PARK HILL SCHOOL DISTRICT FINANCIAL STATEMENTS with ...

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PARK HILL SCHOOL DISTRICT Kansas City, Missouri NOTES TO BASIC FINANCIAL STATEMENTS For the Year Ended June 30, 2011 INDEX NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Entity B. Principles Used to Determine Scope of Entity C. Basis of Presentation D. Measurement Focus E. Basis of Accounting F. Assets, Liabilities and Equity G. Revenues and Expenditures H. Use of Estimates I. Program Receipts NOTE 2: COMPLIANCE AND ACCOUNTABILITY A. Compliance with Laws B. Fund Accounting Requirements C. Uninsured and Uncollateralized Deposits D. Property Tax Requirements E. Net Asset/Fund Equity Restrictions F. Budgetary Compliance NOTE 3: DETAIL NOTES - TRANSACTION CLASSES/ACCOUNTS A. Deposits and Investments B. Long-Term Debt C. Inter-fund Transfers D. Fund Balance Reporting NOTE 4: OTHER NOTES A. Employee Pension Plans B. Deferred Compensation Plan C. COBRA Benefits D. Section 125 Cafeteria Plan E. Post-employment Benefits F. Risk Management G. Operating Lease H. Lease Purchase I. Missouri Department of Natural Resources Energy Loan J. Self-Insured Risk Pool for Insurance K. Claims and Adjustments L. Litigation M. Subsequent Events -16-
PARK HILL SCHOOL DISTRICT Kansas City, Missouri NOTES TO BASIC FINANCIAL STATEMENTS For the Year Ended June 30, 2011 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Entity Park Hill School District (the “District”) operates under the regulations pursuant to Section 162.092 RSMo of the Public School Laws of Missouri which designates a board of education to act as the governing authority. The District provides educational services to children of the district, kindergarten through twelfth grade. The District operates 15 attendance centers, has approximately 10,162 students and approximately 1,305 full time employees. B. Principles Used to Determine Scope of Entity In determining the financial reporting entity, the District complies with the provisions of Governmental Accounting Standards Board Statement No. 14, “The Financial Reporting Entity” and includes all component units of which the District appointed a voting majority of the units’ board and the District is either able to impose its will on the unit or a financial benefit or burden relationship exists. The District has developed criteria to determine whether outside agencies with activities which benefit the citizens of the District, including joint agreements which serve students from numerous districts, should be included within its financial reporting entity. The criteria include, but are not limited to, whether the District exercises oversight responsibility, which includes financial interdependency, selection of governing authority, designation of management, ability to significantly influence operations, and accountability for fiscal matters, scope of public service and special financing relationships. The District has determined that no other outside agency meets the above criteria and, therefore, no other agency has been included as a component unit in the District's financial statements. In addition, the District is not aware of any entity which could exercise such oversight which would result in the District being considered a component unit of the entity. C. Basis of Presentation Except for the use of the modified cash basis of accounting as discussed in Note 1-E, the lack of fixed asset accounting as discussed in Note 1-F, and long-term debt accounting as discussed in Note 1-F, the District complies with accounting principles generally accepted in the United States of America. Generally Accepted Accounting Principles (GAAP) include all relevant Governmental Accounting Standards Board (GASB) pronouncements. The accounting and reporting framework and the more significant accounting policies are discussed in this and subsequent footnotes. Government-Wide Financial Statements The statement of net assets and statement of activities display information about the District as a whole. They include all funds of the District. The District has only governmental activities which are financed through taxes, intergovernmental revenues and other non-exchange revenues. -17-
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