Ketchikan Gateway Borough School District (A Component Unit of the Ketchikan Gateway Borough, Alaska)

Transcription

1 Ketchikan Gateway Borough School District (A Component Unit of the Ketchikan Gateway Borough, Alaska) Ketchikan High School Student Club Accounts With Independent Auditor s Report June 30, 2014 This report was issued by BDO USA, LLP, a Delaware limited liability partnership and the U.S. member of BDO International Limited, a UK company limited by guarantee.

2 (A Component Unit of the Ketchikan Gateway Borough, Alaska) With Independent Auditor s Report June 30, 2014

3 (A component Unit of the Ketchikan Gateway Borough, Alaska) Contents Page Independent Auditor s Report 1-2 Financial Statement Statement of Fiduciary Assets and Liabilities 4 Notes to the Financial Statements 5-7 Supplementary Information Schedule of Changes in Fiduciary Liabilities 8-10

4 Tel: Fax: C Street, Suite 600 Anchorage, AK Independent Auditor s Report Ketchikan Gateway Borough School District 333 Schoenbar Rd. Ketchikan, AK We have audited the accompanying Statement of Fiduciary Assets and Liabilities of the of Ketchikan Gateway Borough School District as of June 30, 2014, and the related notes to the financial statement. Management s Responsibility for the Financial Statement Management is responsible for the preparation and fair presentation of this financial statement 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 the financial statement that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on the financial statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statement, 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 statement 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 statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. BDO USA, LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. 1

5 Opinion In our opinion, the financial statement referred to above presents fairly, in all material respects, the financial position of the as of June 30, 2014, in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note 1, the financial statement of is intended only to present the financial position attributable to the Ketchikan High School Student Activities Funds. It does not purport to, and do not, present fairly the financial position of other Student Club Funds or of the Ketchikan Gateway Borough School District as of June 30, 2014 and the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United State of America. Our opinion is not modified with respect to this matter. Other Matters Other Information Our audit was conducted for the purpose of forming an opinion on the financial statement of the. The accompanying Schedule of Changes in Fiduciary Liabilities (the Schedule) is presented for purposes of additional analysis and is not a required part of the financial statement. The Schedule is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statement. Such information has been subjected to the auditing procedures applied in the audit of the financial statement and certain additional procedures including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statement or to the financial statement itself, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion the Schedule is fairly stated in all material respects in relation to the financial statement taken as a whole. Anchorage, Alaska January 9,

6 Financial Statement 3

7 Statement of Fiduciary Assets and Liabilities June 30, 2014 Assets Cash accounts: Checking account $ 499,780 Savings accounts 82,346 Total Assets $ 582,126 Liabilities Liabilities - Due to Student Groups and District Activities $ 582,126 See accompanying notes to the financial statement. 4

8 Notes to the Financial Statement June 30, Summary of Significant Accounting Policies A. Reporting Entity This financial statement reflects only those Student Club accounts maintained by the Ketchikan High School. This financial statement does not reflect Student Club accounts maintained by other schools within the Ketchikan Gateway Borough School District, nor does it reflect the financial activities of the Ketchikan Gateway Borough School District as a whole. The report financial information associated with both certain district funded activities as well as certain student fundraising accounts. The include, among other items, sports teams, cheerleading and dance, certain scholarship accounts, yearbook, culinary arts, and other educational and special interest clubs and activities typical of high school students. B. Fund Financial Statements For external reporting purposes, the Ketchikan High School Student Club Funds are reported in a consolidated agency fund comprised of all Student Club funds of the District. In an agency fund, cash and liability accounts are maintained, but income and expense accounts are not reflected. Increases and decreases to individual activity accounts may be netted against one another to maintain a net account balance. C. Accounting For day to day accounting, the student funds are tracked in a small, non-complex software system. Within the system, District funded amounts and student fundraising activities are tracked using revenue and expense accounts for each club account. For the purpose of this financial statement, all accounts are presented as a liability to the student activities, though certain amounts may not yet be allocated to any specific club. The remainder of this page intentionally left blank. 5

9 Notes to the Financial Statement 2. Cash Accounts The Ketchikan High School Student Club cash accounts are maintained in the form of checking, savings, and certificates of deposit. These accounts are maintained separately from the District s general operating accounts. Custodial Credit Risk Deposits Custodial credit risk is the risk that, in the event of bank failure, the District s deposits may not be returned to it. Of the bank balances, $250,000 was covered by federal depository insurance and $332,126 was not insured. Carrying Amount Bank Balance Ketchikan High School Student Club Accounts: Demand deposits $ 582,126 $ 580,371 6

10 Supplementary Information 7

11 Schedule of Changes in Fiduciary Liabilities Year Ended June 30, 2014 Student Club Accounts Opening Income/ Expense/ Ending Balance * Additions Reductions Transfers Balance 3000 ACDC $ 42 $ 1,687 $ 12,129 $ 13,882 $ 3, AD & Administration Travel ,275 6, AD Supplies & Equipment 135 1,308 13,365 11, Adv. Placement Fees 3,465 9,111 9, , Alumni Donations 2, , Auto Shop (622) 10,316 10,995 1,296 (5) 3020 Band & Pep Band 7,094 13,933 8,278 (1,942) 10, Bank Card Payable (11,994) - (16,721) - 4, Baseball (748) 17,049 23,826 24,738 17, Baseball Protech - - 1,050 1, Baseball Reg V Tournament-A ,867 15, Basketball Protech - - 6,235 7, Basketball Reg V Tournament-A ,555 28, Basketball, Boys 3,251 18,236 47,653 24,903 (1,263) 3050 Basketball, Girls 10,562 59,346 97,306 40,064 12, Bomb Threat Reward 1, , Cheerleading 3,238 6,443 6,194 (15) 3, Child Careers ,980 19,569 (12,212) Choir 2,424 9,870 7,577 (2,297) 2, Clarke Cochrane Tournament 25,264 63,709 64,743 10,010 34, Class (90) Class 2013 (205) Class 2014 (112) 30,175 24,766 (3,813) 1, Class , Class Act Mentor College Fair 3,088 2, (1,375) 2, Concessions 36,963 14,558 10,383-41, Construction 1,819-5,119 (63) (3,363) 3130 Cross Country 7,264 11,044 20,445 20,542 18, Cross Country Reg V Tournament-A - - 5,580 5, Culinary Arts 37,781 45,875 62,091 8,429 29, Dance (6,013) 37,469 34, (2,187) 3160 Debate 865 2,078 23,046 20, Drama 1, , English Fees & Fines ,306 (42) Enterpreneur Football 3,990 28,424 50,645 27,981 9, French Fees & Fines Fund Balance 97,092-4,153-92, Galley, Jerry Memorial 48,932 1,091 2,000-48, Gate Revenue 19,564 41,742 - (19,709) 41, Health Fees & Fines

12 Schedule of Changes in Fiduciary Liabilities Year Ended June 30, 2014 Opening Income/ Expense/ Ending Student Club Accounts, continued Balance * Additions Reductions Transfers Balance 3210 HOSA $ 5,764 $ 8,699 $ 12,420 $ 1,000 $ 3, Jack Cotant 819-1,113 - (294) 2110 KGBSD Activities Allocation 34, ,896 - (361,903) Kralis, Don & Lois Memorial 1, , Library 1,667 1, , Lockers 2, , Math Fees & Fines 2, , Mestas, Larry Scholarship Miscellaneous 24,744 24,501 31,432 3,480 21, Music Reg V Festival-A - - 2,150 2, Music SE Honors-A National Art Honor Society National Honor Society National Oceanic Sciences Bowl 2,054 5,919 6,069 (1,300) Non Specific Activities Donations 144 1, , Non Specific Fees & Fines 1, , Office Practice 1, (48) Pep Club (228) 2, (2,263) (573) 3270 Photography Planners Postage 4, , , Production Tech 1,165 9,073 10, PSAT Fees 4,007 1, , PTA Racing, Auto 1,017 2,760 - (1,000) 2, Reg V Festival Music-H - 4,538 11,002 1,158 (5,306) 9070 Reg V Tournament Baseball-H (3,782) 3, Reg V Tournament Basketball-H - 13,183 12,423 (600) Reg V Tournament Track-H Reg V Tournament Wrestling-H - 2,467 2, Robotics (188) Science Fees & Fines 1, , Senior Class Scholarship 12,105-2,000-10, Soccer Protech - - 2,020 2, Soccer, Boys 2,583 15,305 41,468 23, Soccer, Girls (317) 34,528 38,983 24,040 19, Social Studies Fees & Fines 1, , Softball (1,082) 27,587 54,119 24,987 (2,627) 9110 Softball Protech Spanish Fees & Fines (522) 2,750 1, Student Activities Participation Fees 21,064 53,891 2,600 (72,455) (100) 3350 Student Body Association 8,246 7,241 6,872 (3,214) 5,401 9

13 Schedule of Changes in Fiduciary Liabilities Year Ended June 30, 2014 Opening Income/ Expense/ Ending Student Club Acccounts, continued Balance * Additions Reductions Transfers Balance 3360 Sunshine $ 134 $ 650 $ 592 $ - $ Swim Reg V Tournament-A ,140 11, Swimming ,321 28,439 1, Swimming Protech Track (1,060) 12,476 41,567 27,521 (2,630) 9120 Track Reg V Tournament-A - 8,352 8, Vending 59,250 6,924 10,157-56, Visual Arts 15,357 2,614 3, , Vocational Medical Science 2,265 1, , Volleyball 4,076 21,989 49,760 26,573 2, Volleyball Protech - - 1,503 1, Volleyball Reg V Tournament-A - - 2,593 2, Welding Work Study, SPED Wrestling ,311 54,258 22, Yearbook 21,178 27,864 8,511-40,531 Unallocated interest on savings accounts Total Student Club Accounts $ 535,308 $ 1,121,223 $ 1,074,405 $ - $ 582,126 * Some opening balances were reclassified to conform to the club accounts used in conjuction with the change from Blue Bear accounting software used in 2013 to the School Cash Suite accounting software used in The reclassifications had no impact on total cash for student activities. 10