Comprehensive Annual Financial Report Ending June 2011

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Fayette County Board of Education NOTES TO FINANCIAL STATEMENTS- CONTINUED June 30, 2011 NOTE A- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- continued 3. Measurement Focus, Basis of Accounting, and Basis of Presentation - continued Private-sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in both the system-wide and proprietaq fund financial statements to the extent that those standards do not conflict with or contradict guidance of the Governmental Accounting Standards Board. Governments also have the option of following subsequent private-sector guidance for their business-type activities and enterprise funds, subject to this same limitation. The School System does not report business-type activities or enterprise funds. As a general rule, the effect of interfund activity has been eliminated from the system-wide financial statements. Interfund services provided and used are not eliminated in the process of consolidation. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietaq fund's principal ongoing operations. The principal operating revenues of the School System's internal service funds are charges to customers for sales and services. Operating expenses for the internal service funds include the cost of sales and services and administrative expenses. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. \Vhen both restricted and unrestricted resources are available for use, it is the School System's policy to use restricted resources flrst, then unrestricted resources as they are needed. 4. Deposits and Investments The School System's cash and cash equivalents are considered to be cash on hand, demand deposits and short-term investments with original maturities of three months or less from the date of acquisition. Official Code of Georgia Annotated ("O.C.G.A.") 45-8-14 authorizes the School System to deposit its funds in one or more solvent banks or insured Federal savings and loan associations. Investments made in nonparticipating interest-earning contracts (such as certiflcates of deposit) and repurchase agreements are reported at cost. Participating interest-bearing contract and money market investments with a maturity at purchase of one year or less are reported at amortized cost. Both participating interest earning contracts and money market investments with a maturity at purchase greater than one year are reported at fair value. 50
Fayette County Board of Education NO'TES 'TO FINANCIAL S'fA'fEMEN'fS- CONTINUED June 30, 2011 NO'TE A- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- continued 5. Receivables and Payables Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either "due to/ from other funds" (i.e., the current portion of interfund loans) or "advances to/ from other funds" (i.e., the non-current portion of interfund loans). All other outstanding balances between f·unds are reported as "due to/ from other funds." All property tax receivables arc shown net of an allowance for uncollectibles. 6. Inventories and Prepaid Items Inventories of donated food commodities used in the preparation of meals are reported at their Federally assigned value and purchased foods inventories are reported at cost using the first-in, first-out method (FIFO). The School System uses the consumption method to account for both donated and purchased inventories whereby donated food commodities are recorded as an asset and as revenue when received or purchased, and expenditures are recorded as inventories are used. Payments made to vendors for services that will benefit periods beyond year end are recorded as prepaid items 7. Capital Assets Capital assets, which include property and equipment, are reported in the system-wide fmancial statements. Capital assets are defined by the School System as assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of 3 years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair value at the date of donation. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend assets' lives are not capitalized. Property and equipment of the School System is depreciated using the straight line method over the following estimated useful lives: Buildings and improvements Computers Machinery and equipment Kitchen equipment Vehicles 51 25 to 50 years 5 years 5 to 20 years 15 to 20 years 10 years
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FAYETTE COUNTY BOARD OF EDUCATION F
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Table of Contents INTRODUCTORY SECT
Page 5 and 6: STATISTICAL SECTION (unaudited) Fay
Page 7 and 8: INTRODUCTORY SECTION
Page 9 and 10: Dr. Jeff Bearden Superintendent Dec
Page 11 and 12: As with most of Georgia and the nat
Page 14 and 15: (fhis page intentionally left blank
Page 16 and 17: Purchasing Agent Co ordinator I nte
Page 18 and 19: Fayette County Board of Education L
Page 20 and 21: (fhis page intentionally left blank
Page 22 and 23: Accounting principles generally acc
Page 24 and 25: Fayette County Board of Education M
Page 28: Fayette County Board of Education M
Page 37 and 38: Requests for Information Fayette Co
Page 39 and 40: Basic Financial Statements 33
Page 42: Fayette County Board of Education B
Page 45: Fayette County Board of Education R
Page 48 and 49: Revenues Local and other funds Tota
Page 50 and 51: ASSETS Cash Investments Total asset
Page 52 and 53: (This page intentionally left blank
Page 55: Fayette County Board of Education N
Page 59: Fayette County Board of Education N
Page 62 and 63: Fayette County Board of Education N
Page 66: NOTE I- LONG-TERM DEBT General Obli
Page 79 and 80: Combining Statements and Schedules
Page 83: Revenues Fayette County Board of Ed
Page 89: Drug Free Tide II $ - $ - 7,453 381
Page 92 and 93: ASSETS Cash Investments Due from ot
Page 95: Fayette County Board of Education T
Page 100: Fayette County Board of Education T
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Revenues Local and other funds Tota
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Fayette County Board of Education A
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ADDITIONAL FINANCIAL INFORMATION 10
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Expenditures Operating costs Salari
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STATISTICAL SECTION This part of th
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2007 2006 2005 2004 2003 $ 141,200,
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2007 2006 2005 2004 2003 (B) $ 139,
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Fiscal Year 2007 2006 2005 2004 200
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Overlapping Governments City of Cit
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Collections in Total Collections to
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Special Purpose Local Option Other
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2011 $ 2010 2009 2008 2007 2006 200
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Governmental Unit Debt repaid with
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2007 2006 2005 2004 2003 2002 $ 465
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Fayette County Board of Education T
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2006 70,860 675 519 52,725 450 358
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2006 94,179 800 469 94,179 800 732
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2006 2005 2004 2003 2002 139,581 13
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2006 2005 2004 2003 2002 2001 102 9
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2007 2006 2005 2004 2003 2002 337,3
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Sources: Note 1: Note 2: Fayette Co
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Comprehensive Annual Financial Report Ending June 2011

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