ROBINSON, FARMER, COX ASSOCIATES

Transcription

1 ROBINSON, FARMER, COX ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL LIMITED LIABILITY COMPANY Communication with Those Charged with Governance To the County of Loudoun School Board County of Loudoun, Virginia We have audited the cash basis financial statement of the County of Loudoun, Virginia School Activity Funds for the year ended June 30, Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards and Government Auditing Standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated April 24, Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Findings Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by County of Loudoun, Virginia School Activity Funds are described in Note 1 to the financial statement. No new accounting policies were adopted and the application of existing policies was not changed during We noted no transactions entered into by County of Loudoun, Virginia School Activity Funds during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statement in the proper period. The financial statement disclosures are neutral, consistent, and clear. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are clearly trivial, and communicate them to the appropriate level of management. Our procedures disclosed no misstatements that required correction by management. Disagreements with Management For purposes of this letter, a disagreement with management is a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statement or the auditors report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated August 29, 2014.

2 Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a second opinion on certain situations. If a consultation involves application of an accounting principle to the County of Loudoun, Virginia School Activity Funds financial statement or a determination of the type of auditors opinion that may be expressed on the statement, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the County of Loudoun, Virginia School Activity Funds auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. Other Matters We were engaged to report on the detailed individual school statements of cash receipts, disbursements, and balances, which accompany the financial statements but are not RSI. With respect to this supplementary information, we made certain inquiries of management and evaluated the form, content, and methods of preparing the information to determine that the information complies with the cash basis of accounting, the method of preparing it has not changed from the prior period, and the information is appropriate and complete in relation to our audit of the financial statement. We compared and reconciled the supplementary information to the underlying accounting records used to prepare the financial statement or to the financial statement itself. Restriction on Use This information is intended solely for the use of the School Board and management of County of Loudoun, Virginia School Activity Funds and is not intended to be and should not be used by anyone other than these specified parties. Staunton, Virginia August 29, Communication with Those Charged with Governance -

3 A Component Unit of the County of Loudoun, Virginia Annual Financial Report June 30, 2014 Prepared by Division of Accounting Department of Business & Financial Services

4 A Component Unit of the County of Loudoun, Virginia ANNUAL FINANCIAL REPORT Table of Contents June 30, 2014 Exhibit/ Statement Page Letter of Transmittal Independent Auditors' Report Independent Auditors' 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 i ii iii Financial Statements: Combined Balance Sheet-All Schools I 1 Combined Statement of Receipts, Disbursements and Changes in Fund Balance-All Schools II 2 Combining Statement of Receipts, Disbursements and Balances by School III 3 Combined Statement of Receipts, Disbursements, Transfers and Balances by Activity Fund IV 6 Notes to Financial Statements 7 Independent Auditors' Report on Supplementary Information 10 Supplementary Statements: Combining Balance Sheet-Elementary Education 1 11 Combining Statement of Receipts, Disbursements and Changes in Fund Balance-Elementary Education 2 23 Combining Balance Sheet-Secondary Education 3 35 Combining Statement of Receipts, Disbursements and Changes in Fund Balance-Secondary Education 4 45 Report of Audit Findings and Recommendations 55

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6 ROBINSON, FARMER, COX ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL LIMITED LIABILITY COMPANY To the Loudoun County School Board County of Loudoun, Virginia Independent Auditors Report Report on the Financial Statements We have audited the accompanying financial statements and supplementary statements of County of Loudoun, Virginia School Activity Funds for the year ended June 30, 2014, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the cash basis of accounting described in Note 1; this includes determining that the cash basis of accounting is an acceptable basis for the preparation of the financial statements in the circumstances. Management is also responsible for 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 error or fraud. Auditors Responsibility Our responsibility is to express an opinion 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 auditors 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 opinion. ii

7 Opinion In our opinion, the financial statements referred to in the first paragraph presents fairly, in all material respects, the cash receipts, disbursements and balances of County of Loudoun, Virginia School Activity Funds for the year ended June 30, 2014, in accordance with the cash basis of accounting as described in Note 1. Basis of Accounting We draw attention to Note 1 of the financial statements, which describes the basis of accounting. The financial statements are prepared on the cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to that matter. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated August 29, 2014, on our consideration of County of Loudoun, Virginia School Activity Funds internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering County of Loudoun, Virginia School Activity Funds internal control over financial reporting and compliance. Staunton, Virginia August 29, 2014 ii

8 ROBINSON, FARMER, COX ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL LIMITED LIABILITY COMPANY Independent Auditors 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 To the Loudoun County School Board County of Loudoun, Virginia We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States the accompanying financial statements and supplementary statements of County of Loudoun, Virginia School Activity Funds for the year ended June 30, 2014, and the related notes to the financial statements and have issued our report thereon dated August 29, 2014, which included a paragraph emphasizing that the financial statements are prepared on the cash basis, which is an other comprehensive basis of accounting. Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered County of Loudoun, Virginia School Activity Funds internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of County of Loudoun, Virginia School Activity Funds internal control. Accordingly, we do not express an opinion on the effectiveness of County of Loudoun, Virginia School Activity Funds internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses, or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether County of Loudoun, Virginia School Activity Funds financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. iii

9 Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Staunton, Virginia August 29, 2014 iii

10 - Financial Statements-

11 A Component Unit of the County of Loudoun, Virginia ALL SCHOOLS Exhibit I ASSETS Combined Balance Sheet June 30, 2014 With Comparative Totals for June 30, 2013 Elementary Secondary Total All Schools Education Education Cash and Temporary Investments: Cash on Hand $ 100 $ 350 $ 450 $ 400 Cash and Investments with Financial Institutions: Checking Account 1,776,323 3,341,208 5,117,531 4,724,773 Savings Account - 44,717 44,717 43,464 Money Market Account 19, , , ,112 Certificates of Deposit 28,708 1,116,251 1,144,959 1,120,138 Total Cash and Temporary Investments 1,824,392 4,610,542 6,434,934 6,090,887 Total Assets $ 1,824,392 $ 4,610,542 $ 6,434,934 $ 6,090,887 FUND BALANCE Unrestricted: Assigned to: Memorials $ 2,740 $ 5,973 $ 8,713 $ 5,223 Scholarships, Grants, and Endowments 57, , , ,299 Summer School Activities 4,800 4,238 9,038 4,537 Reimbursement Activities 12,051 5,335 17,386 12,622 Unassigned 1,747,293 4,372,658 6,119,951 5,870,206 Total Fund Balance $ 1,824,392 $ 4,610,542 $ 6,434,934 $ 6,090,887 The accompanying notes to financial statements are an integral part of this statement. 1

12 A Component Unit of the County of Loudoun, Virginia ALL SCHOOLS Exhibit II Combined Statement of Receipts, Disbursements and Changes in Fund Balance June 30, 2014 With Comparative Totals for June 30, 2013 Elementary Secondary Total All Schools Education Education Receipts by Activity Fund: Athletic Activities $ - $ 3,441,114 $ 3,441,114 $ 3,190,790 Class Activities 162, , , ,475 Contributions and Donations 600, ,931 1,085,571 1,060,626 Fund Raising Activities 891,757 1,597,352 2,489,109 2,542,300 Operating Activities 622,290 3,542,218 4,164,508 4,524,593 Other Activities 15, , , ,916 Student Activities 811,528 4,213,771 5,025,299 4,899,935 Total Receipts $ 3,104,620 $ 14,548,193 $ 17,652,813 $ 17,666,635 Disbursements by Activity Fund: Athletic Activities - 3,333,273 3,333,273 3,223,630 Class Activities 143, , , ,706 Contributions and Donations 273, , , ,638 Fund Raising Activities 418, ,836 1,175,676 1,072,568 Operating Activities 1,458,376 5,416,744 6,875,120 6,682,424 Other Activities 11, , , ,548 Student Activities 618,850 3,365,267 3,984,117 4,088,128 Total Disbursements $ 2,924,443 $ 14,384,323 $ 17,308,766 $ 17,122,642 Excess of Receipts over Disbursements $ 180,177 $ 163,870 $ 344,047 $ 543,994 Operating Transfers In (Out): Athletic Activities - (6,595) (6,595) 31,706 Class Activities (14,296) (84,935) (99,231) (38,457) Contributions and Donations (193,201) (122,796) (315,997) (293,367) Fund Raising Activities (465,036) (880,410) (1,345,446) (1,453,354) Operating Activities 781,075 1,818,562 2,599,637 2,371,042 Other Activities 22,775 17,366 40,141 21,889 Student Activities (131,317) (741,192) (872,509) (639,459) Total Operating Transfers $ - $ - $ - $ - Excess of Receipts and Transfers In over Disbursements and Transfers Out 180, , , ,994 Fund Balance at Beginning of Year 1,644,215 4,446,672 6,090,887 5,546,893 Fund Balance at End of Year $ 1,824,392 $ 4,610,542 $ 6,434,934 $ 6,090,887 The accompanying notes to financial statements are an integral part of this statement. 2

13 A Component Unit of the County of Loudoun, Virginia ALL SCHOOLS Exhibit III Combining Statement of Receipts, Disbursements and Balances by School Year Ended June 30, 2014 Excess Receipts Beginning over (under) Ending Name of School Balance Receipts Disbursements Disbursements Balance Elementary Education Aldie $ 6,172 $ 9,105 $ 4,661 $ 4,444 $ 10,616 Algonkian 38,790 23,569 23, ,868 Arcola 64,400 85,141 75,198 9,943 74,343 Ashburn 37,172 45,856 42,195 3,661 40,833 Ball's Bluff 70,813 38,552 33,543 5,009 75,822 Banneker 3,987 21,397 18,225 3,172 7,159 Belmont Station 66,137 52,428 59,318 (6,890) 59,248 Buffalo Trail 22,847 92,284 90,098 2,186 25,033 Cardinal Ridge - 13, ,698 13,698 Catoctin 22,453 42,103 34,192 7,911 30,364 Cedar Lane 24,326 83,260 87,623 (4,363) 19,963 Cool Spring 31,238 53,906 63,322 (9,416) 21,822 Countryside 27,668 53,650 45,690 7,960 35,628 Creighton's Corner 48, , ,002 32,816 81,742 Discovery - 45,583 32,118 13,465 13,465 Dominion Trail 33,993 61,274 50,720 10,554 44,547 Emerick 50,363 76,123 68,750 7,373 57,736 Evergreen Mill 47,064 44,847 39,664 5,183 52,247 Forest Grove 23,811 28,585 35,591 (7,006) 16,805 Frances Hazel Reid 53,000 81,351 89,853 (8,502) 44,498 Frederick Douglass 31,156 49,230 49,747 (517) 30,639 Guilford 45,530 24,655 23,069 1,586 47,116 Hamilton 3,899 14,839 6,766 8,073 11,972 Hillsboro 3,201 10,440 7,491 2,949 6,150 Hillside 60,663 85,021 76,235 8,786 69,449 Horizon 30,884 75,731 68,391 7,340 38,224 Hutchison Farm 22,637 68,019 55,731 12,288 34,925 John W. Tolbert, Jr. 24,980 49,947 47,340 2,607 27,587 Kenneth W. Culbert 23,858 50,952 48,032 2,920 26,778 Leesburg 15,001 38,821 28,368 10,453 25,454 Legacy 42, , ,890 (9,246) 33,124 Liberty 43, , ,184 18,992 62,366 Lincoln 13,031 17,010 13,883 3,127 16,158 Little River 30,130 65,450 69,451 (4,001) 26,129 Lovettsville 16,092 51,384 49,292 2,092 18,184 Lowes Island 42,215 73,644 78,497 (4,853) 37,362 Lucketts 14,050 20,319 13,811 6,508 20,558 Meadowland 3,848 14,940 13,737 1,203 5,051 Middleburg 2,672 1,188 2,267 (1,079) 1,593 Mill Run 18, , ,762 (2,416) 16,573 Moorefield Station - 74,244 59,171 15,073 15,073 Mountain View 22,471 54,348 54, ,509 Newton-Lee 46,218 79,644 70,487 9,157 55,375 The accompanying notes to financial statements are an integral part of this statement. 3

14 A Component Unit of the County of Loudoun, Virginia Exhibit III (continued) ALL SCHOOLS Exhibit III (continued) Combining Statement of Receipts, Disbursements and Balances by School Year Ended June 30, 2014 Excess Receipts Beginning over (under) Ending Name of School Balance Receipts Disbursements Disbursements Balance Elementary Education (continued) Pinebrook $ 73,465 $ 144,917 $ 146,054 $ (1,137) $ 72,328 Potowmack 31,036 69,415 73,292 (3,877) 27,159 Rolling Ridge 17,908 30,627 33,933 (3,306) 14,602 Rosa Lee Carter 20,992 46,397 39,578 6,819 27,811 Round Hill 94,285 46,531 68,287 (21,756) 72,529 Sanders Corner 48,711 61,444 65,285 (3,841) 44,870 Seldens Landing 17, , ,124 (204) 17,690 Sterling 15,907 26,937 24,587 2,350 18,257 Steuart W. Weller 33,479 90,179 80,566 9,613 43,092 Sugarland 7,461 24,404 22,322 2,082 9,543 Sully 18,097 21,610 20,601 1,009 19,106 Sycolin Creek 25,487 35,270 30,697 4,573 30,060 Waterford 9,063 14,386 8,890 5,496 14,559 Total Elementary Schools $ 1,644,215 $ 3,104,620 $ 2,924,443 $ 180,177 $ 1,824,392 Secondary Education Middle Schools Belmont Ridge $ 87,238 $ 194,655 $ 197,856 $ (3,201) $ 84,037 Blue Ridge 106, , , ,262 Eagle Ridge 49, , ,688 29,663 78,698 Farmwell Station 80, , ,282 (14,249) 66,415 Harmony 132, , ,381 (25,412) 106,671 Harper Park 56, , ,188 (10,273) 46,637 J. Lupton Simpson 62, , ,372 (13,414) 49,448 J. Michael Lunsford 78, , ,354 5,777 83,953 Mercer 47, , , ,538 River Bend 36,825 85,499 86,327 (828) 35,997 Seneca Ridge 92,463 97,058 99,898 (2,840) 89,623 Smart's Mill 94, , ,001 (21,387) 73,595 Sterling 45, , ,430 (10,858) 35,094 Stone Hill 67, , ,228 18,026 85,189 Trailside - 13, ,243 13,243 Total Middle Schools $ 1,038,910 $ 2,132,432 $ 2,166,942 $ (34,510) $ 1,004,400 The accompanying notes to financial statements are an integral part of this statement. 4

15 A Component Unit of the County of Loudoun, Virginia ALL SCHOOLS Exhibit III (continued) Combining Statement of Receipts, Disbursements and Balances by School Year Ended June 30, 2014 Excess Receipts Beginning over (under) Ending Name of School Balance Receipts Disbursements Disbursements Balance Secondary Education (continued) High Schools Briar Woods $ 322,658 $ 1,419,873 $ 1,411,874 $ 7,999 $ 330,657 Broad Run 197, , ,119 9, ,201 Dominion 252,988 1,010, ,591 53, ,896 Freedom 192, , ,392 49, ,440 Heritage 217, , ,008 (51,716) 165,944 John Champe 95, , ,121 47, ,566 Loudoun County 368,896 1,019,596 1,005,393 14, ,099 Loudoun Valley 311, , ,335 8, ,656 Park View 139, , ,828 (19,183) 119,968 Potomac Falls 317, , ,068 17, ,515 Rock Ridge - 49,299 24,686 24,613 24,613 Stone Bridge 368,245 1,233,704 1,262,307 (28,603) 339,642 Tuscarora 186,870 1,071,786 1,064,243 7, ,413 Woodgrove 183, , ,122 (7,387) 175,837 Total High Schools $ 3,154,943 $ 11,872,591 $ 11,738,087 $ 134,504 $ 3,289,447 Other Schools Academy of Science $ 54,067 $ 171,621 $ 147,700 $ 23,921 $ 77,988 C.S. Monroe 181, , ,006 36, ,745 Douglass 16,836 16,714 13,588 3,126 19,962 Total Other Schools $ 252,819 $ 543,170 $ 479,294 $ 63,876 $ 316,695 Total Secondary Education $ 4,446,672 $ 14,548,193 $ 14,384,323 $ 163,870 $ 4,610,542 Total All Schools $ 6,090,887 $ 17,652,813 $ 17,308,766 $ 344,047 $ 6,434,934 The accompanying notes to financial statements are an integral part of this statement. 5

16 A Component Unit of the County of Loudoun, Virginia ALL SCHOOLS Exhibit IV Combined Statement of Receipts, Disbursements, Transfers and Balances by Activity Fund Year Ended June 30, 2014 Beginning Ending Activity Fund Balance Receipts Disbursements Transfers Balance Athletic Activities $ 730,886 $ 3,441,114 $ 3,333,273 $ (6,595) $ 832,132 Class Activities 408, , ,658 (99,231) 388,707 Contributions and Donations 555,413 1,085, ,116 (315,997) 735,871 Fund Raising Activities 290,205 2,489,109 1,175,676 (1,345,446) 258,192 Operating Activities 2,307,801 4,164,508 6,875,120 2,599,637 2,196,826 Other Activities 179, , ,806 40, ,339 Student Activities 1,618,194 5,025,299 3,984,117 (872,509) 1,786,867 Total Activity Funds $ 6,090,887 $ 17,652,813 $ 17,308,766 $ - $ 6,434,934 The accompanying notes to financial statements are an integral part of this statement. 6

17 Notes to Financial Statements June 30, 2014 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Loudoun County Public School s School Activity Funds (Activity Funds) have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to school activity funds. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles, while the Virginia Department of Education sets standards for school activity funds within the Commonwealth. Significant accounting policies of the School Board are described below. (A) REPORTING ENTITY The School Activity Funds are Agency Funds that account for assets held by each School in an agency capacity for the students. Each school s activity funds are ultimately entrusted to the School Board for financial oversight. The School Board is considered to be a component unit of the County of Loudoun, Virginia. The School Activity Funds are reported as an agency fund of the component unit in the County of Loudoun, Virginia s financial statements. (B) FUND ACCOUNTING The School Activity Funds are organized on the basis of fund accounting, whereby each school is considered a separate accounting entity. The financial operation at each school is accounted for with a separate set of self-balancing accounts that is comprises of assets, fund balance, receipts, and disbursements. Resources are accounted for in individual schools based upon the accounting structure developed for Loudoun County Public Schools activity funds. The activity fund accounting structure dictates to each school the activity account (standardized) and therefore, the activity fund that each school allocates its resources based upon the purpose for which they are to be spent and the means by which spending activities are controlled. The combination of all individual schools Activity Funds are grouped in the financial statements as follows: 1. Athletic Activities - The Athletic Activities Fund is used to account for the athletic and related activities of each school. This fund is maintained by the high schools only and provides cumulative information concerning the high school s athletic receipts, disbursements, transfers and balances. 2. Class Activities - The Class Activities Fund accumulates all grade-related resources. At the elementary level, class activities represents grades kindergarten through five and other special classes such as special education and pre-school. In the middle schools, class activities represents grades six through eight and other special class activities, while at the high schools class activities are accounted for by the graduation year. 7

18 3. Contributions & Donations - This activity fund accumulates all donated funds to the school. In some cases the donated funds are restricted to be used for specific purposes. Such restrictions include memorial funds, grants, scholarships and endowments. The portion of funds restricted for specific purposes are a reservation of fund balance. 4. Fund Raising Activities - The Fund Raising Activities Fund accounts for all school related fund raising events. Some of the fund-raisers occur annually, while other fund-raisers occur on an ad-hoc basis. This fund tracks the receipts and disbursements of the fund-raiser and provides the school with a profit/loss analysis of the event. The excess of receipts over disbursements are then transferred and used by other activities. 5. Operating Activities - The Operating Activities Fund encompasses many accounts that are necessary to maintain the school s activity funds. Many of the receipts and disbursements from this fund are reimbursable to the School Board or represent operating costs of other activities. 6. Other Activities - The Other Activities Fund provides each school with a catch all fund to record receipts, disbursements, transfers and balances of those activities that do not fall within the definition of the other funds. 7. Student Activities - The Student Activities Fund represents accounts within each school that are specifically for the students. Academic, club, and social activities are examples of student activity accounts that are accumulated in this fund. (C) BASIS OF ACCOUNTING Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements regardless of the measurement focus applied. 1. The accounts and records of the School Activity Funds are maintained on a cashbasis of accounting, reflecting only cash received and cash disbursed. Therefore, receivables and payables, inventories, accrued income and expenses, equipment, and depreciation which are material in amounts are not reflected, and these statements do not present the overall financial position or results of operations. Minor additions and replacement of furniture and equipment intended to be paid for out of normally recurring income are included in costs and expenses in lieu of depreciation on the statements of receipts, disbursements, and changes in fund balance. (D) INTERFUND TRANSACTIONS Transactions that constitute reimbursements to an Activity Fund for disbursements initially made from it that are properly applicable to another Activity Fund, are recorded as disbursements in the reimbursing fund and as reductions of disbursements in the fund that is reimbursed. All other interfund transactions are reported as operating transfers in to the receiving fund and operating transfers out to the disbursing fund. No transfers between schools are recorded. If a school provides resources to another school, the transaction is recorded as a disbursement to the school providing the resource and as a receipt to the school receiving the resources. 8

19 (E) COMPARATIVE DATA AND RECLASSIFICATIONS Comparative total data for the prior year have been presented in the accompanying financial statements in order to provide an understanding of changes in the School Activity Fund s financial position and operations. Certain reclassifications have been made to the prior year financial statements to conform to current year presentations. NOTE II - DEPOSITS Schools in the County of Loudoun, Virginia are required to establish a checking account at a local bank near their respective school for the purpose of administering the transactions of their school activity funds. The County also authorizes the Principal to open a savings account, money market account, or a certificate of deposit in the name of the school, if the Principal determines that there are idle funds at the school. The County does not permit the Principal to maintain any other types of investments. There were no significant violations of those provisions. Deposits with banks are covered by the Federal Deposit Insurance Corporation (FDIC) and collateralized in accordance with the Virginia Security for Public Deposits Act (the Act ) Section et. Seq. of the Code of Virginia. Under the Act, banks and savings institutions holding public deposits in excess of the amount insured by the FDIC must pledge collateral to the Commonwealth of Virginia Treasury Board. Financial institutions may choose between two collateralization methodologies and depending upon that choice, will pledge collateral that ranges in the amounts from 50% to 130% to excess deposits. Accordingly, all deposits are considered fully collateralized. 9

20 ROBINSON, FARMER, COX ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS A PROFESSIONAL LIMITED LIABILITY COMPANY Independent Auditors Report on Supplementary Information To the Loudoun County School Board County of Loudoun, Virginia Our audit was performed for the purpose of forming an opinion on the financial statements. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects in relation, to the financial statements. Staunton, Virginia August 29,

21 - Supplementary Information -

22 ELEMENTARY EDUCATION Statement 1 ASSETS Combining Balance Sheet June 30, 2014 BALL'S ALDIE ALGONKIAN ARCOLA ASHBURN BLUFF Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 10,616 38,868 74,343 30,305 68,153 Savings Account Money Market Account ,528 - Certificates of Deposit ,669 Total Cash and Temporary Investments $ 10,616 $ 38,868 $ 74,343 $ 40,833 $ 75,822 Total Assets $ 10,616 $ 38,868 $ 74,343 $ 40,833 $ 75,822 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments ,795 Summer School Activities Reimbursement Activities Unassigned 10,616 38,838 74,309 40,833 74,027 Total Fund Balance $ 10,616 $ 38,868 $ 74,343 $ 40,833 $ 75,822 11

23 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 BELMONT BUFFALO CARDINAL BANNEKER STATION TRAIL RIDGE CATOCTIN Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 7,159 59,248 25,033 13,698 30,364 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 7,159 $ 59,248 $ 25,033 $ 13,698 $ 30,364 Total Assets $ 7,159 $ 59,248 $ 25,033 $ 13,698 $ 30,364 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments Summer School Activities Reimbursement Activities Unassigned 7,159 59,248 24,355 13,698 29,494 Total Fund Balance $ 7,159 $ 59,248 $ 25,033 $ 13,698 $ 30,364 12

24 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 CEDAR COOL CREIGHTON'S LANE SPRING COUNTRYSIDE CORNER DISCOVERY Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 19,963 21,822 35,628 81,742 13,465 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 19,963 $ 21,822 $ 35,628 $ 81,742 $ 13,465 Total Assets $ 19,963 $ 21,822 $ 35,628 $ 81,742 $ 13,465 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments 12,257 1, ,079 Summer School Activities Reimbursement Activities , Unassigned 6,841 20,453 35,496 80,173 8,244 Total Fund Balance $ 19,963 $ 21,822 $ 35,628 $ 81,742 $ 13,465 13

25 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 DOMINION EVERGREEN FOREST FRANCES TRAIL EMERICK MILL GROVE HAZEL REID Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ 100 Cash and Investments with Financial Institutions: Checking Account 35,814 57,736 52,247 16,805 44,398 Savings Account Money Market Account 8, Certificates of Deposit Total Cash and Temporary Investments $ 44,547 $ 57,736 $ 52,247 $ 16,805 $ 44,498 Total Assets $ 44,547 $ 57,736 $ 52,247 $ 16,805 $ 44,498 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ 2,540 $ - $ 200 $ - Scholarships, Grants, and Endowments 741 3,275-4,250 2,742 Summer School Activities Reimbursement Activities Unassigned 43,806 51,921 52,247 12,355 41,756 Total Fund Balance $ 44,547 $ 57,736 $ 52,247 $ 16,805 $ 44,498 14

26 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 FREDERICK DOUGLASS GUILFORD HAMILTON HILLSBORO HILLSIDE Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 30,639 47,116 11,972 6,150 69,449 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 30,639 $ 47,116 $ 11,972 $ 6,150 $ 69,449 Total Assets $ 30,639 $ 47,116 $ 11,972 $ 6,150 $ 69,449 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments 1,213 3, ,431 Summer School Activities Reimbursement Activities Unassigned 29,426 43,340 11,850 6,150 67,018 Total Fund Balance $ 30,639 $ 47,116 $ 11,972 $ 6,150 $ 69,449 15

27 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 HUTCHISON JOHN W. KENNETH W. HORIZON FARM TOLBERT, JR. CULBERT LEESBURG Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 38,224 34,925 27,587 26,778 25,454 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 38,224 $ 34,925 $ 27,587 $ 26,778 $ 25,454 Total Assets $ 38,224 $ 34,925 $ 27,587 $ 26,778 $ 25,454 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments Summer School Activities Reimbursement Activities 1, Unassigned 36,841 34,212 27,587 26,310 25,337 Total Fund Balance $ 38,224 $ 34,925 $ 27,587 $ 26,778 $ 25,454 16

28 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 LITTLE LEGACY LIBERTY LINCOLN RIVER LOVETTSVILLE Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 33,124 62,366 16,158 26,129 18,184 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 33,124 $ 62,366 $ 16,158 $ 26,129 $ 18,184 Total Assets $ 33,124 $ 62,366 $ 16,158 $ 26,129 $ 18,184 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments Summer School Activities Reimbursement Activities Unassigned 33,124 62,366 16,001 25,829 17,767 Total Fund Balance $ 33,124 $ 62,366 $ 16,158 $ 26,129 $ 18,184 17

29 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 LOWES MILL ISLAND LUCKETTS MEADOWLAND MIDDLEBURG RUN Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 37,362 20,558 5,051 1,593 16,573 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 37,362 $ 20,558 $ 5,051 $ 1,593 $ 16,573 Total Assets $ 37,362 $ 20,558 $ 5,051 $ 1,593 $ 16,573 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments Summer School Activities Reimbursement Activities Unassigned 36,845 20,558 4,303 1,593 16,344 Total Fund Balance $ 37,362 $ 20,558 $ 5,051 $ 1,593 $ 16,573 18

30 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 MOOREFIELD MOUNTAIN NEWTON- STATION VIEW LEE PINEBROOK POTOWMACK Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 15,073 22,509 55,375 72,328 27,159 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 15,073 $ 22,509 $ 55,375 $ 72,328 $ 27,159 Total Assets $ 15,073 $ 22,509 $ 55,375 $ 72,328 $ 27,159 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments 600 1, ,916 1,352 Summer School Activities Reimbursement Activities Unassigned 14,473 20,839 54,447 70,412 25,807 Total Fund Balance $ 15,073 $ 22,509 $ 55,375 $ 72,328 $ 27,159 19

31 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 ROLLING ROSA LEE ROUND SANDERS SELDENS RIDGE CARTER HILL CORNER LANDING Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 14,602 27,811 72,529 23,831 17,690 Savings Account Money Market Account Certificates of Deposit ,039 - Total Cash and Temporary Investments $ 14,602 $ 27,811 $ 72,529 $ 44,870 $ 17,690 Total Assets $ 14,602 $ 27,811 $ 72,529 $ 44,870 $ 17,690 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments 74 1, ,922 1,500 Summer School Activities - 3, ,400 Reimbursement Activities 1, Unassigned 12,995 22,830 72,182 42,948 14,790 Total Fund Balance $ 14,602 $ 27,811 $ 72,529 $ 44,870 $ 17,690 20

32 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 STEUART W. SYCOLIN STERLING WELLER SUGARLAND SULLY CREEK Cash and Temporary Investments: Cash on Hand $ - $ - $ - $ - $ - Cash and Investments with Financial Institutions: Checking Account 18,257 43,092 9,543 19,106 30,060 Savings Account Money Market Account Certificates of Deposit Total Cash and Temporary Investments $ 18,257 $ 43,092 $ 9,543 $ 19,106 $ 30,060 Total Assets $ 18,257 $ 43,092 $ 9,543 $ 19,106 $ 30,060 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ - $ - $ - $ - Scholarships, Grants, and Endowments - 2, Summer School Activities Reimbursement Activities 1, , Unassigned 16,932 40,734 9,543 16,613 28,519 Total Fund Balance $ 18,257 $ 43,092 $ 9,543 $ 19,106 $ 30,060 21

33 ELEMENTARY EDUCATION Statement 1 (Continued) ASSETS Combining Balance Sheet June 30, 2014 ELEMENTARY SCHOOLS WATERFORD Cash and Temporary Investments: Cash on Hand $ - $ 100 $ 100 Cash and Investments with Financial Institutions: Checking Account 14,559 1,776,323 1,596,305 Savings Account Money Market Account - 19,261 19,253 Certificates of Deposit - 28,708 28,557 Total Cash and Temporary Investments $ 14,559 1,824,392 $ 1,644,215 Total Assets $ 14,559 $ 1,824,392 $ 1,644,215 FUND BALANCE Unrestricted: Assigned to: Memorials $ - $ 2,740 $ 3,240 Scholarships, Grants, and Endowments - 57,508 35,088 Summer School Activities - 4,800 4,537 Reimbursement Activities - 12,051 5,442 Unassigned 14,559 1,747,293 1,595,908 Total Fund Balance $ 14,559 $ 1,824,392 $ 1,644,215 22

34 ELEMENTARY EDUCATION Statement 2 Combining Statement of Receipts, Disbursements and Changes in Fund Balance Year Ended June 30, 2014 ALDIE ALGONKIAN ARCOLA ASHBURN BLUFF Receipts by Activity Fund: Class Activities , Contributions and Donations 3,510 5,968 22,559 3,989 8,791 Fund Raising Activities 3,856 10,400 25,013 19,786 10,245 Operating Activities 1,654 3,125 4,802 6,916 7,121 Other Activities Student Activities 85 3,476 27,117 15,165 12,395 Total Receipts $ 9,105 $ 23,569 $ 85,141 $ 45,856 $ 38,552 Disbursements by Activity Fund: Class Activities , Contributions and Donations 335 1, ,106 1,344 Fund Raising Activities 1,674-10,632 11,153 1,631 Operating Activities 2,590 19,109 32,627 17,180 20,041 Other Activities Student Activities 62 1,866 25,519 12,741 10,527 Total Disbursements $ 4,661 $ 23,491 $ 75,198 $ 42,195 $ 33,543 Excess of Receipts over Disbursements $ 4,444 $ 78 $ 9,943 $ 3,661 $ 5,009 Operating Transfers In (Out): Class Activities - 32 (24) (81) - Contributions and Donations (2,182) (1,067) (16,527) (30) (8,241) Fund Raising Activities - (10,400) (14,382) (8,633) (6,340) Operating Activities 2,205 11,368 31,861 11,135 17,350 Other Activities Student Activities (23) 67 (934) (2,391) (2,769) Total Operating Transfers $ - $ - $ - $ - $ - Excess of Receipts and Transfers In over Disbursements and Transfers Out $ 4,444 $ 78 $ 9,943 $ 3,661 $ 5,009 Fund Balance at Beginning of Year 6,172 38,790 64,400 37,172 70,813 Fund Balance at End of Year $ 10,616 $ 38,868 $ 74,343 $ 40,833 $ 75,822 BALL'S 23

35 ELEMENTARY EDUCATION Statement 2 (Continued) Combining Statement of Receipts, Disbursements and Changes in Fund Balance Year Ended June 30, 2014 BELMONT BUFFALO CARDINAL BANNEKER STATION TRAIL RIDGE CATOCTIN Receipts by Activity Fund: Class Activities - 6,924 8,591-7,382 Contributions and Donations 10,487 5,938 38,079 13,000 8,675 Fund Raising Activities 6,166 16,068 11,288-4,306 Operating Activities 1,041 2,779 12, ,385 Other Activities - 1,703 2,452-6,707 Student Activities 3,703 19,016 19, Total Receipts $ 21,397 $ 52,428 $ 92,284 $ 13,759 $ 42,103 Disbursements by Activity Fund: Class Activities - 3,354 8,457-5,900 Contributions and Donations 4,600 5,785 33,160-2,005 Fund Raising Activities 2,499 4,001 6, Operating Activities 7,824 29,358 24, ,198 Other Activities ,939 Student Activities 3,302 16,193 15, Total Disbursements $ 18,225 $ 59,318 $ 90,098 $ 61 $ 34,192 Excess of Receipts over Disbursements $ 3,172 $ (6,890) $ 2,186 $ 13,698 $ 7,911 Operating Transfers In (Out): Class Activities (1,215) Contributions and Donations (2,887) (1,411) (537) - (2,272) Fund Raising Activities (3,667) (13,225) (4,650) - (4,378) Operating Activities 6,955 17,451 9,825-7,865 Other Activities - - (1,194) - - Student Activities (401) (2,815) (3,444) - - Total Operating Transfers $ - $ - $ - $ - $ - Excess of Receipts and Transfers In over Disbursements and Transfers Out $ 3,172 $ (6,890) $ 2,186 $ 13,698 $ 7,911 Fund Balance at Beginning of Year 3,987 66,137 22,847-22,453 Fund Balance at End of Year $ 7,159 $ 59,248 $ 25,033 $ 13,698 $ 30,364 24

36 ELEMENTARY EDUCATION Statement 2 (Continued) Combining Statement of Receipts, Disbursements and Changes in Fund Balance Year Ended June 30, 2014 CEDAR COOL CREIGHTON'S LANE SPRING COUNTRYSIDE CORNER DISCOVERY Receipts by Activity Fund: Class Activities 2, ,703 10, Contributions and Donations 47,529-8,551 4,853 18,771 Fund Raising Activities 21,583 18,753 6,659 27,735 6,093 Operating Activities 7,146 24,628 18,531 41,567 5,051 Other Activities Student Activities 4,597 10,416 17,206 61,618 15,162 Total Receipts $ 83,260 $ 53,906 $ 53,650 $ 145,818 $ 45,583 Disbursements by Activity Fund: Class Activities 1,761-2,543 8, Contributions and Donations 36, ,129 1,685 2,436 Fund Raising Activities 15,758 5,436-15,266 - Operating Activities 29,919 50,306 23,783 60,776 17,192 Other Activities Student Activities 4,165 6,734 16,235 27,112 12,338 Total Disbursements $ 87,623 $ 63,322 $ 45,690 $ 113,002 $ 32,118 Excess of Receipts over Disbursements $ (4,363) $ (9,416) $ 7,960 $ 32,816 $ 13,465 Operating Transfers In (Out): Class Activities - (900) 372 (4,741) - Contributions and Donations (744) (326) (5,020) 45 (11,256) Fund Raising Activities (4,682) (13,774) (6,659) (12,469) (6,093) Operating Activities 6,842 18,464 12,380 23,817 19,930 Other Activities Student Activities (1,416) (3,464) (1,073) (6,652) (2,581) Total Operating Transfers $ - $ - $ - $ - $ - Excess of Receipts and Transfers In over Disbursements and Transfers Out $ (4,363) $ (9,416) $ 7,960 $ 32,816 $ 13,465 Fund Balance at Beginning of Year 24,326 31,238 27,668 48,926 - Fund Balance at End of Year $ 19,963 $ 21,822 $ 35,628 $ 81,742 $ 13,465 25

37 ELEMENTARY EDUCATION Statement 2 (Continued) Combining Statement of Receipts, Disbursements and Changes in Fund Balance Year Ended June 30, 2014 DOMINION EVERGREEN FOREST FRANCES TRAIL EMERICK MILL GROVE HAZEL REID Receipts by Activity Fund: Class Activities 465 2,989 5,627 2,155 3,579 Contributions and Donations 3,107 12,829-8,440 18,459 Fund Raising Activities 21,551 14,188 18,267 3,856 25,736 Operating Activities 16,577 26,960 15,047 2,317 12,395 Other Activities 1, Student Activities 17,650 19,157 5,906 11,817 21,182 Total Receipts $ 61,274 $ 76,123 $ 44,847 $ 28,585 $ 81,351 Disbursements by Activity Fund: Class Activities 464 2,875 3,977 2,119 11,873 Contributions and Donations 183 4, ,273 Fund Raising Activities 2,231 4,347 9, ,655 Operating Activities 29,906 41,031 24,195 21,417 36,080 Other Activities 1, Student Activities 16,666 15,948 1,957 10,750 20,972 Total Disbursements $ 50,720 $ 68,750 $ 39,664 $ 35,591 $ 89,853 Excess of Receipts over Disbursements $ 10,554 $ 7,373 $ 5,183 $ (7,006) $ (8,502) Operating Transfers In (Out): Class Activities - (678) (1,141) - 5,431 Contributions and Donations (2,924) (8,324) - (663) (3,106) Fund Raising Activities (7,166) (9,841) (8,870) (3,855) (27,813) Operating Activities 11,735 19,847 13,950 4,399 24,451 Other Activities (655) Student Activities (990) (1,004) (3,939) 119 1,037 Total Operating Transfers $ - $ - $ - $ - $ - Excess of Receipts and Transfers In over Disbursements and Transfers Out $ 10,554 $ 7,373 $ 5,183 $ (7,006) $ (8,502) Fund Balance at Beginning of Year 33,993 50,363 47,064 23,811 53,000 Fund Balance at End of Year $ 44,547 $ 57,736 $ 52,247 $ 16,805 $ 44,498 26