FORREST COUNTY AGRICULTURAL HIGH SCHOOL TABLE OF CONTENTS FINANCIAL AUDIT _part1 pptx

STATE OF MISSISSIPPI OFFICE OF THE STATE AUDITOR STEVEN A. PATTERSON State Auditor WILLIAM S. JONES, CPA Director, Department of Audit CHARLES L. SHIVERS, CPA Director, Division of School District Audits FORREST COUNTY AGRICULTURAL HIGH SCHOOL Audited Financial Statements For the Year Ended June 30, 1995 FORREST COUNTY AGRICULTURAL HIGH SCHOOL TABLE OF CONTENTS FINANCIAL AUDIT REPORT 1 Independent Auditor's Report on the General Purpose Financial Statements and Supplemental Information 3 GENERAL PURPOSE FINANCIAL STATEMENTS 5 Combined Balance Sheet - All Fund Types and Account Groups 6 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds 8 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 10 Notes to Financial Statements 12 SUPPLEMENTAL INFORMATION 21 Schedule of Federal Financial Assistance 22 INTERNAL CONTROL STRUCTURE REPORTS 23 Independent Auditor's Report on the Internal Control Structure Based on an Audit of the General Purpose Financial Statements Performed in Accordance with Government Auditing Standards 25 Independent Auditor's Single Audit Report on the Internal Control Structure Used in Administering Federal Financial Assistance Programs 27 COMPLIANCE REPORTS 31 Independent Auditor's Report on Compliance Based on an Audit of the General Purpose Financial Statements Performed in Accordance with Government Auditing Standards 33 Independent Auditor's Single Audit Report on Compliance with the General Requirements Applicable to Federal Financial Assistance Programs 33 Independent Auditor's Single Audit Report on Compliance with Specific Requirements Applicable to Nonmajor Federal Financial Assistance Program Transactions 35 Independent Auditor's Report on Compliance with State Laws and Regulations 37 FINDINGS AND RECOMMENDATIONS 39 1 FORREST COUNTY AGRICULTURAL HIGH SCHOOL FINANCIAL AUDIT REPORT 2 FORREST COUNTY AGRICULTURAL HIGH SCHOOL (This page left blank intentionally) OFFICE OF THE STATE AUDITOR STEVEN A. PATTERSON AUDITOR 3750 I-55 NORTH FRONTAGE ROAD JACKSON, MISSISSIPPI 39211 (601) 364-2888 FAX (601) 364-2828 3 INDEPENDENT AUDITOR'S REPORT ON THE GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION August 9, 1996 Superintendent and School Board Forrest County Agricultural High School We have audited the general purpose financial statements of the Forrest County Agricultural High School, a component unit of Forrest County, as of and for the year ended June 30, 1995, as listed in the table of contents. These general purpose financial statements are the responsibility of the Forrest County Agricultural High School's management. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The school did not maintain adequate subsidiary records documenting the existence, completeness, and valuation of the buildings and other equipment of the General Fixed Assets Account Group acquired prior to July 1, 1985, which are not included in the general purpose financial statements. Due to the nature of the school's records, we were unable to satisfy ourselves as to the fair presentation of buildings and other equipment, reported at $334,366 and $268,330, respectively, as of June 30, 1995, which is understated. In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to examine adequate buildings and other equipment subsidiary records, the general purpose financial statements, referred to in the first paragraph above, present fairly, in all material respects, the financial position of the Forrest County Agricultural High School at June 30, 1995, and the results of its operations for the year then ended in conformity with generally accepted accounting principles. 4 Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The accompanying financial information, including the Schedule of Federal Financial Assistance, listed as supplemental information in the table of contents, is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Forrest County Agricultural High School. This supplemental information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole. In accordance with Government Auditing Standards, we have also issued a report dated August 9, 1996 on our consideration of the Forrest County Agricultural High School's internal control structure and a report dated August 9, 1996 on its compliance with laws and regulations. WILLIAM S. JONES, CPA Director, Department of Audit 5 FORREST COUNTY AGRICULTURAL HIGH SCHOOL GENERAL PURPOSE FINANCIAL STATEMENTS 6 FORREST COUNTY AGRICULTURAL HIGH SCHOOL Exhibit A Combined Balance Sheet - All Fund Types and Account Groups June 30, 1995 Fiduciary Governmental Fund Types Fund Types Account Groups General General Total Special Capital Trust and Fixed Long-term (Memorandum General Revenue Projects Agency Assets Debt Only) Assets Cash and other deposits $ 363,924 106,515 185,106 122,374 777,919 Due from local sources 20,197 20,197 Due from state sources 18,586 18,586 Due from federal sources 4,969 4,969 Accrued interest receivable 195 861 114 1,170 Due from other funds 4,299 4,299 Deferred comp. plan assets at FMV 53,582 53,582 Inventories: Cattle 17,550 17,550 Food 225 225 Donated commodities 1,872 1,872 Land 11,103 11,103 Buildings 334,366 334,366 Other motor equipment 6,450 6,450 Other equipment 268,330 268,330 Construction in progress 313,193 313,193 Amt. to be provided for retirement of general long-term debt 16,090 16,090 Total Assets $ 406,165 132,167 185,967 176,070 933,442 16,090 1,849,901 Liabilities & Fund Equity Liabilities: Claims payable $ 11,916 24,095 946 36,957 Construction/retained percentage payable 142,931 142,931 Accrued payroll 45,031 45,031 Salary benefits & withholdings pay. 34,515 34,515 Due to student clubs 5,771 5,771 Due to other funds 4,299 4,299 Amt. held in custody for others 53,582 53,582 Compensated absences payable 16,090 16,090 Total Liabilities 11,916 28,394 143,877 138,899 16,090 339,176 This is trial version www.adultpdf.com . District Audits FORREST COUNTY AGRICULTURAL HIGH SCHOOL Audited Financial Statements For the Year Ended June 30, 1995 FORREST COUNTY AGRICULTURAL HIGH SCHOOL TABLE OF CONTENTS FINANCIAL AUDIT REPORT. 39 1 FORREST COUNTY AGRICULTURAL HIGH SCHOOL FINANCIAL AUDIT REPORT 2 FORREST COUNTY AGRICULTURAL HIGH SCHOOL (This page left blank intentionally) OFFICE OF THE STATE AUDITOR STEVEN A. PATTERSON AUDITOR 3750. purpose financial statements of the Forrest County Agricultural High School, a component unit of Forrest County, as of and for the year ended June 30, 1995, as listed in the table of contents.