2012 audit report
DESCRIPTION
2012 Audit Report. Ames Community School District. 2012 Financial Highlights. Fiscal 2012 General Fund revenues exceeded expenses by $5.7 million resulting in an increase in the fund balance from $10.2 million to $15.9 million. 2012 Financial Highlights. - PowerPoint PPT PresentationTRANSCRIPT
2012 Audit ReportAmes Community School District
2012 Financial HighlightsFiscal 2012 General Fund revenues
exceeded expenses by $5.7 million resulting in an increase in the fund balance from $10.2 million to $15.9 million
2012 Financial HighlightsRevenues were $51.7 million vs.
$50.6 million in fiscal 2011, and expenditures were $46.0 million vs. $46.2 million in fiscal 2011
2012 Financial HighlightsThe increase in General Fund
revenues was attributable to an increase in state sources
The decrease in expenditures was due primarily to a decrease in negotiated salaries and benefits
Economic HighlightsThe District has experienced declining
enrollment in nine of the past eleven years. Enrollment decreased 79 students for the
October 2010 enrollment count and another 55 students for the October 2011 enrollment count.
The District experienced an increase of 4 students for the October 2012 enrollment count.
Economic HighlightsThe District’s sales tax revenues remain
strong with a small percentage of growth to help fund capital expenditures in the District.
Economic HighlightsOn July 1, 2012, the IPERS increase to
8.67% will increase the Ames Community Schools employer benefit costs during fiscal 2013.An additional increase to 8.93% is
anticipated for FY14.
Unassigned Fund Balance and Solvency Ratio Comparison
Solvency Ratio = Unassigned Fund Balance Revenues - AEA Flowthrough
2010 2011 2012$4,560,310 $8,677,174 $14,240,553
9.49% 17.16% 28.40%
General Fund Revenues
Total General Fund Revenues of $51,662,662
Local tax Tuition Other State Sources Federal Sources -
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000 26,957,341
2,653,778 1,031,013
17,133,787
2,803,820
26,543,335
2,566,422 1,088,045
18,670,663
2,794,197
20112012
General Fund Expenses
Total General Fund Expenses of $45,945,827
Salaries Benefits Services Supplies Other -
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
24,583,027
11,895,360
4,618,570
2,232,784 1,858,936
24,899,349
12,302,798
4,816,443
2,226,625 1,700,612
20112012
Governmental Funds Restricted Fund Balance
2010 2011 2012Capital Projects $2,306,770 $3,064,829 $2,392,066Management $3,171,284 $2,298,864 $2,659,136Student Activity $343,530 $338,291 $331,741Debt Service $2,851,320 $3,891,550 $4,462,861
Capital Projects Management Student Activity Debt Service -
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
201020112012
Proprietary Fund Total Net Assets
Page 24
2010 2011 2012School Nutrition ($294,993) $679,761 $699,295Internal Service Fund $4,782,474 $5,106,816 $4,848,886
2010 2011 2012
(300,000) (200,000) (100,000)
- 100,000 200,000 300,000 400,000 500,000 600,000 700,000
School Nutrition
2010 2011 2012 4,600,000
4,700,000
4,800,000
4,900,000
5,000,000
5,100,000
5,200,000
Internal Service Fund
Part II: Findings Related to the Financial Statements Agency Fund - We noted that the District
appears to be improperly accounting for Agency Fund accounts. We noted pop funds, staff appreciation, MS
teacher awards and the Environment Committee are reported in the Agency Fund.
Also noted the Academic Boosters are reported in the Agency Fund.
Part II: Findings Related to the Financial Statements Infinite Campus - We noted that the
District uses Infinite Campus software for the accounting of individual balances for lunch accounts. The District does not appear to reconcile
the balance in the individual student accounts to the General Ledger.
Part IV: Other Findings Related to Required Statutory Reporting Certified Budget - District
disbursements for the year ended June 30, 2012 exceeded the certified budget amounts in the non-instructional programs functional area.
Part IV: Other Findings Related to Required Statutory Reporting Questionable Disbursements - We
noted the District purchased volunteer t-shirts from the Student Activity Fund.
Part IV: Other Findings Related to Required Statutory Reporting Certified Enrollment - We noted a
variance in the basic enrollment data certified to the Department of Education. The number of resident students was
understated by 0.44.
Part IV: Other Findings Related to Required Statutory Reporting Officiating Contracts - We noted that
the Athletic Director was signing Activity Fund officiating contracts. According to 291.1 of the Code of Iowa, the
Board President shall sign all contracts entered into by the District.
Part IV: Other Findings Related to Required Statutory Reporting Student Activity Fund -
Scholarship Awards: It appears that the District awards scholarships to students from proceeds generated from activities recorded in the Vocal Club within the High School account.
Part IV: Other Findings Related to Required Statutory Reporting Student Activity Fund -
Commissions: We noted that Lifetouch commissions were recorded in the Student Activity Fund.
Thank you
We’d like to thank the Board of Directors for selecting us as your independent auditors, as well as the management and
staff in preparing for the audit.
We recognize that many hours go into preparing for our audit and we appreciate your efforts.