which each governmental function is self-financing or draws from the general revenues of the District. 2. Fund Financial Statements: During the year, the District segregates transactions related to ce1iain District functions or activities in separate funds in order to aid financial management and to demonstrate legal compliance. Fund financial 9

23 SANBORN REGIONAL SCHOOL DISTRICT NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) statements are designed to present financial information of the District at this more detailed level. The focus of governmental fund financial statements is on major funds. Each major fund is presented in a separate column. Nonmajor funds are aggregated and presented in a single column. The fiduciary funds are reported by type. Fund Accounting The District uses funds to maintain its financial records during the fiscal year. A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts. The District employs the use of two categories of funds: governmental and fiduciary. I. Governmental Funds: Governmental funds are those through which most governmental functions typically are financed. Governmental fund reporting focuses on the sources, uses and balances of current financial resources. Expendable assets are assigned to the various governmental funds according to the purposes for which they may or must be used. Current liabilities are assigned to the fund from which they will be paid. The difference between governmental fund assets and deferred outflows of resources and liabilities and deferred inflows of resources is reported as fund balance. The following are the District's major governmental funds: The General Fund is the main operating fund of the District and is used to account for all financial resources except those required to be accounted for in another fund. The Federal Projects Fund is used to account for the financial transactions related to various state and federal education grants and the related expenditures. 2. Fiduciary Funds: Fiduciary fund reporting focuses on net position and changes in net position. The District maintains two fiduciary funds, one agency fund known as the Student Activities Agency Fund, and one private purpose trust fund. The agency fund was established to account for revenues generated by student managed activities. It is custodial in nature (assets equal liabilities) and does not involve the measurement of results of operations. The private purpose fund was established to account for assets held under trust arrangements exclusively for individual scholarship recipients, and are therefore not available to support the District's own programs. Measurement Focus 1. Government-Wide Financial Statements: The government-wide financial statements are prepared using the economic resources measurement focus. All assets, deferred outflows of resources, liabilities, and deferred inflows of resources associated with the operation of the District are included on the Statement of Net Position. 10

24 SANBORN UEGIONAL SCHOOL DISTRICT NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) 2. Fund Financial Statements: All governmental funds are accounted for using a flow of current financial resources measurement focus. With this measurement focus, only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources generally are included on the balance sheet. The statement of revenues, expenditures and changes in fund balances reports on the sources (i.e., revenues and other financing sources) and uses (i.e., expenditures and other financing uses) of current financial resources. This approach differs from the manner in which the governmental activities of the government-wide financial statements are prepared. Governmental fund financial statements therefore include a reconciliation with brief explanations to better identify the relationship between the government-wide statements and the statements for governmental funds. Basis of Accounting Basis of accounting determines when transactions are recorded in the financial records and reported on the financial statements. Government-wide financial statements are prepared using the accrual basis of accounting. Fiduciary funds also use the accrual basis of accounting. Governmental funds use the modified accrual basis of accounting. Differences in the accrual and the modified accrual basis of accounting arise in the recognition of revenue, the recording of unearned revenue, and in the presentation of expenses versus expenditures. 1. Revenues - Exchange and Non-exchange Transactions: Revenue resulting from exchange transactions, in which each party gives and receives essentially equal value, is recorded on the accrual basis when the exchange takes place. On a modified accrual basis, revenue is recorded in the fiscal year in which the resources are measurable and become available. Available means that the resources will be collected within the current fiscal year or are expected to be collected soon enough thereafter to be used to pay liabilities of the current fiscal year. For the District, available means expected to be received within sixty days of fiscal year end. Non-exchange transactions, in which the District receives value without directly giving equal value in return, include property taxes, grants, entitlements and donations. On an accrual basis, revenue from property taxes is recognized in the fiscal year for which the taxes are levied (see Note 7). Revenue from grants, entitlements and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the fiscal year when use is first permitted; matching requirements, in which the District must provide local resources to be used for a specified purpose; and expenditure requirements, in which the resources are provided to the District on a reimbursement basis. On a modified accrual basis, revenue from non-exchange transactions must also be available before it can be recognized. Under the modified accrual basis, the following revenue sources are considered to be both measurable and available at fiscal year-end: property taxes available as an advance, interest, tuition, grants, and student fees. Miscellaneous revenues are recorded as revenues when received in cash because they are generally not measurable until actually received. 11

25 SANBORN REGIONAL SCHOOL DISTRICT NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) 2. Unearned Revenue: Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied. Grants and entitlements received before the eligibility requirements are met are recorded as advances from grantor. On governmental fund financial statements, receivables that will not be collected within the available period have also been reported as unearned revenue. 3. Expenses/Expenditures: On the accrual basis of accounting, expenses are recognized at the time they are incurred. The measurement focus of governmental fund accounting is on decreases in net financial resources (expenditures) rather than expenses. Expenditures are generally recognized in the accounting period in which the related fund liability is incurred, if measurable. Allocations of cost, such as depreciation and amortization are not recognized in governmental funds. Budgetary Data The District's budget represents functional appropriations as authorized by annual District meetings. The school board may transfer funds between operating categories as they deem necessary. The District adopts its budget under State regulations, which differ somewhat from accounting principles generally accepted in the United States of America in that the focus is on the entire governmental unit rather than on the basis of fund types. State law requires balanced budgets but permits the use of beginning fund balance to reduce the property tax rate. For the year ended, the District applied $734, 125 of its assigned fund balance to reduce taxes. Accounts Receivable Charges for services billed during the current year and prior and uncollected at are recorded as receivables, net ofreserves for estimated uncollectibles of $75,000 in the General Fund. Capital Assets General capital assets result from expenditures in the governmental funds. These assets are reported in the government-wide statement of net position, but are not reported in the fund financial statements. All capital assets are capitalized at cost (or estimated historical cost) and updated for additions and retirements during the year. Donated capital assets are recorded at their fair values as of the date received. The District maintains a capitalization threshold of $5,000. The District does not possess any infrastructure or intangible assets. Improvements are capitalized; the costs of normal maintenance and repairs that do not add to the value of the asset or materially extend an asset's life are not. All reported capital assets except for land and construction in progress are depreciated. Improvements are depreciated over the remaining useful lives of the related capital assets. Depreciation is computed using the straight-line method over the following useful lives: 12

26 SANBORN REGIONAL SCHOOL ])ISTRICT NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUE])) Description Land improvements Buildings and improvements Machinery, equipment and vehicles Years Compensated Absences The district has four units with compensated absence policies. Unit 1 employees (professional staff) are entitled 13 sick days a year and may accumulate up to 120 days of sick leave. A professional staff member that has been employed by Sanborn Regional School District for a minimum of 15 years will receive payment for their unused sick leave days equal to 60% of the current substitute rate. Professional staff that does not use sick time during the year will receive 1-2 days of per diem salary at the conclusion of the year. Full time professional staff members who have taught a minimum of 20 years, 10 of which were with the Sanborn Regional School District, and are at least 55 years of age are entitled to early retirement. Up to 3 early retirement requests will be approved each year. These professional staff members will receive 25% or 30% of their last salary annually for a 5-year period, depending on years of service within the district. In the event of death, this granted early retirement is paid to the heirs of the staff member for the remainder of the 5-year period. Unit 2 employees (support staff) are entitled 13 sick days a year and may accumulate up to 120 days of sick leave. Staff members that do not use sick time during the year will receive 1-2 days of per diem salary at the conclusion of the year. Vacation time may be earned which is computed as of the employee's anniversary date and could be 2 to 4 weeks depending on years of service. A pro-rata accumulation of unused vacation time will be paid to employees terminating employment. Per these collective bargaining agreements, the District also recognizes a sick leave bank. The sick leave bank is managed by a sick leave bank committee and will cap at 800 days. This maximum of 800 days of sick time will be rolled over each year. Sick bank members on a year-long contract may apply to and subsequently withdraw approved days from this bank if needed. Unit 3 employees (non-union support staff) are entitled 13 sick days a year and may accumulate up to 120 days of sick leave. Employees that do not use sick time during the year will receive 2 days of per diem salary at the conclusion of the year. Upon retirement from the district after serving 15 consecutive years, full time employees will receive a portion of their accumulated sick leave equal to the average daily rate times 0.5, with the maximum of 120 accrued days. Employees will earn vacation time of 1 to 4 weeks based on position and years of service. A pro-rata accumulation of this unused vacation time will be paid to employees terminating employment. Full time employees may carryover a maximum of 5 days' vacation with days to expire after one year. Unit 4 employees (administrators) are entitled 15 sick days a year and may accumulate up to 150 days of sick leave. Upon retirement from the district after serving 15 consecutive years, administrators will receive a portion of their accumulated sick leave equal to the average daily rate times 0.5, with the maximum of 150 accrued days. All administrators are eligible for 20 days of vacation. A maximum of 10 days may be carried forward into the next year and expire within one year. An administrator who has served a minimum of 15 years in the district and is at least 55 years of age are entitled to early retirement. 13

27 SANBORN REGIONAL SCHOOL DISTRICT NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) There can be one administrator granted early retirement for the year. This administrator will receive their sick leave payment, and a one- time additional payment of 25% of the administrator's last year's salary. For governmental fund financial statements, compensated absences and early retirement benefits are reported as liabilities and expenditures as payments come due each period upon the occurrence of employee death or retirement. The entire compensated absence and early retirement benefit liabilities are reported on the government-wide financial statements. Unamortized Bond Premium The unamo1iized bond premium is am01iized as a component of interest expense over the life of the related bond using the effective interest rate method. Bonds payable are reported in the accompanying financial statements including any applicable unamortized bond premium. The balance of the deferred bond premiums as of is $684,493. Accrued Liabilities and Long-Term Obligations All payables, accrued expenses, and long-term obligations are reported in the government-wide financial statements. In general, governmental fund payables and accrued liabilities that, once incurred, are paid in a timely manner and in full from current resources, are reported as obligations of the funds. However, compensated absences that will be paid from governmental funds are reported as liabilities in the fund financial statements only to the extent that they are due for payment during the current fiscal year. General obligation bonds, capital leases, and other long-term obligations that will be paid from governmental funds are recognized as a liability in the fund financial statements when due. Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the New Hampshire Retirement System (NHRS) and additions to/deductions from NHRS's fiduciary net position have been determined on the same basis as they are reported by NI-IRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Net Position Net position represents the difference between assets and deferred outflows of resources, and liabilities and deferred inflows of resources. Net investment in capital assets consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances on any borrowings used for the acquisition, construction or improvement of those assets. Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments. Unrestricted net position is the net amount of the assets, deferred outflows of resources, liabilities and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted components of net position. 14

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