OF SCHOOL DISTRICT TUCKERTON - New JerseyFiduciary Funds: 13-7 Statement of Fiduciary Net Assets 26. B-S Statement of Changes in Fiduciary Net Assets 27. Notes to Financial Statements

SCHOOL DISTRICT

OF

TUCKERTON

r3EIh.

‘I

TUCKERTON BOARD OF EDUCATIONTUCKERT()N, NEW JERSEY

CO1PREHENSIVE ANNUAl4F INACIAL REPORTFOR TIlE FISCAL FAR EDF D JUNE 30, 2011

COMPREHENSIVE ANNUALFiNANCIAL REPORT

OF TilE

TUCKERTON BOARD OF EDUCATION

TUCKERTON, NEW JERSEY

FOR THE FiSCAL YEAR ENDED JUNE 30, 2011

PREPARED BY

TUCKERTON BOARD OF EDUCATIONFINANCE DEPARTMENT

TUCKERTON SCHOOL DISTRICT

TABLE OF CONTENTS

PaGe

INTRODUCTORY SECTION

Letter of Transmittal 1 to 4.Roster of Officials

5.Consultants and Advisors 6.Organizational Chart 7.

FINANCIAL SECTION

Independent Auditor’s Report 8 & 9.

Required Supplementary Information — Part 1Management’s Discussion and Analysis 10 to 15.

Basic Financial Statements

A. District-wide Financial Statements:

A-I Statement of Net Assets 16.A-2 Statement of Activities 17 & 18.

B. Fund Financial Statements:

Governmental Funds:B-i Balance Sheet 19.B-2 Statement of Revenues, Expenditures, and Changes in Fund

l3alances 20 & 21.B-3 Reconciliation of the Statement of Revenues, Expenditures. andChanges in Fund Balances of Governmental Funds to theStatement of Activities

Proprietary Funds:13-4 Statement of Net Assets 23.B-5 Statement of Re enues. Expenses. and Changes in Fund Net Assets 2413-6 Statement of Cash Flows

Fiduciary Funds:13-7 Statement of Fiduciary Net Assets 26.B-S Statement of Changes in Fiduciary Net Assets 27.

Notes to Financial Statements 25 to 44.


TABLE OF CONTENTS

Required Supplementary Information — Part II

C. Budgetary Comparison Schedules:

C-i Budgetary Comparison Schedule General Fund 45 to 54.C-i a Budgetary Comparison Schedule — General Fund — State FiscalStabilization Fund — ARRA-ESF N/AC-Ic Budgetary Comparison Schedule — General Fund State FiscalStabilization Fund — ARRA-GSF Nj/AC-2 Budgetary Comparison Schedule — Special Revenue Fund 55.

Notes to the Required Supplementary InformationC-3 Budget to GAAP Reconciliation 56.

Other Supplementary Information

D. School Level Schedules:

D-I Combining Balance Sheet N/AD-2 Blended Resource Fund — Schedule of Expenditures Allocated byResource Type — Actual N/AD-3 Blended Resource Fund — Schedule of Blended Expenditures —

Budget and Actual N/A

F. Special Revenue Fund:

F-I Combining Statement of Revenues and ExpendituresSpecial Revenue Fund Budgetary Basis 57 & 58.E-2 Preschool Education Aid Schedule of Expenditures —

Budgetary Basis 59,E-3 Early Childhood Program Aid Schedule of ExpendituresBudgetary Basis N/AE-4 Distance Learning Network Aid Schedule of Expenditures

-

Budgetary I3asis N/AE-5 Instructional Supplement Aid Schedule of Expenditures -

Budgetary Basis N/AE-6 Targeted At-Risk (TARA) Aid — Budgetary Basis N1


TABLE OF CONTENTS

Pa°eF. Capital Projects Fund:

F-i Summary Schedule of Project Expenditures 60.F-2 Summary Schedule of Project Expenditures—Capital Projects Fund 61.F-2a Schedule of Project Revenues, Expenditures, Project Balance andProject Status -- Budgetary Basis Roof Replacement and RepairsTo Elementary School 62.F-2b Schedule of Project Revenues. Expenditures, Project Balance andProject Status Budgetary Basis — Climate Controls Project —

Elementary School 63.

G. Proprietary Fund:

Enterprise Fund:G-1 Schedule of Net Assets N/AG-2 Schedule of Revenues, Expenses and Changes in Fund Net Assets N/AG-3 Schedule of Cash Flows N/A

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. Fiduciary Funds:

H-i Combining Statement of Fiduciary Net Assets 64.H-2 Schedule of Changes in Fiduciary Net Assets N/AH-3 Student Activity Agency Fund - Schedule of Receipts and

Disbursements 65.11-4 Payroll Agency Fund - Schedule of Receipts and Disbursements 66.H-4a Summer Payroll — Schedule of Receipts and Disbursements 66.

Long-Term Debt:

1-i Schedule of Serial Bonds Payable 67.1-2 Schedule of Obligations Under Capital Leases NA1-3 Debt Service Fund Budgetary Comparison Schedule 68.

TUCKERTON SChOOL DISTRICT

TABLE OF CONTENTS

STATISTICAL SECTION (Unaudited)

Introduction to the Statistical Section

Financial TrendsJ-1 Net Assets by Component 69.J-2 Changes in Net Assets 70.J-3 Fund Balances — Governmental Funds 71.J-4 Changes in Fund Balances — Governmental Funds 72.Revenue CapacityJ-5 General Fund Other Local Revenue by Source 73.J-6 Assessed Value and Estimated Actual Value of Taxable Property 74.J-7 Direct and Overlapping Property Tax Rates 75.J-8 Principal Property Taxpayers 76.J-9 Property Tax Levies and Collections 77.Debt CapacityJ-lO Ratios of Outstanding Debt by Type 78.J-l1 Ratios of General Bonded Debt Outstanding 79.J-l2 Direct and Overlapping Governmental Activities Debt 80.J-1 3 Legal Debt Margin Information 81.Demographic and Economic InformationJ-l4 Demographic and Economic Statistics 82.J-15 Principal Employers 83.Operating InformationJ-l 6 Full-time Equivalent District Employees by FunctionlProgram 84.J-17 Operating Statistics 85.J-1 8 School Building Information 86.J-l 9 Schedule of Required Maintenance Expenditures by School Facility 87.J-20 Insurance Schedule 88.

SINGLE AUDIT SECTION

K-I Report on Compliance and on Internal Control Over Financial ReportingAnd on Compliance and Other Matters Based on an Audit of FinancialStatements Performed in Accordance With Government AudilingStandards

89 & 90.K-2 Report on Compliance with Requirements Applicable to EachMajor Program and on Internal Control Over Compliance in Accordancewith 0MB Circular A-133 and New Jersey 0MB Circular 04-04 91 & 92.K-3 Schedule of Expenditures of Federal Awards. Schedule A 93.K-4 Schedule of Expenditures of State Financial Assistance. Schedule B 94.K-5 Notes to Schedules of Awards and Financial Assistance 95 to 97,K6 Schedule of Findings and Questioned Costs OS to 102.K7 Summary Schedule of Prior Audit Findings 103.

INTRODUCTORY SECTION

1.

BOARD OF EDUCATIONTUCKERTON BOROUGH SCHOOL DISTRICT

MARINE STREETTUCKERTON, NEW JERSEY

November 3. 2011

Honorable President andMembers of the Board of EducationTuckerton Borough School DistrictOcean County, New Jersey

Dear Board Members:

The comprehensive annual financial report of the Tuckerton School District for the fiscalyear ending June 30, 2011 is hereby submitted. Responsibility for both the accuracy ofthe data and the completeness and fairness of the presentation, including all disclosures,rests with the management of the Tuckerton Board of Education. To the best of ourknowledge and belief, the data presented in this report is accurate in all material respectsand is reported in a manner designed to present fairly the financial position and results ofoperations of the various funds and account groups of the District. All disclosuresnecessary to enable the reader to gain an understanding of the District’s financialactivities have been included.

The comprehensive annual financial report is presented in four sections: introductory,financial, statistical and single audit. The introductory section includes this transmittalletter, the District’s organizational chart and a list of principal officials. The financialsection includes the general purpose financial statements and schedules, as well as theauditor’s report. The statistical section includes selected financial and demographicinformation, generally presented on a multi-year basis. The District is required toundergo an annual single audit in conformity with the provisions of the Single Audit Actof 1984 and the US. Office of Management and Budget Circular A-133. “Audits of Stateand Local Governments”, and the state Treasury Circular Letter 04-04 0MB, “SingleAudit 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 internalconti-ol structure and compliance with applicable laws and regulations and findings andrecommendations, are included in the single audit section of this report.

I. Reporting Entity and its Services: Tuckcrton School District is an independentreporting entity within the criteria adopted by the GASB as established by NCGAStatement No, 3. All funds and account groups of the District are included in this report.The iuckcrton Borough Board of Education constitutes the Districts report entity.

The District provides a full range of educational services appropriate to grade levels PreK handicapped and K through 6. These include regular, as well as special education forspecial needs children. The District completed the 2010-2011 fiscal year with anenrollment of 323 students. The following details the changes in the student enrollmentover the past nine years.

AVERAGE DAILY ENROLLMENTFiscal Year Student Enrollment Percent Change2010-2011 323 5.5%2009-2010 306 19.5%2008-2009 256 (10.48%)2007-2008 286 7.92%2006-2007 265 (7,01%)2005-2006 285 (3.5%)2004-2005 295 (10.33%)2003-2004 329 (1.82%)2002-2003 336 0.59%200 1-2002 334 (4.02%)

2. Economic Condition and Outlook: Based upon the school district’s Ni aster Planwhich was completed by University Associates in May of 1995, and the Long-RangeFacilities Plan which was completed during the 2005-2006 school year, TuckertonBorough is looked upon as one of the more desirable places to live in New Jersey. Asa result, the Borough will continue to show some growth potential as a residentialarea. Local businesses may also prosper with the continued development of theTuckerton Seaport. This project continues to evolve and should brighten the overalleconomic outlook of this area.

3. Major Initiatives: The Tuckerton Elementary School District continues to developa comprehensive technology program that has been integrated into the instructionalprocess. The district continues to expand and improve their wired and wirelesscomputer capabilities throughout the building. [)uring the summer of 2006 thecomputer lab was replaced with new 2.16GHz Intel Core 2 Duo Macintosh iMaccomputers. All classrooms continue to house at least 3-4 desktop computers and/or abank of laptop computers for enhanced instruction. Infrastructure upgrades ofadditional (/ategorv 5 runs and improved Cisco switches were installed for the 2007-200$ school year, In addition, a Student Information System with grade book, reportcard, health, special education, and cafeteria modules and a spam tracker wereinstalled while our content filtering appliance was replaced with a more robust unit.Also, during the summer of 200$ a Portion of our access points were upgraded withCisco I 252G units to enhance network connectivity. A bond referendum was passedin the 2003-2004 school ear which coupled with state aid has provided rnaior facilityI CflO\ 3iiOflS.

During the 2008-2009 school year, office window computers were upgraded andadditional 30 Macintosh Laptop computers were purchased. Two interactive whiteboardswith enhanced sound systems were piloted successfully leading to the purchase of 11more systems. All classrooms 1st through 6th grades now have both whiteboards andsound systems since the 2009-2010 school year. Interactive whiteboards offer teachersadditional motivational technology tools including a wireless component that providesinstant student feedback. For security purposes, an internal system of cameras wasinstalled during the 2009-2010 school year. Also, a contract with Global Connect fordirect telephone communication with parents and staff was established. Finally, a climatecontrol system was installed over the summer of 2010 which will improve the efficiencyof the heating and cooling system of the school.

4. Internal Accounting Controls: Management of the District is responsible forestablishing and maintaining an internal control structure designed to ensure that theassets of the District are protected from loss, theft or misuse and to ensure thatadequate accounting data are complied to allow for the preparation of financialstatements in conformity with generally accepted accounting principles (GAAP). Theinternal control structure is designed to provide reasonable, but not absolute,assurance that these objectives are met. The concept of reasonable assurancerecognizes that: (1) the cost of a control should not exceed the benefits likely to bederived; and (2) the valuation of costs and benefits requires estimates and judgementsby management.

As a recipient of federal and state financial assistance, the District also is responsiblefor ensuring that an adequate internal control structure is in place to ensurecompliance with applicable laws and regulations related to those programs. Thisinternal control structure is also subject to periodic evaluation by the Districtmanagement.

As part of the District’s single audit described earlier, tests are made to determine theadequacy of the internal control structure, including the portion related to federal andstate financial assistance programs, as well as to determine that the District hascomplied with applicable laws and regulations.

5. Budgetary Controls: In addition to internal accounting controls, the Districtmaintains budgetary controls. The objective of these budgetary controls is to ensurecompliance with legal provisions embodied in the annual appropriated budgetapproved by the voters of the municipality. Annual appropriated budgets are adoptedfhr the general fund, the special revenue fund and the debt service fund. Projectlength budgets are approved for the capital improvements accounted for in the capitalprojects fund. The final budget amount as amended for the fiscal year is reflected inthe financial section.

An encumbrance accounting system is used to record outstanding purchasecommitments on a line item basis. Open encumbrances at yearend are eithercanceled or are neluded as reappropnation of fund balance in the subsequent year.

4.

Those amounts to be reappropriated are reported as reservations of fund balance atJune 30, 2011.

6. Accounting System and Reports: The District’s accounting records reflectgenerally accepted accounting principles, as promulgated by the GovernmentalAccounting Standards Boards (GASB). The accounting system of the District isorganized on the basis of funds and account groups. These funds and account groupsare explained in “Notes to the Financial Statements”, Note 1.

7.Cash Management: The investment policy of the District is guided in large part bystate statute as detailed in “Notes to the Financial Statements”, Note 2. The District hasadopted a cash management plan which requires it to deposit public funds in publicdepositories protected from loss under the provisions of the Governmental Unit DepositProtection Act (GUDPA). GUDPA was enacted in 1970 to protect Governmental Unitsfrom a loss of funds on deposit with a failed banking institution in New Jersey. The lawrequires governmental units to deposit public funds only in public depositories located inNew Jersey, where the funds are secured in accordance with the Act.

8.Risk Management: The Board carries various forms of insurance, including but notlimited to general liability, hazard and theft insurance on property and contents, andfidelity bonds.

9.Other Information: Independent Audit - State statutes require an annual audit byindependent certified public accountants or registered municipal accountants. Theaccounting firm of Robert A. Hulsart and Company, CPA, was selected by the Board. Inaddition to meeting the requirements of the Single Audit Act of 1984 and the related0MB Circular A-133 and state Treasury Circular Letter 04-04 0MB, the auditor’s reporton the general purpose financial statements and the combined and individual fundstatements and schedules is included in the financial section of this report. The auditor’sreports related specifically to the single audit are included in the single audit section ofthis report.

1O.Acknowledgernents: We would like to express our appreciation to the members ofthe Tuckerton Borough School Board for their concern in providing fiscal accountabilityto the citizens and taxpayers of the school district and thereby contributing their fullsupport to the development and maintenance of our financial operation.

Respectfully submitted.

bRobert M. Gray. Jr., Ed.D.Superintendent/Business Administrator

RIVI(jrnni

TUCKERTON BOROUGH BOARD OF EDUCATION

ROSTER OF OFFICIALS

JUNE 30. 2011

Members of the Board of Education Term Expires

Trisha Homer, President 2013

Cindy Witbeck. Vice President 2011

Deborah McMunn 2013

Michael Vigorita 2012

Daniel Mathis 2013

Diane Disbrow (resigned, October 25. 2010) 20 12*

Anna Morey 2011

*replaced by Laurette Crowd! 2012

Other Officials:

Dr. Robert M. Gray, Jr. Superintendent/SBA

Mary King, Treasurer

Louis J. Greco, Solicitor

TUCKERTON BOROUGHSCHOOL DISTRICT

TUCKERTON. NEW JERSEY

CONSULTANTS

2010-2011 School Year

Steve Barkley, Workshop Rebecca Lamb, OT6227 Lower Mountain Road 1203 Echo PlaceNew Hope, PA 18938 Toms River, NJ 08755

Dr. Clifford Barneman, School Mrs. Elizabeth Weesner, OTPsychologist 11 Julie Drive934 Chelsea Street Northfield, NJ 08225Forked River, NJ 08731

Consulting Educational Services, Mrs. Michele Lee Welch, LDTCLLC 11 Durell DriveJohn Budenas, LDTC Jackson, NJ 085271452 Petunia Way SouthToms River, NJ 08755

Meagan Davis, PT Janelle Lenzo-Werner, OT3 Omaha St. 108 Temple AvenueBarnegat, NJ 08005 Manahawkin, NJ 08050

Louis J. Greco642 Bay AvenueSomers Point, NJ 08244

Mary Haspel, M.A., BCCBA, LLC1016 Beach LaneManahawkin, NJ 08050

Mr. Robert A. Hulsart, AuditorPC) Box I 409

Wall, NJ 07719

TUCkERTO BOROUGh BOAR!) OF EI)UCATION

ORGANIZATIONAL CHART(UNIT CONTROL)

BOARI) OF EDUCATION

SUPERINTENDENT

BUSINESS ADMINISTRATOR

iNSTRU:TIONAi. STAFF

SUPPORT STAFF

oiixis1vIz%v!%JH

OgEL . ufat afr2J orn/arnjCERTIFIED PUBLIC ACCOUNTANTS

ARMOUR S. HULSART. C.P.A.. R.M.A.. P.S.A. (1959-1992)(732280-8888 2807 Honey Pond Road - Su)te 100ROBERT A, HULSART, C.P.A., R.M.A., P.S.A. 1

P0 Box 1409ROBERT A. HULSART, JR..C.P.A., P.S.A,l WaH, New Jersey 07719-1409

rahLernonmouth.com (732) 681-4990RICHARD J. HELLENBRECHT. JR.. C.P.A.. P.S.A.

INDEPENDENT AuDITOR’S REPORT

Honorable President and Membersof the Board of Education

Tuckerton School DistrictCounty of OceanTuckerton, New Jersey

We ha e audited the accompanying financial statements of the governmental activities, thebusiness—type activities, each major fund and the aggregate remaining fund information of tile Board ofEducation of tile fuckerton School District, in the County of Ocean, State of New Jersey, as of and forthe tlscai year ended June 30. 2011. which collectively comprise the District’s basic financial statementsas listed in the table of contents. 3 hese financial statements are tile responsibility of tile Tuckerton Boardof Education’s management. our responsibi1it is to express opinions on these financial statementsbased on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America: the standards applicable to financial audits contained in Government AuditingStcnidards. issued by the Comptroller General of the United States: and audit requirements as prescribedby the Division of Finance. Department of Education. State of New Jersey. Those standards require thatwe plan and perform tile audit to obtain reasonable assurance about whether the financial statemeilts arefree of material misstatement. An audit includes examining, on a test basis, evidence supporting theamounts and disclosures in the financial statements. An audit also includes assessing tile accountingprinciples used and significant estimates made by management. as xei I as evaluating tIle overall linanciaistatement presentation. We believe tilat our audit provides a reasonable basis fiir our opinion.

In our opinion, the financial statements referred to above present fairly. in all material respects.the respective financial position of the gox crnmental activities. busincss—tpe activities, each major fund.ind ih. u.zi g ite Lflll n n._ lund intot m ii Ion ol tilL I uLLLI bR Boat d ol I duLatlon in the 0 ount ofOcean. State of New Jersey. as of June 30, 2011. and the respective changes in financial position andcash flows, where applicable, thereof for the year then ended in confirmitv with accounting principlesgenerally accepted in tile I nited States of America.

In accordance with Government Auditing Siandardv, we have also issued our report datedNo ember 3. 2011. on our consideration of the luckerton Board of Education’s internal control o erfinancial report ne and our tests of its conipi lance v ith certain provisions of avs. regulations, contractsand gran1 agreements and oilier matters. [he purpose of this report is to describe the scope of ourtesting of nterna1 control over financial reporting and comp1anc.e and the results of that testing, and. notto pro dc an opifliun on tile nterna conlrot su ci nnaca1 reporting 01 en eompiancc lhi re poi’i,.a amte’ral part ot our audit performed in accordance Ith ,oeF’mnOfl 111(11/nlg .fLi!?Ll(i1d\ ad shou Id heconsidered in asse• ssing the re.su[ts of’ our audit,

The Management Discussion and Analysis and Budgetary Comparison Information on pages 10through 15 are not a required part of the basic financial statements but are supplementary informationrequired by the accounting principles generally accepted in the United States of America. We haveapplied certain limited procedures, which consisted principally of inquires of management regarding themethods of measurement and presentation of the required supplementary information. However, we didnot audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming opinions on the financial statements thatcollectively comprise the Tuckerton Board of Education’s basic financial statements. The accompanyingintroductory section and other supplementary information such as the combining and individual non-major fund financial statements, long-term debt schedules, and statistical information are presented forpurposes of additional analysis and are not a required part of the basic financial statements. Thecombining and individual fund financial statements and long-term debt schedules have 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 have not been subjected to the auditing proceduresapplied in the audit of the basic financial statements and, accordingly, we express no opinion on them.

The accompanying schedules of expenditures of federal awards and state financial assistance arepresented for purposes of additional analysis as required by U.S. Office of Management and BudgetCircular A-I 33, Audits of States, Local Governments, and Non-Profit Organizations; 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 awhole.

Respectfully submitted,

ROBERT A. HULSART AND COMPANY

Robert A. HulsartLicensed Public School AccountantNo. 322Robert A. Flulsart and Company

November 3, 2011

PART I

TUCKERTON SCHOOL DISTRiCT

BOROUGH OF TUCKERTON

MANAGE4IENT’S I)ISCUSSION AND ANA[NS1S

FOR THE FISCAL YEAR ENDED JUNE 30. 2011

UNA UDITE D

The discussion and analysis of Tuckerton School Districts linancial performance provides ano erall re ie of the School District’s financial activities for the fiscal ear ended June 30. 2011. Theintent of this discussion and analysis is to look at the School District’s financial peribrmance as a whole:it should be read in conjunction with the Comprehensive Annual Financial Report’s (CAFR) Letter ofTransmittal hich is ftnind in the Introductory Section, and the School Board’s financial statements toundin the Financial Section and the notes thereto.

Financial Highlights

Ke Financial highlights for the 20 0-2011 fiscal year are as follows:

• General revenues accounted for $4.522.200 in revenue, Program specific reenues in the form ofcharges for services. operating grants and contributions, and capital grants and contributionsaccounted for $322,364.

• Total assets of governmental actiities increased by 668.455.

• The School District had $4.1 76.109 in expenses: only $322364 of these expenses was offset hprogram specific charges for services, grants or contributions. General revenues (primarily propert\taxes) of $4.522.200 crc adequate to provide for these programs.

Using this Comprehensie Annual Financial Report (CAFR)

This annual report consists of a series of financial statements and notes to those statements.These statements are organized so the reader can understand Tuckerton School District as a financial

hole, an entire operating entity. The statements then proceed to provide an increasingly detailed look atsl,ecitic financial activities.

IThe S’n,iomeni of \ ut Assci, ,,nI Sa1cnic,i1 of /yj/’ provide information about the acti ities ofthe whole school district. presenting both an aggregate view of the School District’s finances and alonger-term view of those finances. Fund financial statements provide the next level of detail, Forgo ernmental Funds, these statements tell how services were financed in the short-term as well as whatremains for future spending. In the case of 1 uckerton School District, the General Fund is the mostsignificant bind. ‘ th the Special Rc\ ernie Fund and C apital Project’s Fund also ha ing significance.

The School Board’s auditor has provided assurance in his Independent :\uditor’s Report, locatedimmcdiate1 preceding this Managenient ‘s Disensson and \nalvsis, that the Basic ; inancial Statementsare fgirl stated. A user of this report should read the. Independent Auditors R.epore. carefulhi to ascertainthe level of assura.nce• being provided fi)r ea.c..h of the other pa.rts of the.. Li nanc.ial Section

IL

Reporting the School District as a Whole

Statement of Net Assets and the Statement of Activities

While this document contains the large number of funds used by the School District to provideprograms and activities, the view of the School District as a whole looks at all financial transactions andasks the question, “How did we do financially during the 2010-2011 fiscal year?” The Statement of NetAssets and the Statement of Activities helps answer this question. These statements include all assets andliabilities using the accrual basis of accounting similar to the accounting used by most private-sectorcompanies. This basis of accounting takes into account, all of the current year’s revenues and expensesregardless of when cash is received or paid.

These two statements report the School District’s net assets and changes in those assets. Thischange in net assets is important because it tells the reader that, for the school district as a whole, thefinancial positions of the School District has improved or diminished. The causes of this change may bethe result of many factors, some financial, and some not. Non-financial factors include the SchoolDistrict’s property tax base. current laws in New Jersey restricting revenue growth, facility condition,required educational programs and other factors.

In the Statement of Net Assets and the Statement of Activities, the School District is divided intotwo distinct kinds of activities:

• Governmental activities — All of the School District’s programs and services are reported hereincluding, hut not limited to. instruction, support services, operation and maintenance of plantfacilities, pupil transportation and extracurricular activities.

• Business-Type Activities This service is provided on a charge for goods or services basis to recoverall the expense of the goods or services provided. The Food Service Enterprise Fund is reported as abusiness activity.

Reporting the School District’s Most Significant Funds

Fund Financial Statements

The analysis of the School District’s major (all) funds begins on exhibit A- I . Fund financialreports provide detailed information about the School District’s major funds. The School District usesmany funds to account for a multitude of financial transactions. However, these fund financial statementsfocus on the School District’s most significant funds, The School District’s major governmental fi,indsare the General Fund, Special Revenue Fund, Capital Projects Fund and I)ebt Service Fund.

Governmental Funds

The School L)istrict’s activities are reported in Governmental Funds, which focus on how moneyflows into and out of those funds and the balances left at year—end available for spending in the futureyears. The Governmental Fund statements provide a detailed short—term view of the School District’sgeneral government operations and the basic services it provides. Governmental Fund information helps

on determine whether there are more or fewer financial resources that can he spent in the near future tofinance edu.cationai programs. The relationship (or difference.s) between governmenta.l activities(reported in the St.atement of Net Assets and the Statement ot Activities) and Governmental Funds isreconciled in the financial statements.

12.

Enterprise Fund

The Enterprise Fund uses the same basis of accounting as business-type activities: therefore. thesestatements are essentially the same.

The School District as a Whole

Table I pros ides a summary ol the School District’s net assets for the fiscal years ended 2011 and20 0.

Table INet Assets

2011 2010AssetsCurrent and Other Assets $1 .032,757 521.538Capital Assets. Net 4106.297 3$L137

I ot il ssUs $ 139 04 4 502 67

LiabilitiesLong-Term Liabilities $1 ,887,709 2,030,961Other Liabilities 251,312 216.206

Total Liabilities $ 2,139,021 2,247,167

Net Assetsinvested in Capital Assets. Net of Debt $ 2.156.927 1,893.137Restricted 883426 656.026Unrestricted (40.320) j9655)

Total Net Assets $ 3,000,013 2,255,508

13.

Table 2 shows the changes in net assets for flscal years ended 2011 and 2010.

ReenuesProgram RevenuesCharges for ServicesOperating Grants and Contributions

General RevenuesProperty TaxesGrants and EntitlementsOther

Total Revenues

Table 2Changes iii Net Assets

Program ExpensesInstructionSupport Services

Pupils and Instructional StalTGeneral Administration. School Administration.

BusinessOperations and Maintenance ol FacilitiesPupil I ransportation

Interest on DebtFood ServiceTotal Expenses

(I)ecrease)/lncrease in Net Assets

1.849,753 1.938.962

486.346 480.705

1322.971457.749110.29591.714

________

146.916

________

4.549.312

$ 656,396 (45,915)

2011 2010

S 101.385 56.168342,013 338,775

2,621,919 2.572,7751.580,525 1.576,833

7.756 (41,154)4.973,598 4,503,397

1.284.127391.120

82.08882.675

141.0934.31 7.202

Business-Type Activities

Revenues ftw the District’s husinesstype ac1i ities (food service program) were comprised of

charges for services and 1deral and state reimbursements,

• Food service expenses eveecded revenues h\ 512.059,

• Cliares for crviees represent S51. 1 50 of re’ enue. 1 hiN represents amount paid h patrons for dai \

loud sen. iee.

• Federal reimbursements Fw lunc lies, snacks and hreakIist vere S77.$$4.

14.

Governmental Activities

The Statement of Activities shows the cost of program services and the charges for services andgrants offsetting those services.

Instruction expenses include activities directly dealing with the teaching of pupils and theinteraction between teacher and student, including extracurricular activities.

Pupils and instructional staff include the activities involved with assisting staff with the contentand process of teaching to students, including curriculum and staff development.

General administration, school administration and business include expenses associated withadministrative and financial supervision of the District.

Operation and maintenance of facilities activities involve keeping the school grounds, buildingsand equipment in an effective working condition.

Curriculum and staff development includes expenses related to planning, research, developmentand evaluation of support services, as well as the reporting of this information internally and to the public.

Pupil transportation includes activities involved with the conveyance of students to and fromschool, as well as to and from school activities, as provided by state law.

Interest and fiscal charges involve the transactions associated with the payment of interest andother related charges to debt of the School District.

Other includes unallocated depreciation and amortization.

School Board Funds

The School Board uses funds to control and manage money for particular purposes. The Fund’sbasic financial statements allow the School Board to demonstrate its stewardship over and accountabilityfor resources received from the Borough of Tuckerton’s taxpayer’s and other entities, including the Stateof New Jersey and the Federal Government. These statements also allow the reader to obtain moreinsight into the financial workings of the School Board, and assess further the School Board’s overallfinancial health.

As the School Board completed the fiscal year ended June 30, 2011, it reported a combined netasset balance of $3,000,663. The Reconciliation of the Statement of Revenue Expenditures, and Changesin Fund Balances of Governmental Funds to the Statement of Activities presents the reader with a detailedexplanation of the differences between the net change in fund balances and changes in net assets.

The School Board’s budget is prepared according to New Jersey law, and is based on accountingfor certain transactions on a basis of cash receipts, disbursements and encumbrances. The mostsignificant budgeted fund is the General Fund.

Over the course of the year, the School B••oard revises its budget as it attempts to take intoc.onsideratiou unexpected changes in revenue and expenditures.

15.

Capital Assets

At June 30, 2011, the School Board had approximately $4.05 1 .591 invested in a broad range ofLapital asscts minding land bwldings furniture ehicles computers instructional equipment and otherequipment. This amount is net of accumulated depreciation to date. Table II below shows the net hookvalue of capital assets at the end of the 201 1 fiscal year.

Goverflmen ta IActivities

Table IICapital Assets at June 30, 2011

Land $ 43.440Construction in Progress 2,03 8,227Buildings 1,758,943Machinery and Equipment 210,981

Total $ 4,051,591

Debt Administration

At June 30, 2011, the School District had $2J)25.709 as outstanding debt. Of this amount$75,709 is for compensated absences, and the balance $1,950,000 for bonds for school construction.

Economic Factors and Next Year’s Budget

The Borough of Tuckerton is primarily a residential communit . ith few ratables. The majorityof revenues needed to operate the District are derived from homeowners through property tax assessmentsand collections. hich is voted by the residents annually.

In conclusion, the fuckerton School District has committed itself to financial excellence fbr manyears. In addition, the School District’s system for financial planning. budgeting. and internal financial

controls are well regarded. The School District plans to continue its sound fiscal management to meet thechallenge of the future.

Contacting the School District’s Financial Management

This financial report is designed to provide our citizens. taxpax cr5. investors and creditors with ageneral o ervie of the School District’s finances and to show the School District’s accountabilit for thernone\ it receR e. Ii you have questions about this report or need additional infirmatioii contact Dr.Rihert Gra\ Jr.. School Business Administrator/Board Secretar\ at I uckerton Board of Education,Marine Street, I uckerton, NJ 08087.

BASIC FINANCIAL STATEMENTS

DISTRICT-WIDE FINANCIAL STATEMENTS - A

TUCKERTON SCHOOL DISTRICT 16.

STATEMENT OF NET ASSETSExhibit A-i

JUNE 30, 201!

AssetsCash and Cash Equivalents

Receivables, NetInventoryRestricted Assets:

Cash and Cash Equivalents

Capital ReserveCapital AssetsNon Depreciable

Capital Assets, NetTotal Assets

LiabilitiesAccounts Payable/Accrued Interest

Deferred RevenueNoncurrent Liabilities:

Due Within One Year

Due Beyond One Year

Total Liabilities

138,0001,887,7092,097,069

Bnsiness-TypeActivities Total

662421,592

4,232

446,332159,939

2,081,66755,336 2,024,63064,916 5,139,054

Net AssetsInvested in Capital Assets, Net of Related Debt

Restricted For:Debt ServiceSpecial RevenueCapital ProjectsGeneral Fund

Unrestricted

Total Net Assets

29,756(8,746)38,447

823,969(7,318)

55,336 2,156,927

29,756(8,746)38,447

823,969(32,372) (39690)

22,964 3,000,663

6624,6864,232

GovernmentalActivities

S -

416,906

446,332159,939

2,081,6671,969,2945,074,138

60,62110,739

41,952 102,57310,739

138,000

_______

1,887,70941,952 2,139,021

2,101,591

$ 2,977,699

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

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TUCKERTON SCHOOL DISTRICT Exhibit B-i 19.

BALANCE SHEET

GOVERNMENTAL FUNDS

JUNE 30. 2011

Special Capital Debt Total

General Rcenue Projects Service GovernmentalFund Fund Fund Fund Funds

AssetsCash and Cash Equivalents-Restricted S 586.204 20.067 606,271

Interfund Receivable 209.560 9.688 219.248

Receivable - Net 134.384 109.519 173.003

__________

316,906

Total Assets $ 930.148 109.5 19 173,003 29.755 1,242.325

Liabilities and Fund BalanceLiabilities:

lnterfund Payable $ - 107,262 111,986 219,248

Deferred Revenue 10,739 10,739

Accounts Payable

___________

264 22,570

__________

22,834

Total Liabilities - 118,265 134,556 - 252,821

Fund Balance:Committed To:

Capital Reserve 159,939 159,939

Maintenance Reserve 400,000 400,000

Other Purposes 2 14.030 214,030

Designated for Subsequent Years Expenditures

By the BOE 50,000 38.447 88,447

Assignned To:Deticit (8,746) (8.746)

Debt Service 29,755 29,755

Unassigned106,179

__________ ___________ _________

106,179

Total Fund Balances 930,148 (8,746> 38,447 29,755 989,604

Total Liabilities and Fund Balance $ 930,148 109,519 173,0(13 29,755

Amounts reported for governmental activities in

the Statement of Net Assets (A-I) are different

because:Capital assets used in governmental activities

are not financial resources and therefore arenot reported in the funds. The cost of theassets is $6,309,081 and the accumulateddepreciation is $2,257,490. 4,051,591

Accrued Interest (37,787)

Long-term liabilities, including bonds payable, arcnot due and payable in the current period andtherefore are not reported as liabilities in thefunds. (see Note 3 (2,025.709)

Net assets of governmental activities S 2.977.699

Tiaoccon:ran inn Notes to F nanvii S tumLnts irea n intecral part of this ta:n-ment.

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RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURESExhibit 8-3

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF ACTIVITIES

FOR THE YEAR ENDED JUNE 30, 2011

Total Net Change in Fund Balances - Governmental Funds (From B-2) S 479,819

Amounts Reported for Governmental Activities in the Statement of

Activities (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 is

allocated over their estimated useful lives as depreciation expense.

This is the amount by which capital outlays exceeded depreciation in

the period.Depreciation Expense (140.558)

Capital Outlays 183,41242,854

Repayment of bond principal is an expenditure in the governmental funds,

but the repayment reduces long-term liabilities in the statement of net

assets and is not reported in the statement of activities. 138,000

In the statement of activities, interest on long-term debt in the statement of

activities is accrued. regardless of when due. In the governmental funds,

interest is reported when due. 2,530

In the statement of activities, certain operating expenses as compensated

absences are measured by the amounts earned during the year. In

the governmental funds. however, expenditures for these items are

reported when paid. 5.252

Change in Net Assets of Governmental Activities $ 668,455

p \ 1I \ F r s 1r ii c1ter1eT

TUCKERTON SCHOOl. DISTRICT 23.

STATEMENT OF NET ASSETSExhibit B-4

PROPRiETARY FUNDS

JUNE 30. 2011

EnterpriseFund

Assets:Current Assets:

Cash $ 662

Accounts Receivable:

State 133

Federal 4,553

Inventories 4,232

Total Current Assets 9,580

Noncurrent Assets:Equipment 139,569

Less: Accumulated Depreciation (84,233)

Total Noncurrent Assets 55,336

Total Assets $ 64,916

Liabilities:Accounts Payable $ 41,952

Total Liabilities $ 41 ,952

Net Assets:Investment in Capital Assets $ 55,336

Unrestricted (32,372)

Total Net Assets $ 22,964

The aceonpanvin Notes to Financial Statements are an inteeral part of this statement.


STATEMENT OF REVENUES, EXPENSES AND CHANGESExhibit B-5

IN FUND NET ASSETS

PROPRIETARY FUNDS

JUNE 30, 2011

EnterpriseFund

Operating Revenues:Local Sources:

Daily Sales Reimbursable Programs $ 48,690

Miscellaneous 2,460

Total Operating Revenue 51,150

Operating Expenses:

Salaries 68,248

Cost of Sales 61,865

Supplies and Materials 2,090

Depreciation 5,823

Miscellaneous 3,067

Total Operating Expenses 141,093

Operating (Loss)/Profit (89,943)

Non-Operating Revenues:

State Sources:State School Lunch Program 1,601

Federal Sources:National School Lunch Program 53,513

School Breakfast Program 6,500

After School Snacks 412

Food Distribution Program 7,836

Board Subsidy 8,000

Interest Revenue 22

Total Non-C)perating Revenues 77884

Change in Net Assets (12,059)

Net Assets. July 1 35,023

Net Assets, June 30 $ 22,964

The accompanvinc otes to Financial Statements are an integral Part of this statement,


STATEMENT OF CASH FLOWSExhibit B-6

PROPRIETARY FUNI)S

JUNE 30, 2011

EnterpriseFund

Cash Flows from Operating Activities:

Receipts from Daily Sales $ 51,150

Payments to Employees (68,248)

Payments to Suppliers (54,267)

Net Cash Used by Operating Activities (71.365)

Cash Flows from Noncapital Financing Activities:

State Sources1,772

Federal Sources61,648

Board Subsidy8,000

Net Cash Provided by Noncapital Financing Activities 71,420

Cash Flows from Investing Activities:

Interest22

Net Increase/(Decrease) in Cash and Cash Equivalents 77

Cash and Cash Equivalents July 1 585

Cash and Cash Equivalents June 30 $ 662

Cash Flows from Operating Activities:

Operating (Loss)/Profit $ (89,943)

Adjustments to Reconcile Operating Loss to Cash

Provided (Used) by Operating Activities:

Federal Commodities Consumed 7,836

Depreciation5,823

Changes in Assets and Liabilities:

(Decrease)/Increase in Accounts Payable 4,328

(lncrease)/Decrease in Inventory 591

Net Cash Used by Operating Activities S (71,365)

The aecompanvine Notes to Financial Statements are an integral pa.rt of this statement.


STATEMENT OF FIDUCIARY NET ASSETS

FIDUCIARY FUNDS

JUIE 30, 2011

Assets:

Cash and Cash Equivalents

Total Assets

Liabilities:

Payroll Deductions and Withholdings

Total Liabilities

Net Assets:

Held in Trust for Unemployment Claims

Total Net Assets

Unemployment

Compensation

Trust

$ 10,963

$ 10,963

S 10,963

$ 10,963

Salary

Account

42,469

42,469

42,469

42,469

Agency

Fund

11,796

11,796

11,796

11,796

Total

65,228

65,228

54,265

54,265

10.963

10,963

Exhibit B-7

The aecompan\ inn Notes to Financial Statements are an thtegral part of this statement


STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS

FIDUCIARY FUNDS


Exhibit B-8

27.

Additions

Contributions:

Employee Withholdings

Investment Earnings:

Interest

Total Additions

Deductions

Unernploynient Claims

Total Deductions

Change in Net Assets

Net Assets - Beginning of Year

Unemployment

CompensationTrust

$ 8,352

115

8,467

11,859

1L859

(3,392)

14,355

S 10,963Net Assets - End of the Year

NOTES TO FINANCIAL STATEMENTS

2S.

BOAR!) OF EDUCATION

TtCKERTON SCHOOL DISTRiCT

NOTES TO THE FINANCIAL STATEMENTS

JUNE 30, 2011

NOTE 1: Summary of Significant Accounting Policies

The financial statements of the Board of Education (Board) of the Tuckerton SchoolDistrict (District) ha e been prepared in contbrmitv v ith generalk accepted accounting

principles ((IAAP) as applied to governmental units. Fhe Governmental Accounting StandardsBoard (GASB) is the accepted standard-setting body for establishing governmental accountingand financial reporting principles. The more significant of the Board’s accounting policies aredescribed belo

A. Reporting Entity:

The Tuckerton School I)istrict is a Type II district located in the County of Ocean. Stateof New Jersex. As a Type 11 district, the School District functions independently through aBoard of Education. The board is comprised of nine members elected to three-year terms. Thepurpose ol’the district is to educate students in grades K-6. The fuckerton School [)istrict hadan approximate enrollment at June 30. 2011 of 329 students.

The primary criterion for including activities within the District’s reporting entity, as setforth in Section 2 100 of the GASB Codification of Government Accountine and Financial

ptiije Standards. is hether:

• The organization is legally separate (can sue or be sued in their own name)• The I)istrict holds the corporate poers of the organ izal ion• The District appoints a ‘ oting maority of the organizations 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• [here is a fiscal dependenc by the organization on the District

B. Goernment-Wide Financial Statements

The go ernment—s ide financial statements include the statement of net assets and thestatement of activities. These statements report financial inftwmai ion for the District as a wholecxcludin fiduciary activities such as student activines. lndi idual funds are not displa\ ed hutthe statements distinguish governmental activitie.. generatE supported h state and Iëderal aid.tuition and county tax levies, from business—type activities generally financed in whole or in partwith fees charged to external parties.

29.

NOTE 1: Sunimarv of Significant Accounting Policies (Continued)

B, Government-Wide Financial Statements (Continued)

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

re enues direcll\ connected v ith the functional program. A function is an assembly of similar

activities and ma include portions of a fund or summarize more than one fund to capture the

expenses and program revenues associated ith a distinct functional acti itv. Program revenues

include (1) charges for ser\ ices which report tees and other charges to users ol the District’s

services and (2) operating grants and contributions. 1 hese revenues are subject to externally

imposed restrictions to these program uses. lax le ies and other revenue sources not properly

included 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 reqrure New

Jersey districts to treat each governmental fund as a major fund in accordance with the option

noted 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 Statement

Presentation

The financial statements of the District are prepared in accordance ith generally

accepted accounting principles (GAAP). The District’s reporting entity applies all relevant

Governmental Accounting Standards Board ((IASB) pronouncements. The government—wide

and proprietary fund financial statements apply Financial Accounting Standards Board (FASB)

pronouncements and Accounting Principles Board (API-)) opinions issued on or before November

30. 1989. unless those pronouncements conflict ith or contradict GASI3 pronouncements. inwhich case. GASB pre ails.

The go ernment—wide statements report using the economic resources measurementfocus and the accrual basis of accounting generally including the reclassification or elimination

of 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 habilitv is incurred regardless of the timing of related cash flows, County taxrevenues are recognized in the year for which thc are levied while grants are recognized whengrantor eligibility requirements are met. The Lnemplo ment Trust Fund recognizes employerand employee contributions in the period in hich contributions are due.

Governmental tImd financial statements report using the current financial resourcesmeasurement fbcus and the modified accrual basis of accountina. Re enues ire recognized whenthey are both measurable and available, Aaiiable means collectible within ih current period orsoon enouuh thereatler to appl’. current liabilities. -l lie District considers i-es enues to beavailable if the are collected Oh in 60 da s of the end of the fiscal year. Fxpenditures arc.L itc, 1L!1 0... IL I ‘und i T” I L I \L I1 Of TL ni p. 1 II j

30.

NOTE 1: Summary of Significant Accounting Policies (Continued)

C. Measurement Focus, Basis of Accounting and Financial Statement

Presentation (Continued)

Major revenue sources susceptible to accrual Inc hides Intergovernmental re enues. and

the count\ tax le In general. other revenues are recognized hen cash is receied.

Operating income reported in proprietar\ fund financial statements includes revenues

and expenses related to the primary continuing operations of the fund. Principal operating

revenues for proprietary funds are charges to customers for food sales and for services provided

to other governmental entities. Principles operating expenses are the costs of providing goods or

services and include administrative expenses and depreciation of capital assets. Other re\ enues

and expenses are classified as non—operating in the financial statements.

Fund Accounting:

The accounts of the District are maintained in accordance with the principles of fund

accounting to ensure observance of limitations and restrictions on the resources available. The

principles of fund accounting require that resources he classified for accounting and reporting

purposes into funds or account groups in accordance with acti ities or objectives specified for

the resources. Each fund is a separate accounting entit ith a self—balancing set of accounts.

An account group. on the other hand. is a financial reporting device designed to provide

accountability for certain assets and liabilities that are not recorded in the funds because the do

not directly affect net expendable available financial resources. Funds are classified into three

categor Ics governmental propi ietar and frducrar Each categoi in tuin is divided into

separate “fund types”.

Governmental Fund Types

(iLner al Fund I hc gcnel al fund is the genci il operating fund ol thc District md is

used to account fir all expendable financial resources except those required to he

accounted for in another fund.

The District accounts for the proceeds of specific revenue

sources (other than expendable trust or major capital projects) that are legallyrestricted to expenditures fur specified purposes in the special re enue funds.

C upjtal Piojcct I mid the capit il pioJcts lund i’. uscd to account for all fin Inc I

resources to he used Par the acquisition or construction of major capital fircilitres (other

than those financed by proprietary funds),

Debt Scr icc F und I he dcht sci ICL fund i iscd to aLcount for mc accumul ition ofresources fur. and the payment of principal and interest on bonds issued to finance

major propert\ acquisition. construction and imprO enlcnt prograills

Proprietary Fund T iw

1ntpprFund 1 o ancount i )pcratlon ‘hat ai nanced and pcratcd in a manner

similar to pris ate business enterorises. in which the intent of the District is that thecosts of providing goods or sers es to the District on a continuinc basis •he fi anced orreL overed primary is throuch user charce

31.


D. Fund AccOuntin2 (Continued):

Fiduciary Fund Types

AuencvFujPa\ro11and Sj ltActivjtiçsFullcj):Agency funds are used to

account for the assets that the District holds on behalf of others as their agent. Agency

funds are custodial in nature and do not involve measurement of results of operations.

Trust and \gency±unds: The trust and agenc funds are used to account tbr assets

held by the District on behalf of outside parties. including other governments, or on

behalf of other funds within the District.

Expendable I rust[und n L\pend hie ti ust hind is aLLounttd Ioi in essntiall the

same manner as the governmental fund types, using the same measurement focus and

basis of accounting. Expendable trust funds account for assets where both the

principal and interest may be spent. Expendable trust funds include Unemployment

Compensation Insurance.

E. Basis of Accounijijg:

The modified accrual basis of accounting is used for measuring financial position and

operating results of all governmental fund types. expendable trust funds and agency funds.

Under the modified accrual basis of accounting. revenues are recognized when they become both

measurable and available. “Measurable” means the amount of the transaction can he determined

and “available” means collectible v ithin the current period or soon enough thereafter to be used

to pa liabilities of the current period. Expenditures are reco nized in the accounting period in

which the fund liability is incurred, except fur principal and interest on general long—term debt

hich are recorded yhen due.

Ad \/alorem (Properly) Taxes are susceptible to accrual as tinder New Jersey State

Statute a niunicipalilv is required to remit to its school district the entire balance ol taxes in the

amount voted upon or certified, prior to the end of the school ear. The District records the

entire approved tax levy as revenue (accrued) at tile start of the fiscal ear, since the re enue is

both measurable and available. The District is entitled to receive mone s under the established

payment schedule and the unpaid amount is considered to be an “accounts receivable”,

I he accrua basis of accounting is used flr measuring financial position and operating

results of prprietar\ hind t pes and nonexpendahie trust hinds. Lnder this method. revenues are

recorded in the aceounhine erod in inch the are earned and expenses are recorded at the time

liabilities are incurred,

32.


F. Ludgets/Budgetai Control:

Animal appropriated hudeets are prepared in the spring of each ear for the general.special re enue. and debt ser\ ice funds. The budgets are submitted to the Count office and arevoted upon at the annual school election on the third Tuesda in April. Budgets are preparedusing the modified accrual basis of accounting the legal level of budgetary control is establishedat line item accounts within each fund. Line item accounts are defined as the lowest (mostspecific) level ol detail as established pursuant to the minimum chart of accounts referenced inN.J.A.C. 6A:23.-2.2(g)l. All budget amendments must he approved by School Board resolution.Budget amendments during the year ended June 30, 2011 ere insignificant.

The Public School Education Act of 1975. limits the annual increase of any district’s netcurrent expense budget. The Commissioner of Education certifies the allowable amount for eachdistrict hut may grant a higher level of increase if he determines that the sums so provided wouldbe insufficient to meet the identified goals and needs of the district or that an anticipatedenrollment increase requires additional funds.

The Commissioner must also review every proposed local school district budget for thenext school year. He examines every item of appropriations for current expenses and budgetedcapital out la to determine their adequacy in relation to the identified needs and goals of thedistrict. If. in his view, they are insufficient, the Commissioner must order remedial action. Ifnecessary, he is authorized to order changes in the local district budget.

Once a budget is approved, it can be amended by transfers or additional appropriation offund balances by approval of a majority of the members of the I3oard. Amendments arepresented to the Board at their regular meetings. Each amendment must have Board approval.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 la . Individual transfers were not material inrelation to the original appropriations. All uncommitted budget appropriations lapse at ear—end.

C. Encumbrances:

Under encumbrance accounting purchase orders, contracts and other commitments forthe expenditure of resources are recorded to reserve a portion of the applicable appropriation.Open encumbrances in governmental fimds other than the special re enue fund are reported asreser ations of fund balances at fiscal ear end as the do not constitute expenditures orliabilities but rather commitments related to unperformed contracts for goods and services.

Open encumbrances in the special revenue fund ftr x hich the District has receivedadvances are rellected in the balance sheet as deferred revenues at fiscal ear end.

I he encumbered appropriation authority carries over into the next fiscal year, An entryill he made at the beginning of the next tiscal ear to increase the appropriation retlected in the

certified budget h\ the outstanding encumbrance amount as olthe current fiscal sear end,

I-I Short..Term Interfund Receivables/Pavables:

Nhortie.rm interfu d receivahles./payahles represents amounts that are owed, other thancharges br good or services rendered to/from a particular fund in the District and that are duewithin one :year.

33.

NOTE 1: Sumniarv of Si2nificant Accounhin2 Policies (Continued)

I. Inventories and Prepaid Expenses

mx entories and prepaid expenses. which benefit future periods, other than those recorded

in the enterprise fund are recorded as an expenditure during the ear of purchase.

Enterprise fund inventories are valued at cost. xx hich approximates market. using the

first—in—first—out (FIR)) method. Prepaid expenses in the enterprise fund represent payments

made to vendors for services that will benefit periods beyond June 30. 2011.

I Capital Assets and flepreciation

The District’s propert . buildings and improvements, equipment, vehicles, furniture and

fixtures xx ith useful lix Cs ot five years or more are stated at historical or estimated historical cost

and are reported in the governrnent-x\ ide financial statements. Proprietary Fund capital assets are

reported in its respective fund.

The [)istrict contracted xx ith an outside service company to provide a report xx itli a

comprehensive detail of capital assets and depreciation. The report included capital assets

purchased during the 201 0-2011 fiscal year and prior with a historical cost of $2,000 or more.

Accumulated depreciation prior to tiscal year 2011. fiscal ear 2011 depreciation expense. total

accumulated depreciation and book xalues were also provided. The costs of normal maintenance

and repairs that do not add to the asset x alue or materially extend the useful lives are not

capitalized. Capital assets are depreciated using the straight-line method. When capital assets

are disposed, the cost and applicable accumulated depreciation are removed from the respective

accounts. Estimated useful lives, in years. for depreciable assets are as folloxx 5:

Buildins and Improvements 20 — 50

Equipment and Vehicles 5 — 20

Furniture and Fixtures 5 — 20

The I)istrict is currently in the process of obtaining and installing software that x ill

maintain proper capital asset and depreciation records.

Capital asset actix itx for the year ended June 30. 201! was as follows:

34.


J. Capital Assets and Depreciation (Continued)

Balance Balance

July 1, 2010 Additions Retirements June 30, 2011

Go ernmental Acti ities:Capital Assets That are Not

Being Depreciated:Land S 43.440 43,440

Construction in Progress 1.888,227 150,000 2.038,227

Total Capital Assets NotBeing Depreciated 1.931.667 _0.00() Q1.667

Depreciable Assets:Buildings & Sites 3.300,25 7 3.300,257

Machinery & Equipment— 89L27 35,160 927,157

Total 4.192,254 35,160 4.227,414

Less: AccumulatedDepreciation for:

Buildings and Sites (1.434,138) (107,176) (1.541,314)

Machinery & Equipment J74) j2) JjjJ76)

Total AccumulatedDepreciation (2.116.932) (140.558) (57.490)

Net Depreciable Assets 2.075.322 (105.398)

Governmental ActivitiesCapital Assets, Net $ 4,006,989 44,&02 4,05L59i

Depreciation expense was charged to governmental functions as follows:

Unallocated $1 455.8

Balance Balance

.Juh 1. 2010 Additions Retirements June 30, 2011

Business- F\ pe Acti ites:Equipment S 139,569 139,569

Less: Accumulated!)eprecialion for:

Equipment ZS4iQ) ($43)

35

NOTE 1: Summary of Sini1lcant Accounting Policies (Continued)

K. Compensated Absences

The District accounts for compensated absences (e.g.. unused vacation, sick leave) as

directed h Governmental Accounting Standards Board Statement No. 1 6 (GASB 16).

“Accounting for Compensated Absences”. A liahilit fur compensated absences attributable to

services already rendered and not contingent on a specific event that is outside the control of the

employer and employee is accrued as employees earn the rights to the benefits.

District employees are granted varying amounts of vacation and sick leave in accordance

ith the District’s personnel policy. Upon termination. employees are paid for accrued vacation.

The District’s polic\ permits employees to accumulate unused sick leak e and carry tor ard the

full amount to subsequent years. Upon retirement employees shall be paid by the District for the

unused sick leave in accordance with the District’s agreements with the arious emplo\ cc

UfliOH5.

The liability fur vested compensated absences of the governmental Fund types is

recorded in the general long—term debt account group. The current portion of the compensated

absence balance is not considered material to the applicable fund total liabilities, and therefore is

not shown separately from the Tong—term liability balance of compensated absences.

L. Deferred Revenue

Deferred revenue in the special revenue fund represents cash, which has been recei ed

but not vet earned. See note 1(e) regarding the special revenue fund.

M. Long-Term Obligations

Long—term debt is recognized as a liabilit of a go ernmental fund ‘a hen due or when

resources have been accumulated in the debt service fund for payment earl) in the follo’a ing

year. For other long-term obligations. only that portion expected to be financed from expendable

available tinancial resources is reported as a fund liability ofa governmental fund. The

remaining portion of such obligations is reported in the general long—term debt account group.

N. Fund Equity

Contributed capital represents the amount of fund capital contributed to the proprietary

funds tloni other funds. Grants. entitlements. or shared revenues ‘a hich are restricted for the

acquisition or construction of capital assets are also recorded as contributed capital, Reserves

represent those Iort ions of fluid equity not appropriable for expenditure or legally segregated for

a specific future use, Desienatc-d fund balances represent plan fur future use of financial

resources.

0. Tuition Receivable

1 uition Lii ii zcs ‘act c Ls1 iblihtd h thL Bo ird of 1 duc itton b iLd on tini ItLO L 51s

I he charges arc nbject to adjustment ‘a hen the final cosi’ hax e been determined.

P. luition Payable

Tuition c.harge.s for the fiscal year 20 0-2 111 was based on rates e.srahi ished by the

L L JL a hi tLi Oi

36.

NOTE 2: Cash and Cash Equivalents and Investments

(ash and cash equi alents includes pett cash, change ftmds. amounts in deposits. and

short term in estments x ith original maturities of three months or less.

In eaments are stated at co,t or amortized cost. xhich approximates market. I he Board

cla’sities certiteate’ of deposit. Inch ha e original maturitx dates of more than three months

hut less than t eke months Iiom the date of purchase. as in estments.

Deposits

Ne Jerse statutes require that school districts deposit public fimds in public

depositories located in Ne Jerse \\hich are insured by the Federal Deposit Insurance

Corporation. the Federal Sa ings and I oan Insurance Corporation, or h any other agency of the

United States that insures deposits made in public depositories. School districts are also

permitted to deposit public tutnds in the State of Ne\ Jerse Cash Management Fund.

Ne Jerse statutes require public depositories to maintain collateral for deposits of

public funds that exceed depository insurance limits as follos:

F he market ‘ alue of the collateral must equal at least 50 of the a erage

daily balance of collected public funds on deposit.

In addition to the abo e collateral requirement, if the public funds deposited exceed 75° o

of the capital funds of the depository. the depository must pros ide collateral having a market

x alue at least equal to 1 00° o of the amount exceeding 75? o.

All collateral must he deposited ith the Federal Reser e Bank of New York. the Federal

Reser e Bank of Philadelphia. the Federal 1—lome Loan Bank of New York. or a banking

institution that is a member of the Federal Resere System and has capital funds of not less than

$25,000.000.

Investments

New Jersey statutes permit the Board to purchase the following types of securities:

a I3ond% or other obligations of the I nited States or obligations

guaranteed h\ the nited States.

h Bonds . I any I ederal IntLrmed iate C rLdit Bank I edei al I lome

I oan I3ank. I ederal \ational \Iortgage \gencx or an I tilted

‘tale Bank o ( oopei ati\ Cs w Ii Lb ha e a maturity date not greater

than iw ek months tiam the date f purchase

c Bonds oi other obligations of the school district.

37.

NOTE 2: Cash and Cash Equivalents and Investments (Continuedi

Investments (Continued)

All hank deposits and investments as of the balance sheet date are classified as to credit

risk h\ the lollo ing t o categories described belo

2011

EDIC S 100.000

GUPDA 0,336

S 840.336

As of June 30. 2011. cash and cash equivalents and investments of the District consisted

of the following:

Cash and CashEquivalents

Interest Bearina Checkina Accounts S 791.11 8

Total $791,118

The carrying amount of the Boards cash, cash equivalents and investments at June 30.

2011 was 5791.118 and the hank balance vas 5840.336. Of the hank balance $100.000 was

covered h\ federal depositor insurance and 5740.336 was covered b a collateral pool

maintained by the banks as required by New Jersey statutes.

Custodial Credit Risk — Deposits

Custodial credit risk is the risk that. in the event of a bank failure. the government’s

deposits ma not he returned to it. The District does not have a formal policy for custodial credit

risk.

The District had no uninsured deposits.

%OTE 3: General Long-Terni flebi

During the fiscal year ended June 30, 2011. the following changes occurred in liabilities

reported in the general long—term debt account group:

Bahince Balance Long-Term 201 1-12

JuIv 1. 2010 .•ddtions Deletions ,)une 30. 2011 lortion Pamcnt

(:ompensated.Ahsences

Pb 58.000 1817500

4.252 2.025’09 887.709 38.000

3S.

NOTE 3: General Long-Term 1)ebt (Continue4

A. Bonds Payable

Principal Interest Total

Year [zndin June 30.2012 S 138.000 82.445 220,445

2013 138,000 76,925 214,925

2014 138,000 71.405 209,405

2015 138.000 65,885 203,885

2016 138,000 60.365 198.365

2017-2021 700.000 214.725 9 11.725

2022-2025 560 63420 623,420

$ 1.950.000 633,170 2,585

Bonds issued 10/1/92 ftr $2,443,000 at 4.0% thru 4.62% interest, maturing 7/15/24 with

a balance of $1,950,000 at June 30. 2011

NOTE 4: Pension Plans

Description of Plans — All required employees of the District are covered by either the

Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have

been established b state statule and are administered by the Ne Jersey Division of Pension and

Benefits (Division). According to the Stale olNew Jerse Administrative Code. all obligations

of both Svstenis w ill he assumed b the Stale of New Jersey should the Systems terminate. The

Division issues a publicly a ailable financial report that includes the financial statements and

required supplementar\ inlormation fir the Public Employees Retirement System and the

Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division

of Pensions and Benefits, P.O. Box 295. ‘Irenton. New Jersey, 08625.

Teachers’ Pension and Annuit Fund (TPAF) The Teachers’ Pension and Annuity

Fund \as established as ofJanuarv 1. 1955. under the proIsions olN.J,S.A. I 8A:66 to proide

retirement benefits. death. disabilit and medical benefits to certain qualified members. The

Teachcrs Pension and Annuity Fund is considered a cost—sharing mLTltiple—emplover plan with a

special tunding sitmaion. a under current statute. all emplo er contributions are made by the

State of New Jerse\ on hehalfof the District and the s\ stem’s other related non-contributing

employers, Membership is mandatory for substantially all teachers or members of the

profissiona1 staff certified by the State Board of Examiners, and employees of the 1)epartment of

Education who ha e titles that arc unclass fled. probssiona1 and certified.

39.

NOTE 4: Pension Platas — (Continued)

Public EmpIovees Retirement Sstern (PERS) The Public Emplo CC’s Retirement

System PERS) was established as ofJanuar I, 1955 under the pro isions of\.J.S.A. -43:1 5.\ to

pros ide retirement. death. disahility and medical benefits to certain qualified members. I he

Public Fmplo ee.’ Retirement Sy stein is a cost—sharing multiple—empIoer plan. Membership is

mandatory br substantially all full—time emplo ees of the State of\ess Jersey or an county

municipaIit. school district, or public agency. pros ided the employee is not required to be a

member of another state—administered retirement system or other state or local jurisdiction.

Vestin2 and Benefit Provisions 11w vesting and benefit pros isions ftw PERS are set

b NJ.S\. 43:1 SA and 13.3B. and N.J.S.:\. 1 8A:oC flr FP\F. All benefits scsi after eight to

ten years of sers ice. except br medical benefits that scsi after 25 years of service. Retirement

benefits for age and sers ice are asailable at age 60 and are generally determined to be 1 55 of the

llnal as erage salary for each year of sers ice credit, as defined. Final as erage salary equals the

as erage salars br the final three years of sers ice prior to retirement (or highest three years’

compensation if other that the final three sears). Members may seek early retirement after

achies ing 25 years of sers ice ct-edit or they may elect deferred retirement after achies ing eight to

ten years of sers ice in ss hich case benefits would begin the first day of the month after the

member attains normal retirement age. The TPAF and PERS pros ides for specified medical

benefits for members ssho retire after achies ing 25 years of qualitied sers ice, as defined, or

under the disability fO\ isions of the System.

Members are always fully sested far their own contributions and. after three y eat’s of

sers ice credit. become vested for 2° o of’ related interest earned on the contributions. In the case

of death before retirement, members’ beneficiaries are entitled to full interest credited to the

members’ accounts.

Si2nificant Leis1ation - During the year ended June 30, 1997, legislation was enacted

(Chapter 114. P.L. 1997) authorizing the Ness Jersey Economic Des elopmerat Authority to issue

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

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

systems, Additional legislation enacted during the year ended June 30. 1997 (Chapter 11 5. P.L.

1997) changed the asset valuation method from market related same to full-market salue. This

legislation also contained a provisioli to reduce the employee contribution rate by 12 of 1° to

45°o lbr calendar years 1993 and 1999. and to allow flar a reduction in the emploee’s rate after

calendar year 1999. pros iding excess valuation assets are available. Ihe legislation also

pros ided that the District’s normal contributions to the Fund may he reduced based on the

res aluation of assets. Due to recognition of the bond proceeds and the change in asset s aluation

method as a result of enactment of ( hapters Ii f and 115 all unfunded accrued liabilities were

el iuitnaled except I or the uniimded liahi its bor local earl ci irement ncentt e benefits.

ccrdingI - the pension L0’t’ for 1 PAF and PT Rs ssere ‘educed

( ontribu(ion Requirements lb. contribution polic uc %et h N ,JS\, 4 - 1 5;\,

( hapter 62, P I. of 994. 1 llapic’ il, PT - t’ I 99 and \.l S\ I 3:66. and rcqnn’cs

conti ihutions h ictis e members md conil ihuting einplos crs Plan member and emploset

contributions ma’ be amended h State ot Ness .Jersey legislation. I PA! and PLRS P°-’ ide lot

cc Lontr lii’n i of e’npl ee’ annual c n1pen:itio;I. a defined 1 mplo cr5 arc

c i d ii 6 te 0 ii ci a illy I t iii mcd rate m 6 1 P ‘\I i d El RS I he ictuariall

-L ou :11 iod . -artiI. -a ‘- - ‘- 1 .a om -aai: - -.- ‘a-at, hO

Jia c iit ia :a-o io u1 i;O - t--’--a- •:o 1:1u )OO’

i n c ib i )1 I 6 e I \I

30.

NOTE 4: Pension Plans — (Continued)

Three-Year Trend Information for PERS

Annual Percentage Net

Year Pension of APC Pension

Funding Cost (APC) Contributed Obligation

6301 I S None l0O SO

63010 None I 0O°o 0

6/30 09 None 100% 0

Three-Year Trend Information for TPAF (Paid On-Behalf of the District)

Annual Percentage Net

Year Pension of APC Pension

Funding Cost (APC) Contributed Obligation

630/ll 5126.817 100% 0

6/30/10 128.189 100% 0

6/30/09 109,278 100% 0

During the fiscal ear ended June 30. 2011. the State of New Jersey contributed

$ 126.817 to the TPAF for normal and post-retirement benefits on behalf of the District Also, in

accordance with NJ.S A. 18A:66-66 the State of New Jersey reimbursed the District $143.623

during the year ended June 30. 2011 fur the employer’s share of social security contributions for

TPAF members. as calculated on their base salaries. This amount has been included in the

general-purpose financial statements, and the combining and individual fund and account group

statements and schedules as revenue and expenditure in accordance with GASB 24.

NOTE 5: Post-Retirement Benefits

P.1.. 1987. c. 383 and P.1.. 1990. c.6 required Teachers’ Pensions and Annuit Fund

(TPAF) and the Public Employees’ Retirement System (PERS). respectiveI. to fund post-

retirement medical benefits for those State employees who retire after accumulating 25 years of

credited service or on a disability retirement. P.L. 2007, c. 103 amended the law to eliminate the

funding of post-retirement medical benefits through the TPAF and PERS. It created separate

funds outside of the pension plans tiar the funding and payment of post—retirement medical

benefits for retired State employees and retired educational employees .As of June 30. 2010,

there ere 87,288 retirees eligible fur post—retirement medical benefits The cost of these

benefits is funded through contributions b\ the State in accordance ith Pt.. 994, c.62.

Funding of post—retirement medical premiums changed from a prefunding basis to a pay—as—you—

go basis beginning in Fiscal Year 1994.

[he State is also responsible for the cost attributable to PL 1992 c. 126. which provides

fi health benefits to members ot PERS and the Alternate Benefit Program x ho retired ftom a

hoard of education or count coilcee ith 25 years of service. [he State paid Si 26.3 million

toward Chapter 126 benefits liar 14.050 eligible retired members in Fiscal y ear 201 0

NOTE 6:

It the opniion of the ehooJ hoard offiefils that there i no !itfoat:on threatened or

31.

NOTE 7: Equity Balance

At June 30, 2011, the General Fund equity balance was as follows:

Unassigned Fund Balance S 233,898

Capital Reserve 159,939

Reserved for Encumbrances 214,030

Designated for Subsequent Year’s Expenditures 50,000

Maintenance Reserve 400,000

Reserved excess surplus represents a calculation under N.J.S.A. 18A:7F-7 which

identifies an amount of surplus under the statute which must be restricted for use in the next

succeeding budget.

2% Calculation of Excess Surplus

2010-il Total General Fund Expenditures Per the CAFR $ 3,720,514

Add: Transfer to Food Service Fund 8,000

Decreased by:On-Behalf TPAF Pension & Social Security 270,440

Adjusted 2010-11 General Fund Expenditures Aj0i4

2% of Adjusted 2010-11 General Fund Expenditures £91i

Minimum Allowed $ 250,000

Increased by Allowable Adjustment 280

Maximum Unassigned Fund Balance

Total General Fund — Fund Balance @ 6-30-11 $ 1,057,867

Decreased by:Reserved for Encumbrances 214,030

Reserves 559,939

Designated for Subsequent Years Expenditures823.969

Total Unassigned Fund Balance S 233898

Maximum Unassigned Fund Balance $25Q2$O

Restricted Fund Balance — Excess Surplus

i1ol1owab1eAdustments

Non-Public Transportation Aid

42.

NOTE 7: Equity Balance (Continued)

ReservesMaintenance Reserve $ 400.000

Capital Reserve

$ 59939

NOTE 8: Risk Manaenient

The District is exposed to various risks of loss related to torts theft of. damage to, and

destruction of assets: errors and omissions: injuries to emplo ees: and natural disasters.

Property and Liability Insurance The District maintains commercial insurance coverage for

property, liability, student accident and surety bonds.

New Jersey Unemployment Compensation Insurance The District has elected to fund its

New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement

Method”. 1. nder this plan. the District is required to reimburse the Ne Jersey Unemployment

Trust Fund for benefits l)aid to its former employees and charged to its account with the State.

The District is billed quarterly for amounts due the State. The following is a summary of District

contributions. employee contributions, reimbursements to the State for benefits paid and the

ending balance of the District’s expendable trust fund for the current year:

District Employee Ending

Fiscal Year Contributions Contributions Reini bursed Balance

2008-2009 2.434 0 0 19.777

2009-2010 141 2.318 7.881 14.355

2010-2011 21.852 8.352 19.241 10.963

NOTE 9: INTERFUNI) RECEIVABLES ANI) PAY ABLES

The following interfund balances existed at June 30. 2011.

Due To I)ue From

Debt Service Fund $ 9,688

Capital Proecls Fund 11 .986

General Fund 209,560

Special Revenue Fund I0762

S 219.246 219.24$

43.

NOTE 10: FAIR VALUES OF FINANCIAL INSTREMENTS

The thllo ing methods and assumptions were used by the Tuckerton Board of Education

in estimatine its fair value disclosures fbr financial instruments.

Cash and Cash Equivalents: The carrying amounts reported in the combined balance

sheet 1i.r cash and cash equi\ alents are the fair values of those assets,

NOTE 11: FUND BALANCE APPROPRiATED

General Fund Of the S 1,057.867 General Fund fund balance at June 30. 20! I.

$214030 is resere for encumbrances: $159,939 is Capital Reserve; $50,000 has been

appropriated and included as anticipated reenue for the year ending June 30. 2011: $400.000 is

in a maintenance reserve and 5233.898 is unassigned.

NOTE 12: ECONOMIC I)EPENDENCY

The District receives a substantial amount of its support from federal and state

governments. A significant reduction in the level of support, if this crc to occur. may have an

effect on the District’s programs and activities.

NOTE 13: DEFiCIT FUNI) BALANCES

The District has a deficit fund balaice of $8.746 in the Special Revenue Fund as of June

30. 2011 as reported in the fund statements (modified accrual basis). P.1.. 2003. c.97 provides

that in the event a state school aid payment is not made until the following school budget year.

districts must record the last state aid payment as revenue, for budget purposes only, in the

current school year budget. The bill provides legal authority for school districts to recognize this

revenue in the current budget year. For intergovernmental transactions. GASB Statement 33

requires that recognition (revenue, expenditure, asset, liability) should be in smmetry, i.e., if one

government recognizes an asset, the other government recognizes a liability. Since the State is

recording the last state aid pavnlent in the subsequent fiscal year. the school district can not

recognize the last state aid payment on the GAAP financial statements until the year the State

records the payable. Due to the timing difference of recording the last state aid payment. the

Special Revenue Fund balance deficit does not alone indicate that the district is facing financial

di file u It ies.

Pursuant to NJ S,.1 I 8A :22-44,2 any negative unreser ed, undesignaled general fund

balance that is reported as a direct result ftom a dela in the pa\ ment of state aid until the

IlIo ing fiscal \ ear. is not considered in ‘ olatiou ol’ \e Jersey statute and regulation nor in

need or corrective action. The District deficit in the GAA P fund statements of $8,746 is equal to

the last stale aid payment.

NOTE 14: Sini1icant Accounting Pronouncements

In June 2009. the FASB issued FASB ASC 105. GeneraII Accepted AccountingPrinciples. hich establishes the FASH Accounting Standards Codification as the sole source ofauthoritatie generaIl accepted accounting principles. Pursuant to the pros isions of FASB ASC105, the District has updated references to GAAP in its financial statements issued for the periodended June 30. 2011. Fhe adoption of F \SB ASC 105 did not impact the District’s financialposition or results of operations.

In Ma 2009, the F\SB updated AS( 855. Subsequent Eents. hich is effectie fbrreporting periods ending after June I 5. 2009 .ASC 855 establishes general standards ofaccounting for and disclosure of eents that occur after the balance sheet date, hut before thefinancial statements are issued, or are aailable to be issued. The District adopted the amendedsections of ASC 855 and it did not hae an impact on the District’s financial statements. TheDistrict exaluated all eents or transactions that occurred after June 30, 2011 through Noember3.2011.

43.

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REQUIRED SUPPLEMENTARY INFORMATIONExhibit C-3

BUDGET-TO-GAAP RECONCILIATION

NOTE TO RSI

FOR THE FISCAL YEAR ENDED JUNE 30, 2011

SpecialGeneral Revenue

Fund FundSources/Inflows of ResourcesActual amounts (budgetary basis) “revenue”

from the budgetary comparison schedule S 4,082,504 281,765

Difference - Budget to GAAP:

Grant accounting budgeraty basis differs from GAAPin that encumbrances are recognized as expendituresand the related revenue is recognized (10,739)

State aid payment recognized for GAAP statements in thethe current year, previously recognized for budgetarypurposes. 146,241 9,849

The last state aid payment is recognized as revenuefor budgetary purposes and differs from GAAPwhich does not recognize this revenue until thesubsequent year when the state recognizes therelated expense (GASB 33) (127,719) (8,746)

Total revenue as reported on the statement of revenues, expendituresand changes in fund balances - governmental funds $ 4,101.026 272,129

Uses/Outflows of ResourcesActual amounts (budgetary basis) ‘total outflows” from thebudgetarycomparison schedule $ 3,720,514 281,765

Differences-Budget to GAAP:Encumbrances for supplies and equipment ordered butnot received are reported in the year the order is placedfbr budgetary purposes. but in the year the supplies arereceIved tbr financial reporting purposes.

Total expenditures as reported on the statement of re enues.expenditures, and changes in fund balances - governmental funds 271,026

OTHER SUPPLEMENTARY INFORMATION

U-S]1f1UJHJS13A31100IIJS

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5

TUCKERTON SCHOOL I)ISTRICT 59.

SPECIAL REVENUE FUNDExhibit E-2

PRESCHOOL EDUCATION AID

SChEDULE OF EXPENI)ITURES

BUDGETARY BASIS


Expenditures:Instruction:

Salaries of TeachersOther Salaries of Instruction

Total Instruction

Budgeted

$ 47,11741,603

88,720

Actual

47,11741,60388,720

VarianceFavorable

(Unfavorable>

Calculation of Budget and CarryoverTotal 2010-2011 Preschool Education Aid AllocationAdd: Actual ECPAJPEA Carryover (June 30, 2010)Add: Budgeted Transfer from the General Fund 2010-11Total Preschool Education Aid Funds Available for 20 10-2011 BudgetLess: 2010-2011 Budgeted Preschool Education Aid(Including Prior Year Budget Carryover)

Available and Unbudgeted Preschool Education Aid Funds as of June 30, 2011Add: June 30, 2011 Unexpended Preschool Education Aid

2010-201 1 Carryover - Preschool Education Aid Programs

2010-20 1 1 Preschool Education Aid Carryover Budgeted for PreschoolPrograms 2010-201 1

Total Expenditures S 88,720 88,720

S 88,720

88,72088,720

S -

S

—

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29,9

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000

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3,02

617

9.92

238447

61.TUCKERTON SCHOOL DISTRICT

CAPITAL PROJECTS FUND

SUMMARY SCHEDULE OF PROJECT EXPENDITURES


Exhibit F-2

Revenues and Other Financing Sources

Maintenance Reser eTotal Revenues

Expenditures and Other Financing Uses

Construction Services

Total Expenditures

Excess (Deficiency) of Revenues Over (Under) Expenditures

Other Financing Sources and Uses:Cancel Security Camera State Receivable

Fund Balance - Beginning

Fund Balance - Ending

$ 179.922179.922

179,922179,922

(25.311)63,758

$ 38,447

62.TUCKERTON SCHOOL DISTRICT

CAPiTAL PROJECTS FUND

Exhibit F-2a

SCHEDULE OF PROJECT REVENUES. EXPENDITURES, PROJECT BALANCE,

AND PROJECT STATUS - BUDGETARY BASIS

ROOF REPLACEMENT AND REPAIRS TO ELEMENTARY SCHOOL

FROM INCEPTION AND FOR THE YEAR ENDED JUNE 30, 2011

Excess (Deficiency) of Revenues Over (Under)

Expenditures $

Additional Prolect Information

Project Number

Grant [)ate

Bond Authorization Date

Bonds Authorized

Bonds IssuedOriginal Authorized Cost

Additional Authorized Cost

Revised Authorized Cost

5220-05-04-1000

l28 20034 202004

2,443.2952.443.0004.032.158

62.8924.095.050

Percentage Increase Over Original Authorized Cost

Percentage Completion

Orwinal I areet Completion Date

Revised Tareet Completion Date

100%6 30 1 06 30 11

Revised

Prior Current Authorized

Revenues and Other Financin2 Sources

State Sources - SCC Grant

Bond Proceeds and Transfers

Maintenance Reserve

Funded ReferendumTotal Revenues

Expenditures and Other Financing Uses

Purchased Professional and Technical Services

Construction Services

Other PurchasesTotal Expenditures

Totals

1,588,8632.143,000

62,892

Periods

S 1.588.8632.443.000

32.970295

4.065.128

254.9823.777.556

32.5904.065.128

Cost

1.588,8632.443.000

62,892

Year

29.922

29.922

29.922

29,922

295 295

4.095.050 4.095.050

254,9823,807.478

32,590

4,095,050

254,9823.807,478

32,5904,095,050


CAPITAL PROJECTS FUND

Exhibit F-2b

63.

SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE,

AND PROJECT STATUS - BUDGETARY BASIS

CLIMATE CONTROLS PROJECT -ELEMENTARY SCHOOL

FROM INCEPTION AND FOR THE YEAR ENDED JUNE 30,2011

Revenues and Other Financing SourcesState Sources - SCC GrantMaintenance ReserveTotal Revenues

PriorPeriods

S 31,35984,986

116,345

CurrentYear Totals

- 3L359150,000 234.986150,000 266,345

Rev isedAuthorized

Cost

31,359234,986266,345

Expenditures and Other Financing UsesConstruction ServicesTotal Expenditures

77.89877.898

150.000 227.8981 50,000 227.898

266.345266.345

Excess (Deficiency) of Revenues Over(Under)Exntures

Additional Project Information

S 38.447 - 38.447

Project Number

Grant DateBond Authorization DateBonds AuthorizedBonds IssuedOriginal Authorized CostAdditional Authorized CostRevised Authorized Cost

5220-05-09-1001

NANAN A

5’l 2009

116.345150,000266,345

Percentage Increase Over Original Authorized Cost

Percentage CompletionOriginal 1 arget Completion DateRe’ ised lareel Completion Date

095%

$ 5 tic)

1230 10

PROPRIETARY FUNDS - G

N/A

FIDUCIARY FUND - H

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102.

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4-

TUCKERTON SCHOOL I)ISTRICT 65.

STUDENT ACTiVITY AGENCY FUNDExhibit 11-3

SCHEDULE OF RECEIPTS AND DISBURSEMENTS


Balance Cash Cash Balance

June 30, 2010 Receipts Disbursements June 30, 2011

Elementary School:Tuckerton Elementary S 10,199 22,240 15,773 16,666

TUCKERTON SChOOL DISTRICT

PAYROLL AGENCY FUND



Exhibit 11-4

66.

Assets:Cash and Cash Equivalents

BalanceJune 30, 2010

$ 52,370

Balance

Additions Deletions June 30, 2011

1,292,033 l,332607 11.796

Liabilities:Payroll Deductions and Withholdings $ 52,370 1,292,033 1,332,607 11,796

SUMMER PAYROLL



Exhibit H-4a

Assets:Cash and Cash Equivalents

Liabilities:Due to Employees

BalanceJune 30, 2010

S 105,713

$ 105,713

Balance

Additions Deletions June 30, 2011

99,282 102.704 102,291

99,282 102,704 102,291

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BOROUGH OF TUCKERTON SCHOOL DISTRICT 74.

ASSESSLI) AND ESTiMATED ACTUAL VALUE OF TAXABLE PROPERTY

LAST TEN YEARS

UNAUDITEDExhibit J-6

Pecentage of

Estimated Net Assessed to

Year Ended Net Assessed Full Cash Estimated Full

December 31, Valuations Valuations Cash Valuations

2001 S 164,267.000 177,643,560 92.47%

2002 167,304.600 190,703,978 87.73%

2003 169,344,003 206,466,719 82.02%

2004 171,890,664 268,034,717 64.13%

2005 406,327.209 329,383,276 123.36%

2006 420,719,924 436,024,380 96.49%

2007 424,597,874 495,967,614 85.61%

2008 428,807,230 536,210,116 79.97%

2009 432,891,924 542,607,074 79.78%

2010 435,673,002 524,338,671 83.09%

Source: Abstract of Ratables, Ocean County Board of Taxation

BOROUGH OF TUCKERTON SCHOOL DISTRICT 75PROPERTY TAX RATES - DIRECT AND OVERLAPPING

PER $100 OF ASSESSED VALUATIONLAST TEN YEARS

UNAUDITED Exhibit J-7

TuckertonAssessment School Pinelands Ocean

Year District Borough Regional County Total

2001 S 0.862 0.806 0,745 0.601 3.014

2002 0.974 0.902 0.852 0.604 3.332

2003 1.036 0.953 0.947 0.593 3.529

2004 0.977 0.996 0.995 0.670 3.638

2005 * 0.477 0.430 0.473 0.312 1.692

2006 0.519 0.463 0.472 0.351 1.805

2007 0.529 0.483 0.495 0.364 1.871

2008 0.580 0.53 1 0.504 0.387 2.002

2009 0.594 0.572 0.526 0.389 2.081

2010 0.602 0.571 0.543 0.393 2.109

*- Revaluation

Source: Tax Collector

TUCKERTON SCHOOL DiSTRICT 76.

SCHEDULE OF PRI C1PAL TAXPAYERS

FOR THE YEAR ENDED DECEMBER 31, 2010


Current YearAssessed As a Percentage of

Valuation District Net

Taxpayer 2010 Assessed Valuation

Cammehy’s Bartlett Landind LLC S 10,500,000 2.42%

Cammebys Managerneit Co. 5,750,000 1.33%

H2 Investments, LLC 2,800,000 0.65%

Harbor View Plaza Assoc. 2,364,000 0.55%

Brasil Telecom America Inc. 2,327,800 0.54%

Surf & Turf Tuckerton 1,680,000 0.39%

Taxpayer #1 1,360,200 0.3 1%

FAWI Associaties 1,268,130 0.29%

Tuckerton Lumber 1,162,100 0.27%

GEB Marine 1,056,900 0.24%

$ 30,269,130 6.99%

Source: Tax Assessor

*- Information not available for 9 years ago.

BOROUGH OF TUCKERTON SCHOOL DISTRICT 77MUNICIPAL PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN YEARSUNAUDITED Exhibit J-9

Percent

of TaxYear Ended Total Tax Current Tax Levy

December 31, Levy Collections Collected

2001 5,044,805 4.879,571 96.72%

2002 5,652.856 5,484,203 97.02%

2003 6,036,939 5,857,385 97.03%

2004 6,303,792 6,164,198 97.79%

2005 7,005,160 6,825,041 97.43%

2006 7,683,189 7,447,669 96.93%

2007 8,008,411 7,789,194 97.26%

2008 8,649,743 8.369,304 96.76%

2009 9,071,802 8,767,316 96.64%

2010 9,217,455 8,930,652 96.89%

Source: Municipal Tax Collector

TUCKERTON SCHOOL DISTRICTRATIOS OF OUTSTANDING DEBT BY TYPE

LAST TEN FISCAL YEARS

Exhibit J40

Information not available

BOROUGH OF TUCKERTON SCHOOL DISTRICT 79.RATIO OF NET GENERAL BONDED DEBT

TO ASSESSED VALUE AND NET BONDED DEBT PER CAPITA

LAST TEN FISCAL YEARSExhibit J-li

UNAUIMTED

Ratio of

School Net Assessed Net Bonded Debt Net Bonded

District Valuation Bonded to Assessed Debt

Year Population * Taxable Debt Value Per Capita

2002 3,563 167,304,600 1.199.000 0.72% 336.51

2003 3.590 169,344,003 1,049.000 0.62% 292.20

2004 3.593 171,890,664 899,000 0.52% 250.21

2005 3.772 406.327,209 3,192,000 0.79% 846.24

2006 3,818 420.719,924 2,972,000 0.71°/a 778.42

2007 3,841 424,597,874 2.752.000 0.65% 716.48

2008 3,876 428,807,230 2,532,000 0.59% 653.25

2009 3.916 432,891,924 2,312,000 0.53% 590.40

2010 3,916 435,673,002 2,088,000 0.48% 533.20

2011 3,916 435,673,002 1,950,000 0.45% 497.96

Source: Tax Collector/School District Records

*Estimates

TUCKERTON SCHOOL DISTRICTCOMPUTATION OF DIRECT AND OVERLAPPING BONDED DEBT

FOR THE FISCAL YEAR ENDED DECE1IBER 31, 2010UNAUDITED

Net Direct Debt of School District:as of December 31, 2010

et Overlapping Debt of School District:County of Ocean (0.45%)Borough of Tuckerton (100%)

Total Direct and Overlapping Bonded Debtas of December 31, 2010

Exhibit J-12

S 1.950,000

I .921,719

1.763,181

$ 5.634,900

SO.

Source: Tax Collector & School District

BOROUGH OF TUCKERTON SCHOOL DISTRICT 81.COMPUTATION OF LEGAL DEBT MARGIN



Equalized

Year Valuation Basis

2010 $ 515,082,406

2009 520,235,046

2008 536,741,539

$ 1,572,058,991

Average Equalized Valuation $ 524,019,664

School Borrowing Margin( 3% of $524,019,664) $ 15,720,590

Net Bonded Debt at June 30, 2011 1,950,000

School Borrowing Margin Available $ 13,770,590

*- Other Information for 2010 thru 2002 Not Provided

Source: State of New Jersey, Department of Treasury,

Division of Taxation

TUCKERTON SChOOL DISTRICT 82.

DEMOGRAPhIC AND ECONOI’ tIC STATISTICS

LAST TEN FISCAL YEARS

UNAUDITEDExhibit J.-14

Per Capita Personal Unemployment

Year Population Income* Income Rate

2001 3,512 S 32,099 112.731.688 5.1%

2002 3,563 32,547 115,964,961 6.8%

2003 3,590 33,009 118,502,310 7.2%

2004 3,593 33,537 120,498,441 6.3%

2005 3,772 34,463 129,994.436 6.3%

2006 3,818 36,472 139,250,096 6.3%

2007 3,841 38,816 149,092,256 6.3%

2008 3,876 40,201 155,819,076 8.1%

2009 3,916 39,677 155,375,132 13.2%

2010 unavailable unavailable unavailable 13.9%

Source: District Records and State

of New Jersey

*County information available only

TUCKERTON SCHOOL DISTfflCFPRINCIPAL EMPLOYERS

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BOROUGH OF TUCKERTON SCHOOL DISTRICT S7,

SCHEDULE OF REQUIRED MAINTENANCE FOR SChOOL FACILITIES

LAST EIGHT FISCAL YEARS

UNAUDITE D

Exhibit J-19

Tuckerton

Fiscal Year Elementary

Ended June 30 School

2002 $ 177.419

2003 174,419

2004 191,128

2005 186,300

2006 198,725

2007 184,721

2008 224,129

2009 226,894

2010 228,813

2011 205.746

Source: District Records

BOROUGH OF TUCKERTON SChOOL DISTRICT

iNSURANCE SCHEDULE

JUNE 30, 2011UNAUI)ITED

Exhibit J-20

Coverage Deductible

School Package Policy:

Property - Blanket S 10,825,138 S

School District Legal Liability 100.000

Umbrella 5.000.000 10,000

Employee Benefit Program Liability 1,000,000

Data Processing 225,000 250

Commercial General Liability Coverage 3.000.000 1,000

Work&s Compensation Statutory

Administrator - Bond 50,000

Treasurer - Bond 180,000

Student Accident 1,000,000

Source: District Records

SINGLE AUDIT SECTION

/o1tL . uLazL cuzct ?om/at29

CERTIFiED PUBLiC ACCOUVT4NTS

ARMOUR S. HULSART. C.P.A.. R.M.A.. P.S.A. (1959-1992) Telecopier: -

ROBERT A. HULSART. C.P.A.. R.M.A.. P.S.A.(7321 280-8888 280 Hu’ey Pond Road ‘ Suite 100

ROBERT A. HULSART, JR,,C.P.A., P.S.A.e-rnai

Wal New Jersey 07719-1409

rahtrnonmouth corn 732 6814990

RICHARD J. HELLENBRECHT. JR.. C.P.A.. P.S.A.

REPORT ON COMPLIANCE AND ON INTERNAL CONTROL. OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN ALJI)IT OF FiNANCIAL STATEMENTS PERFORMED

IN ACCORDANCE WITH GOVERNMENTAITDITINGST4NDARDS

K-I

honorable President and Members

of the Board of FducationTuckerton School District

Counts of Oceanluckerton. New Jerse

We hake audited the general—purpose financial statements of the Board of Education of the

luckerton School District, in the Count of Ocean. State of New Jerse, as of and for the fiscal sear

ended June 30. 2011. and have issued our report thereon dated No ember 3. 201 1 . We conducted our

audit in accordance w ith auditing standards generally accepted in the I. Inited States of America: the

standards applicable to financial audits contained in (overninent Juditing Standards, issued by the

Comptroller General of the United States: and audit requirements as prescribed by the Di ision of

Finance. Department of Education. State of New Jerse

Internal Control Over Financial Reporting

In planning and performing our audit. we considered the luckerton I3oard of Education’s internal

comrol o er tinancial reporting as a basis Ibr designing our auditing procedures tbr the purpose of

expressing our opinion on the financial statements. but not for the purpose of expressing an opinion on

the effecti\enes of the I uckerton Board of I ducation’s internal control oei financial reporting.

\ecoidingl . ‘.e do not express an opinion on tile etfecti\ ene-s of the 1 uckerton Board of 1-ducation

internal control o\ er financial reporting

\ do/nienc 1 in infeijial .01/il UI exitc when the design t opei ation of a control doc not allow

management einplo ee. iii the normal course of perfor Hung their assigned iunction. to pre’ cut or

detect md correct inisstatenuen!s on a tuneR ha’.is -\ inn/aria! 11 eaAn ss is a delicienc\, or Lombination

of deficiencies. iii intet nal control such that there is a reasonable possihilit\ that a material misstatement

tile i)istrict’ financial ateiruenb w ill not h i c ented. or detected and corrected on a timeR basi%

() 0 I 4 t if ‘ti \s 041 or i fi 1 1 r ted y utç

L )C I tIIL si i pa ii Let i t d cc i let I \ def tic a

iiei flat LattIr thai uihr ti tlfiL,tt1i OL I IL LtiLtC r tnatci al sLakiIese. \\ c did lot idCtitlI\ afl\

IctietefiL IL ifi HILt It . 14’ 1 s ci OL if uflOt tie thaI s L eitider 1 h ,aatciat L.1kflC. ii

taI aed ab se

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Tuckerton Board of Education’s

general-purpose financial statements are free of material misstatement. we performed tests of its

compliance with certain pros isions of laws. regulations. contracts and grant agreements. noncompliance

with which could have a direct and material effect on the determination ol general—purpose financial

statement amounts. 1—lowever, pro iding an opinion on compliance with those provisions was not an

objective of our audit and. accordingly, we do not express such an opinion. The results of our tests

disclosed no instances of noncompliance or other matters that are required to be reported under

Government Auditing Siandariv and audit requ irenients as prescribed by the Division of Finance,

Department of Education. State of New Jerse.

This report is intended solely for the information and use of the audit committee. management.

the Tuckerton Board of Education, the New Jersey State Department of Education and other state and

federal awarding agencies and pass-through entities and is not intended to be and should not he used by

anyone other than these specified parties.

Robert A. Hulsart

Licensed Public School Accountant

No. 322Robert A. Hulsart and Company

November 3. 2011

90.

91.

koLTEt c2’. 1uL’iat anTI (]om/2anj

CERTIFIED PUBLIC .4CCOUNT4NTS

ARMOUR S. HULSART, C.P.A.. R.M.A., P.S.A. (1959’1992) Telecopier:

ROBERT A. HULSART, C.P.A., R.M.A., P.S.A.(732) 280-8888 2807 Hudey Pond Road Suite 100

ROBERT A. HULSART, JR.,C.P.A., P.S.A. e-rnai Wall New Jersey 07719-1409

rah@monrnouth corn (732l 681-4990

RICHARD J. HELLENBRECHT. 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 ANI)

NEW JERSEY 0MB CIRCULAR 04-04

K-2

1-lonorable President and Members

of the Board of Education

Tuckerton School District

Count of OceanTuckerton. New Jerse

Compliance

We have audited the compliance of the Board of Education of the Tuckerton School District, in

the County of Ocean, State of New Jersey. with the types of compliance requirements described in the

US. Of/ice of Managenient and Budget (0MB) Circular A—133 Compliance Supplement and the Vew

Jersey State ,-lidiGrant Compliance Supplement that are applicable to each of its major state programs for

the fiscal year ended June 30, 2011. Tuckerton Board of Education’s major state programs are identified

in the summary of auditor’s results section of the accompanying schedule of findings and questioned

costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to each of

its major state programs is the responsibility of the Tuckerton Board of Education’s management. Our

responsibility is to express an opinion on the Tuckerton Board of Education’s compliance based on our

audit.

We conducted our audit of compliance in accordance v. ith auditing standards generally accepted

in the United States of America: the standards applicable to financial audits contained in Governnient

Auditing Standards, issued by the Comptroller General of the United States; the audit requirements as

prescribed h the Division of Finance. Department of Education. State of New Jersey: 0MB Circular A—

1 33. - ha/its of States. l.ocal (Jove,’,,,nents. al/LI Aiu—Profit Organi:aiions: and New Jersey OMB’s

C irculai 04—04 Singk ludu P0/tel for Rc1plL nts of Fd tat Giants Statc (t ants and Statc lid I hose

standards. 0MB Circular A.- 133 and New Jersey OMB’s Circular 04-04. require that we plan and

pen arm the audit to obtain reasonable assurance about whether noncompliance with the types of

compliance requirements referred to abo- e that could have a direct and material effect on a major state

program occurred. An audit includes examining, on a test basis. evidence about the Tuckerton Board of

Education s compliance with those requirements and pcrftlrming such other procedures as we considered

necessary in the circumstances. We helie\e that our audit provides a reasonable basis for our opinion.

Our audit does not provide a legal determination on the Tuckerton Board of Education’s compliance with

those requlrcmenls,

In our opinion, the Board of Education of the- Tuckerton School District, in the County of Ocean,

State of \ess .iersc’. complied, in all material respects. w ith the requirements referred to above that arc

applicable to each at its mayor lederal anU state programs tar the \ ear ended June 0. t) I

92.

Internal Control Over Compliance

The management of the Board of Education of the Tuckerton School District is responsible for

establishing and maintaining effective internal control over compliance with requirements of laws.

regulations, contracts and grants applicable to state programs. In planning and performing our audit, we

considered the Tuckerton Board of Education’s internal control over compliance with requirements that

could have a direct and material effect on a major state program in order to determine our auditing

procedures for the purpose of expressing our opinion on compliance, but not for the purpose of

expressing an opinion on the effectiveness of internal control over compliance . Accordingly, we do not

express an opinion on the effectiveness of the Tuckerton Board of Education’s internal control over

compliance.

A deficiency in internal control over compliance exists when the design or operation of a control

over compliance does not allow management or employees, in the normal course of performing their

assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance

requirement of a federal program on a timely basis. A material weakness in internal control over

compliance is a deficiency, or combination of deficiencies, in internal control over compliance such that

there is a reasonable possibility that a material noncompliance with a type of compliance requirement of

a federal program will not be prevented, or detected and corrected, on a timely basis.

Our consideration of internal control over compliance was for the limited purpose described in

the first paragraph of this section and would not necessarily identify all deficiencies in internal control

that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in

internal control over compliance that we consider to be material weaknesses, as defined above.

This report is intended solely for the information and use of the audit committee, management,

the Tuckerton Board of Education, the New Jersey State Department of Education and other federal and

state awarding agencies and pass-through entities and is not intended to be and should not be used by

anyone other than these specified parties.

Robert A. HulsartLicensed Public School AccountantNo. 322Robert A. Hulsart and Company

November 3. 2011

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BOARD OF EDUCATIONK-5


NOTES TO SCHEDULES OF AWARDS AND FINANCIAL ASSiSTANCE

JUNE 30, 2011

NOTE 1: GENERAL

The accompanying schedules of financial assistance present the activity of all federal and state

financial assistance programs of the Board of Education. Tuckerton School District. The Board of

Education is defined in Note 1(A) to the Board’s general-purpose financial statements. All federal

financial assistance received directly from federal agencies, as well as federal financial assistance passed

through other government agencies is included on the schedule of federal financial assistance.

NOTE 2: BASiS OF ACCOUNTING

The accompanying schedule of financial assistance are presented using the modified accrual

basis of accounting with the exception of programs recorded in the food service fund which are presented

using the accrual basis of accounting. Programs recorded in the food service fund include the National

School Lunch Program, and the U.S.D.A. Commodities Program. These bases of accounting are

described in Note 1(C) to the Board’s general-purpose financial statements.

NOTE 3: RELATIONSHIP TO GENERAL PURPOSE FINANCIAL STATEMENTS

The general-purpose financial statements present the general fund and special revenue fund on a

GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund

and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is

permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting,

revenue is not recognized until the subsequent year or when expenditures have been made.

The general fund is presented in the accompanying schedules on the modified accrual basis with

the exception of the revenue recognition of the last state aid payments in the current budget year, which

is mandated pursuant to P.L. 2003, c.97. (A3521). For GAAP purposes, that payment is not recognized

until the subsequent budget year due to the state deferral and recording of the last state aid payment in

the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant

accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the

related revenues. whereas the GAAP basis does not.

Awards and tinancial assistance revenues are reported in the Board’s general-purpose financial

statements on a GAAP basis as presented on the following page:

6.

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

SpecialRevenue Food

General Fund Fund Service Total

State AssistanceActual Amounts (Budgetary)

Revenues’ from the Scheduleof Expenditures of StateFinancial Assistance S 1.435.186 88.720 11601 1.536.507

Difference Budget to “GAAP”Grant Accounting Budgetary

Basis Differs from GAAPin that Encumbrances areRecognized as Expenditures

and the Related Revenue

is Recognized

On Behalf PaymentsRecognized for GAAPStatements but NotIncluded in the Schedule

of Expenditures of StateFinancial Assistance 126.817 126.817

The Last State Aid PaymentIs Recognized as Revenuefor Budgetary Purposes.and Diflèrs from GAAP\\ hich does not RecognizeThis Reenue Until theSubsequent Year When the

State Recognizes the Related

Expense (GASB 33) — 1.103

____

Total State Revenue as Reported

on the Statement of Revemies.Expenditures and Changes inFund Balances 89823 12,601 1,682,949

97.

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

SpecialRevenue Food

General Fund Fund Service Total

Federal AssistanceActual Amounts (Budgetary)Revenues” from the Scheduleof Expenditures of FederalAwards $ 193,045 68.261 261,306

Difference — Budget to GAAP”Grant Accounting BudgetaryBasis Differs from GAAP in thatEncumbrances are Recognized asExpenditures. and the RelatedRevenue is Recognized

Total Federal Revenue asReported on the Statementof Revenue. Expenditures.and Changes in FundBalances $ 182,306 68,261 250i67

NOTE 4: RELATIONSHIP TO FEDERAL AND STATE FiNANCIAL REPORTS

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

NOTE 5: OTHER

Revenues and expenditures reported under the Food [)istribution Program represent current year

alue received and current sear distributions respectieiv. The amount reported as I PAF Pension(otnributions represents the amount paid h the State on behalf of the [)istrict fbr the ear ended June30 201 1 TP:\F Social Security Contributions represents the amount reimbursed h the State for theemplo ‘ sh ii of so I suI rt ootrihut on lot I P \l nlLmhu tot thL ‘ u Lndd Junt 30 201

TUCKERTON SCHOOL I)ISTRICT

SCHEDULE OF FINDINGS AND QUESTIONED COSTSK-6

FOR TIlE FISCAL YEAR ENDED JUNE 30, 2011

Part 1 - Summary ofAuditor’s Results

Financial Statement Section Unqualified

Type of audito?s report issued:

Internal control over financial reporting:

1) Material weakness(es) identified?

_________

Yes x No

2) Reportable conditions(s) identified that are

not considered to be material weaknesses? x Yes None Reported

Noncompliance material to general purpose financial

statements noted? Yes x No

99,TUCKERTON SChOOL DISTRICT

SChEDULE OF FINDINGS AND OUESTIONED COSTS


Part 1 - Summary ofAuditor’s Results ((onti,iued,

State Awards

Dollar threshold used to distinguish between type A and type B progra

Auditee qualified as low-risk auditee?

Type of auditor’s report issued on compliance for major programs:

Internal Control over major programs:

(1) Material Weakness(es) identified?

(2) Reportable condition(s) identified that are

not considered to material weaknesses?

Any audit findings disclosed that are required to be reported

in accordance with N.J. OMB’s Circular 04-04?

Identification of major programs:

GMIS Number(s)

11-495-034-5120-078

$300,000

x Yes No

Unqualified

Yes x No

Yes x None Reported

Yes x No

Name of State Program

K-6

Equalization Aid

TUCKERTON SCHOOL DISTRICT100.

SCHEDULE OF FiNDINGS AND QUESTIONED COSTSK-6


Part 2 - Financial Statement Findings

This section identifies the reportable conditions, material weaknesses, and instances of noncompliance

related to the general purpose financial statements that are required to be reported in accordance with

paragraphs 5.18 through 5.20 of Government Auditing Standards.

Finding 01-11:

Condition: Receipts were not recorded against the correct grant programs. Preschool Education Aid was

not prorated in accordance with the delayed State Aid payments. Prior year and current year receipts were

co-mingled making it difficult to track.

Criteria: The financial statements must be recorded in accordance with financial reporting

guidelines and generally accepted accounting principles.

Cause: Lack of oversight in recording grant receipts and making proper entries to reflect the

delayed State Aid Payments.

Effect: The district was required to review and revise the grant records to properly reflect grant

activity.

Recommendation: That all grant recording be reviewed on at least a monthly basis to verify that the

grant financial statements are accurate.

TUCKERTON SCHOOL DISTRICT101.

SCHEDULE OF FINDINGS AND OUESTIONED COSTSK-6


Part 3 - Federal Awards and State Financial Assistance Findings and Questioned Costs

This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and NJOMB

Circular Letter 04-04.

FEDERAL AWARDS

Finding: NONE

Information on the Federal Program: N/A

Criteria or specific requirement: N/A

Condition: N/A

Questioned Costs: N/A

Context: N/A

Effect: N/A

Cause: N/A

Recommendation: N/A

Management!s response: IS/A

STATE AWARDS

jig: None

Infonnation on the State Program: N/A

jjgçiticrcqi!e1neiit: N/A

Condition: N/A

Qjoed Costs: N/A

Context: N/A

Effect: N A


SCHEDULE OF FINDINGS AND QUESTIONED COSTS

K-6


Part 3 - Federal Awards and State Financial Assistance Findings and Questioned costs (continued

STATE AWARDS (Continued)

Cause: N/A

Recommendation: N/A

Management’s response: N/A

TUCKERTON SChOOL DiSTRICT 103.

SUMMARY SCHEDULE OF PRIOR AUDIT FLDlNGSK-7

FOR THE FiSCAL YEAR ENDED JUNE 30, 2011

Prior Audit Findings:

Finding 01-10:

Condition: Receipts were not recorded against the correct grant programs. Preschool Education Aid wasnot prorated in accordance with the delayed State Aid payments. Prior year and current year receipts werecoming1ed making it difficult to track.

Criteria: The financial statements must be recorded in accordance with financial reportingguidelines and generally accepted accounting principles.

Cause: Lack of oversight in recording grant receipts and making proper entries to reflect thedelayed State Aid Payments.

Effect: The district was required to review and revise the grant records to properly reflect grantactivity.

Recommendation: That all grant recording be reviewed on at least a monthly basis to verify that thegrant financial statements are accurate.

Satisfactory corrective action has not yet fully been implemented.

Documents

OF SCHOOL DISTRICT TUCKERTON - New JerseyFiduciary Funds: 13-7 Statement of Fiduciary Net Assets 26. B-S Statement of Changes in Fiduciary Net Assets 27. Notes to Financial Statements