Comprehensive Annual Financial Report Ending June 2011
Comprehensive Annual Financial Report Ending June 2011
Comprehensive Annual Financial Report Ending June 2011
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Fayette County Board of Education<br />
NOTES TO FINANCIAL STATEMENTS- CONTINUED<br />
<strong>June</strong> 30, <strong>2011</strong><br />
NOTE 0 - POSTEMPLOYMENT BENEFITS- continued<br />
The School System's combined active and retiree contributions to the health insurance plans, which<br />
equaled the required contribution, for d1e fiscal years ended <strong>June</strong> 30, <strong>2011</strong>, 2010 and 2009 was<br />
approximately $18,973,647, $16,190,927, and $13,540,917 and respectively. Additionally, the School<br />
System paid supplemental amount towards the employee portion of coverage of approximately<br />
$2,034,319,$2,090,591 and $2,221,648 for the years ended <strong>June</strong> 30,<strong>2011</strong>,2010 and 2009, respectively. See<br />
Note M for discussion of on-behalf payments.<br />
NOTE P- NON-MONETARY TRANSACTIONS<br />
The School System received from the United States Department of Agriculture through d1e Georgia<br />
Department of Education approximately $419,000 in donated food commodities for its lunchroom<br />
programs. The federally assigned value of these commodities is reflected as revenues when received and<br />
as expenditures when used.<br />
NOTE Q - COMMITMENTS AND CONTINGENCIES<br />
Contracts<br />
The School System has entered into various construction and renovation contracts that are in progress at<br />
year end. At year end, approximately $534,000 remains to be paid on d1ese contracts.<br />
Grant Programs<br />
The School System participates in numerous State and Federal grant programs, which are governed by<br />
various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are<br />
subject to audit and adjustment by the grantor agencies; therefore, to the extent that the School System<br />
has not complied with the rules and regulations governing the grants, refunds of any money received may<br />
be required and the collectibility of any related receivable may be impaired. In the opinion of the School<br />
System, there are no significant contingent liabilities relating to compliance with the rules and regulations<br />
governing the respective grants; therefore, no provision has been recorded in the accompanying financial<br />
statements for such contingencies.<br />
Litigation<br />
The School System is engaged in other various lawsuits arising in the ordinary course of business. These<br />
lawsuits are in various stages of the litigation process, and their ultimate outcome cannot be determined<br />
currendy. Management does not believe the ultimate outcome of these lawsuits will have a material<br />
impact on the School System's financial statements.<br />
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