2010 Audit Report

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Publié par	Chiod
Nombre de lectures	55
Langue	English

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WEST IRON COUNTY PUBLIC SCHOOL DISTRICT

Financial Report
with Supplemental Information
Prepared in Accordance with GASB 34

June 30, 2010

1
TABLE OF CONTENTS

Page

INDEPENDENT AUDITOR’S REPORT................................................................................................4

ADMINISTRATION’S DISCUSSION AND ANALYSIS .....................................................................7

BASIC FINANCIAL STATEMENTS....................................................................................................17
STATEMENT OF NET ASSETS ..........................................................................................................................18
STATEMENT OF ACTIVITIES............................................................................................................................20
BALANCE SHEET – GOVERNMENTAL FUNDS ............................................................................................21
RECONCILIATION OF BALANCE SHEET OF GOVERNMENTAL FUNDS TO NET ASSETS.................23
GOVERNMENTAL FUNDS - STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES ................................................................................................................................................24
RECONCILATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES ..................26
STATEMENT OF FIDUCIARY NET ASSETS ...................................................................................................27
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS..........................................................................28

NOTES TO THE FINANCIAL STATEMENTS ..................................................................................29

REQUIRED SUPPLEMENTAL INFORMATION..............................................................................88
BUDGETARY COMPARISON SCHEDULE – ALL GENERAL OPERATING FUNDS ................................89

OTHER SUPPLEMENTAL INFORMATION.....................................................................................90
COMBINING BALANCE SHEET – NON-MAJOR GOVERNMENTAL FUNDS...........................................91
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
- NON-MAJOR GOVERNMENTAL FUNDS......................................................................................................92
ALL GENERAL OPERATING FUNDS – COMBINING BALANCE SHEET ..................................................93
ALL GENERAL OPERATING FUNDS - COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE...............................................................................................................94
ALL SPECIAL REVENUE FUNDS – COMBINING BALANCE SHEET.........................................................95
ALL SPECIAL REVENUE FUNDS – COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE.96
ALL SPECIAL REVENUE FUNDS – COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE.97
GENERAL FUND - COMPARATIVE BALANCE SHEET................................................................................98
GENERAL FUND - SUPPLEMENTAL SCHEDULE OF REVENUES – ACTUAL COMPARED TO
BUDGET.................................................................................................................................................................99
GENERAL FUND -SUPPLEMENTAL SCHEDULE OF EXPENDITURES – ACTUAL COMPARED TO
BUDGET...............................................................................................................................................................101
COMMUNITY SCHOOL FUND – COMPARATIVE BALANCE SHEET .....................................................109
COMMUNITY SCHOOL FUND - STATEMENT OF REVENUES – ACTUAL COMPARED TO BUDGET
................................................................................................................................................................................110
COMMUNITY SCHOOL FUND - STATEMENT OF EXPENDITURES – ACTUAL COMPARED TO
BUDGET111

2

TABLE OF CONTENTS

Page

OTHER SUPPLEMENTAL INFORMATION (Continued)
FOOD SERVICE FUND – COMPARATIVE BALANCE SHEET....................................................................113
FOOD SERVICE FUND - STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE - ACTUAL COMPARED TO BUDGET.........................................................................................114
ATHLETIC FUND – COMPARATIVE BALANCE SHEET.............................................................................116
SPECIAL REVENUE FUND - ATHLETIC FUND - STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE - ACTUAL COMPARED TO BUDGET .........................................117
CAPITAL PROJECTS FUND – COMPARATIVE BALANCE SHEET...........................................................118
CAPITAL PROJECTS FUND - STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE - ACTUAL COMPARED TO BUDGET119
DEBT RETIREMENT FUND – COMPARATIVE BALANCE SHEET120
DEBT RETIREMENT FUND - STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE ................................................................................................................................................121
DEBT RETIREMENT FUND - STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCE122
TRUST AND AGENCY FUND - STATEMENT OF CHANGES IN ASSETS, LIABILITIES, AND FUND
BALANCE.............................................................................................................................................................123
TRUST AND AGENCY FUND - STATEMENT OF RECEIPTS AND DISBURSEMENTS ..........124
PROPERTY TAX DATA.....................................................................................................................................127

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PREPARED IN ACCORDACE WITH GOVERNMENT
AUDITING STANDARDS ......................................................................................................................128

SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS AND RESPONSES................131

INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH THE REQUIREMENTS
THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM
AND ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB
CIRCULAR A-133..................................................................................................................................134

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS .......................................................137

SCHEDULE OF FINDINGS AND QUESTIONED COSTS.............................................................146

3

INDEPENDENT AUDITOR’S REPORT

4
DS Rostagno, CPA, P.C.

101 West Maple Street, Iron River, MI 49935
Tel (906) 265-1040 Fax (906) 265-1042

Board of Education
West Iron County Public School District
601 Garfield Avenue
Iron River, Michigan 49935

INDEPENDENT AUDITOR'S REPORT

We have audited the accompanying financial statements of the governmental activities, each major fund, and
aggregate remaining fund information of the West Iron County Public School District, as of and for the fiscal
year ended June 30, 2010, which collectively comprise the District's basic financial statements as listed in the
Table of Contents. These financial statements are the responsibility of the District’s management. Our
responsibility is to express opinions on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America,
the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the
Comptroller General of the United States of America, and with the standards prescribed by the State Treasurer.
Those standards require that we plan and perform the audit to obtain reasonable assuranc