OF SCHOOL DISTRICT MATAWAN-ABERDEEN REGIONAL · 2011-12-07 · SINGLE AUDIT SECTION ... The District completed the 2010-2011 fiscal year with an enrollment of 3,871.5 students. The

SCHOOL DISTRICT

OF

MATAWAN-ABERDEEN REGIONAL

.

MATAW4NABERDEEN REGIONAL BOkRII OF EDt (AUONT1A1 ‘AN, NEV JERSE’

COMPREHENSIVE ANNL AL FINANCIAL REPORTFOR tilt FiS( kI \ t R ENDED Jt NE 30.2011

COMPREHENSIVE ANNUALFINANCIAL REPORT

OF THE

MATAWAN-ABERDEEN REGIONAL

BOARD OF EDUCATION

MATAWAN, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2011

PREPARFI) BY

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MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

TABLE OF CONTENTS

Pave

1NTROI)UCTORY SECTION

Letter of Transmittal 1 to 6.Roster of()fficials 7.Consultants and Advisors 8.Organizational Chart 9.

FINANCIAL SECTION

Independent Auditors Report 10 & 11.

Required Supplementary Information — Part IManagement’s Discussion and Analysis 12 to 17.

Basic Financial Statements

A. District-wide Financial Statements:

A-I Statement of Net Assets 18.A-2 Statement of Activities 19 & 20.

B. Fund Financial Statements:

Governmental Funds:B-I Balance Sheet 2 1.B-2 Statement of Revenues, Expenditures, and Changes in Fund

BalancesB-3 Reconciliation of the Statement of Revenues, Expenditures, and

Changes in Fund Balances of Governmental Funds to theStatement ofActivities 23.

Proprietary Funds:B-4 Statement of Net AssetsB—5 Statement of Reenues. Expenses. and Changes in Fund Net Assets13-6 Statement of Cash Flows 26,

Fiduciar Funds:B— Statement of 1 iduciarv Net AssetsB—$ Statement of Changes in Fiduciar Net Assets

to Hnanca! Statemcnts


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Required Supplementary information — Part II

C. Budgetary Comparison Schedules:

C—I Budgetary Comparison Schedule General Fund 46 to 59.C-2 Budgetary Comparison Schedule Special Revenue Fund 60.

Notes to the Required Supplementary Information

C-3 Budget to GAAP Reconciliation 61.

Other Supplementary Information

D. School Level Schedules:

D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund — Schedule of Expenditures Allocated by

Resource Type — Actual N/AD-3 Blended Resource Fund — Schedule of Blended Expenditures

Budget and Actual N/A

E. Special Revenue Fund:

F-] Combining Schedule of Rex enues and ExpendituresSpecial Revenue Fund — Budgetary Basis 62 to 64.

E-2 Demonstrably Effectixe Program Aid Schedule of ExpendituresBudgetary Basis N/A

E-3 Early Childhood Program Aid Schedule of Expenditures —-

Budgetary Basis N/AE-4 Distance Learning Netork Aid Schedule of Expenditures —

Budgetary Basis N/AE—5 Instructional Supplement Aid Schedule of Expenditures

Budgelarv Basis N:A1-6 Schedule f Targeted—at-Risk ( IARA) Aid — l3udgeiar’ Basis NA


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F. Capital Projects Fund:

F-I Summary Schedule of Project Revenues. Expenditures andChanges in Fund Balance N/A

Proprietar Fund:

G. Enterprise Fund:G-I Combining Statement of Net Assets 65.G-2 Combining Statement of Revenues. Expenses and Changes in

Fund Net Assets 66.G-3 Combining Statement of Cash Flows 67.

Internal Service Fund:G-4 Combining Statement of Net Assets N/AG-5 Combining Statement of Revenues. Expenses. and Changes in

Fund Net Assets N/AG-6 Combining Statement of Cash Flows N/A

H. Fiduciar Funds:

H-I Combining Statement of Fiduciary Net Assets 68.H—2 Combining Statement of Changes in Fiduciary Net Assets N/AH-3 Student Activity Agency Fund Schedule of Receipts and

I)ishursements 69.H-4 Payroll Agency Fund Schedule of Receipts and Disbursements 70.H-S Miscellaneous Trust Funds Schedule of Receipts and Disbursements 71.

Long-Term Debt:

1—1 Schedule of Serial Bonds 72.I—Ia Schedule of Loans Pa able N/A1—2 Schedule of Obligations under Capital Leases 73.I— [)ebt Service Fund Budgetary Comparison Schedule 74.


TABLE OF CONTENTS

Pane

STATISTICAL SECTION (Unaudited)

Introduction to the Statistical Section

Financial Trends3-1 Net Assets by Component 75.3-2 Changes in Net Assets 76 & 77.3-3 Fund Balances — Governmental Funds 78.3-4 Changes in Fund Balances - Governmental Funds 79.3-5 General Fund Other Local Revenue by Source 80.Revenue Capacity3-6 Assessed Value and Estimated Actual Value ofTaxable Property 81 & 82.3-7 Direct and Overlapping Property Tax Rates 83.3-8 Principal Property Taxpayers* 84.3-9 Property Tax Levies and Collections 85.Debt CapacityJ- 10 Ratios ofOutstanding Debt by Type 86.3-11 Ratios ofGeneral Bonded Debt Outstanding 87.3-12 Direct and Overlapping Governmental Activities Debt 88.1-13 Legal Debt Margin Information 89.Demographic and Economic Information1-14 Demographic and Economic Statistics 90.3-15 Principal Employers 91.Operating Information3-16 Full-time Equivalent District Employees by Function/Program 92.3-17 Operating Statistics 93.3-18 School Building Information 94.3-19 Schedule of Required Maintenance Expenditures by School Facility 95.3-20 insurance Schedule 96.

Priv ate citizens should be listed as Individual Taxpayer I, individual Taxpayer 2, etc.


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SINGLE AUDIT SECTION

K-I Report on Compliance and on Internal Control over Financial Reporting and

on Compliance and Other Matters Based on an Audit of Financial Statements

Performed in Accordance is ith Government Auditing Standards 97 & 98.

K-2 Report on Compliance with Requirements Applicable to Each Major

Program and On Internal Control Over Compliance in Accordance

with 0MB Circular A-I 33 and New Jersey 0MB Circular 04-04 99 & 100.

K-3 Schedule of Expenditures of Federal Awards., Schedule A 101.

K4 Schedule of Expenditures of State Financial Assistance. Schedule B 102.

K-S Notes to Schedules ofAwards and Financial Assistance 103 & 105.

K-6 Schedule of Findings and Questioned Costs 106 to 109.

K-i Summary Schedule of Prior Audit Findings 110.

IrtrrRoDuc’roRY SECTION

OFFICE OF THE BUSINESS ADMINISTRATOR/BOARD SECRETARY

One Crest Way, Aberdeen, New Jersey 07747

David NI. Healy (732)705-4017 Fax (732)290-0553 James K. Strimple, Jr.

Superintendent of Schools jiriplcmarsd.k 12njus lntenrn School BusinessAdministrator Board Secretary

November 3, 2011

Honorable President andMembers of the Board of EducationMatawan-Aberdeen Regional School District

Aberdeen, New Jersey 07747

Dear Board Members/Citizens:

The Comprehensive Annual Financial Report of the Matawan-Aberdeen Regional School

District for the fiscal year ended June 30, 2011 is hereby submitted. This CAFR includes the

District’s Basic Financial Statement prepared in accordance with Governmental Accounting

Standards Board Statement 34, Responsibility for both the accuracy of the data and

completeness and fairness of the presentation, including all disclosures, rests with the

management of the Matawan-Aberdeen Regional School District Board of Education. To the

best of our knowledge and belief, the data presented in the auditor’s report is accurate in all

material respects and is reported in a manner designed to present fairly the financial position and

results of operations of the various funds and account groups of the District. All disclosures

necessary to enable the reader to gain an understanding of the District’s financial activities have

been included.

The Comprehensive Annual Financial Report is presented in four sections: introductory,

financial, statistical and single audit. The introductory section includes this transmittal letter, the

District’s organizational chart and a list of principal officials. The financial section includes the

general purpose financial statements and schedules, as well as the auditor’s report thereon. The

statistical section includes selected financial and demographic information, generally presented

on a multi-year basis. The District is required to undergo an annual single audit in conformity

with the provisions of the 1996 Single Audit Act and the U. S. Office of Management and

Budget Circular A-133, Audits of State and Local Governments, and New Jersey OMB’s

Circular 04-04, “Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid

Payments.” Information related to this single audit, including the auditor’s report on the internal

control structure and compliance with applicable laws and regulations and findings and

recommendations, is included in the single audit section of this report.

1, REPORTING ENTiTY AND ITS SERVICES

Matawan-Aberdeen Regional School District is an independent reporting entity within the

criteria adopted by Governmental Accounting Standards Board (G.A.SB.) established by

Statement No. 14. All funds and account groups of the District are included in this report. The

Matawan-Aberdeen Regional School Board of Education and all its schools constitute the

Distrtct’s reporting entity.

The District provides a 11111 range of educational services appropriate to grade levels pre-Kthrough 12. These include regular, vocational and special needs students in and out of District.The District provides a variety of after school activities which include band, chorus, computerclub, interscholastic and extra-curricular activities. The District provides transportation forchildren required by law and also provides subscription busing, which allows the District tocharge parents.

The District completed the 2010-2011 fiscal year with an enrollment of 3,871.5 students. Thefollowing details the changes in the student enrollment of the District over a five year period.

Student Percent

Fiscal Year Enrollment

2010-2011 3,871.5 0.30%

2009-2010 3,860 (0.03%)

2008-2009 3,861 0.56%

2007-2008 3,840 0.31%

2006-2007 3,828 0.05%

2. ECONOMIC CONDITION & OUTLOOK:

The Township of Aberdeen and the Borough of Matawan are located in the center of NewJersey, in the northern part of Monmouth County and are halfway between New York andPhiladelphia. Within a forty-five minute drive to the north and east is the Manhattan Borough inNew York City. Taking a westerly route, the semi-rural areas of New Jersey are a similar driveaway. These municipalities are located near one of New Jersey’s largest commercial/industrialareas as well as close proximity to plane, highway, and public transportation access.

These municipalities are almost completely developed and are primarily residential communities.The Garden State Parkway, which passes through the District, provides access to aLl parts of theState because of its connections with the New Jersey Turnpike, which is in close proximity. Astation operated by the New Jersey Transit located in the Borough of Matawan providescommercial and mass transit rail service.

There is an active degree of participation by parents and community members with the schoolsystem including making the facilities available for the recreation programs, Boys Scouts andGirls Scouts.

3. MAJOR INITiATIVES:

The major initiatives for the 2010-201 1 school year was the implementation of severaleducationa’ based programs, The following provides a brief description of each program:

• Northwest Evaluation Association:- A New Jersey MAP license- mathematics, reading, and language usage tests.

• Standard Solutions:- Assist with the professional development of teachers in the area of language arts forgrades 9 through 12.

• Educere, Inc.:- Provide the High School students with on-line learning opportunities offering morethan 1,000 courses in over 45 subject areas.

• McRel Power Walkthroughs:- Tool used by administrators to observe and identify teaching strategies that areproven to enhance student achievement.

• Mentoring Our Students Together Program:- The program consists of tutoring and providing life skill choices for students.

These programs all assisted in the achievement of the goal for producing high quality work,rigorous courses, and highly competitive teachers.

The District kept pace with its Technology initiative with the purchase of promethean boards andlaptop carts. The District continued with its three academies, Biomedical, Business andPerforming Arts.

Test Scores

Overall, the District’s standardized test scores in 2010-201 1 continue to show significant gains inthe areas of Mathematics and Science. The implementation of a new math curriculum in gradesK-5 during the 2007-2008 school year is having a positive long-term effect as evidenced in totalstudent proficiency and advanced proficiency on the NJASK for grades 3 8. In addition, 78students in grades 3-5 and 48 students in grades 6-8 earned a perfect score of 300 in theMathematics section. In the area of Language Arts Literacy scores show that students in grades3-8 are improving in some areas and subgroups, but there are areas of concern that still remain.The High School Language Arts Literacy scores significantly improved, with students reaching9 1.6% total proficiency for the first time. The Science scores in grades 4 and 8 remain above theDFG average. The students of grade 4 scored 95.9% total proficiency, of which 27 studentsreceived a perfect score of 300. On the New Jersey Biology Competency Test (NJBCT) 10 highschool students received a perfect score of 300. The District continues to place students’achievement as its number one goal and will continue to look for further achievement in thefuture.

The District provided many professional development opportunities during the 2010 2011school year. These workshops were offered on district in-service days as well as during an after-school teacher academy. The professional development workshops support the focus of federaland state mandated use of technology as well as the implementation of core curriculum contentstandards for both regular and special education. Matawan-Aberdeen Regional School District isalso a member of a number of networks and consortiums, which provide professionaldevelopment on a shared-cost basis.

4,

Financial Highlights

During the 2010-2011 school year the District created and deposited $300,000 into aMaintenance Reserve Fund.

During the 201 0-201 1 school year the District deposited $300,000 into the Capital Reserve Fundfor a total amount of$l,623,334.

The 2011-2012 school budget was passed by the voters from the Township of Aberdeen andBorough of Matawan.

The District continued its shared services with the Boro and Township for landscaping, fuel,HVAC and busing for the summer recreation program. The District also began a shared servicewith the Township for parking lot de-icing materials such as sand and salt. The District is in aCo-Op with Haziet and Keyport Board of Educations for refuse/recycling. The District also hasan interlocal agreement for a School Resource Officer.

4. INTERNAL ACCOUNTING CONTROLS:Management of the District is responsible for establishing and maintaining an internal controlstructure designed to ensure that the assets of the District are protected from loss, theft or misuseand to ensure that adequate accounting data are compiled to allow for the preparation of financialstatements in conformity with Generally Accepted Accounting Principles (O.A.A.P.). Aninternal control structure is designed to provide reasonable, but not absolute, assurance that theseobjectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a controlshould not exceed the benefits likely to be derived; and (2) the valuation of costs and benefitsrequires estimates and judgments by management.

As a recipient of federal and state financial assistance, the District also is responsible forensuring that an adequate internal control structure is in place to ensure compliance withapplicable laws and regulations related to those programs. This internal control structure is alsosubject to periodic evaluation by the District management.As part of the District single audit described earlier, tests are made to determine the adequacy ofthe internal control structure, including that portion related to federal and state financialassistance program, as well as to determine that the District has complied with applicable lawsand regulations.

5. BUDGETARY CONTROLS:

In addition to internal accounting controls, the District maintains budgetary controls. Theobjective of these budgetary controls is to ensure compliance with legal provisions embodied inthe annual appropriated budget approved by the voters of the municipality. Annual appropriatedbudgets are adopted for the general fund, the special revenue fund, and the debt service fund.Project length budgets are approved for the capital improvements accounted for in the capitalprojects fund. The final budget amount as amended foi- the fiscal year is reflected in the financialsection.

An encumbrance accounting system is used to record outstanding purchase commitments on aHue item basis. Open encumbrances at vearcnd are either cancelled or are included as a

reappropnation of fund balances in the subsequent year. Those amounts to be reappropriated arereported as reservations of fund balance at June 30, 2011Budgetary controls are part of a school district’s complete internal control structure. As noted initem 4, problems noted at the time the Business Administrator was hired have been fullyaddressed to the satisfaction of the District’s Independent Auditor.

6. ACCOUNTING SYSTEM AND REPORTS:A District’s accounting records must reflect generally accepted principles, as promulgated by theGovernmental Accounting Standards Board (G.A.S.B.). The accounting system of the District isorganized on the basis of funds and account groups. These funds and account groups areexplained in “Notes to the Financial Statements,” Note 1.An effective and efficient system of internal controls is essential to accurate, timely reporting ofall relevant transactions on an accounting system and the resultant administrative and externalreports generated from that system.

7. CASH MANAGEMENT:

The investment policy of the District is guided in large part by state statute as detailed in “Notesto the Financial Statements,” Note 1. The District has adopted a cash management plan whichrequires it to deposit public funds in public depositories protected from loss under the provisionsof the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 toprotect Governmental units from a loss of funds on deposit with a failed banking institution inNew Jersey. The law requires governmental units to deposit public funds only in publicdepositories located in New Jersey where the funds are secured in accordance with the Act.The District utilizes Bank of America as its main depository for district funds. The District alsodeposits in the State of New Jersey Cash Management Account.8. RISK MANAGEMENT:

The District maintains a comprehensive insurance program, including but not limited to blanketbuilding and contents property insurance, general liability, automobile liability andcomprehensive/collision, umbrella liability and worker’s compensation. Annual reviews of theentire program are done in order to evaluate potential insurance changes. A schedule ofinsurance coverage is found in Schedule J-20.

9. OTHER INFORMATION:

Independent Audit State statutes require an annual audit by independent certified publicaccountants or registered municipal accountants. The Board of Education selected the accountingfirm of Robert A, Hulsart & Company, CPAs. In addition to meeting the requirements set forthin state statutes, the audit also was designed to meet the requirements of the Single Audit Act andthe related 0MB Circular A- 133 and New Jersey OMB’s Circular 04-04. The auditor’s report onthe general purpose financial statements and combining and individual fund statements andschedules is included in the financial section of the report. The auditors reports relatedcpeiofical1 to the single audit are included rn the s ngle a dt section ot th repoit

1.

10. ACKNOWLEDGEMENTS:

We would like to express our appreciation to the members of the Matawan-Aberdeen RegionalSchool District Board of Education for its concern in providing fiscal accountability to thecitizens and taxpayers of the school district and thereby contributing their full support to thedevelopment and maintenance of our financial operation. The preparation of this report could nothave been accomplished without the efficient and dedicated services of our financial andaccounting staff.

James H. Strimple, Jr.Interim School Business Administrator!Board Secretary

submitted,

David M. HealySuperintendent

MATAWAN-ABERDEEN REGIONAL BOARD OF EDUCATION

ABERDEEN, NEW JERSEY

ROSTER OF OFFICIALS

JUNE 30, 2011

Members of the Board of Education Term Expires

Charles Kenny, President 2014

Elizabeth Hayward, Vice President 2012

Gerald Donaghue 2012

Kenneth Aitken 2012

Jeff Delaney, Ed.D 2013

Patricia Demarest 2013

Anissa Esposito 2013

Dennis Daniels 2014

Todd Larchuk. PhD 2014

Other Officials

David M, Healv, Superintendent of Schools

Patrick Piegari. Interim Deputy Superintendent of Schools

James H. Strimple, Jr., Interim School Business Administrator/Board Secretary

Kenneth Jannarone, Treasurer of School Monies

I)a\ld B Ruhin 1 sq Boaid Counsel

S.

MATAWAN-ABERI)EEN REGIONAL BOARD OF EDUCATION

MATAWAN, NEW JERSEY

CONSULTANTS AND ADVISORS

JUNE 30, 2011

Auditor/Audit FirmRobert A. Hulsart and Company2807 Hurley Pond RoadP.O. Box 1409Wall, New Jersey 07719

AttorneyDavid B. Rubin, Esquire44 Bridge StreetP.O. Box 4579Metuehen, New Jersey 08840

Official DepositoryBank of America140 Main StreetMatawan, New Jersey 07747

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I\Q/[ 4. uLaL aIZJ (X)rn/2a129CERTIFIED PUBLIC ACCOUNT4NTS

ARMOUR S. HULSART. C.P.A., R.M.A.. P.S.A. (1959-1 992) Te1ecoper:ROBERT A. HULSART, C.P.A., R.M.A,, P.S.A. (732) 280-8888 2807 Hurley Pond Road’ Suite 100ROBERT A. HULSART, JR.,C.P.A.. P.S.A.

e-rnai Wall New Jersey 07719-1409rahmonmouth.com i732 8814990RiCHARD J. HELLENBRECHT, JR.. C.P.A., P.S.A.

INDEPENDENT AUDITOR’S REPORT

lionorab le President and Membersof the Board of Ed ucat ion

Matawan-Aherdeen Regional School DistrictCount of MonniouthMataan. New Jersey

We have and ited the accompanying financial statements of the governmental activities, thebusiness—type activities and each major fund of the Board of Education of the Matawan—AberdeenRegional School District, in the Count\ of Monmouth. State o[Ne Jersey, as of and for the fiscal yearended June 30. 2011 . which collectively comprise tile District’s basic financial statements as listed in tiletable of contents. These financial statements are tile responsihi htv of tile Mataw an—Aberdeen RegionalBoard of Educations management. Our responsibility is to express opinions on these financialstatements based on our audit.

We conducted our audit in accordance witll auditing standards generally accepted in tile UnitedStates of America: the standards applicable to financial audits contained in Govr’rn,neni .4w/i/lagSiandards. issued h tile Eompiroiler General of the United States’. and audit requirements as prescribedby tile Division of Finance, Department of Education, State of New Jersey. Those standards require thatwe plan and perf’orni tile audit to obtain reasonable assurance about w ilether tile tillancial statements arefree of material misstatement An audit illcludes examining, on a test basis. evidence supporting theamounts and disclosures in tile financial statements. An audit also includes assessing tile accountingprinciples used and significant estimates made b management. as well as evaluating tile overall financialstatement presentation. We believe that our audit pro ides a reasonable basis for our opinion.

In our opinion, the financial statements retiirred to ahoe present fairly, in all material respects.tile respective financial position of the goaernmental activities. business-type activities, each major fund,and the aggregate remaintng lund in formation of the Mataw an—Aberdeen Regional Board of Education, illth f ounl\ ol Monmouth Siat, of New Ju sL\ d f I urn. 30 201 1 and tile t CSpcoti C cilangcs infinancial position and c-ash flows, where applicaufe. thereof for the rear then ended in conformit w ithilc countlue principles generally accepted in the I nited States of America

In accordance w ih ornnioin 1 1a!i11;? .\IoIidLnaIs. we naa e a (so ssued our report datedNovember 3, 2011. on our consideration ol the Matawan—Aherdeen Regional Board of Education’smterna I control o er tinancaI report inn and our tests o 1’ its compliance w uP. certain w .isions of law’s,reau!a1mn. a’ nlracN and erant a reemeit and other matters, ihe urpose ot this report i to dosarihathe sc.ope of our testing of mterna.1 cuntrol over financial reporting, and compliance and the results of thatte:Oofle, (i15i lht to aro’. ide an OifliOfl on the nleinJ cnhrh or inanei, repo rune, or on compliance.‘1 ii is report i.s an rrtegral pa.rt of our a.ud it pertfirmed in accordance a it.h ( ,m.:ornmeni Aw..iitiiig .Sian.1arofiild fi uld lv. u sidcru’ Iswslne fly tsul m in Ii)

11.

The Management Discussion and Analysis and Budgetar Comparison lnfrrnation on pages 12through 1 7 are not a required part of the basic financial statements but are supplementar\ informationrequired by the accounting principles generally accepted in the [nited States of America. We ha’eapplied certain limited procedures. ‘a hich consisted principall of inquires of manacement regarding themethods of measurement and presentation of the required suppIernentar information. Ho’aeer. ‘ae didnot audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming opinions on the financial statements thatcollecti ely comprise the Mataw an-Aberdeen Regional Board of Education’s basic financial statements.The accompan ing introductory section and other supplementary information such as the combining andindividual fund financial statements, long—term debt schedules. and statistical information are presentedfor purposes of additional analysis and are not a required part of the basic financial statements. [liecombining and indi idual fund financial statements and long-term debt schedules hake been subjected tothe auditing procedures applied in the audit of the basic financial statements and, in our opinion. arefairly stated. in all material respects. in relation to the basic financial statements taken as a whole. Theintroductory section and statistical information ha e not been sublected to the auditing proceduresapplied in the audit of the basic financial statements and, accordingl, we express no opinion on them.

The accompan ing schedules of expenditures of federal a’aards and state financial assistance arepresented for purposes of additional analysis as required by U.S. Office of Management and BudgetCircular A-133. Audits of States. Local Goernments. and Non-Profit Organiiations: and New JerseyOMB’s Circular 04-04. Single Audit Policy for Recipients of Federal Grants, State Grants and State Aidrespectively, and are not a required part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of’ the basic financial statements and, in ouropinion, is fairly stated in all material respects in relation to the basic financial statements taken as a‘a Ii Ole.

Respectfully submitted.

ROBERT A. HULSART AND COMPANY

Robert A. [lulsartLicensed Public School AccountantNo. 322Robert A. l-iulsart and Compan

Noemher3, 2011

REQUIRED SUPPLENIENTARY IFORiIATIONPART I

a

MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRI

Management’s Discussion and Analysis

For the Year ended June 30, 2011

This section of the Matawan-Aberdeen Regional School District’s ComprehensiveAnnual Financial Report presents our discussion and analysis of the District’s financialperfonnance during the fiscal year ended on June 30. 2011. Please read it in conjunctionwith the transmittal letter at the front of this report and the District’s financial statements,which immediately follow this section.

Management’s Discussion and Analysis (MD&A) is an element of RequiredSupplementary information specified in the Governmental Accounting Standards Board’s(GASB) Statement No. 34— Basic Financial Statemenrs-Managements Discussion andAnal;wis-for the Stale and Local (iovernnienls issued in June 1999. Certain comparativeinformation between the current fiscal year (2010-2011) and the prior fiscal year (2009-2010) is required to be presented in the MD&A.

OVERVIEW OF TIlE FINANCIAL STATEMENTS

This discussion and analysis is intended to serve as an introduction to the District’s basicfinancial statements. The District’s basic financial statements comprise threecomponents: I) District-wide financial statements, 2) Fund financial statements, and 3)Notes to the financial statements. This report also contains required supplementaryinformation and other supplementary information in addition to the basic financialstatements themselves.

District-Wide Financial Statements. The District-wide financial statements aredesigned to provide readers with a broad overview of the District’s finances, in a mannersimilar to private sector business.

The statement of net assets (A-I) presents information on all of the assets and liabilitiesof the District, with the difference between the two reported as net assets. Over time,increases or decreases in net assets may serve as a useful indicator of whether thefinancial position of the District is improving or deteriorating.

The statement of activities (A-2) presents information showing how the net assets of theDistrict changed during the most recent fiscal year. All changes in net assets are reportedas soon as the underlying event giving rise to the change occurs, regardless of the timingof related cash flows. Thus. revenues and expenses are reported in this statement forsome items that will only result in cash flows in future fiscal periods.

13.

Fund Financial Statements. A fund is a group of related accounts that is used tomaintain control over resources that have been segregated for specitic activities orobjectives. [he District, like other state and local governments, uses fund accounting toensure and demonstrate compliance with finance-related legal requirements. All of thefunds of the District can he divided into three categories: governmental. proprietary orfiduciary

Govcuii;wniuI /iiiuIs — are used to account for essentially the same functionsreported as governmental activates in the District-wide financial statements. 1—lowever.unlike the District-wide financial statements. governmental fund financial statementsfocus on the near—term inflows and outflows ot spendable resources, as well as onbalances of spendable resources available at the end of the fiscal year. Such informationmay be useful in evaluating the Districts near-term financing requirements.

Because the focus of governmental funds is narrower than that of the District—widefinancial statements, it is useful to compare the information presented for governmentalfunds with similar statements. B so doing. readers may better understand the long—termimpact of the District’s near—term linancing decisions. Both the governmental fundbalance sheet and the governmental fund statement of revenues, expenditures, andchanges in fund balance provide a reconciliation to lhcilitate this comparison betweengovernmental funds and governmental activities.

The District maintains four individual government funds: the general fund. specialrevenue fund. capital projects fund and debt service fund .All are considered to he majorfunds. The basic governmental fund financial statements can be found as Exhibits B- 1through B-3 in this report.

Proprietary funds — The District maintains two proprietary fund types. anenterprise fund and an internal service fund. The enterprise fund is used to account foroperations that are financed and operated in a manner similar to private businessenterprises, where the intent of the District is that the costs of providing the goods orservices be financed through user charges. Included in the enterprise fund are the FoodServices. Television Studio and Summer Theater operations. The basic proprietary fundstatements can be found as Exhibits B-4 through B-6.

14.

Fiduciaty/linds - are used to account for resources held for the benefit of partiesoutside the governmental entity. Fiduciary funds arc not reflected in the District—widefinancial statement because the resources of those funds arc not available to support theDistrict’s own programs. The District uses trust and agency funds to account forresources held for student activities and groups and ibr payroll transactions. The basicfiduciary fund statements can be found as Exhibit B—7.

Notes To The Financial Statements. The notes provide additional information that isessential for a full understanding of the data provided in the District—wide and fundfinancial statements. The notes to the financial statements can be found after the fundstatements in this report.

FINANCIAL HIGHLIGHTS

Key tinancial highlights for the 2010—201 1 flscal year include the following:

• The General Fund local tax levy increased from 2009-2010 by $304.067 to$44.1 05.926.

• Total spending for all programs was $60,387.254 including a charge of$ 1 .520.1 40 for depreciation. General revenues (primarily local tax levy and stateaid) were adequate to provide for the balance of these programs. exclusive of thecharge for depreciation.

• Capital leases at June 30. 2010 and 2011 respectively were $67.230 and $0.There were no more Capital leases at June 30. 2011.

15.

District-Wide Financial Analysis

As noted earlier, net assets may serve over time as a useful indicator of the District’sfmancial position. The following table provides a summary of net assets:

Governmental Business-type 2010-2011 2009-2010Activities Activities Totals TotalsCurrent and other assets $6,531 .941 $253.266 $ 6,785.207 $ 3,932.065Capital assets, net 39.981.980 49.040 40.03 1.020 41.513.859

Total assets $46.5 13.921 $302306 546.816.227 545.445.924

Long-term liabilities outstanding $ 27,302.656 - 527,302.656 528.577.570Other liabilities 142.602 514.000 156.602 211.375Total liabilities $27.445.258 $1 4.000 $27459.258 $28.788.945

Net assets:Investment in capital assets. net 513.897.770 549.040 513.946.810 $14,007,682Restricted 6,131,370

- $ 6,131370 2,509,638Unrestricted (960.477) 239.266 (721.211) 139.659Total net assets 519.068.663 5288.306 519.356.969 516.656.979

The District’s largest net asset is the restricted portion of the net assets shown above.Restricted assets represent aesourees that are subject to external restrictions on how theymay be used.

The District’s investment in capital assets is shown net of any related debt used to acquirethosea

The unrestricted net assets shows a negative balance largely due to the debt remaining onthe 1993 Early Retirement Incentive Program that the District participated in. This is aDistrict liability with no corresponding asset, therefore creating a negative net asset. Theremaining negative balance is attributable to the liability for compensated absences.

The Ibilowing table provides a summary of revenues and expenses for the Districtsgovernmental and business—type activities and the change in net assets from the priorear:

Business-type

Activities

Program revenuesCharges for servicesOperating grants and contributionsCapital grants and contributions

General re enuesProperty taxesTaxes levied for debt ser iceFederal and State aid not restrictedTuition ReceivedMiscellaneous incomeInvestment Earnings

Total revenues

Expenses:Instructional ServicesSupport services/undistributed costsSummer SchoolInterest on long term debtAR RAUnallocated Depreciation

fotal expenses

Change in net assetsNet assets — beginningAdjustment of beginning net assetsNet assets — ending

- L028.492 L028.492 1 071.7261,769,685 607,8 15 2,377,500 2,41 0,818

44.105.926- 44.1 05,926 43.801.859

2.317,367 - 2,317,367 2.471,62514.772.491

- 14.772.491 16.745.405121,211

- 121,211 114,095176.922 7.328 184.250 277.8013,541

- 3,541 39,39363.267.143 1 .643.63 5 64.91 0.778 66.932.722

24.736,911 - 24,736,911 24.1 73,96732,767.812 1,623.038 34.390.850 37.452.694

120.282- 120.282 88,404

1.112,819 - 1.112.819 1.153.524-

-

- 1,710.0661.520.140 - 1.520,140 1.599.508

60.257,964 1.623.038 61,881,002 66,178.163

3.009,179 20.597 3.029,776 740.61716.389.270 267,709 16.656.979 15.915.179(329.786)

- (329.786) 1.1 8319.068.663 2 88.306 19.356.969 16,656.979

General Fund Budgetary Highlights

The difference heteen the original budget and the Onal amended budget is comprisedsolely of the June 30. 2010 encumbrances, which ‘roll-over into the subsequent year’sbudget (201 0—201 1) and are added to the original budget appropriations.

Throughout the year, as necessar’ . budget transfers are effectuated between budgetaccounts to re-align the 2010-2011 budget.

Reen ties:

GovernmentActivities 2010-2011 2009-2010

Totals Totals

17.

Capital Assets

At June 30. 2011 the District had capital assets in Governmental Activities of just under$40 million. This is comprised of: Buildings - S3$.464,742. Machinery and equipment -

$l148,315 and Site Improvements of- $368.923,

Economic Factors and Next Year’s Budget

[)ue to the economic condition in the State of New Jersey funding from the State for thecurrent year remained at the same level as the previous year. Any future increases basedon the enrollment fiwmula, originally formulated to allocate state education aid amongstdistricts, will be minimal. Future decreases in local revenue and state education aid willplace additional burden on the taxpayers of Aberdeen Township and Matawan Borough.

Contacting the District’s Financial Management

The District’s financial report is designed to provide citizen groups, taxpayers, parents,students. other local officials, and investors and creditors with a general overview of theDistrict’s finances and to show the Districts accountability for the money it receives.Questions regarding this report can he addressed to Mr. James H. Strimple, .Jr.. InterimBusiness Administrator/Board Secretary. Matawan-Aherdeen Regional School District.One Crest Way, Aberdeen, NJ 07747 or at (732) 705-4016.

BASIC FINANCIAL STATEMENTS

—SJ%JIIiJ31V1S1VIJ’cNiIJMIIALJHIJSIU

MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT 18.

AssetsCash and Cash EquivalentsReceivables, NetInventoryRestricted Assets:

Cash and Cash EquivalentsCapital Reserve Account - Cash

Capital Assets, Net (Note 1)Total Assets

LiabilitiesAccounts PayableDeferred RevenueNoncurrent Liabilities (Note 3):

Due Within One YearDue Beyond One Year

Total Liabilities

Net AssetsInvested in Capital Assets, Net of Related DebtRestricted For:Debt ServiceOther Purposes

Unrestricted

Total Net Assets

STATEMENT OF NET ASSETS

JUNE 30, 2011

Exhibit A-i

3,407.3831.623,334

________

40,031.02046,816.227

40,53114,000 116,071

1,404,737

_______

25,897,91914,000 27,459,258

49.040 13.946.810

46,131,366

239,266 (721.211)

288.306 19,356.969

Governmental Business-TypeActivities Activities Total

200,80S1,547,451

6.231

200,80846,227

6,231

49,040302.306

S -

1,501,224

3,407,3831,623,334

39,981,98046,513,921

40,531102,071

1,404.73725,897,91927,445.258

13,897,770

46,131,366(960,477)

S 19.068.663

The accompanying notes to financial statements are an integral part of this statement.

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0,28

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___________

60,2

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_____________

37,9

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_____________

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_____________

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FUND FINANCIAL STATEMENTS - B

21.M ‘ .BFRDEl RF(.IO’ L SCHOOL. 1)ISI’RI(’I’ Ehihit B-I

B1 %( F 511FF I’

(;OEk’11’J1 11 “%L)S

It ‘F3O, 2011

‘ 5)3il3

(-30.00))804 902

S 0.404.805

I.iabilirie. and [und BalanceI abilities

\eoiints Pa able 8 II 41)53

Intertlind l’as able 803.092 804.) (02

)el’erred Res ernie

_______________

b6,’ 13

____________

1)2.07I otal I ab ii nies S I .224 — 946.604

I-u nd 1-lalanee

Restricted firI- \eess Surplus—P unent \ ear

( ()tt(ttiitted 0

s1aintenanee ReserseI )esionated for Subsequent Years I \penditrres —

Capital Reserse 596.985I )esigttated for Subsequent \ ears 1- \pendttures —

I’ ess Surplus -105.04)) 40504))I rnergene Reserse 500.281 500.281P apital Reserre \eeount 1.026 349 I 026.349

\sstuned lu:Other Purposes 1.002 67Designated hs I lie F1()1- for Subsequent Years

1 spenditures 38 512I nassiened

(ieneral I uttd 25 “.969Debt Sers tee I rind

I otal I rind lalanees

I olaf I tahilit tes and I rind Balance , 6.46 4,805 871,224

mol ii rep IL I lot ous cr11 oct dl dotS (((Cs iii

11 $191 melt f \ u Sssd S i ire do let onl

-IL dO

tpi 0 Isodo i .0 ii CO .tI0Ho.ii 0 u) S I) 0

re not :11 ii o 0,sortree nid theic 1 [C 0 C

‘pordd th to] he di-) (if he-L so $68 II” and tb, iu tmubadddofliot (tiLl o S 2$

to habib: s In, ludin hoitd pis able, ireto 10, “as -“ ‘i’o ott Pt pet 0.1 ‘i

c ash and i_ ash i qu s aCm -.—Restrieted

Reeetx able’, from I i9e i,os ernntents

I niertund Reeeis able

I ot,tl \ssets

Special Debt lotal

(;e,ieril Re enue Ser ice (uj erunientallurid Fund lund [Llnd%

-48Th224 1.501 224

81(4.1)02

871.224 4 7.33n.033

35.358

75.40

1,311.502 1.31 I.02

3001)00

38’.542

_____

4 4

- 1 6.389.339

M TAW.N-BERDEEN REGIONAL SCHOOL I)ISTRICT Exhibit B2

STAfEMEN1 OF REVENL ES, EXPENDJf{ RES AND CHANGES IN FIND BLNCES

GOVERN \IENT AL F1 NDS

FOR [HE \EkR ENDED JUNE 30. 2011

Special Debt Total

General Revenue Ser ice Goernmenta1

Fund Fund Fund Funds

Re enues

I ocal Sources:

I ocal Fa\ I es 5 44.105.926 2,317,367 36.423.293

I uition Charges 121.211 121.21!

I ransportation tees 125.580 125.580

Interest on ln cstments 3.541 3.541

\lisccllancous 51.342 47.417

_____________

98.759

lotal Local Sources 44.407.600 47.417 2.317.367 46.772.384

State Sources 14.753.946 3I.39I 18.545 14,803.882

Federal Sources

_______________

1.690.877

______________

1.690.877

lotal Res cnues 59.16! .546 1.769.685 2.335,912 63.267.143

Expenditures

Current:

Regular Instruction 17.321.662 17.321.662

Special Lducation Instruction 3.605,805 1.289.674 4.895.479

Other Special Instruction 1.410.213 1,410.213

Other Instruction 962.504 962.504

Support Scr\ ices and ndi stri Outed (‘osts:

I uition 1.396.673 4.396.673

Student and Instruction Related ‘cr ices 3.698.698 423.359 4.122.057

School .\drninistratis c Scrs ices 758.311 758.3 II

Other Adrninistrati c Sers ices 3.317.299 3,317.299

Plant Operations and Maintenance 4.920,803 4,920.603

Pupil I ransportation 2.728.276 2.726.276

nallocated Benefits 12.469.893 54.498 12.524.392

l)cht Ser icc:

Principal 1.351.737 1,354.737

Interest and Other Charges 1.143.909 IJ43.909

C aprtal Outlay 408 S02 . I 4 410.650

Summer SL000I 120 282

_________

120.262

\pauiture-. 50118.92 1 709S5

I )criicns . Recr ‘e ( >\ e’ 1 \gcod:tur’c’ 2

t ( 0 t,e rn I und B dances i.032.( (l62.74 2 879,S89

I d Balance in I ‘.4o 1L 162 75 ,5O94()

. 0, 6’).33’t - -1

23.MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Exhibit B-3

TO THE STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2011

Total Net Change in Fund Balances - Governmental Funds (From B-2) $ 2,879,889

Amounts Reported for Governmental Activities in the Statement ofActivities (A-2) are Different Because:

Capital Outlays are reported in governmental funds as expenditures.However, in the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.This is the amount by which capital outlays exceeded depreciation inthe period.Depreciation Expense (1,520,140)Capital Outlays 410.656

(1,109,484)

Repayment of bond principal is an expenditure in the governmental funds,but the repayment reduces long-term liabilities in the statement of netassets and is not reported in the statement of activities. 1,354,737

In the statement of activities certain operating expenses, compensatedabsences are measured by the amount earned during the year. In thegovernment funds however, expenditures for these items are reportedin the amount of financial resources paid. (147,053)

In the statement of activities, interest on long-term debt in the statement ofactivities is accrued, regardless of when due. in the governmental fund,interest is reported when due. 31.090

Change in Net Assets of Governmental Activities (A-2) $ 3,009,179

The accompanying Notes to Financial Statements are an integral part of this statement.

24.

AssetsCurrent Assets:

Cash and Cash EquivalentsAccounts Receivable:

StateFederal

InventoryTotal Current Assets

Noncurrent AssetsEquipmentAccumulated Depreciation

Total Fixed Assets

Total Assets

LiabilitiesCurrent Liabilities:

Deferred Revenue

Total Liabilities

Net AssetsInvestment in Capital AssetsUnrestricted

Total Net Assets

S 200,808

1,77644,451

6,231253,266

288,230(239,190)

49040

5 302,306

S 14,000

5 14,000

$ 49,040239,266

S 288.306


STATEMENT OF NET ASSETS

PROPRIETARY FUND

JUNE 30, 2011

Exhibit B-4

EnterpriseFunds


‘.IATAWAN-ABERDFEN REGIONAL SCHOOL DISTRICT25.

Operating Revenues:

Daily SalesFees

Total Operating Revenues

Operating Expenses:Salaries & BenefitsCost of SalesSupplies and MaterialsDepreciation

Management FeeMiscellaneous

Operating Expenses

Operating Gain’(Loss)

Non-Operating Revenues:State Sources:

State School Lunch ProgramFederal Sources:

National School Lunch Program

Federal Breakfast ProgramSpecial Milk ProgramFood Distribution Program

Total Non-Operating Revenues

Change in Net Assets

Adjustments:

Cancel Payables

Total Adjustments

Change in Net Assets after Adjustments

Net Assets July I

$ 994,623

33,869I ,028,492

661,288

654,783

2,2457,429

159,812

137,481

1,623,038

(594,546)

18.729

463,036

50,5181,842

73,690

607,815

13,269

7.328

7.328

20,597

2.67,709

S 288,306

STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS

Exhibit B-SPROPRIETARY FUND

JUNE 30, 2011

Enterprise

Funds

ihe accomp msinu Notes to Financial Statements are an imegral part of tins statement.

MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRiCT26.

STATEMENT OF CASH FLOWS

Exhibit B-6PROPRIETARY FUND

JUNE 30, 2011

Cash Flows from Operating Activities:Receipts from Customers & FeesPayments to Employees & BenefitsPayments to Supplies

Net Cash Provided (Used) by Operating Activities

Cash Flows from Noncapital Financing Activities:State SourcesFederal Sources

Net Cash Provided by Noncapital Financing Activities

Net Increase (Decrease) in Cash and Cash Equivalents

Balance - July 1

Balance - June 30

Reconciliation of Operating Income (Loss) to Net CashProvided (Used) by Operating Activities:

Operating Income (Loss)DepreciationFederal CommoditiesAdjustments to Reconcile Operating Income (Loss)

to Cash Provided (Used) by Operating Activities:Decrease/(Increase) in Inventory(Decrease)/lncrease in Deferred RevenueDecrease/(Increase) in Accounts Receivable

Net Cash Provided (Used) by Operating Activities

Enterprise

Funds

$ 1,034,142(661,288)(878,774)

(505,920)

18,729515,396534,125

28,205

172,603

$ 200,808

$ (594,546)7,429

73,690

3,1715,650

(1,314)

S (505,920)


27.

Assets:Cash and Cash Equivalents

Total Assets

Liabilities:Payroll Deductions and Withholdings

Total Liabilities


STATEMENT OF FIDUCIARY NET ASSETS

FIDUCIARY FUNDS

JUNE 30, 2011

Exhibit B-7

PayrollAgency

Fund

$ 260,246

S 260,246

5 260,246

$ 260,246


NOTES TO FINANCIAL STATEMENTS

28.BOARD OF EDUCATION


NOTES TO THE FINANCIAL STATEMENTS

JUNE 30, 2011

NOTE 1: Summary of Significant Accounting Policies

1 he financial statements of the Board of Education tj3oard) of the \latawan—AberdeenRegional School District (District) have been prepared in conformity ‘ ith generall acceptedaccounting principles (GAAP) as applied to go ernmental units. The Go ernmental AccountingStandards Board (GASB) is the accepted standard—setting body for establishing go\ernmentalaccounting and financial reporting principles. The more significant of the Board’s accountingpolicies are described belo.

A. Reporting Entity:

The Mataw an—Aberdeen Regional School District is a 1*pe II district located in theCounty of Monmouth. State of New Jersey. As a Type II district, the School District functionsindependently through a Board of Education. The board is comprised of nine members elected tothree-year terms. The purpose of the district is to educate students in grades PreK-12. TheMataw an—Aberdeen Regional School District had an approximate enrollment at June 30. 2011 of3,830 students.

The primary criterion for including activities within the District’s reporting entity, as setfi.wth in Section 2100 of the GASB Codification of Government Accountint and FinancialRepitjggSttglaris. is whether:

• Ihe organization is legally separate (can sue or be sued in their own name)• The District holds the corporate powers of the organization• Fhe District appoints a ‘ oting majority of the organization’s hoard• The District is able to impose its will on the organization• The organization has the potential to impose a financial/benefit/burden on the District• Fhere is a fiscal dependency by the organization on the District

B. (;oei’minient—wideFiiiancia1 Statements

1 he c ernmenl-w ide financial s1atement include the statement ol net assets and thestatement of activities. These statements report financial information for the District as a wholee\ciudi no fiduc iar act tv nessuch as udem act i tics I id ividua funds are not dispLaed butthe statements distinguish governmental activities, generally supported by state and federal aid,tult 11 md nimt\ t l\ L\ ILS Porn huns pL ‘t’c fl U I I Ic u 1 pwith fc.c harged to external parties.

29.

NOTE 1: Summary of Significant Accounting Policies (Continued)

B. Government-Wide Financial Statements (Continued)

The statement of activities reports the expenses of a given function offset by program

revenues directly connected with the functional program A function is an assembly of similaractivities and may include portions of a fund or summarize more than one fund to capture theexpenses and program revenues associated with a distinct functional activity, Program revenuesinclude (1) charges for services which report fees and other charges to users of the Districtsservices and (2) operating grants and contributions. These revenues are subject to externallyimposed restrictions to these program uses. Tax levies and other revenue sources not properlyincluded with program revenues are reported as general revenues.

Fund Financial Statements

Fund financial statements are provided for governmental, proprietary and fiduciaryfunds. The New Jersey Department of Education (the Department”) has elected to require NewJersey districts to treat each governmental fund as a major fund in accordance with the optionnoted in GASB No. 34. paragraph 76. The Department believes that the presentation of all fundsas major is important for public interest and to promote consistency among district financialreporting models.

C. Measurement Focus, Basis of Accounting and Financial StatementPresentation

The financial statements of the District are prepared in accordance with generallyaccepted accounting principles (GAAP). The District’s reporting entity applies all relevantGovernmental Accounting Standards Board (GASB) pronouncements. The government-wideand proprietary fund financial statements apply Financial Accounting Standards Board (FASB)pronouncements and Accounting Principles Board (APB) opinions issued on or before November30. 1989, unless those pronouncements conflict with or contradict GASB pronouncements, inwhich case, GASB prevails.

The government-wide statements report using the economic resources measurementfocus and the accrual basis of accounting generally including the reclassification or eliminationof internal activity (between or within funds). Proprietary and fiduciary fund financialstatements also report using this same focus and basis of accounting although internal activity isnot eliminated in these statements. Revenues are recorded when earned and expenses arerecorded when a liability is incurred regardless of the timing of related cash flows. County taxrevenues are recognized in the year fur which they are levied while grants are recognized whenrantor eligibility requirements are met. The Unemployment Trust Fund recognizes employer

and employee contributions in the period in which contributions are due,

Governmental fund financial statements report using the current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognized whenthey are both measurable and available. Available means collectible within the current period orsoon e.notigh thereafter to apply current I iabi I ities. The District considers revenues to heavailable if they are collected within 60 days of the end of the fiscal year. Expenditures are

rec.orded when the re.lated fund liability is incurred, except for long4erm pension andc.ompensated abse.nce.s, which are reported as expenditures in the year due..

30.NOTE 1: Summary of Significant Accounting Policies (Continued)

C. Measurement Focus, Basis of Accounting and Finincial StatementPresentation (Continued)

\iajor reenue sources susceptible to accrual includes lntergo\ernmental re enues. andthe local tax le In general. other re enues are recogniied hen cash is recei\ ed.

Operating income reported in proprietan frmd financial statements includes re enuesand expenses related to the prirnar\ continuing operations of the fund. Principal operatingreenues for proprietary funds are charges to customers for food sales and for ser ices pro idedto other go ernmental entities. Principles operating expenses are the costs of pros iding goods orserx ices and include administrati e expenses and depreciation of capital assets. Other re enuesand expenses are classified as non-operating in the financial statements.

D. Fnn(l Accounting:

1 he accounts of the District are maintained in accordance ith the principles of fundaccounting to ensure obser ance of limitations and restrictions on the resources aailable. Theprinciples of timd accounting require that resources he classified for accounting and reportingpurposes into funds or account groups in accordance ith acti ities or objecti es specified forthe resources. Each fund is a separate accounting entity v ith a self—balancing set of accounts.An account group. on the other hand. is a financial reporting device designed to provideaccountabilit for certain assets and liabilities that are not recorded in the funds because the donot directl affect net expendable aailahle financial resources. Funds are classified into threecatettories: goernmental. proprietary and fiduciar . Each category. in turn, is divided intoseparate “fund types”.

Governmental Fund Types

General Fund: fhe general fund is the general operating fund of the District and isused to account for all expendable financial resources except those required to heaccounted for in another fund.

SpciaL Rexenue Fund: ihe District accounts for the proceeds of specific re enuesources (other than expendable trust or major capital projects) that are legallyrestricted to expenditures for specified purposes in the special re enue funds.

CaEital Projects Fund: the capital projects fund is used to account for all financialresources to he used for the acquisition or construction of major capital Ficililies (otherthan those financed b\ proprietar\ fnnds

[)eht Ser ic I und I he debt se! x ice fun I 1\ used t aount (or the accitmnmilation a!resources for and the pa mciii of prinu ipa I and interest on bonds issued to financemajor propert\ acquisition construction and mnprc\ enient proeram%

ProrictaFundlvpe

I and. I a a pc a i di a OIu Iaia uud ad puiatud 01 •1 maancr n r,o ha iia pu n h aai 1 i IlL L q ii ii)I 1 i ‘Iii ol •i’iL t( [(( i:Lt .flt .I:0.u1aaad Ill isi ai

31.NOTE I: Summary of Significant Accountin2 Policies (Continued)

1). Fund Accountint (Continued):

Proprictar Fund Type

Enterpgi’.e food Sen ieelfund: [he enterprise fund accounts for all reenues andexpenses pertaining to cafeteria operations. [he tood ser ice fund is uiiliied toaccount for operations that are lnanced and operated in a manner similar to pri atebusiness enterprises. 1he stated intent is that the cost (i.e. expenses includingdepreciation and indirect costs) of providing goods or ser\ ices to the students on acontinuing basis are tinanced or reco ered primaril through user charges.

Fiduciary Fund Types

FrustandAggng Funds: Fhe trust and agenc’ funds are used to account for assetsheld h\ the [)istrict on behalf of outside parties. including other go ernmenls. or onbehalf of other funds ithin the District.

NoneApendableFrustFnnd: A nonexpendable trust fund is used to account liar assetsheld under the terms of a formal trust agreement. hereby the District is underobligation to maintain the trust principal.

Exendable Trust Fund: An Expendable Trust Fund is accounted liar in essentially thesame manner as the go ernmental fund t pes. using the same measurement focus andbasis of accounting. Expendable [rust Funds account for assets here both theprincipal and interest ma be spent. Expendable [‘rust Funds include 1Tnemplo mentCompensation Insurance and scholarship funds.

AencFundjI roll and Student Actix ities Fund): Agenc funds are used toaccount br the assets that the District holds on behalf of others as their agent. Agencyfunds arc custodial in nature and do not in ole measurement of results of operations.

F, Budcts/Budgetarv Control:

\nnudl ipprr priated budgets are prepared in the sprmc of each ear fot the generalspecial re enue. and debt sen ice funds. 1 he hudgLfs ni c uhmitted to the C ourny oftce and are\ oted upon at the annual school eicc.ion on the third I ur cda in .\p 1. Budgets are preparedusine the modil wd accrual basis at ‘ice untun: the lenni icS el of hudctai Lonti ol is cstahlishcdat line tern accounts ith in each fund. I inc item accounts are deflned as the lo e’.t (mostspecjtlc) ! ci t’ dci ni I as established pm suant to the minimum chart of acLounts rebienccd in.1 \ ( o \‘ 2t in I \ii hntiet amendnienis mu’.i he appr ed t\ Sehoai Board eolutiouBndtet mi ndnk ilLs dni ug thL car endLd June (). 201 1 xs crc insigni icant. w ith the except onof adjustments made liar the iedu’,,tion 1 State aid.

I u . ‘. 1 1,i a L )‘ ‘1 s Ir t I ra u “ I a r’ ‘ i a ni “i.n ‘lu. al .an .

a r a ;ihahc ic H L. sc hc2cicn mc’. hits in p :Jed ldIc lsuif m ra n. the ,Jnnticd e il tn4 oi uc 4s a inLlIiO;i ILfli iiciac iuircs ioinoi i

32.NOTE 1: Summar of Si2nitlcant Accounting Policies (Continued)

E. Budets/Budetarv Control (Continued):

The Commissioner must also re iew e er proposed local school district budget for thenext school year. He examines e er item of appropriations for current expenses and budgetedcapital outlay to determine their adequacx in relation to the identified needs and goals of thedistrict, If, in his iew. the are insufficient, the Commissioner must order remedial action. Ifnecessar. he is authorized to order changes in the local district budget.

Once a budget is approed. it can be amended by transfers or additional appropriation offund balances h approval of a majority of the members of the Board. Amendments arepresented to the Board at their regular meetings. Each amendment must have Board approal.Such amendments are made before the fact. are reflected in the official minutes of the Board, andare not made after fiscal ear-end as dictated by law. lndi idual transfers were not material inrelation to the original appropriations. All uncommitted budget appropriations lapse at ear-end.

I:ori1al hudgetar\ integration into the accounting s stem is emplo ed as a managementcontrol device during the year. For goernmental funds there are no substantial differencesbetween the budgetary basis of accounting and generall\ accepted accounting principles with theexception of the special revenue fund as noted below. Encumbrance accounting is also employedas an extension of formal budgetary integration in the goernmental fund t\pes. Unencumberedappropriations lapse at fiscal year end.

The accounting records of the special revenue fund are maintained on the grantaccounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that thegrant accounting budgetary basis is recognizes encumbrances as expenditures and alsorecognizes the related revenues, whereas the GAAP basis does not. Sufficient supplementalrecords are maintained to allow for the presentation of GAAP basis financial reports.

F. Encumbrances:

Under encumbrance accounting purchase orders. contracts and other commitments forthe expenditure of resources are recorded to resere a portion of the applicable appropriation.Open encumbrances in goernmental funds other than the special revenue fund are reported asreserations of fund balances at fiscal year end as they do not constitute expenditures orliabilities hut rather commitments related to unperftrmed contracts for goods and ser ices.

Open encumbiancec in the spedial reenue fund En which the District has receicdad ances are reflected ir the balance cheee as deferred ie caries at fiscal sear end

fhe encumbered appropriation authority carries o er into the next fiscal ear An entrwill be made at the beginning of the next fiscal year to mci ease the appropriation reflected in thecertified budget by the outstanding enLumbrance amount as of the Lurreni fiscal year end.

33.NoTE 1: Sumniarv of Significant Accounting Policies (Continued)

(. Short-Term Interfund Receivables/Pavables:

Short— Ferin interfund receivables/pavables represents amounts that are owed, other thancharges for good or sen ices rendered to tiom a particular fund in the District and that are duewithin one sear.

H. Inventories and Prepaid Expenses

Inventories and prepaid expenses. which benefit future periods. are recorded as anexpenditure during the year of purchase. ihe value of inventories remaining at the end of thefiscal year is not included on the balance sheet.

Enterprise fund inventories are valued at cost. which approximates market. using thefirst—in—first—out (F1FO) method. Prepaid expenses in the enterprise fund represent pa mentsmade to vendors for services that vill benefit periods beyond June 30. 201

I. Capital Assets and Depreciation

The District’s propert. buildings and improvements, equipment. vehicles, furniture andfixtures with useful lives of five years or more are stated at historical or estimated historical costand are reported in the government—wide financial statements. Proprietan Fund capital assets arereported in its respective fund.

1 he costs of normal maintenance and repairs that do not add to the asset value ormaterially extend the useful lives are not capitalized. Capital assets are depreciated using thestraight-line method. \Vhen capital assets are disposed, the cost and applicable accumulateddepreciation are removed from the respective accounts. Estimated useful lives, in ears. fi.rdepreciable assets are as flllo s:

Buildings and Improvements 20 50Equipment and VehiclesFurniture and Fixtures

( Ipil U 1’L’ i.tJ\ lt\ toi thL d! Lndid lulL ‘0 2o ‘ o IN toIi

34,NOTE 1: Summar of Significant Accountiniz Policies (Continued)

1. Capital Assets and l)epreciation (Continued)

Governmental Acti’ ities:Depreciable Assets:

Site ImprovementsBuildingsEquipment

Total

S 635.11463.290.7694.144.718

68,070.601

BalanceJune 30, 2011

635.11463.290,769

4.1 89.44868.115.331

Less: AccumulatedDepreciation:

Site ImprovementsBuildingsEquipment

Iota I

(229.559)(23.639.719)

- i74,L9I)

(36.632)(1.186.308)

(1.520.140)

(266.19!)(21,826.027)

±Q4iJIi(S±i”I,IJ)

Net Depreciable Assets 41.45 7.390 (5.410 39.981,980

Governmental ActivitiesCapital Assets (Net) $ 41,457.390 (1,475,410) 39.98 1,980

Business-Type Activities:Capital Assets Being Depreciated:Equipment $ 288.230 288,230

Less: AccumulatedDepreciation

Equipment J3i,ZL)

Business-Type Acti itiesCapital Assets. (Net> S 56,469

Accumulated depreciation was a I1ocated to governmental activities as follows:

Prior YearsAce urn ulatedreciationS 26.613,211

Current Year[)e p rec ía (ionense1 520.141)

TotalAccumulatedciation

28.133.351

Ba lanceJuly 1, 2010 Additions Deletions

44.73044.730

7.429)

(7.429) 49,040

f nallocatcd

NOTE 1: Summary of Signiflcant Accounting Policies (Continuedj

J. Compensated Absences

District employ ees are permitted. within certain limitations, to accrue s acation and sickleak e in ‘. ar ing amounts under the Districts personnel policies and ma he paid at a later dateaccording to contractual agreements.

Fhe liabilit) br s ested compensated absences of the gos ernmental fund t pes isrecorded in the gos ernment—w ide financial statements as a non—current liabilit Governmentalfunds report onl matured compensated absences pa able to currenil. terminating emplo. ees andare included in ss aies and benefits pa able

K. Deferred Reenue

Deferred res enue in the general and special rcsenuc funds represent cash which has beenreceis ed hut not \ et earned. See Note 1(F) regarding the special revenue fund.

L. Fund Equity

The governmental fund financial statements report resers ed ftmd balance for amountsnot as ailable for appropriation or legallN restricted for specified purposes. Fhe general fimdresers e for restricted purposes includes net assets relating to capital resers e (See Note 9).

NOTE 2: Cash and Cash Equivalents and Investments

Cash and cash equivalents includes pett cash, change funds, amounts in deposits, andshort term investments with original maturities of three months or less.

Ins estments are stated at cost. which approximates market. Uhe District classifiescertificates of deposit. ss hich has e original matnritv dates of more than three months but less thantss els e months from the date of purchase. as ins estments.

Deposits

New Jerse statutes require that school districts deposit public funds in publicdepositories located in Ness Jerse\ which are insured b the Federal Deposit InsuranceCorporation. the Federal Savings and loan Insurance Corporation. or by an other agenc of theI. nited States that insures deposits made in public depositories. School districts are alsopermitted to deposit public funds m the State of New Jersey C ash 1anagemnent Fund

\ew Jere’ statutes reqtore puhhc depositoric’ to maintam co1litemal for deposits ofpubic I und that exceed depos tory nsIrjiice 1mm jts ‘i fial lows.

I he market saluc of the collateral must equal at least s of the as eracedad balance of coilceted public funds on dept sit

In addition to ihe above collateral requirement if the public funds depositcu exceed‘1 the apita! fnd t lie ic ioi dept 1r ,ust p os ide oh a has me a market‘niea Ci’LT!! l. laH1I\ LdiP

36.NOTE 2: Cash and Cash Equivalents and Investments (Continuedi

fleposits (Continued)

All collateral must he deposited with the Federal Reser e Bank ofNe York. the FederalReserve Bank of Philadelphia, the Federal Home Loan Bank of New York, or a bankinginstitution that is a member of the Federal Reserve System and has capital funds of not less than525 WOO 000

Investments

Ne Jerse statutes permit the District to purchase the follow ing t\ pes of securities:

a. Bonds or other obligations of the United States or obligationsguaranteed by the United States.

b. Bonds of any Federal Intermediate Credit Bank. Federal HomeLoan Bank. Federal National Mortgage Agency or an UnitedStates Bank for cooperatives which have a maturit) dale not greaterthan twelve months from the date of purchase.

c. Bonds or other obligations of the school district.

As otJiine 30. 2011. cash and cash equivalents and investiien[s of the I)istrict consistedof the following:

Cash and CashEquivalents

Checkine. Money Market AccountsAnd Certificate of Deposit S 3.685.08()

NJ Asset and Rebate Management Program

$ 5,627.764

The carrying amount of the District’s cash and cash equivalents at June 30. 2011 was5 62 64 tnd tl. h ink h il in w N SO 441 212 01 thL hank b il ncc 300 000 w s co Lrcdby h.deral depositors insurance and 86.1-41.242 was covered by a collateral pool maintained bthe banks as required by New Jersey statutes.

ditRiskCateories

All hank deposits and iu\estnients as of the balance sheet date arc classified as to creditrisk by the following categories described below:

S

1,942,684

8 6,41 .742

37.NOTE 2: Cash and Cash Equivalents and Investments (Continued)

The in estment recorded in the basic financial statements has been recorded at thecarr ing amount. The diflerence het een the cari ing amount and market ‘ alue is not materialto the basic financial statements.

New Jersey Asset and Rebate Management Program — The Program has been establishedas a joint in estment trust “the Trust”) h local go em mental units in the State of New Jerseyconsistent with the Interlocal Ser ices Act, constituting Chapter 208 of the Pamphlet Lass of1973 of the State of New Jerse\ and the acts amendator thereof and supplemental thereto(N .J.S.A. 40:8A— 1 et seq.) (the “Interlocal Ser\ ices Act”) to make a ailable to counties,municipalities, school districts. authorities, or other political suhdi isions of the State. and shereapplicable, an bond trustee acting on behalf of such I ocal Go ernment. a convenient methodfor investing and accounting for surplus cash and tax exempt debt proceeds. The Program seeksto ins est tax—exempt bond and note proceeds in compliance w ith arbitrage management andrebate requirements of the Internal Revenue Code of 1986. as amended. The Program alsopros ides tbr record keeping. depository and arbitrage rebate calculation.

As of June 30. 201 I. the District had $1 .442.423 on deposit with the New Jerse Assetand Rebate Management Program and $500.26 1 w ith the New Jerse Cash Management Fund.

NOTE 3: General Lone-Term Debt

During the fiscal ear ended June 30. 2011 the fiallow ing changes occurred in liabilitiesreported in the general long—term debt account group:

Balance Balance Long-Term 2011-12June 30 201() Additions L)eletions June 30, 2011 Portion PamentCompensated AbsencesPaable S 1.071.393 147.053 1.218.446 1.218.446Bonds PaabIe 27,438.947 1.354.737 26,084.210 24.679.473 1.404.737Capital leases Pa\ able 67.230 67.230

I otal 287.5() 14.053 1.42 1.°6 2.302656 2$0.9l9 I .401$

NOTE 3: General Long-Term Debt (Continued)

Debt sen ice requirement’ on serial bonds payable at June 30. 2011 are as follows:

‘lear [tiding June 30.Principal Interest Total

$ 26,084,2 10 10.190.196 36,274,406

Compensated absences and capital leases have hen ltquidated in the General Fund.

Interest paid on debt issued b the District is exempt from federal income tax. Becauseof this. bondholders are illing to accept a lower interest rate then the’., would taxable debt. lheDistrict temporarily reinsests the proceeds ol such debt in higher—’ ielding taxable securities.espcciall\ during construction projects. [he Federal Tax Code refers to this as arbitrage.

[arnings in excess of the ield on the debt issue are rebated to the Federal Go ernrnentbased on requirements in the Internal Re enue Code Arbitrage rebate payable representsamounts due to the Internal Re enue Sen ice Iir interest earned on unspent bond proceeds thatexceeds legall\ —alloahle returns.

Rehatable arbitrage liabilities related to the District debt are not recorded inooernmental funds. [here is no rccoonitiun in the Balance Sheet or Income Statement untilrebatable amounts are due and pa) able to the Federal (Jo ernmenl,

[3onds Pa’. able

..1 F [) \ I Ofl

Issue Dates12 50

12 39

0$ 0)

Goernnicnt Activitiesinterest Rates Dates of ]Iaturit

O0—5 200 08 S .

4 0tF4’0fl (10 1 11

r I

June 30, 2010‘s 80,000

22 .9 5.000569 210

1 ot ii Bod

2012 S 1.404.73 1,090.268 2,495.00520 13 1 .361.3 1 .033.3 1 I 2.498.0482014 1 .534,36 973,04120 I 5 I .600.000 906.902 2.506.9022016 1.685,000 834.543 2.519,54320F-2021 6.410.000 3.364.336 9.74.3362022-2026 8.140.000 1£ 1 2.63 3 9.952.6332027-2028 3,84500 1 75. 162 4.020.162

B B ud’. uth ri,ed But ‘sot Is p

39.NOTE 4: Pension Plans

Description of Plans — All required emplo ees of the District are co ered b either thePubhc Emploees’ Retirement S\ stern or the 3 eachers’ Pension and Annuit Fund which ha ebeen established h state statute and are administered h the New Jersc Di ision of Pension andBenefits ( Di ision ). According to the State of Nex .Terse \dministrati e Code, all obligationsof both S’ stems will be assumed h the State of New Jerse should the S\stems terminate. iheDi ision issues a publicl available financial report that includes the financial statements andrequired supplementar information lbr the Public Emplo ees Retirement S’ stem and theTeacher’s Pension and •\nnuity Fund. [hese reports ma he obtained by writing to the Div isionof Pensions and Benefits, P0 Box 295, Irenton. New Jersey, 08625.

Teachers’ Pension and Annuity Fund (TPAF) [he Teachers’ Pension and AnnuityFund was established as of Januar I. 1955. under the provisions of N.J.S.A. I $A:66 to provideretirement benefits, death. disability and medical benefits to certain qualified members. IheTeachers’ Pension and Annuity Fund i5 considered a cost-sharing multiple—employer plan w ith aspecial funding situation, as under current statute. all emplo er contributions are made b theState of New Jersey on behalf of the District and the system’s other related non—contributingemplo ers. Membership is mandatory for substantially all teachers or members of theprofessional staff certified bx the State Board of Examiners, and emploees of the Department ofEducation who hay e titles that are unclassified, professional and certified.

Public Employees’ Retirement System (PERS) — The Public Employees’ RetirementSstem (PERS) was established as of.lanuary 1. 1955 under the provisions ofN.J.S.A. 43:1 5A toprovide retirement. death. disabilit and medical benefits to certain qualified members. ThePublic Emploees Retirement System is a cost—sharing multiple—emplo er plan. Membership ismandatory fbr substantially all full—time employees of the State of New Jersey or any county,municipality, school district, or public agency. pray ided the employee is not required to he amember of another state—administered retirement system or other state or local jurisdiction

Vesting and Benefit Provisions The vesting and benefit prov isions for PERS are seth N.J.S.A. 43:1 5.\ and 43.3B. and N.J.S.A. I 8A:6C for TPAF. All benefits vest after eight toten years of sen ice. except ir medical benefits that vest after 25 years of serv ice. Retirementbenefits for age and service are available at age 60 and are generall determined to he 1/60 of thefinal average salary for each year of sen ice credit, as delined. Final average salary equals theaverage salary for the final three years of serv ice prior to retirement (or highest three years’compensation if other than the final three years). Members may seek early retirement afterachiev ing 25 years of ser\ ice credit or they may elect deferred retirement after achieving eight toten years of serv ice in which case benefits would begin the first day of the month after themember attains natmal retirement age Fhe I P \1 and P1 RS prov ide ftr specified medicalbenefits flr members w Ito retire alter achiev ing 25 \ears of qualified sery ice as defined, orunder the disability provision of the S stem

\lenihers ate t a fri 1k ested tot their ow it contrrhni tons and, a tier three years atselv iLe Lredit become v cstcd tar 2’ , of rctaied rntLrest earned on the contribution ln the case ofdeath before retirement mcmlx, Vs’ cnL tic tat tes at cent itled t toll interest cred ted t themembers’ accounts

NOTE 4: Pension Plans (Continued)

Significant Legislation - During the year ended June 30, 1997. legislation was enacted

Chapter 11$. P.L. 1997) authoriting the New Jersey Economic De eiopment Authority to issue

bonds. notes or other obligations for the purpose of financing, in full or in part. the State of New

Jerse ‘s portion of the unfunded accrued liability under the State of New Jersey retirement

s’ stems. Additional legislation enacted during the sear ended June 30. 1997 (Chapter 11 5. P.L.

I 99). changed the asset ‘ aluation method from market related alue to full—market value, this

legislation also contains a pro ision to reduce the employee contribution rate by 2 of 1° o to

4.5°o for calendar years 1998 and 1999, and to allow for a reduction in the emploee’s rate after

calendar year 1999. pro iding excess aluation assets are available. The legislation also

pros ided that the Districts’ normal contributions to the Fund may be reduced based on the

realuation of assets. Due to recognition of the bond proceeds and the change in asset valuation

method as a result of enactment of Chapters 114 and 115. all unfunded accrued liabilities were

eliminated. except fur the unfunded liability for local early retirement incentie benefits.

accordingly. the pension costs for TPAF and PERS were reduced.

Funding Policy — The contribution polic is set by New Jersey State Statutes and

contributions are required by acti e members and contributing emplo ers. Plan member and

employer contributions may be amended by State of New Jerse legislation. TPAF and PERS

provide for employee contributions ots° o of employ ees’ annual compensation, as defined.

Employ ers are required to contribute at an actuarially determined rate in both TPAF and PERS.

The actuarially determined contribution includes funding for cost—of-living adj ustments.

noncontributor’ death benefits, and post-retirement medical premiums. Under current statute the

District is a non—contributing employ er of the ‘I PAF.

Legislation enacted during 1993 pros ides early retirement incentives for certain members

of TPAF and PERS who met certain age and sen ice requirements and who applied for retirement

between certain dates in the 1994 fiscal year. The early retirement incentives included: (a) an

additional fi’e years of sen ice credit for employees at least age 50 with a minimum of 25 years

of ser ice (h) free health benefits for employees at least 60 years old with at least 20 years of

service: and (c) an additional $500 per month for two years for emplo ees at least age 60 w ith 10

years hut less than 20 years of ser ice. I he Board will assume the increased cost for the early

retirement as it affects their districts.

The contribution policy is set by N.J.S.A. 43: ISA, Chapter 62. P.L. of 1994. Chapter

115, P.L. of 1997 and N.J.S.A. 18:66. and requires contributions by actie members and

contributing employers. Plan members and employer contributions may he amended by State of

New Jersey legislation. TPAF and PERS pro ide for employee contributions of 50 of

ernpio ces’ annual compensation, as defined, [ mplo ers arc required to contribute at an

actuarially determined rate in both I PAF and PERS. f’he actuarially determined contribution

includes funding fur Cost—of-lR lug adjustments. nonconiributory death benefits, and post—

retirement medical premiunw 1 ‘nder current statute the 1)istrict is a jion—contributing emplo cr

of the IP \F,

Ihree-\ car irend Information for PERS

Annual Percentage Net

Year Pension of APC Pension

jj,iino tjl>(’ (ontributed atioi)o()

41.NOTE 4: Pension Plans (Continued)

Three-Year Trend Information for TPAF (Paid On-Behalf of the 1istrict)Annual Percentage Net

Year Pension of APC PensionFunding Cost (APC) Contributed OhIiation6/30/Il S L938,559 100% $06/30! 0 1 .94—I.45 I 00% 06/30/09 L726,612 100% 0

During the fiscal year ended June 30. 2011, the State of New Jersey contributedSI .938.559 to the TPAF for normal and post—retirement benefits on behalfof the District. Also.in accordance with N.J.S.A. 18A:66-66 the State of New Jersey reimbursed the District51.921.186 durini the \ear ended June 30. 2011 %r the emplovers share of social securitcontributions for TPAF members. as calculated on their base salaries. This amount has beenincluded in the general—purpose financial statements. and the combining and indi\ idual fund andaccount group statements and schedules as revenues and expenditures in accordance with GASB24.

NOTE 5: Post-Retirement Benefits

P.L. 1987. c. 384 and P1. 1990. c.6 required Teachers’ Pensions and Annuit Fund(TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical henelits for those State emplo ees ho retire after accumulating 25 ears ofcredited service or on a disability retirement. P.L. 2007. c. 103 amended the law to eliminate thefunding of post—retirement medical benefits through the TPAI and PERS. It created separateftmds outside of the pension plans lbr the funding and payment of post—retirement medicalbenefits for retired State emploees and retired educational employees. As ol June 30. 2010,there ere 87,288 retirees eligible for post-retirement medical benefits. The cost of thesebenefits is funded through contributions by the State in accordance ith P.L. 1994. c.62.Funding of post-retirement medical premiums changed from a prefunding basis to a pay-as-von-go basis beginning in Fiscal Year 1994.

Fhe State is also responsible ft’r the cost attributable to P.L. 1992 c. 126. which providesli’ee health benefits to members of PERS and the Alternate Benefit Program who retired from aboard oteducation or county colleee ith 25 years of service. The State paid $1 26.3 milliontoward Chapter 126 benefits for 14,050 eligible retired members in Fiscal Year 2010.

NOTE 6: fredCo,jsation

The Board offers its employees a choice of the ftdlowing deferred compensation planscreated m accordance with Internal Re\ enue Code Section 403 b lhe plans. w htch areadministered by the enti1es listed below, permits participants to defr a portion of their salaryunt I future ears..mounts detbrrcd under the plans are not ava able to emplo\ ees unt Itermination, retirement, death or unfaresecable emergency. The plan administrators are asI lows:

Met Lil:

American [oiled Jite

Valic

.42.

NOTE 7: Risk Management

I he District is exposed to various risks of loss related to torts: theft of. damage to. andde%truction of assets: errors and omissions: injuries to emplo ees: and natural diasters.

Propert and Liabi1it Insurance fhe I)istrict maintains commercial insurance coerage forpropert . liabilit . student accident and suret bonds. A complete schedule of insuranceco erage can he found in the Statistical Section of this Comprehensi e Annual Financial Report.

New Jersey Unemployment Compensation Insurance I he District has elected to fund itsNess Jersey 1 nemplox ment Compensation Insurance under the “Benefit Reimbursement\Iethod”. Lnder this plan. the District is required to reimburse the 4Ses Jersex [nemplox mentTrust Fund for benefits paid to its fdrmer employ ees and charged to its account ‘a ith the State.Ehe District is billed quarterly for amounts due the State. Fhe follossing is a suminar of Districtcontributions. emplox cc contributions, reimbursements to the State for benefits paid and theending balance of the District’s balance in the pay roll agenc\ fund for the current xear andprevious year:

District Employee AmountFiscal Year Contributions Contributions Reimbursed2010-2011 $ 103,639 64.015 167.1542009-2010 104,170 73.790 177.9602008-2009 84,721 72,016 156,737

NOTE 8: Capital Resere Account

A capital reser e account as established by the Mata\\ an-Aberdeen Regional Board ofEdtication on October 16. 2000 for the accumulation of funds for use as capital outlayexpenditures in subsequent fiscal sears. Fhe capital reser e account is maintained in the generalfund and its actis ity is included in the general fund annual budget.

Funds placed in the capital reser e account are restricted to capital projects in thedistrict’s approved Long Range Facilities Plan (“[REP”) and updated annually on the QualityAssurance Annual Report (“QAAR”). Lpon submission of the LRFP to the department, adistrict may increase the balance in the capital reser e by appropriating funds in the annualgeneral fund budget certified for taxes. A district may also appropriate additional amounts ‘a henthe express approval of the ‘ oters has been obtained either by a separate proposal at budget timeor by a special question at one of the four special elections authoriied pursuant to \‘.)SA. 19:60—2. Pursuant to \..J 1 C. 6:23A—5 1 (ci) . the balance in the account cannot at any time exceed thelocal support costs of uncompleted capital prqjects in its appros cd I REP.

1 he actis its of the capital 1ese e hat the JuIx 1. 2010 to June 0 2011 fiscal sear is as

Beinning Ifalance mix I. it

Intet est am mes 92I ransfcrs in hx E3oard Resolution 300,000

I nhn Balance, Junc 0, 20! 4

43.

NOTE 9: Interfund Receivables and Pavables

The following interfund balances remained on the balance sheet at June 30. 2011.

Interfund InterfundFund Receivable Payable

Current Fund $ 804.092Special Revenue Fund 804.092

NOTE 10: Fund Balance Appropriated

General Fund — Of the $7.3 70,626 General Fund fund balance at June 30. 2011,$1 .602.677 is reserved for encumbrances: $596,985 has been appropriated and included asanticipated revenue for the year ending June 30, 2011 from Capital Reserve: $1 ,026,349 is inCapital Reserve, $500,281 is in an emergency reserve. $300,000 is in a maintenance reserve:excess surplus is $1 .3 1 I ,592 excess surplus designated for subsequent years is $405,940:$387,542 is designated for subsequent years expenditures and $1,239,260 is unreserved andundesignated.

NOTE 11: Calculation of Excess Surplus

In accordance with N.J.S.A. 1 8A:7F-7. the designation for Reserved Fund Balance -

Excess Surplus is a required calculation pursuant to the New Jersey Comprehensive EducationalImprovement and Financing Act of 1996 (CEIFA). New Jersey school districts are required toreserve General Fund fund balance at the fiscal year end of June 30 if they did not appropriate arequired minimum amount as budgeted fund balance in their subsequent years’ budget.

Reserved for encumbrances represents outstanding purchase orders which will be rolledinto the 2011-2012 budget and expended therefrom.

Reserved excess surplus represents a calculation under N.J.S.A. I 8A : 7F-7 whichidentities an amount of surplus under the statute which must he restricted for use in the nextsuLcecdlng budget lhc Distnct t June. 30 2011 had an cxccss surplus of$I 311 592 (scecalculation below).

Unreserved is surplus not previously committed or reserved for any other purpose.

The calculation of reserved excess surplus is as follows:

cessSur Ins2010-I I Total General Fund Expenditures Per the CAFR $ 56i 18.923

Decreased byOn—I3ehalf TPAF Pens ion & Social Security

Adjusted 2010—Il General Fund Expenditures $ 52,259,1 78

2% of Adjusted 2() I 0—il General Fund Expenditure.s $ I ,045. 183Increased by: Allowable Adjustment 194M77

NOTE 11: Calculation of Excess Surplus (Continued)

Section 2Fotal General Fund Fund Balance 6-30-I I $ 7.370.626

Decreased b:Year-End Encumbrances

I .602.677)Legal1. Restricted:Designated for Subsequent Years Expenditures Capital Resere (596.Q85)Excess Surplus — Deskmaied for Subsequent Years F\penditures (405.940)Other Restricted Rescred Fund Balances 1.826.630)Assigned:Designated for Subsequent Years Expenditures j87,542)

Total Unassigned Fund Ilalance$ 2.550,852

Restricted Fund Balance - Excess Surplus$ 1,3 11,592

Section 3Reserved Fund Balance — Excess Surplus Designated forSubsequent Expenditures

$ 405.940Excess Surplus1.311.592

$ 1,717.532

Detail of Allowable AdjustmentsLxtraordiiiar Aid

$ 174.444Non-Public Transportation Aid

$ 194,077Detail of Other Restricted Fund BalanceFmergenc Reser e

$ 500.281Maintenance Reserve300.000Capital Reser e

1.026.349Total Other Reser ed Fund Balance

$ I ,826,630

NOTE 12: Contingent Liabilities

[he Hoard is not inoRed in an’ claims and la’uits incidental to its operations, in thconinion of the administration and it kial counsel.

NOTE 13: 1iioriiic1ecnJev

I he Dtnct rccc\ uhtai ,i i! nunt po’ tli i i dcr 19 ‘alLi a cot \ n I ant dULti ii hc I 1 opport ! ‘1 a r h o mis aI i a ib ) a pr a i i t itic

NOTE 14: Sinlflent Acconmdn Proi.o.ncemenb

In June 2009. the FASH issued FASB ASC 105. Generally Accepted AccountingPrinciples, which establishes the FASB Accounting Standards Codification as the sole source ofauthoritatie generally accepted accounting principles. Pursuant to the pro’iisions of FASB ASC105. the District has updated references to GAAP in its financial statements issued for the periodended June 30. 2011. The adoption of FASB ASC 105 did not impact the District’s financialposition or results ofoperations.

In Ma 2000. the FASB updated ASC 855. Subsequent Esents. which is cffecti’ie forreporting periods ending after June 15. 2009. ASC 855 establishes general standards ofaccounting for and disclosure of events that occur after the balance sheet date. but before thefinancial statements are issued. or are aiailable to be issued. The District adopted the amendedsections of ASC 855 and it did not ha’e an impact on the District’s financial statements. TheDistrict ealuatcd all events or transactions that occurred after June 30. 2011 through November1’,

45.

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1JX1JNOiJIANVJ3II1ddu1S(JflhIr1OIN1.SLiO

61.MATAWAN-ABERDEEN REG IONAL SCHOOL DISTRICT

REQUIRED SUPPLEMENTARY INFORMATIONExhibit C-3

BUDGET TO GAAP RECONC I LIATION

NOTE TO RSI

FOR THE FISCAL \TAR ENDED JUNE 30, 2011

SpecialGeneral Revenue

Fund FundSources/Inflows of ResourcesActual amounts (budgetary) ‘revenues’ from the

budgetary comparison schedules $ 58.870.250 1.820.507

Difference - budget to GAAP:Grant accounting budgetary basis differs fromGAAP in that encumbrances are recognized asexpenditures, and the related revenue is recognized. (50.822)

State aid payment recognized for GAAP statements inthe current year. previousl, recognized liar budgetarypurposes. 1.272,587

State aid payment recoenized for budgetary lposes.not recognized for GAAP statements until thesubsequent year. (981.291)

Total revenues as reported on the stalement of revenues.expenditures and changes in fund balances -

governmental funds. $ 59. 61.546 I .769.685

Uses/Outflows of ResourcesActual amounts ( hudgetar basis) total outfio S tromthe budgetary comparison schedule S 56.1 18.923 1.820.507

I)i t ferences bud eel to (iAAP:l-ncumbranccs liar supplies and equipment orderedhut not received are reported in the ear the order isnlaeed for hudoetar purposes. hut in the \ ear thesupplies are receied liar linancial reporting purposes

Total e\rendturcs as retwrted on the statL lIen ofre’ canes. ca cndture.aIiJ chaRles in fund ha ianecgovernmental funds.

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CAPITAL PROJECTS FUND - F

N/A

PROPRIETARY FUNDS - G

MA

TA

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RD

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NR

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6

MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT66.

COMBINING STATEMENT OF REVENUES, EXPENSES AND ChANGES IN FUND NET ASSETSExhibit G-2

ENTERPRISE FUNDS

JUNE 30. 2011

Food SummerServices Theater Total

Operating Revenues:

Daily Sales 994,623Fees

________________

4,169

_______________

33,869Total Operating Revenues

_________________

4.169

________________

1,028,492

Operating Expenses:

Salaries & Benefits 661,288

Cost of Sales 654,783

Supplies and Materials 2,245

Depreciation 7,429

Management Fee 159,812 159,812

Miscellaneous 137,481

________________ ________________

137,481

Operating Expenses 1,585,102

________________ ________________

1,623,038

Operating Gainl(Loss)

Non-Operating Revenues:

State Sources:State School Lunch Program 18,729 18,729

Federal Sources:

National School Lunch Program 463,036 463,036

Federal Breakfast Program 50,518 50,518

Special Milk Program 1,842 1,842

Food Distribution Program 73,690 73,690

Total Non-Operating Revenues 607,815 - - 607,815

Change in Net Assets 17,336 (962) (3,105) 13,269

Adjustments:Cancel Payables

_______ ______

Total Adjustments

Change in Net Assets after Adjustments

Net Assets - July 1 265,665

8 290,329

(1,826) 3,870 267,709

TV

Studio

8 994,623

994,623

625,597654,783

7,429

29,70029,700

30,5605,131

2,245

5,131 32,805

(590,479) (962) (3,105) (594,546)

7.328

7.328

24.664 (962)

7.328

7,32 S

(3,105) 20597

Net Assets June 30

MA

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ies

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)

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tal

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Net

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han

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ash

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ival

ents

26,6

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2.54

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ance

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116

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603

Bal

ance

June3

0$

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ies:

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e(L

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eral

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545

(505

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H-U?fIiANVIJi1UIi

NIATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

COMBINING STATEMENT OF FIDUCIARY NET ASSETSExhibit 11-1

JUNE 30, 2011

Miscellaneous

Payroll Student Trust

Agency Activity Funds Total

Assets:Cash and Cash Equivalents $ 260,246 135,921 2,420 398,587

Total Assets S 260,246 135,921 2,420 398,587

Liabilities:

Payroll Deductions and Withholdings $ 260,246 260,246

Worker’s Compensation Reserve 2,420 2,420

Due to Student Groups

_____________

135.921

______________

135,921

Total Liabilities $ 260,246 135,921 2,420 398,587

MATAWAN-ABERDEEN REGIONAL Sc HOOL DiSTRICT Exhibit 11-3

STUDENT ACTIVITY AGENCY FUND

SChEDULE OF RECEIPTS AND DISBURSEMENTS

JUNE 30, 2011

Elementary Schools:RavineC’liffwoodStrathmoreLloyd Road

Total Elementary Schools

Middle School:Matawan Avenue

Total Middle School

High School:High SchoolAthletic Account

Total High School

BalanceJuly 1, 2010

S 6.3356.0278,068

19,02839,458

14,02914,029

81,603642

82,245

S 135,732

CashReceipts

1.1051,3415,067

21,61929.132

84,10884,108

199,39057,578

256,968

CashDisbursements

3,0672,5712,899

22,29430,831

87,47387.473

193,49558.220

251,715

BalanceJune 30, 2011

4,3734,797

10,23618,35337,759

10,66410,664

87.498

87.498Total Schools

370,208 370,019 135,921

70.

NIATMVAN-ABERDEEN REGIONAL SCHOOL DISTRICT

PAYROLL AGENCY FUNDExhibit 11-4

SCHEDULE OF RECEIPTS AND DISBURSEMENTS

JUNE 30, 2011

Balance Balance

July 1, 2010 Additions Deletions June 30, 2011

Assets:

Cash and Cash Equivalents $ 57,276 14,704,505 14,501,535 260,246

Total Assets $ 57,276 14,704,505 14,501,535 260,246

Liabilities:

Payroll Deductions and Withholdings $ 57,276 14,704,505 14,501,535 260,246

Total Liabilities $ 57,276 14,704,505 14.50 1,535 260,246

71.MATAVAN- ABERDEEN REGIONAL SCHOOL DISTRICT

MISCELLANEOUS TRUST FUNDSExhibit W5

SChEDULE OF RECEiPTS AND DISBURSEMENTS

JUNE 30. 2011

Balance BalanceJuly 1, 2010 Additions Deletions June 30, 2011

Assets:

Cash and Cash Equivalents $ 5,676

____________

3,256 2,420

Total Assets $ 5,676 - 3,256 2,420

Liabilities:

Optical Reimbursement Reserve $ 3,256 3,256Worker’s Compensation Reserve 2.420

_________________________

2,420

Total Liabilities $ 5,676 - 3,256 2,420

I-1WJUI3J%)To]

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2010

Ret

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2011

2006

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05%

$32

2,49

0$

67.2

3067

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MA

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WA

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317,

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(162

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)(1

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162,

738

162,

738

162,

738

1

STATISTICAL SECTION

(I. In an tilted)

MA

TA

WA

N-A

BE

RD

EE

NR

EG

ION

AL

SCH

OO

LD

IST

RIC

T

NE

TA

SS

ET

SB

YC

OM

PON

EN

T

LA

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FISC

AL

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AR

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CC

RU

AL

BA

SIS

OF

AC

CO

UN

TIN

G)

(UN

AU

DIT

ED

)

Exh

ibit

J-1

2007

$14

,184

,626

.37

2,93

2,66

8.59

(1,4

46,2

78.8

7)

$91

,508

.82

41,4

76.6

6

$14

,276

,135

.19

2,93

2,66

8.59

(1404.8

02.2

1)

2008

$15

,943

,464

.00

2,05

5,33

8.00

(788

,619

.00)

$17

,210

,183

.00

$99

,449

.00

487.

00

$16

,042

,913

.00

2,05

5,33

8.00

(788

,132

.00)

2009

$13

,836

,947

.00

2,87

5,58

6.00

(1,0

28,8

13.0

0)

$13

,894

,636

.00

2,87

5,58

6.00

(855

,043

.00)

2010

$13

,951

,213

.00

2,50

9,63

8.00

(71,

581.

00)

$56

,469

.00

211,

240.

00

$14

,007

,682

.00

2,50

9,63

8.00

139,

659.

00

2011

$13

,897

,770

.00

6,13

1,37

0.00

(960

,477

.00)

$49

,040

.00

239,

266.

00

$28

8,30

6.00

$13

,946

,810

.00

6,13

1,37

0.00

(721

,211

.00)

Gov

ernm

ent

Act

iviti

es:

Inve

sted

inC

apit

alA

sset

s,N

etof

Rel

ated

Deb

tR

estr

icte

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ted

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alG

over

nmen

tA

ctiv

ities

Net

Ass

ets

Busi

nes

sType

Act

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es:

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sted

inC

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alA

sset

s,N

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Deb

tU

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MATAV1ANABERDEEN REGIOSAL SCHOOL DISTRICT

CHANGES IN NET ASSETS

LAST FOUR FiSCAL YEARS(ACCRUAL BASIS OF ACCOUNTING)

(UNAUDITEDI

Exhibit 1-2Page 1 of 2

76.

Business-Type Activities:Food ServiceOther ActIvitiesInternal Service Fund

Total Business-Type Activities Expenses

Total District Expenses

11.471,896 Dot 11,47610600)(38,887.00)

47F896 00) (LA 14,993.00)

l69,771.00 600’

(1,648 360 00) (1,585,102 00)(37,936.00)

(164806000) j038.00l

$ (66.178,163.00) $ 61,881,002001

Program Revenues’Governmental Activities,

Charges for Services:instruction ITuitiomPupil Transportation

Operating Grants and ContributionsCapital Grants and Contributions

Total Governmental Activities Piogram Revenues

121,211.00

1,769,685.00

1.890.89600

Business-Type Aclivities:Chaiges tor Services,

Food ServiceOlher Activ8ies

Operatina Grants and ContributionsCapital Grants arid Contributions

ToI:i( Business-Type Activities Program Revenues

Tolvi Distrct Pr’orai” P.evn’nues

036 037 00

4)1,70200

1,447.739,00

S 3.14448500

11)420340031,348,00

490,791.00

1 564,173.00

31341 ((SOil

1 u: t 72600

606,56) 00

1,678.287.00

3 3,482 544,90

994 623 0033 869 00

607.81500

1,636,307,00

3 3-527203,00

Net Experiue(JRevesue,Governmental Aclvtties

Total Div7:’:.cl-wi0e Net Expeosei:’Revmtae

$ (03001,128,00) S (64.984.996.OOt

Sa,O5.,’O’ S’0)A935.SLAOO:

S (62,725.546,00) S (00,367.068.00100 - 1726970

$ (62.695.619.00) $ (55,353799:301

2008 2009 2010

$ (18,538,833 00) $ (18,307.683.00) S (18.205.392 001i2.608.139.OOl 3.607 13600) 4 573 144.00)1,896,463 00’t 12 437 459.OOi 1323,23600)(975.072.00) (954,518 00) (1,072.195 00>

4 843.586 00) 4.938.097 OOi 14.877 910 00)15.215 226.001 5 034,745 00) (5 008 238.00)

2011

$ (17,468,715.0014 895,479.OOi

(1.410,21300)(962.504 00)

(4 396 674 0011,4122.05700)

Expenses.Governmental Achvities

Instruction’RegularSpecial EducationOther Special EducationOther Instruction

Support Services:tuitionInstructionAttendanceHealth ServicesOther Support ServicesEducational Media ServicesInstruclional Staff TrainingGeneral Administrative ServicesCentral ServicesSchool Administrative ServicesAdmix Information TechnologyAllowed Maintenance (or School FacilitiesPlant Operations and MaintenanceStudent Transportation ServicesBusiness and Other Support ServicesUnallocated Employee BenefitsNon-Budgeted Expenditures

Summer SchoolInterest on Long-Term DebtARRAUnallocated Deprectation and Amortization

Total Governmental Activities Expenses

(3,397.182 00) 3,560.268 00) (3,536.825.00) (3.3(7.299 00)

(1 0t4,565 00) (107909600) (912,726,001 1758.311 00)

15,473.257.00112 654,973 00)

(16.188,685 00)

(112.594.001(1.248.209 00)

—91’00’

16.587 213 00)2,570,611 001

(12.361 .936 00)

(59.358 001(1,224 629.00)

,,j.739,092.00(

461,84

15.367,081.00)12.556,743 00)

(13.544.811 00)

188 404 00)(1.153,524.00)(1.710.066.00)

-,‘-990o

(4920.803.00)(2.728,276 001

(12,524,392 001

1120,282.00)(1,112.819.00)

11.520.14000)

7,964,00

1.696.747.00 1,476,845 00 1.804.257.00

1,696.74700 I 476.84500 1 804.25700

Exhibit J•2MATAL’VAN-ABERDEEN REGIONAL SCHOOL DISTRICT Page 2 of 2

CHANGES IN NET ASSETS

LAST FOUR FiSCAL YEARSACCRUAL BASIS OF ACCOUNTING)

UNAUOITEU)

2008 2009 2010 2011Genera) Revenues and Other Changes in Net AssetsGovernmental Actrvitiev

Property Taxes Levied for General Purposes Net S 43449 97000 S 43826599 00 S 43801 85900 S 44105926 00Taxes Levied for Debt Service 242728800 247860500 247162500 231736700Unrestricted Grants and Contributions 18 015,03400 16795,52400 16745,40500 14772491 00Restricted Grants and ContributionsTuition Received 8372400 74491 00 t1409500 t2121 1 00Miscellaneous Income 277801 00 388.68500 29600700 55 711 00Investment Earnings 209.73100 39,39300 7,245.00 3,541 00

rota) Governmental Activities 64,463.52800 6360329700 63.436.23600 61.37624700

Business-Type ActivitiesOther 82.34300 7,32800

Totat Business-Type Activities 82,343,00 7,328.00

Total Oistrict-v,ide S 6446328.00 S6385.640 00 863.43623600 S 61.383.57500

Changes in Net AssetsGovernmentatActivities $ 1.462,400,00 $ (1.381.69900) $ 710,690.00 $ 3,009,179.00Business-Type Activities J15700) - 131.52300 2992700 20.59700

Total District $143824300 j1,250.i76.00 $ 740,61700 $ 3.02977600

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79.Exhibit J-4


CHANGES IN FUND BALANCES, GOVERNMENTAL FUNDS

LAST FOUR FISCAL YEARS(MODIFIED ACCRUAL BASIS OF ACCOUNTING)

(UNAUDITED)

2008 2009 2010 2011Revenues:

Tax Levy $ 45877,23800 $ 46,305,20400 S 4627348400 S 46,423,293.00Tuition Charges 83724.00 74,491.00 114,095.00 121,211.00Interest Earnings 11,526.00 39393.00 7,24500 3.541 .00Transportation Fees 92,03200 112,047.00 118,583.00 125,580.00Miscellaneous 396,506.00 381,184.00 210,715.00 98,759.00State Sources 18,543,078.00 16,874,024.00 15,067,138.00 14,803,882.00Federal Sources 1 156,171.00 1398,345.00 3,449,233.00 1690,877.00

Total Revenues 66,160,275.00 65,184,688.00 65,240,493.00 63,267,143.00

Expenditures:Instruction:

Regular 18,565,643.00 18,608,236.00 18,460,986.00 17,321,662.00Special 2,608,139.00 3607,136.00 4,573,144,00 4,895,479.00Other 2,871535.00 3,391,977.00 1,395,431.00 2,372,717.00

Support Services:Tuition 4,843,586.00 4.938,097.00 4,877,910.00 4,396.674.00Instruction 5,215,226.00 5,034,745.00 5,008,238.00 4,122,057.00AttendanceHealth ServicesOther Support ServicesEducational Media ServicesInstructional Staff TrainingGeneral Administrative ServicesSchool Administrative Services 1,014,565.00 1,079,096.00 912,726,00 758,311.00Central ServicesOther Administrative Services 3,397,182.00 3,560,268.00 3,536,825.00 3,317,299.00Admin. Information TechnologyAllowed Maintenance for School FacilitiesPlant Operations and Maintenance 5,473.257.00 6,587,213.00 5,367,081.00 4,920,803.00Student Transportation Services 2,654,973.00 2,570,611.00 2.556,743.00 2,728,276.00Business and Other Support ServicesUnallocated Employee Benefits 16,188,685.00 12,361,936.00 13,544,811.00 12,524,392.00Non-Budgeted Expenditures

Summer School 112,594.00 59,358.00 88,404.00 120,282.00ARRA 1,710,066.00Debt Service:

Principal 1,209,737.00 1,259,737.00 1.304,737.00 1,354,737.00Interest and Other Charges 1,281,979.00 1,241,308.00 1,194,327.00 1,143,909.00

Capital Outlay 1,420,826.00 500,923.00 373,274.00 410656.00

Total Expenditures 66,857,927.00 64.800,641.00 64,904,703.00 60,387,25400

Excess/(Deficiency) of RevenuesOver/(Under) Expenditures (697,652,00) 384,047.00 335790.00 2,879,889.00

Other Financing Souicesi(Uses):Accounts Receivable Cancelled (2.589.00)Capital LeasesTransfers In 155.45900 1064.00Transfers Out (257.416.00) (1.06400)

Total Other Financing Sourcesi(Uses)

________________

(104,546.00)

Net Change in Fund Balances 5 (697.652.00) $279,501.00 $ 335.79000 $ 2.879.889.00

Debt Servce as a PercentaceNoncapitsi Expenditures 3.81% 3.89%

Source Dstrict wcords

Note: Noncapital expenditures are total expenditures less Capital Outlay.Central Service and Administrative Information lechnology account ciassifcations were added beginning with year-end June 30, 2005.Prior to June 30, 2005, Central Service and Administrative Information Technology were corn bined in Other Support Servicesas Business and Other Support Services

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520

01N

/A-

N/A

N/A

N/A

N/A

2002

N/A

-

N/A

N/A

N/A

N/A

2003

426,

100.

834

-

1,20

3,89

542

7,30

4,72

958

8,63

4,87

42.

791

2004

424,

900,

234

-1,

037,

785

425,

938,

019

658,

969,

925

3.03

120

0542

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995,

450

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613,

084

742,

185,

934

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020

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4-

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439

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169,

673

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523,

783

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020

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1,81

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4-

731,

572

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543,

706

1,01

3,33

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63.

367

2008

*1,

034.

213,

900

(1,1

41,8

00)

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2,22

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035,

956,

127

1,08

6.12

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61.

447

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(1,2

55,6

00)

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21,

043,

005,

812

1,08

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11.

456

2010

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7.80

0(9

81,1

00,0

0)1,

785,

231

1,04

7,65

3,03

11,

082,

020,

202

1.45

920

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e:

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trac

tof

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able

s

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08.

4.Exhibit J8MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

PRINCIPAL PROPERTY TAXPAYERS

CURRENT YEAR AND TEN YEARS AGO(UNAUDITED)

ABERDEEN TOWNSHIP

20112002Taxable % of Total Taxable % of TotalAssessed Rank District Net Assessed Rank District NetValue (Optional) Assessed Value Value (Optional) Assessed Value

Taxpayer 1 $ 27,030,500 1 N/A $ N/A 1 0%Taxpayer 2 26,100.000 2 N/A N/A 2 0%Taxpayer3 20,918,800 3 N/A N/A 3 0%Taxpayer 4 16,197,100 4 N/A N/A 4 0%Taxpayer 5 14,579,100 5 N/A N/A 5 0%Taxpayer 6 13,799,500 6 N/A N/A 6 0%Taxpayer 7 12,600,300 7 N/A N/A 7 0°/oTaxpayer 8 10,944,200 8 N/A N/A 8 0%Taxpayer 9 9,549,900 9 N/A N/A 9 0%Taxpayer 10 7,671,900 10 N/A N/A 10 0%Total $ 159,391,300 N/A $ N/A 0%

MATAWAN BOROUGH

2011 2002Taxable % of Total Taxable % of TotalAssessed Rank District Net Assessed Rank District NetValue (Optional) Assessed Value Value (Optional) Assessed ValueTaxpayer 1 $ 20,000,000 1 N/A $ N/A 1 0%Taxpayer 2 11,125,000 2 N/A N/A 2 0%Taxpayer 3 7,250,000 3 N/A N/A 3 0%Taxpayer 4 6,989,400 4 N/A N/A 4 0%Taxpayer 5 6,974,500 5 N/A N/A 5 0%Taxpayer6 6,919,400 6 N/A N/A 6 0%Taxpayer 7 6,166,700 7 N/A N/A 7 0%Taxpayer 8 5,704,000 8 N/A N/A 8 0%Taxpayer9 4,991,000 9 N/A N/A 9 0%Taxpayer 10 4,650,100 10 N/A N/A 10 0°o

Total $ 80,770.100 N/A $ N/A 0%

NA Not AvaIable

Source MuncpaI Tax Assessor

85.Exhibit J-9


PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS(UNAUDITED)

Collected Within the Fiscal YearFiscal Year of the Levya Collections in

Ended Taxes Levied for Percentage SubsequentJune 30, the Fiscal Year Amount of Levy Years

2002 $ 34,331,128 33,830,078 98.54%

2003 37,369,033 36,827,116 98.55%

2004 40,672,291 40,160,024 98.74%

2005 40,941,201 40,941,201 100.00%-

2006 42,320,980 42,320,980 100.00%-

2007 44,821,367 44,821,367 100.00% -

2008 45,877,238 45,877,238 100.00% -

2009 46,305,204 46,305,204 100.00%-

2010 46,273,484 46,273,484 100.00%-

2011 46,423,293 46,423,293 100.00%

Source: District records including the Certificate and Report of School Taxes (A4F form)

a School taxes are collected by the Municipal Tax Collector. Under New JerseyState Statute, a municipality is required to remit to the school district the entireproperty tax balance, in the amount voted upon or certified prior to the endof the school year.

Exh

ibit

J-10

MA

TA

WA

N-A

BE

RD

EE

NR

EG

ION

AL

SCH

OO

LD

IST

RIC

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lA

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Act

iviti

esB

ond

Gen

eral

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tifi

cate

sA

ntic

ipat

ion

Per

cent

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ear

Obl

igat

ion

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lN

otes

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ital

Tot

alP

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nal

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EnJune3

Bon

dsb

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tici

pati

onL

ease

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AN

s)L

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istr

ict

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mea

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5584100

-

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--

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020

0335

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104.

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--

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93.0

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304.

0020

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26,0

84.2

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0-

--

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.00

N/A

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e.D

etal

sre

gard

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the

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tric

t’s

outs

tand

ing

debt

can

befo

und

inth

eN

otes

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eFi

nanc

ial

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tem

ents

.

aS

eeE

xhib

itN

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ean

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arly

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lan

(‘E

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Not

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labl

eat

the

time

ofau

dit

87.Exhibit J-1 1MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

RATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


General Bonded Debt OutstandingNet Percentage of

General General Actual TaxableFiscal Year Obligation Bonded Debt Valuea of PerEnding June 30, Bonds Deductions Outstanding Property Capitab

2002 $ 4,555,841- 4,555,841 0.37% 173.00

2003 35.722,104- 35,722,104 2.90% 1355.00

2004 34.672,367- 34,672,367 2.76% 1,315.00

2005 33,547,630 33,547,630 2.63% 1,272.00

2006 32,392,893 32,392,893 2.54% 1229.00

2007 31,213,156 31,213,156 2.45% N/A

2008 30,003,421 30,003,421 N/A N/A

2009 28,743.684 28,743,684 N/A N/A

2010 27,438,947 27,438,947 N/A N/A

2011 26,084,210- 26,084,210 N/A N/A

Note Details regarding the District’s outstanding debt can be found in the Notes to theFinancial Statements.a See Exhibit NJ J-6 for property tax datah Population data can he found n Exhibit NJ J14

N/A Not available at the time of audit

Exh

ibit

J-12

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90.Exhibit J-14


DEMOGRAPHIC AND ECONOMIC STATISTICS


Per Capita UnemploymentYear Populationa Personal Incomeb Personal Incomec Rated

2001 26,364 1,146,043,080 43,470 3.55%

2002 26,364 1,151,684,976 43,684 520%

2003 26,364 1,043,408,028 39,577 510%

2004 26,364 1,089,676,848 41332 4.10%

2005 27,152 1,122,246,464 41,332 4.40%

2006 27,163 1,122,701,116 41,332 3.95%

2007 27,284 1,618,050,336 59,304 3.60%

2008 27,144 1,609,747,776 59,304 4.20%

2009 27,472 1,629,199,488 59,304 7.33%

2010 27,020 1,602.394,080 59,304 7.44%

2011 N/A N/A N/A N/A

Source:a Population information provided by the NJ Department of Labor and Workforce Development.b Personal income has been estimated based upon the municipal population and per capita

personal income presented.Per capita personal income by municipality estimated based upon the 2000 Census publishedby the US Bureau of Economic Analysis and includes both the Borough of Matawan And Townshipof Aberdeen

Unempioyment data provIded by the NJ Department of Labor and Workforce Development.NA ot available at the time of audit

91.Exhibit J15


PRINCIPAL EMPLOYERS

CURRENT YEAR AND TEN YEARS AGO(UNAUDITED)

ABERDEEN TOWNSHIP

2011 2002Percentage of Percentage of

Total TotalRank Municipal Rank MunicipalEmployer Employees (Optional) Employment Employees (Optional) Employment

UNAVAILABLE 1 12 23 34 45 56 67 78 89 9

10 10

Total

MATAWAN BOROUGH

2011 2002Percentage of Percentage of

Total TotalRank Municipal Rank MunicipalEmployer Employees (Optional) Employment Employees (Optional) Employment

UNAVAILABLE 1 12 23 34 45 56 67 78 89 910 10

Information not available at time of CAFR preparation

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Exhibit J-18MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

SCHOOL BUILDING INFORMATION

LAST FIVE FISCAL YEARS(UNAUDITED)

District/Building 2007 2008 2009 2010 2011Elementary:

Cambridge Park ElementarySquare Feet 21,800 21,800 21,800 21,800 2t800Capacity (Students) 86 86 86 86 86Enrollment 82 86 86 86 86Cliffwood Elementary SchoolSquare Feet 66,376 66,376 66,376 66,376 66,376Capacity (Students) 342 342 342 342 342Enrollment 347 340 340 340 340Lloyd Road SchoolSquare Feet 70,581 70,581 70,581 70,581 70,581Capacity (Students) 621 621 621 621 621Enrollment 630 556 556 556 556Ravine Drive SchoolSquare Feet 46,879 46,879 46,879 46,879 46,879Capacity (Students) 355 355 355 355 355Enrollment 368 352 352 352 352Strathmore Elementary SchoolSquare Feet 58,513 58,513 58,513 58,513 58,513Capacity (Students) 463 463 463 463 463Enrollment 477 470 470 470 470

Middle School:Matawan Avenue Middle School

Square Feet 136,032 136,032 136,032 136,032 136,032Capacity (Students) 1,225 1,225 1,225 1,225 1,225Enrollment 934 903 903 903 903High School:

Matawan Regional High SchoolSquare Feet 161,388 161,388 161,388 161,388 161,388Capacity (Students) 1,509 1,509 1,509 1,509 1,509Enrollment 1,144 1,153 t153 1,153 1,153Other:

Central Office AdministrationSquare Feet 21,800 21,800 21,800 2L800 21,800

Number of Schools at June 30, 2011Elementary 5Middle School = 1Senior High School = IOther 1

Source: District Facilities OfficeNote: Year of original construction s shown in parentheses. !ncreases in square footage and capacity are the result ofadditions. Enrollment is based on the annual October District count.

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(11

96Exhibit J-20MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

INSURANCE SCHEDULE

June 30, 2011(UNAUDITED)

Carrier Coverage DeductibleSchool Package Policy:Property - Blanket Building and Contents (2) $ 136,407,088 $ 5,000EDP Hardware/Software (2) 2,250,000 1000Extra Expense (2) 50,000,000 5,000Valuable Papers and Records (2) 10,000,000 5,000Flood Zones A&V (2) 3,000,000 500,000Flood Zone B (2) 25,000,000 10,000Earthquake

(2) 5,000,000 5,000CRIME Public Employee Dishonesty (2) 1000,000 1,000Loss of Money & Securities (2) 50,000 500Money Orders & Counterfeit (2) 50,000 500Forgery or Alteration (2) 1,000,000 1,000Computer Fraud (2) 1,000,000 1,000GENERAL LIABILITY - Each Occurrence (2) 11,000,000Products/Completed Operations (2) 11,000,000Sexual Abuse (2) 11,000,000Personal & Advertising Injury (2) 11,000,000Employee Benefits (2) 11,000,000 1,000Medical Payments (2) 10,000Boiler & Machinery - Energy Systems (2) 100,000,000 5,000Automobile Policy - Auto Liability - General Security (2) 11,000,000Garage Liability (2) IncludedCollision & Comprehensive (2) 1,000Uninsured/Underinsured (2) 1,000,000Personal Injury Protection (2) 250,000Medical Payments (2) 10,000Hired Car Physical Damage (2) 75,000Hired & Non-Owned Auto Liability (2) 1,000,000School Board Legal Liability (E&O) (2) 11,000,000 5,000Extended Reporting Option (2)Workers Compensation - ERIC/NJSBAIG (2) StatutoryBodily Injury By Accident (2) 2,000,000Bodily Injury By Disease (2) 2,000,000Supplemental Workers Compensation Policy (2) 52 weeks 7 daysPollution Legal Liability - Environmental Impairment (2) 1,000,000 10,000Catastrophic Excess Umbrella Policy (5) 50,000,000Compulsory Student Accident - nd Athletics (4) 5,000,000Compulsory Student Accident - ExcI Athletics (4) 1000,000

Surety Bonds:Treasurer

(2) 350,000 1,000Board Secretary/Business Administrator i6) 150,000Food Services Director (6) 50.000

List Insurance Company:(1) NJSBAIG(2) Bollinger Insurance Co.(3) Fireman’s Fund(4) Selective

Source District records

NOIIJ3SIlailY31N1S

1\o1Et . LLLatL an/ 2orn/2aiajCERTIFIED PCBLIC ACC’OL’NT.4NTS

ARMOUR S. HULSART, C.P.A.. R.M.A., P.S.A. (1959-1992)73l 280 8888 2807 Hurley Pond Road Suite 100

ROBERT A. HULSART, C.P.A., R.M.A., P.S.A. 1P0. Box 1409ROBERT A. HULSART JR.,C.P.A. P.S.A.

e-mail: Wall. New Jersey 07719-1409rah@rnonmouthcom (732i 681-4990RICHARD J. HELLENBRECHT, JR., C.P.A., P.SA.

REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCiAL

REPORTING ANt) ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUI)IT OF FINANCIAE STATEMENTS PERFORMED

IN ACCORflANCE WITH GOVERVWENT,4UD1TINGSTiND.4RDS

K-I

1-lonorable President and Membersof the Board of Education

Matawan—Aherdeen Regional School DistrictCounts of MonmouthMatawan. New Jerse

We have audited the general—purpose financial statements of the Board of Education of theMatawan—Aberdeen Regional School District, in the County of Monmouth, State of New Jersey, as ofand for the fiscal year ended June 30. 2011. and have issued our report thereon dated November 3. 2011We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica: tile standards applicable to financial audits contained in (Jorer,,nw,,i ;litd!ing Sia,idarjc.issued by the Comptroller General ol the United States: and audit requirements as prescribed by theDivision ol Finance. Department of Education. Slate of New Jersey.

internal Control Over Financial Reporting

In planning and performing our audit. we considered the \-lataw an—Aberdeen Regional Board ofEducation s internal control oer financial reporting as a basis for designing our auditing procedures forthe purpose of expressine our opinion on the financial statements. but not fur the purpose of expressiiiean opinion on the efTecti eness of the Matawan-Abcrdeen Regional Board of Educations internal controlflnancal reportine. Accordint1 we do not express an opinion on the e1iecu eness of the\iatawan-\herdeen Regional I3oard of Educations internal control over financial reporting.

A dejicwncl 0/ 10 Wi//U! con/rn) exIsts when the design or operation of a control does not allowmanaaemcnt or empio\ ecs. in the normal course of performing their assi ned functions, to pre ent ordetect and correct niissiatcments on a tintelv basis A muicain! weakness is a deflc-ienc . or combination1 i

0 ILl a k. L b \ Ip

of the i)strict s hnanca1 statements wi I not be prevented, or detected and c.orrected on a time.! basis,

98,

Our consideration of internal control over financial reporting was for the limited purposedescribed in the lirst paragraph of this section and would not necessarily identif\ all deficiencies ininternal control that might he significant deficiencies or material weaknesses. We did not identify andeficiencies in internal control over financial reporting that we consider to be material weaknesses, asdefined abo\ e.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Mataan—Aherdeen Regional Boardofi-ducations general-purpose financial statements are free of material misstatement, we performed testsof its compliance with certain provisions of laws. regulations. contracts and grant agreements.noncompliance with v hich could ha e a direct and material effect on the determination of general—purpose financial statement amounts. Howe er, providing an opinion on compliance with thoseprovisions was not an objective of our audit and, accordingly, we do not express such an opinion. Theresults of our tests disclosed no instances of noncompliance or other matters that are required to hereported under Gm’cnu,,c’,,l Auditing .Siu,idarts and audit requirements as prescribed h the Division ofFinance, Department of Education. State of New Jersey.

This report is intended solely thr the information and use of the audit committee. management,the Matawan-Aberdeen Regional Board of Education, the New Jersey State Department of Education andother state and federal awarding agencies and pass—through entities and is not intended to be and shouldnot he used by anyone other than these specified parties.

Robert A. liulsartLicensed Public School AccountantNo. 322Robert A. I lulsari and Company

November 3. 2011

99.f) /1 77 J/ P / /7JoLtt ct. ‘7’uLatt alui Lo1nf2a129CERTIFIED PUBLIC ACCOUVT-4NTh

ARMOUR S. HULSART, C.P.A., R.M.A., P.S.A. (1959-1992)732)280-8888 2807 Honey Pond RoadS Suite 100RO8ERT A. HULSART. C.P.A., R.M.k. P.S.A, I

P 0 Box 1409ROBERT A. HULSART. JR.,C.RA., P.S.A.e-mail: wail New Jersey 07719-1409

rah@monmouth corn (732) 681-4990RICHARD J. HELLEN8RECHT, JR.. C.P.A., P.S.A.

REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE TO EACH

MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE

IN ACCORDANCE WITh 0MB CIRCULAR A-133 AND

NEW JERSEY 0MB CiRCULAR 04-04

K-2I lonorable President and Members

of the Board of EducationMatawan-Aberdeen Regional School DistrictCounty of MonmouthMatawan. New Jersey

Compliance

We have audited the compliance of the Board of Education of the Matawan—Aberdeen RegionalSchool District, in the County of Monmouth. State of New Jersey. with the types olcompliancerequilements dLserihed in the ( S Of/irc of 1anag JuL lit and Budgc 1(0 JJ3j ( a ti/ui 1—I aCompliance Supplement and the New ,Jersev State Aid/Gra,,t Compliance Supplement that are applicableto each of its major federal and state programs for the tiscal ear ended June 30. 2011 . Matawan—Aberdeen Regional Board of Education’s major federal and state programs are identified in the summaryof auditor s results section ol the accompanying schedule of findings and questioned costs. Compliancewith the requirements of laws, regulations, contracts and grants applicable to each of its major federaland state programs is the responsibility of the Mata an—Aberdeen Regional Board of Education’smanagement. Our responsibility is to express an opinion on the Matawan—Aberdeen Regional Board ofEducation’s compliance based on our audit.

We conducted our audit of compliance in accordance ith auditing standards generally acceptedin the United States- ol America: the standards applicable to financial audits contained in (jouernmentAuditing Standards-, issued by the Comptroller General of the United States: the audit requirements asprescribed by the Di ision of Finance. Department of Education. State of Nc ,lersew 0MB Circular :\—133 lUt/it5 of Stairs Loal (r I Li nm ins and ‘son-Profit (hganizations and Ne Jcrse 0MB sCircular 04-04. Single A itdir Pa/icr br Pee/p/cola 0/ federal (.J1LI11la 51Ic (;I-LlJ,t.s ai/ State -lid. ihosestandards, 0MB Circular A- 133 and -ew Jerse OMB’s Circular 04-04, require that we plan andperOrm the audit to obtain reaonahlc assurance about s hether noncompliance with the t\ pcs ofcompliance requirements referred to abos e that could have a direct and material cited on a major fdera1and slate program occurred. An audit includes examinine. on a test basis. e idence about the Mata an-Aberdeen Regional Board of Educattou ‘‘ compliance with those requirements and perlormmg such otherprocedures as we considered necessary in the circumstances. We believe that our audit provides areasonahle basis for our oplnien. Uur audit does not prm ide a legal deicnninatton on the \laaw an-Aberdeen Regional Boa.rd of Education’s compi ia.nce. with those requirements.

In our opinion, the- Board of Education of the. Matawan-Aherder.n R.egionai School F istric.t, inthe (unts of ‘sionmoutle State of e- Jerse, complied, in all material es’eIs. with the I’equirementreR’rred to above that are applic a.hle to e-ac.h of its major lbdera.1 and state. programs Or the year endedJune 30. 20 1 -

100.

Internal Control Over Compliance

The management of the Board of Education of the Mataw an-Aberdeen Regional School Districtis responsible lhr establishing and maintaining effective internal control over compliance withrequirements of laws. regulations, contracts and grants applicable to federal and stale programs. Inplanning and performing our audit, we considered the Mataw an—Aberdeen Regional Board of Education’sinternal control o er compliance with requirements that could have a direct and material effect on amajor federal or slate program in order to determine our auditing procedures for the purpose ofexpressing our opinion on compliance, hut not [hr the purpose of expressing an opinion on theeflèctiveness of internal control over compliance. Accordingly. we do not express an opinion on theeffectiveness of the Mataw an—Aberdeen Regional Board of’ Education’s internal control oer compliance.

A control tle/lciencv in an entity’s internal control over compliance exists when the design oroperation of a control does not allow management or emplo ees, in the normal course of performing theirassigned functions, to pre ent or detect noncompliance with a t pe of compliance requirement of afederal program on a timely basis. A significant defIcienci is a control deficienc\ - or combination ofcontrol deficiencies, that adversely affects the entity’s ability to administer a federal program such thatthere is more than a remote likelihood that noncompliance with a type of compliance requirement ofafederal or state program that is more than inconsequential will not be prevented or detected by theentity’s internal control.

A material weakness is a significant deficiency. or combination of significant deficiencies, thatresults in more than a remote likelihood that material noncompliance with a type of compliancerequirement of a federal or state program will not be prevented or detected b the entity’s internalcontrol.

Our consideration of internal control over compliance was for the limited purpose described inthe first paragraph of this section and would not necessarily identii all deficiencies in internal controlthat might he significant deficiencies or material weaknesses, We did not identit\ any deficiencies ininternal control over compliance that we consider to he material weaknesses, as defined above.Matawan—Aberdeen Regional Board of Education’s responses to the findings identified in our audit aredescribed in the accompanying schedule of findings and questioned costs. We did not audit MatawanAberdeen Regional Board of Education’s response and. accordingly. we express no opinion on it.

This report is intended solely for the inthrmation and use of the audit committee, management,the Matawan—Ahcrdeen Regional Board of Education, the New .fersev State Department of Education andother federal and state awarding agencies and pass-through entities and is not intended to be and shouldnot be used b anyone other than these specified pal-ties.

Robert A. HulsartLicensed Public School Accountant

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103.

BOARD OF EDUCATION

K-5MATAW AN-ABERDEEN REGIONAL SCHOOL DISTRICT

NOTES TO SCHEDULES OF AWARDS AND FINANCIAL ASSISTANCE

JUNE 30, 2011

NOTE 1: General

The accompanying schedules of financial assistance present the acti ity of all federal andstate financial assistance programs of the Board of Education. Matawan-Aberdeen RegionalSchool District. The Board of Education is defined in Note 1(A) to the Boards general—purposefinancial statements. All federal and stale awards received directly from federal and stateagencies. as well as federal awards and state financial assistance passed other governmentagencies is included on the schedule of federal ards and slate financial assistance.

NOTE 2: Basis of Accounting

The accompanying schedules of expenditures of awards and financial assistance arepresented using the modified accrual basis of accounting with the exception of programsrecorded in the Ibod service fund. hich are presented using the accrual basis of accounting andthose recorded in the special revenue fund. hich are presented using the budgetary basis ofaccounting. These bases of accounting are described in the Note 1(C) to the Boards general-purpose financial statements.

NOTE 3: Relationship to General Purpose Financial Statements

The general—purpose financial statements present the general fund and special revenuefund on a GAAP basis. Budgetar3 comparison statements or schedules (RSI) are presented forthe general fund and special revenue fund to demonstrate finance-related legal compliance in

hich certain re enue is permitted b la or grant agreement 10 be recognized in the audit year.hereas for GAAP reporting. re enue is not recognized until the subsequent year or hen

expenditures have been made.

The general fund is presented in the accompanying schedules on the modified accrualbasis with the exception of the revenue recognition of the last state aid payment in the currentbudget ‘ear. hich is mandated to P.L, 2003. c.97.(A352 1). For GAAP purposes. thatpayment is not recognized until the subsequent budget year due to the state deferral andrecording of the last state aid pa inent in the subsequent ear. The special revenue fund ispresented in the accompanvin schedules on the grant accounting budgetary basis. hichrecognizes encumbrances as expenditures and also recognizes the related revenues. hereas the(i;\AP basis does not.

The nct adjustment to reconcile from the hndgetar basis to the GAAP basis is $29! .296lb the general fund and S( 50i22 ) for the special revenue fund. See Note I tbr a reconciliationof the budgetary basis to the modified accrual basis of accounting for the general and special

in I r 1 md Ii 0 0 0 i

puipoo f aiHai oatomïients on a 2A \P Hasi as crc seated b io\:

104.

NOTE 3: Relationship to General Purpose Financial Statements (Continued)

Special l)ehtGeneral Revenue Service FoodFund Fund Fund Service Total

State AssistanceActual Amounts Budetarv)“Revenues” from the Scheduleof Expenditures of StateFinancial Assistance S 12,524.091 31.391 1 8,545 18.729 12,592.756

DifYerence - Budget to “GAAP”Grant Accounting Budgetary

Basis Differs from (IAAPin that Encumbrances areRecognized as Expendituresand the Related Revenueis Recognized.

On Behalf PaymentsRecognized for GAAPStatements but NotIncluded in the Scheduleof Expenditures of StateFinancial Assistance I .938.559 1,938,559

The Last State Aid Paymentis Recognized as Revenuefor Budgetary Purposes.and Differs from (IAAPWhich does not RecognizeThis Revenue Until theSubsequent Year When theState Recognizes the RelatedExpense (GASB 33). 291.296

—— 291.296

Iota! State Revenue as Reportedon the Statement of Revenues.Expenditures and Chances inlundE3IlancLs i4Th3946 184 18729 14822611

105,

NOTE 3: Relationship to General Purpose Financial Statements (Continued)

Special DebtGeneral Revenue Service Food

Fund Fund Fund Service Total

Federal AssistanceActual Amounts (Budgetary)

“Revenues” from the Scheduleof Expenditures of FederalAwards L741.699 589M86 1330.785

1)ifference — Budget to “GAAP”Grant Accounting BudgetarBasis Differs from GAAP in thatEncumbrances are Recognized asExpenditures. and the RelatedRevenue is Recognized.

j822) 822)Total Federal Revenue as

Reported on the Statementof Revenue. Expenditures.and Changes in FundBalances $ L690.877 589.086 2279.963

NOTE 4: Relationship to Federal and State Financial Reports

Amounts reported in the accompanying schedules agree with the amounts reported in therelated federal and state financial reports.

NOTE 5: Other

The amount reported as TPAF Pension Contributions represents the amount paid b\ thestate on behalf of the F)strict for the year ended June 30. 1)1 1 TPAF Social SecuritContributions represents the amount reimbursed h the state for the eniplovers share of socialsecurity contributions for TPAI members for the car ended June 30. 20 I 1 Revenues andexpenditures reported under the Food Distribution Procram represent current year value rece edand current ear distributions respecti\ elk.

‘IATAWAN-ABERDEEN REGIONAL. SChOOL. DISTRICT 106.

SCILFDLLE OF FINDINGS AND QL ESTIONED COSTS


Part 1 - Summari’ of .4 uditor’s Results

K-6

Financial Statement Section(A) Type of auditors report issued:

(B) Internal control over financial reporting:

Unqualified

1) Material weakness(es) identified?

2) Were reportable conditions(s) identified that werenot considered to be material weaknesses?

(C) Noncompliance material to general purpose financialstatements noted?

Yes x No

Yes x No

Yes x No

Federal Awards Section(D) Dollar threshold used to determine Typed A programs:

(E) Auditee qualified as low-risk auditee?

(G) Internal control over compliance:

1) Material weakness(es) identified?

2) Were reportable condition(s) identified that werenot considered to material weaknesses?

(1) Identification of major programs:

$300,000

x Yes No

Unqualified

84.17384.39184.39210553

1055510,556

Name of Federal Program or ClusterTitle I (Title I Cluster>ARRA Title I (Title I Cluster)ARRA Title I SIA (Title I Cluster)I.D.E.A. Part 13 Basic (Special Education Cluster)IDEA Preschool (Special Education Cluster)ARRA IDEA Part 13 Basic (Special Education Cluster)ARRA 1DEA Preschool (Special Education Cluster)S hol BreaLl it P’uim Child Nutr n t luti i

National School Lunch Program (Child Nutrition Cluster)Special Milk Program (Child Nutrition Cluster)

(F) Type of auditor’s report on compliance for major programs:

(H) Any audit findings disclosed that are required to be reportedin accordance with 0MB Circular A- 133 (section .510(a))?

Yes x No

Yes x No

Yes x No

CFDA Number(s)84.01084.389

84.38984.027

107.

MATAWAN-ABERDEEN REGIONAL SCHOOL 1)ISTRJCT

SCHEDULE OF FINDINGS ANI) QUESTIONED COSTS


Part I - Summary ofAuditor ResuIt (C’outinued

State Awards Section

(J) Dollar threshold used to determine T\ pe A programs:

(K) Auditee qualified as low-risk auditee?

(L) Type of auditors report on compliance for major programs:

(M) Internal control over compliance:

(I) Material Weakness(es) identified?

(2) Were reportable condition(s) identified that were

not considered to material weaknesses?

(N) Any audit findings disclosed that are required to be reported

in accordance with N.J. OMBs Circular 04-04?

(0) Identification of major programs:

GMIS Number(s)

11-495-034-5120-089

________________________

1 1-495-034-5120-078

________________________

I_-495-034-5095-002

________________________

11-495-034-5120-044

K-6

S377783

x Yes No

Unqual i fled

Yes x No

Yes x No

Yes x No

Name of State Program

Special Education Aid

Equalization Aid

Reimbursed Social Security

Extraordinary Aid

108.MATA WAN-ABERDEEN REGIONAL SCHOOL DISTRICT

SCHEDULE OF FINDINGS AND OUESTIONED COSTS

K-6FOR THE FISCAL YEAR ENDED JUNE 30, 2011

Part 2 - Schedule of Financial Statement Findings

This section identifies the reportable conditions, material weaknesses, and instances of noncompliancerelated to the general purpose financial statements that are required to be reported in accordance withChapter 5.18 of Government Auditing Standards.

Finding: None

Criteria or specific requirement: N/A

Condition: N/A

Questioned Costs: N/A

Context: N/A

Effect: N/A

Recommendation: N/A

109.MATAWAN-ABERDEEN REGIONAL SCHOOL DISTRICT

SCHEDULE OF FINDINGS AND QUESTIONED COSTS

K-6FOR THE FISCAL YEAR ENDED JUNE 30, 2011

Part 3 - Schedule of Federal and State Award Findings and Questioned Costs

This section identifies the reportable conditions, material weaknesses, and instances of noncomplianceincluding questioned costs, related to the audit of major federal and state programs, as required by 0MBCircular A-I 33 and New Jersey OMB’s Circular 04-04.

FEDERAL AWARDSFinding: N/A

Federal program information: N/A

Criteria or specific requirement: N/A

Condition: N/A

Questioned Costs: N/A

Context: N/A

Effect: N/A

Recommendation: N/A

Management’s response: N/A

STATE AVARDSFinding: None

State program information: N/A

Criteria oi specific requirement: N/A

Condition: N/A

QtioijCsts: N/A

Context: N/A

Effect: N/A

Recommendation: N/A

/A

MATAWAN-ABERDEE N REGiONAl. SCIIOO L I)ISTRICTK-7

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS


Prior Audit Findings

There were no audit Findings in 2010-2011. related to the single audit.

110.

Documents

OF SCHOOL DISTRICT MATAWAN-ABERDEEN REGIONAL · 2011-12-07 · SINGLE AUDIT SECTION ... The District completed the 2010-2011 fiscal year with an enrollment of 3,871.5 students. The