<strong>RIO</strong> <strong>GRANDE</strong> <strong>CITY</strong> <strong>CISD</strong>STATEMENT OF CHANGES IN FIDUCIARY FUND NET ASSETSFIDUCIARY FUNDSFOR THE YEAR ENDED AUGUST 31, 2012EXHIBIT E-2PrivatePurposeTrust FundsADDITIONS:Local and Intermediate Sources $93,750Total Additions 93,750DEDUCTIONS:Other Operating Costs140,216Total Deductions 140,216Change in Net Assets(46,466)Total Net Assets - September 1 (Beginning)165,857Total Net Assets - August 31 (Ending)$ 119,391The notes to the financial statements are an integral part of this statement.23
<strong>RIO</strong> <strong>GRANDE</strong> <strong>CITY</strong> CONSOLIDATED INDEPENDENT SCHOOL DISTRICTNOTES TO THE <strong>FINANCIAL</strong> STATEMENTSYEAR ENDED AUGUST 31, 2012I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESRio Grande City Consolidated Independent School District (the "District") is a public educational agency operatingunder the applicable laws and regulations of the State of Texas. It is governed by a seven member Board of Trustees(the "Board") elected by registered voters of the District. The District prepares its basic financial statements inconformity with generally accepted accounting principles promulgated by the Governmental Accounting StandardsBoard and other authoritative sources identified in Statement on Auditing Standards No. 69 of the AmericanInstitute of Certified Public Accountants; and it complies with the requirements of the appropriate version of TexasEducation Agency's Financial Accountability System Resource Guide (the "Resource Guide") and the requirementsof contracts and grants of agencies from which it receives funds.A. <strong>REPORT</strong>ING ENTITYThe Board of Trustees (the "Board") is elected by the public and it has the authority to make decisions, appointadministrators and managers, and significantly influence operations. It also has the primary accountability for fiscalmatters. Therefore, the District is a financial reporting entity as defined by the Governmental Accounting StandardsBoard ("GASB") in its Statement No. 14, "The Financial Reporting Entity." There is a blended component unitincluded within the reporting entity. As required by generally accepted accounting principles, the basic financialstatements of the reporting entity include those of the District (the primary government) and its blended componentunit. A blended component unit, although a legally separate entity, is in substance, part of the government’soperations and so data from this unit is combined with data of the primary unit.Blended Component Unit:The Rio Grande City Consolidated Independent School District Public Facilities Corporation (PFC) was establishedon January 31, 1995. The PFC was organized on behalf of the District for the specific purpose of obtaining financingto provide for the acquisition, construction, rehabilitation, renovation, repair, equipping, furnishing and placement inservice of public facilities of the District under the terms of the Texas Public Facility Corporation Act. All powersare vested in the Board of Directors, each of whom is a member of the Board of School Trustees of the District.B. GOVERNMENT-WIDE AND FUND <strong>FINANCIAL</strong> STATEMENTSThe Statement of Net Assets and the Statement of Activities are government-wide financial statements. They reportinformation on all of the <strong>RIO</strong> <strong>GRANDE</strong> <strong>CITY</strong> CONSOLIDATED INDEPENDENT SCHOOL DISTRICT nonfiduciaryactivities with most of the interfund activities removed. Governmental activities include programssupported primarily by taxes, State foundation funds, grants and other intergovernmental revenues. Business-typeactivities include operations that rely to a significant extent on fees and charges for support.The Statement of Activities demonstrates how other people or entities that participate in programs the Districtoperates have shared in the payment of the direct costs. The "charges for services" column includes payments madeby parties that purchase, use, or directly benefit from goods or services provided by a given function or segment ofthe District. Examples include tuition paid by students not residing in the district, school lunch charges, etc. The"grants and contributions" column includes amounts paid by organizations outside the District to help meet theoperational or capital requirements of a given function. Examples include grants under the Elementary andSecondary Education Act. If revenue is not program revenue, it is general revenue used to support all of theDistrict's functions. Taxes are always general revenues.24
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