Audit Report 09 Final
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VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA FINANCIAL STATEMENTS ANDINDEPENDENT AUDITORS’ REPORT JUNE 30, 2009 VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA JUNE 30, 2009 TABLE OF CONTENTS Page OFFICIAL DIRECTORY 1 INDEPENDENT AUDITORS’ REPORT 2-3 REQUIRED SUPPLEMENTARY INFORMATION: Management’s Discussion and Analysis 4-14 FINANCIAL STATEMENTS: School-wide Financial Statements: Statement of Net Assets 15 Statement of Activities 16 Fund Financial Statements: Balance Sheet – Governmental Funds 17 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Assets 18 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds to the Statement of Activities 20 Notes to Financial Statements 21-32 REQUIRED SUPPLEMENTARY INFORMATION: Budgetary Comparison Schedules: General Fund 33 Food Service Fund 34 Notes to the Required Supplementary Information 35 SUPPLEMENTARY INFORMATION: Fiscal Compliance Report – 6/30/2009 36 OTHER REPORTS: Report on Compliance Based on an Audit of the Financial Statements Performed in Accordance With the Minnesota Legal Compliance Audit Guide for Local Government 37 ...

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VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS’ REPORT JUNE 30, 2009
 VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA JUNE 30, 2009   TABLE OF CONTENTS    Page    OFFICIAL DIRECTORY 1    INDEPENDENT AUDITORS’ REPORT 2-3    REQUIRED SUPPLEMENTARY INFORMATION: Management’s Discussion and Analysis 4-14    FINANCIAL STATEMENTS: School-wide Financial Statements: Statement of Net Assets 15 Statement of Activities 16    Fund Financial Statements: Balance Sheet – Governmental Funds 17 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Assets 18 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds 19 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds to the Statement of Activities 20    Notes to Financial Statements 21-32    REQUIRED SUPPLEMENTARY INFORMATION: Budgetary Comparison Schedules: General Fund 33 Food Service Fund 34    Notes to the Required Supplementary Information 35    SUPPLEMENTARY INFORMATION: Fiscal Compliance Report – 6/30/2009 36    OTHER REPORTS: Report on Compliance Based on an Audit of the Financial Statements Performed in Accordance With theMinnesota Legal Compliance Audit Guide for Local Government 37  
 
VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA JUNE 30, 2009   TABLE OF CONTENTS (Continued)
      OTHER REPORTS – Continued: n ver Financial Reporting and on Compliance and Other Report on Internal Co trol O Matters Based on an Audit of the Financial Statements Performed in Accordance withGovernment Auditing Standards   Findings and Responses on Compliance with Minnesota Statutes andGovernment Auditing Standards  
Page     38-39   40
1 VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA YEAR ENDED JUNE 30, 2009  OFFICIAL DIRECTORY (Unaudited)   School Board Members and Officers: Chairperson Ann Skoe   Appointed January 8, 2009     George Bartlett   Resigned August 14, 2008    Secretary Cindy Nelson   Appointed January 8, 2009     Ann Skoe   Resigned January 8, 2009    Treasurer Dan Rogers   Resigned June 8, 2009    Board Members: Ross Millar     Cathy Bird     Cindy Nelson   Appointed as Secretary January 8, 2009     Linda Thiem   Resigned August 27, 2008     Melanie Johnson   Appointed October 9, 2008     Kjell Thompson   Appointed December 11, 2008   Resigned January 23, 2009    Administration: Executive Director Julie Johnson-Wilborg    Administrative Assistant/Secretary Jean Fjelsta    Business Manager/Treasurer Rita Poulton     
INDEPENDENT AUDITORS’ REPORT
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     The Board of Education Voyageurs Expeditionary High School Minnesota Charter School No. 4107 Bemidji, Minnesota   We have audited the accompanying financial statements of the governmental activities and each major fund of Voyageurs Expeditionary High School, Minnesota Charter School No. 4107, as of and for the year ended June 30, 2009, which collectively comprise the School’s basic financial statements as listed in the table of contents. These financial statements are the responsibility of Voyageurs Expeditionary High School, Minnesota Charter School No. 4107’s management. Our responsibility is to express an opinion on these financial statements based on our audit.  We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained inGovernment 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 financial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the 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 opinions.  In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of Voyageurs Expeditionary High School, Minnesota Charter School No. 4107, as of June 30, 2009, and the respective changes in financial position thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America.  In accordance withGovernment Auditing Standards, we have also issued a report dated December 4, 2009, on our consideration of the Voyageurs Expeditionary High School, Minnesota Charter School No. 4107’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide an opinion on the internal control or financial reporting or on compliance. That report is an integral part of an audit performed in accordance withGovernment Auditing Standardsand should be considered in assessing the results of our audit.
 
 
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Voyageurs Expeditionary High School Minnesota Charter School No. 4107   Management’s Discussion and Analysis and the budgetary comparison information on pages 4 through 14 and 33 through 35, respectively, are not a required part of the financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it.  Our audit was performed for the purpose of forming an opinion on the financial statements that collectively comprise Voyageurs Expeditionary High School, Minnesota Charter School No. 4107’s basic financial statements. The supplementary information on page 36 is presented for purposes of additional analysis and is not a required part of the financial statements of Voyageurs Expeditionary High School, Minnesota Charter School No. 4107. Except for the items identified at the bottom of the report as unaudited, such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly presented in all material respects in relation to the financial statements taken as a whole.  The official directory on page 1 and the items identified at the bottom of the report on page 36 are presented for purposes of additional analysis and are not a required part of the financial statements of Voyageurs Expeditionary High School, Minnesota Charter School No. 4107. Such information has not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on it.   
 December 4, 2009 Bemidji, Minnesota  
 
 
 
VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2009
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  This section of Voyageurs Expeditionary High School, Minnesota Charter School No. 4107’s, annual financial report presents our discussion and analysis of the School’s financial performance during the fiscal year that ended on June 30, 2009. Please read it in conjunction with the School’s financial statements, which immediately follow this section.   FINANCIAL HIGHLIGHTS  Key financial highlights for the year ended June 30, 2009 include the following:   School-wide revenues were $939,988 and overall expenses were $964,913.   of expenses over revenues of $24,925 therebyGovernmental activities reported an excess decreasing net assets to $98,888.   balances totaled $71,014 at June 30, 2009, that was a decrease of $19,517Governmental fund from June 30, 2008.   OVERVIEW OF THE FINANCIAL STATEMENTS  The financial section of the annual report consists of four parts – Independent Auditors’ Report, required supplementary information, which includes the management’s discussion and analysis (this section), the basic financial statements, and supplementary information. The basic financial statements include two kinds of statements that present different views of the School:   The first two statements areschool-wide financial statementsthat provide bothshort-termand long-terminformation about the School’s overall financial status.   The remaining statements arefund-financial statementsthat focus on individual parts of the School, reporting on the School’s operations in more detail than the school-wide statements.   Thegovernmental funds statements report how basic services such as regular and special education were financed in the short-term as well as what remains for future spending.  
 
 
VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2009
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  OVERVIEW OF THE FINANCIAL STATEMENTS (Continued)  The financial statements also include notes that explain some of the information in the statements and provide more detailed data. The statements are followed by a section of required supplementary information that further explains and supports the financial statements with a comparison of the School’s general and food service special revenue funds budgets for the year. The following diagram explains how the various parts of this annual report are arranged and related to one another.    Management’s discussion and analysis    School-wide Fund financial financial statements Statements Notes to the financial statements     Required supplementary information (other than MD&A)   The major features of the School’s financial statements, including the portion of the School’s activities they cover and the types of information they contain, are summarized below. The remainder of the overview section of the MD&A highlights the structure and content of each of the statements.   School-wide Statements Fund Financial Statements  Governmental Funds Scope Entire School except fiduciary The activities of the School that are funds not proprietary or fiduciary type activities, such as instructional education and building maintenance. Required financial statements Statement of net assets Balance sheet  Statement of activities Statement of revenues, expenditures, and changes in fund balances Accounting basis and measurement Accrual accounting and economic Modified accrual accounting and focus resources focus current financial focus Type of assets/liability information All assets and liabilities, both Generally assets expected to be used financial and capital, short-term up and liabilities that come due and long-term during the year or soon thereafter; no capital assets or long-term liabilities included Type of inflow/outflow information All revenues and expenses during Revenues for which cash is received year, regardless of when cash is during or soon after the end of the received or paid year; expenditures when goods or services have been received and the related liability is due and payable
  
 
VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2009
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  OVERVIEW OF THE FINANCIAL STATEMENTS (Continued)  School-wide Statements  The School-wide statements report information about the School as a whole using accounting methods similar to those used by private-sector companies. The statement of net assets includes all of the School’s assets and liabilities. All of the current years’ revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid.  The school-wide statements report the School’s net assets and how they changed. Net assets – the difference between the School’s assets and liabilities – are one way tomeasure the School’s financial health or position.   School’s net assets are an indicator of whether itsOver time, increases or decreases in the financial position is improving or deteriorating, respectively.   To assess the overall health of the School you need to consider additional non-financial factors such as student enrollment, and the ability to lease adequate building space at an affordable cost.  In the School-wide financial statements the School’s activities are shown in one category:   Governmental Activities – The majority of the School’s basic services are included within these activities, such as, regular and special education, administration, and food services. State aids finance the majority of these activities.  Fund Financial Statements  The fund financial statements provide more detailed information about the School’s funds – focusing on its most significant or “major” funds – not the School as a whole. Funds are accounting devices the School uses to keep track of specific sources of funding and spending on particular programs.   Some funds are required by State law.   The School establishes other funds to control and manage money for particular purposes or to show that it is properly using certain revenues (e.g., federal grants).  The School has one type of fund:  Governmental Funds – The School’s basic services are included ingovernmental funds, which generally focus on (1) how cash and other financial assets that can readily be converted to cash flow in and out and (2) the balances left at year-end that are available for spending. Consequently, the governmental fund statements provide a detailed short-term view that helps to determine whether there are more or fewer financial resources that can be spent in the near future to finance the School’s programs. Because this information does not encompass the additional long-term focus of the School-wide statements, we provide additional information following the governmental fund statements that explains the relationships (or differences) between them.
 
 
VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2009
FINANCIAL ANALYSIS OF THE SCHOOL AS A WHOLE (SCHOOL-WIDE FINANCIAL STATEMENTS)
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   Net Assets  The School’s combined net assets were $98,888 at June 30, 2009 (see the following table). At June 30, 2008 the net assets were $123,813, with a decrease of $24,925 from operating activities for the year ended June 30, 2009.  Net Changes 2009 2008 Amount Percent Current and other assets$  120,221$  174,292$ (54,071)-31.02% Capital assets, net of depreciation      27,874      33,282     (5,408)-16.25%
Total assets    148,095    207,574   (59,479)-28.65%
Current liabilities      49,207      83,761   (34,554)-41.25%
Net assets: Invested in capital assets      27,874      33,282     (5,408)-16.25% Unrestricted      71,014      90,531   (19,517)-21.56% Total net assets$    98,888$  123,813$ (24,925)-20.13%   Net assets decreased by 20.13% from the prior year. The change was primarily the result of excess expenditures over revenues from the general fund.  
 
 
VOYAGEURS EXPEDITIONARY HIGH SCHOOL MINNESOTA CHARTER SCHOOL NO. 4107 BEMIDJI, MINNESOTA MANAGEMENT’S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2009
FINANCIAL ANALYSIS OF THE SCHOOL AS A WHOLE (SCHOOL-WIDE FINANCIAL STATEMENTS) (Continued)
 507,176 53.95% 510,910 56.18% (3,734)  2,232 0.24% 3,236 0.36% (1,004)  509,408 54.19% 514,146 56.54% (4,738)  939,988 100.00% 909,316 100.00% 30,672
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-45.57% 9.73% 8.96%
-0.73% -31.03% -0.92% 3.37%
   Change in Net Assets  The decrease in net assets occurs as a result of the School’s expenses being more than its revenues for the year ended June 30, 2009. A summary of the School’s revenues and expenses, along with the percentages for each category follows:  2009 2008 Net Changes Amounts Percent Amounts Percent Amounts Percent Revenues: Program Revenues: Charges for Services $ 2,995 0.32% $ 5,502 0.61% $ (2,507) Operating Grants and Contributions 427,585 45.49% 389,668 42.85% 37,917 Total Program Revenues 430,580 45.81% 395,170 43.46% 35,410 General Revenues: Aids and Payments from State and Federal Sources Other Sources Total General Revenues Total Revenues Expenses: Instructional Services: Regular Instruction Exceptional Instruction Total Instructional Services Support Services: District Support Services Instructional Support Services Pupil Support Services Total Support Services Administration Site, Buildings and Equipment Fiscal and Other Fixed Costs Total Expenses Change in Net Assets
 
 447,370 46.36% 410,076 44.36% 37,294  150,054 15.55% 119,372 12.91% 30,682  597,424 61.91% 529,448 57.27% 67,976
 65,719 6.82% 73,150 7.91% (7,431)  2,065 0.21% 34,890 3.77% (32,825)  39,458 4.09% 43,621 4.72% (4,163)  107,242 11.12% 151,661 16.40% (44,419)  61,060 6.33% 56,426 6.10% 4,634  192,078 19.90% 178,100 19.28% 13,978  7,109 0.74% 8,827 0.95% (1,718)  964,913 100.00% 924,462 100.00% 40,451 $ (24,925) $ (15,146) $ (9,779)
9.09% 25.70% 12.84%
-10.16% -94.08% 9.54% --29.29% 8.21% 7.85% -19.46% 4.38%
 
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