District School Board - Seminole County Schools

fairly presented in conformity with GAAP. The independent auditor‟s report is presented as thefirst component of the financial section of this report. The independent audit of the financialstatements of the District was part of a broader, federally mandated “Single Audit” designed tomeet the special needs of federal grantor agencies. The District is required to undergo anannual single audit in conformity with the provisions of the Single Audit Act of 1996 and theUnited States Office of Management and Budget (“OMB”) Circular A-133, Audits of States,Local Governments and Non-Profit Organizations. The standards governing Single Auditengagements require the independent auditor to report not only on the fair presentation of thefinancial statements, but also on the audited government‟s internal controls and compliance withlegal requirements, with special emphasis on internal controls and legal requirements involvingthe administration of federal awards. Information related to this single audit, including theschedule of expenditures of federal awards, findings and questioned costs, summary of prioraudit findings, and the independent auditor‟s reports on the system of internal control and oncompliance with applicable requirements, are included in the single audit section.This report includes all funds of the District, The Seminole School Board Leasing Corporation,Inc., The Foundation for Seminole County Public Schools, Inc., (the “Foundation”), and Choicesin Learning, Inc. (charter school) which comprise the reporting entity. The Seminole SchoolBoard Leasing Corporation, Inc. was formed by the School Board to be the lessor in connectionwith financing the acquisition and/or construction of certain educational facilities. TheFoundation is a separate not-for-profit corporation organized and operated as a direct-supportorganization. The Foundation‟s purpose is exclusively educational and charitable for theconstituents of Seminole County. Choices in Learning, Inc., a charter school, is a public schooloperating under performance contract with the School Board. The Foundation and the charterschool are included as discretely presented component units.GAAP require that management provide a narrative introduction, overview, and analysis toaccompany the basic financial statements in the form of Management‟s Discussion and Analysis(MD&A). This letter of transmittal is designed to complement MD&A and should be read inconjunction with it. The District‟s MD&A can be found immediately following the independentauditor‟s report.PROFILE OF THE GOVERNMENTThe District and its governing board were created pursuant to Section 4, Article IX of theConstitution of the State of Florida. The District is an independent taxing and reporting entitymanaged, controlled, operated, administered, and supervised by District school officials inaccordance with Chapter 1001, Florida Statutes. The Board consists of five elected officialsresponsible for the adoption of policies, which govern the operation of District public schools.The appointed Superintendent of Schools (Superintendent) is the executive officer of the Boardand is responsible for the administration and management of the schools within the applicableparameters of Florida Statutes, State Board of Education Rules, and School Board policies.The Superintendent is also specifically delegated the responsibility of maintaining a uniformsystem of records and accounts in the District by Section 1010.01, Florida Statutes, asprescribed by the State Board of Education.The geographic boundaries of the District are those of Seminole County. During the 2008-09fiscal year, the District operated 60 K-12 schools, including 37 elementary schools, 12 middleschools, 9 high schools, and 2 specialized schools. In addition, the District sponsors a charterschool that is component units, and a charter school that is not a component unit of the District.Page 4