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SCHOOL DISTRICT
OF
ROSELLE PARK
ROSELLE PARK BOARD OF EDUCATIONROSELLE PARK, NEW JERSEY
COMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2011
COMPREHENSIVE ANNUAL FINANCIAL REPORT
OF THE
ROSELLE PARK BOARD OF EDUCATION
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
PREPARED BY
ROSELLE PARK BOARD OF EDUCATIONFINANCE DEPARTMENT
ROSE LLE PARK SCHOOL. 1)1 STRICT
TABLE OF CONTENTS
Paoe
INTRODtCTORY SECTION
Letter of T ransmittalI to 6.Roster of Officials
Consultants and Ad isors8.OrganiLational Chart9.
FINANCIAL SECTION
Independent And itors Report10 & I I
Required Supplementary Information - Part IManagement Discussion and Analysis 12 to 1 8.Basic Financial Statements
A. District—xx ide Financial Statements:
A-I Statement of Net Assets19.A-2 Statement of Actix ities
20 & 21.B. Fund Financial Statements:
Gox ernmental Funds:B-I Balance SheetB—2 Statement of Rex enucs. Expenditures, and Changes in FundBalances
23 & 24.B—3 Reconciliation of the Statement of Rex enucs. Expenditures. andChancs in F tind Balances of Gox ernmcntal Funds to theStatement of Actix ilies25.
Propnetar I unds.B-4 Statement of ‘set \sseis
26.B- Statement of Rex enues I xense and ( hangc in I nod ‘sdB 6 Statement of Cash I loxx s
I iduciar’ FundsE- Statement ‘f I iduaarx ‘set \st,B-S Statemen of (‘hanges in Fiduciar ‘set \s-.et
ROSELLE PARK SCHOOL DiSTRICT
TABLE OF CONTENTS
Pace-
Required Supplementary Information — Part 11
C. Budgetar Comparison Schedules:
C—I Budgetar Comparison Schedule General Fund 19 to 61C-2 Budgetar Comparison Schedule Special Revenue Fund 62.
Notes to the Required Suppiementar\ lnormationC—3 Budget to GAAP Reconciliation
— Note to RSI 63.
Other Supplementary Information
F). School Le ci Schedules:
D-I Combining Balance SheetN/AD-2 Blended Resource Fund - Schedule of Expenditures Allocated bResource Tpe - ActualN/AI)—3 Blended Resource Fund Schedule of [3lended Expenditures —I3udget and ActualN/A
F. Special Re ernie Fund:
F-I Combining Schedule of Reenues and ExpendituresSpecial Revenue Fund Budgetary Basis 64 & 65.E-2 Demonstrably Effccti\ c Program Aid Schedule of Fxpendilures -Budgetary Basis
N’AE—3 Early Childhood Program Aid Schedule of ExpendituresBudgetar BasisN AF—I Distance Learning Netork Aid Schedule of F xpendituresBudgeiar BasisN AF- Instructional Supplement \id Schedule of I \pendituresBI1dgear\ Basis
A1 6 I ameicd-\t-Risk \id I \R \ > Budetar Basis A
ROSELLE PARK SCHOOL. DISTRiCT
TABLE OF CONTENTS
F. Capital Projects Fund:
F—I Summar\ Schedule of Re enues, Expenditures and Changes inFund BalanceN AF—I a Schedule of Re enues, 1 xpenditures. Project Balance.
And Project Status Budgetar Basis N AF-I b Schedule of Project Re enues and Expenditures N A
(. Proprietar Fund:
Enterprise F und:(1-I Combing Schedule of Net Assets
66.(3—2 Combing Schedule of Re enues. Fxpenses and Changes inFund Net Assets67.(3—3 Combining Schedule of Cash Flo s 68.
Internal Ser\ ice Fund:(3—4 Combining Schedule of Net Assets N A(3-5 Combining Schedule of Re enues. Expenses. and Changes inFund Net Assets
N A(3—6 Combining Schedule of ( ash F1o\ s N A
II. Fiduciar Funds:
11—I Combining Statement of Fiducian Net Assets 69.11—2 Combining Statement of C hanges in Fiducian Net Assets 70.11—3 Student Activit Agenc Fund Schedule of Receipts and1)isbursements7 11-1—4 Pa roll Agenc Fund Schedule of Receipts and Disbursements 72.
Long- Ferm [)ebt:
i—I Schedule of Serial Bonds 73I I a Schedule of Loans Pas able 741 2 SchedulL of OhIjgitons under C apital t eases1 3 1 )cbi Ser cc I ttnd 13tadctar ( cmpai isn hli: Ic Th
ROSELLE PARK SCHOOL DISTRICT
TABLE OF CONTENTS
STATISTICAL SECTION (Unaudited)
Introduction to the Statistical Section
Financial Trends.1-I Net Asset’, b Component
77.1-2 Changes in Net Assets78 & 79.i—s Fund Balances Go ernmental Funds 80..1—4 Changes in Fund Balances Go ernmental F unds 811-5 General Fund Other Local Resenue h\ Source 82.Revenue Capacity
1-6 Assessed Value and Estimated Actual Value of faxahie Property 83.1-7 Direct and O\ erlapping Propert I ax Rates 84..1-8 Principal Property Faxpa\ers*85.J-9 Propert Tax Le ies and Collections 86.Debt Capacity
J-l0 Ratios ofoutstanding Debt h\ Tpe 87.i-I I Ratios of General Bonded Debt Outstanding 88.i-I 2 Direct and Overlapping Go ernmental Acti ities Debt $9.1 3 Legal Debt Margin Information90.Demographic and Economic Information
1-14 Demographic and Economic Statistics 91.i-IS Principal Emploers92.Operating information
.1—16 Full—time Equivalent District Emplo ees b Function Program 93.i-I 7 Operating Statistics94..1—1 8 School Building Information95..1-19 Schedule of Required Maintenance kvpenditures h School Facilit 96..1-20 Insurance Schedule97.
*I)ri ate cili/ens should he listed as Indn ftlual I axpaer 1. lndi idual I axpaei 2. etc
ROSE LLE PARK SCHOOL DISTRICT
TABLE OF CONTENTS
Pa’e
SINGLE AUDIT SECTION
K—I Report on Compliance and on Internal Control Over Financial Reportingand on Compliance and Other Matters Based on an Audit ofFinancial Statements Performed in Accordance With Go ernmentAuditing Standards
98 & 99.K—2 Report on Compliance v jib Requirements Applicable to EachMajor Program and on internal Control Over Compliance inAccordance v ith 0MB Circular A-I 33 and Ne Jerse 0MBCircular 04-04I0O& 101.K-3 Schedule of Expenditures of Federal Aards. Schedule A 102.K-4 Schedule of Expenditures of State Financial Assistance. Schedule B 103.K-5 Notes to Schedules of Aards and Financial Assistance 104 to 106.K—6 Schedule of Findings and Questioned Costs 1 07 to IllK-7 Summary Schedule of Prior Audit Findings 112.
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6.
10. ACOWIEDGNTS: We would like to express our appreciation to themembers of the Roselle Park Board of Education for their desire to providefiscal accountability to the citizens and taxpayers of the school district,and thereby contributing their full support to the development andmaintenance of our financial operations. The preparation of this report couldnot have been accomplished without the efficient and dedicated services ofour financial and accounting staff.
R spectfully submitted,
a ckgnolettiurintendent of Schools
Susan GuercioSchool Business Administrator/Board Secretary
laa
“Where children Come First”
7.
ROSELLE PARK BOARD OF EDUCATION
ROSELLE PARK, NEW JERSEY
ROSTER OF OFFICIALS
JUNE 30, 2011
Members of the Board of Education Term
Roseann Rinaldi. President 2012
Loren Harms. Vice-President 201 3
Alexander J. Balaban 2012
Barney Leinherger 2012
Christopher Miller 2014
Scott Nelson 2013
Jeffrey Parrell 2013
Barbara Sokol 2014
Jason Trihiano 2014
Other Officials
Patrick M. Spagnoletti. Superintendent
Susan M. Ciuercio. [3oard Seerearv:School Business Administrator
Gregory Meyer. Treasurer
Anthony Sciarrillo, Lsq. Bourd Attorney
ROSELLE PARK BOARD OF EDUCATIONCONSULTANTS AM) ADVISORS
Audit FirmRobert :\. 1-lulsart & Company
P.O. Box 14092807 Hurley Pond RoadWall. New Jersey 07719
Atto rnevAnthony Sciarrillo53 Cardinal Drive
P.O. Box 2369Westfield. New Jersey 07091
Ofilcial DepositoryTD Bank. N.A.
37 St. George AvenueRoselle, New Jersey 07203
ArchitectThe Musial Group p.a.
191 Miii LaneMountainside. New Jersey 07092
Health and DentalBrown & Brown Beneflt Advisors
430 Mountain /\venueMurray 1-lill, New Jersey 07974
Property and CasualtyDavies & Associates. Inc.
80 Floral AvenueMurray [-liii Square
Murray I liH, New Jersey 07974
Bond CounselRonald .1. lanoale
\ lcManimon & Scotland. I LC,One Riverh’ont Plaza
Fourth F 1 oorNewark, 1. 1ew Jersey 071 02540$
Director of Special Services
Principals
AssistantPrincipals
[bseiie Park School DistrictOrganizational Chart
rev: March 31, 2009
Teachers
Paraprofessionals
Board of Education IwTli Superintendent Treasurer Board Attorney
Dir Curriculum/Instructior/Funded Programs S5A/BA
District Technicians
Dlr of Guidance/Testing
Counselors
SACs
—
Maihtenance
Nurses
DirectorofAcdemy
M01133SIVIDMVNIA
1ot . AiLiaL anJ om/2aI29CERTIFIED PUBLIC ACCOUNTANTS
ARMOUR S. HULSART, C.P.A., R.M.A., P.S.A. (1959-1992>)25 8888 2807 Hurley Pond Road Suite 100ROBERT A. HULSART, C.P.A., R.M.A., P.S.A.
P.O. Box 1409ROBERT A. HULSART, JR.,C.P.A., P.S.A.e-mair Wall, New Jersey 07719’1409
732l 681-°[email protected]—,RICHARD J. HELLENBRECHT JR., C.P.A., P.S.A.
NL)EPENDENT .\UDITOR’S REPORT
I lonorabie President and Membersof the Board of Education
Roselle Park School District(_ou ii t\ of U Il IOn
Roselle Park. Ne .Jersev
We have audited the accompany ing Imancial statements of the governmental acti ities, thebusiness—type activities and each mayor fund of the Board of Education of the Roselle Park SchoolDistrict, in the Counts of Union. State of New Jerse as of and fr the fiscal sear ended June 30. 2011.which coilectivet comprise the District’s basic financial statements as listed in the table of contents.Phese financial statements are the responsibiiit\ of the Roselie Park Board of Educations management.Our responsibility is to express opinions on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America: tile standards applicable to financial audits contained in (Joi’ei’nmc’nt .-i1ft/i1iI1!Sianda,vLc. tssued by tile fomptroller (Jeneral ol the United States and audit requirements as prescribedh the Di\ ision of Finance. Department of Education, State of’ New Jersey. Those standards require thatwe plan and perform the atidit to obtain reasonable assurance about whether tile financial statements arefree of material misstatement An audit includes e.\amining. on a test basis. e idence supporting theamounts and disclosures in the linancial statements An audit also includes assessing tile accountingprinciples used and significant estimates made h management. as well as evaluating the o emil financialstatement presentation. \\e believe that our audit pros ides a reasonable basis for our opinion.
ifl our opinion, the (inane mi statements refurred to abo c present Eurl). in all material respects.the respective financial position of the aovernmentai activities. husinesstvpe acti\ ides. each maior fund,5,,..,....,, ‘‘.. . ‘.‘
,..‘ .;.;-
deft. inc gceeea.L’ eelJeeeIng nno olastioc T ti k Neft’ mi beed .i uticatirn, fl iflc 0 unIts otUnion. Stal.e ofN ew Jersey. as of June 30. 2.011. and the. re..speetivc chances in fina.ncial nosition andcash flows, where api cable, thereof fbr the c ac ehcn ended in con ibe’m ty with accounting prenc ‘piesecneraliv accepted ice the (,nited States of Anerica,
ordance with G ermne;it And/i/ag fiandardc, we have aiso is.sued our report datedci I i a cii P L r fi, Sfinancial reporting and our tests of its compliance with certain provisions of laws, regulations. c.ontracts
a c .r c i..p ‘ o ,,. ..-..
testinc of internal control over financial reportine and compliance and the rcsult.s of that testino. and notft L I
ft •integral nart ol OU: r audit pc rlfirmcd in .m.c.flrciu-mee vs it Go e,’nnlen/ 4 ,d/fiyox Stanafirds and shou Id heconscsicrcd in usscssuic the rcsuns our ui,ft
11.
[he Management Discussion and .\nal sis and Budgetar Comparison Information on pages 1 2
through 18 are not a required part of the basic financial statements but are supplementar informationrequired b the accounting principles generall accepted in the [nited States of America. We hake
applied certain limited procedures, which consisted principal l of inquires of management regarding the
methods of measurement and presentation of the required supplementar, information. I1oweer, did
not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that
coilecti clv comprRe the Roselle Park Board of Education’s basic financial statements. [heaccompan”.ing introductor section and other supplementar information such as the combining andindi\ idual non—major fund financial statements, long—term debt schedules, and statistical information are
presented ftr purposes of additional anal sis and are not a required part of the basic financial statements.
The combining and indi idual fund financial statements and long—term debt schedules ha e beensubjected to the auditing procedures applied in the audit of the basic financial statements and, in ouropinion. are fairf stated. in all material respects. in relation to the basic financial statements taken as awhole. The introductor\ section and statistical information hae not been subjected to the auditingprocedures applied in the audit of the basic financial statements and, accordingk, we express no opinion
on them.
The accompanying schedules of expenditures of federal a’ ards and state financial assistance arepresented for purposes of additional anal sis as required bx [S. Office of Management and BudgetCircular A-133. Audits of States. Local Go ernments. and Non-Profit Organizations: and New Jersey
OMB’s Circular 04-04. Single Audit Polic for Recipients of Federal Grants. State Grants and State Aidrespecti ely. and are not a required part of the basic financial statements. Such information has beensubjected to the auditing procedures applied in the audit of the basic financial statements and, in ouropinion, is fidrlv stated in all material respects in relation to the basic financial statements taken as awhole.
Respectfully submitted,
ROBERT A. HULSART AND COMPANY
Robert A. I lulsartlicensed Public School Accountant\. 322Robert A I In Isart and Compan
REQUIRED SUPPLEMENTARY INFORMATIONPART I
12.
ROSELLE PARK PUBLIC SCHOOL DISTRICT
BOROUGH OF ROSELLE PARK
MANAGEMENT’S I)1SCUSSION AND ANALYSIS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
The discussion and analysis of Roselle Park School District’s financial performance provides anoverall review of the School District’s financial activities for the fiscal year ended June 30. 2011. Theintent of this discussion and analysis is to look at the School District’s financial performance as a whole:it should be read in conjunction with the Comprehensive Annual Financial Report’s (CAFR) Letter ofTransmittal which is lound in the introductory Section. and the School Board’s financial statements foundin the Financial Section and the notes thereto.
Financial Highlights
Ke Financial highlights for the 2010-2011 fIscal year are as follows:
- Total assets as ol June 30. 2011 were $44,560,260 which included $257.81 7 for Proprietary funds.
- The total Governmental net assets included $35,789,508 of capital assets and $1,734,712 of restrictedassets designated for state and federal proJects. capital projects. and capital reserve.
- Total revenues for the year were $32,564,709 which included $31 .580.039 in Go ernmental Funds. andS984.670 for Proprietary Funds. Governmental Funds accounted for 97.7% otall revenues.
- There was state aid payments of $91 8.131 that was not made in 201 0—1 1 as a result of the New JerseyLegislature’s Appropriations Act. [his amount will be recognized in 2011—12.
- The General Fund revenues included $9,565,899 of regular state aid payIneits: $1 .989.942 in statepayments for Teacher’s Pension and Annuit Fund (TPAF) and the reimbursed emplo\er’s share otSocial Security for TPAF employees.
-Special Revenue Fund re enues were 593 7.429 of which 5i9.—{3 3 was for local pmjects. SO} 7.996 forfederal projects. Special Revenue Funds made up 3% of the total of all Governmental Funds.
Proprietarv F and revenues included S6-40.94 br food service and $348.64 I for Summer ( ampprograms
iota! Dstnci expenditures were 552.029.9-1 of Vli cO “3 I .040.353 \vere for Go ernmenta I F unds and$989.588 fOr i’roprietarv Funds.
13.
Using this Comprehensie Annual Financial Report (CAFR)
This annual report consists of a series of financial statements and notes to those statements.Ihese statements are oreanjied so the reader can understand Roselle Park School District as a financialwhole, an entire operating entit The statements then proceed to pros ide an increasingl. detailed look atspecific financial acti ities.
The SILltemellI 0/ \‘i .1 sets clflt/ ,Suie,,icnt 0/ 1etiiitIc’ pro ide information about the acti ities ofthe hole school district, presenting both an aggregate ‘. iew of the School District’s finances and alonger-term iew of those finances. Fund financial statements proide the next leel ofdetail. Forgoxernmental funds, these statements tell how ser ices were financed in the short-term as well as whatremains for future spending. In the case of Roselle Park School District, the General Fund is the mostsignificant fund, with the Special Reenue Fund and certain Proprietar Funds also ha\ ing significance.
The School Board’s auditor has provided assurance in his Independent Auditor’s Report, locatedimmediately preceding this Management’s Discussion and Anal sis. that the Basic Financial Statementsare fairl stated A user of this report should read the Independent Auditor’s Report carefully to ascertainthe le el of assurance being prox ided for each of the other pails of the Financial Section.
Reporting the School District as a Whole
Statement of Net Assets and the Statement of Activities
While this document contains the large number of funds used b the School District to provideprograms and activities, the ‘ iew of the School District as a whole looks at all financial transactions. TheStatement of Net Assets and the Statement of Acti ities helps provide this infbrmation. These statementsinclude all assets and liabilities using the accrual basis of accounting similar to the accounting used bymost pri ate—sector companies. This basis of accounting takes into account. all of the current ear’srevenues and expenses regardless of when cash is recei ed or paid.
‘Ihese two statements report the School District’s net assets and changes in those assets. Thischange in net assets is important because it tells the reader that. for the school district as a whole. thefinancial positions of the School District has improed or diminished. ihe causes of this change may bethe result of many factors, some financial, and some not. Non—financial factors include the SchoolDistrict’s propert tax base. current laws in New Jersey restricting reenue growth. facility condition.required educational programs and other factors.
In the Statement of Net Assets and the Statement of Activities, the School District is divided intotwo distinct kinds of activities:
• (o\ ernmental actis ities All of the School District’s programs and serx ices aie reported hereincluding. but not limited to. instruction, support ser\ Ices, operation and maintenance of planttaci I ties, pupil trw Ispol tation and e\tracurricu ar acti\ flies
• Busiuss- Ipe Ac1i flies I Ins ser ie is pro ided on a chaige for goods or sei ices basis U) recoerall the e\pence of the goods or ser ices pro icled I he I ood e1x ice F nterprisc I und. the [ xtendedDa\ ( ar and Summer f amp ProgranN are ruported as a husness ae{ ities.
14.
Reporting the School 1)istrict’s Most Significant Funds
Fund Financial Statements
Fund financial reports pros ide detailed in%rmation about the School District’s major funds. The
School District uses man\ funds to account for a multitude of linancial transactions. I lo ever, these lundfinancial statements h.cus on the School District’s most significant funds. The School District’s major
go ernmental funds are the General Fund. Special Revenue Fund and Debt Service Fund.
Governmental Funds
The School District’s actix ities are reported in Governmental Funds. hich locus on how moneyflows into and out of those funds and the balances lefi at ear—end available for spending in the futureyears. These funds are reported using an accounting method called modi lied accrual accounting, whichmeasures cash and all other financial assets that can readil\ he converted to cash. The GovernmentalFund statements provide a detailed short—term view of the School District’s general governmentoperations and the basic services it provides. Governmental Fund information helps you determinewhether there are more or fewer financial resources that can be spent in the near future to financeeducational programs. The relationship (or differences) between governmental activities (reported in theStatement of Net Assets and the Statement of Activities) and Governmental Funds is reconciled in thefinancial statements.
Proprietary Funds
The Proprietary Funds uses the same basis of accounting as business—type activities: therefore.these statements are essentiall the same.
The School District as a Whole
Table I provides a summary of the School District’s net assets Ibr the fiscal year 2010—201 1.
Table INet Assets
2010-2011 2009-2010AssetsCurrent and Other Assets $ 1.658,096 1.521,370Capital Assets. Net 42,902,164 43,226.039
Total Assets S 44.560,260 44,747,409
liabilitieslong-Term Liabilities S .680.676 8.521.246t )lh. i I I9h 1itIc I 0 S I 9 I 269 Q0(
1 otal Liabilit!es S 8,738.869 9.791.152
Net AssetsII nE vti \s \ l)Jt S 52 ii’2 ()
Rctricted ‘3LiZ .38iJ 39
S 35.821 .39
15.
fable 2 shows the changes in net assets for fiscal year 20 1 0—201 1
Rev en ucsProgram Revenues
C harges for Sen icesOperating Grants and Contributions
General RevenuesProperty TaxesGrants and EntitlementsOther
Total Revenues
‘Table 2Changes in Net Assets
Pro2ram ExpensesInstructionTuition
AR R AEmployee Benefits
Debt ServiceFood Sen iceDay Care/Summer CampTotal
12,771,9331.184.976
289.817
3.032.3522.367,98 12.486.350
313.355
8.303.438290.151640.947348.641
32.029,941
11,435,366821,919266.580
3.454.1423.233.0322.939.394
366.1441.665.7937.084.238
305.667677.463356,939
32,6Q7j
Increase (Decrease) in Net Assets $ 434,768 (12,017)
Governmental Activities
Local propert taxes accounted for 56% of governmental fund revenues in 201 0-1 L
The Statement ol Activties sho s the cost of program services and ihe charges liar sen ices andgrants offsetting those services
Instruction expenses include actix mes directI dealne ith the teach inn ol pupils and theinteraction between teacher and student.
Extra Currien Tar act i flies include school sponsored co-curricu Tar act tis such as puhlicatinnNclubs drama and nuiae as u cIT a interscholastic athletics.
Pupilsi Instructional services include the nciiv /t ics involved wit.h providing support Services topupils, both rei.ular and special education, educational media services and assisting the staff with thenntcnt and proLess of ihing to si IdLnIs mc Itid a urrILulum and stati dc L1oinnt
2010-2011 2009-2010
$ 1.169.2161.220.942
18.202,84611,734,108
137.59732.464.709
727,0142,989.03 1
I 7,693,55410,808,534
— 376,52732.594.660
DepreciationSupport Sen ices
Pupils/Instructional ServicesAdministrative—General. School. BusinessOperations and Maintenance of FacilitiesPupil 1 ransportation
Govern mental Activities (Continued)
eneral administration, school administration and business include expenses associated v ithadministrative and financial s uperv is ion of the 1)istrict.
Operation and maintenance of facilities activities involve keeping the school grounds. buildingsand equipment in an effective working condition.
Pupil transportation includes activities in olved ith the conveyance of students to and fromschool. as well as to and from school acti ilies. as pros ided h state la\
Employee Benefits represent the cost of emplo er’s share of pension and social security, healthand dental insurance premiums. compensation for retiring employees’ accumulated sick leave pursuant tocollective bargaining agreements. and custodial uniforms.
Capital Outlay includes equipment items with a unit cost of$2.000 or more, and facilitiesacquisition and construction services.
Debt Service involves the transactions associated with the payment of principal and interest onpreviously authorized debt incurred by the School District.
Business-Type Activities
Revenues for the District’s business—type activities (food service program) were comprised ofcharges for services and federal and state reimbursements.
• Food service expenses exceeded reenues b $12,770.• Charges for services represent $344,662 of revenue. This represents amount paid by patrons for daily
food services.• Federal and state reimbursements for meals, including pa ments for free and reduced lunches and
donated commodities was $283.5 13.• The Summer Camp program, which is a fee for service program. had total revenues of $356,493.
The School Board’s Funds
iThe School Board uses funds to control and manage money fir particular purposes. The Fund’sbasic financial statements allows the School Board to demonstrate its stewardship over and accountabilitlbr resources received from the Borough of Roselle Park’s taxpayer’s and other entities. including theState of New Jersey and the Federal (iovernment. These statements also allow the reader to obtain moreinsight into the financial workinus of the School Board, and assess further the School Board’s o’ emilfinancial health
The School Boards budget is prepared accordmg. to ISew ,Jerse\ law, and is based on accountingfar certain transactions on a basis of cash receipts, disbursements and encumbrances, The mostsiunificant budueted fund is the (.ieneral Fund
er the course eftl1e car, the School Board re\ ses is budect as it attempts to take fliO
consideration eec x.pe.cted clange.s in revenue. and expend iture•s. A schedule sho: ing the School Board’soriginal and fina.l hudgei compared with ac.tual operating re.su Its is provided in the section of the. CAFR.,entitled Budgetary Comg ison Sched ales.
17.
The School Board’s Funds (Continued)
On June 30. 2011 the district\ General Fund balance was 52.240.705. This amount will bereduced b> encumbrances of5070.388. 5100 for Capital Reserve, and 5403.721 ofe’cess surplus whichis mandated fix tan relief in 2012-2013. lea ing an unrestricted balance of$803.5. The unrestrictedbalance represents 2° o of the current ear’s budget. This relati’iel> low surplus is primaril> the result ofutilizing surplus funds in pin ious years 11w In relief, and the reduction of state aid.
Capital Assets
At June 30. 2011. the School Board had approximately 542.902.164 million invested iii a broadrange ofcapital assets. including land. buildings. furniture. ehicles. computers. instructional equipmentand other equipment. This amount is net of accumulated depreciation to date. rable 3 below shows thenet book alue of capital assets at the end ofthe 2011 fiscal year.
TableS
Goiernmental Business TypeActivities Aciz!ffft
CapitalAssetsatiune30.201ll.and and Improtements 527.717.701Buildings 14.862.651Machinery. Equipment and Vehicles 3 10.912 i%900
fotal $ 42.891.264 10.900
Debt Administration
At June 30. 2011. the School District had $8.292.603 as outstanding debt. Of this amount$896,984 is for compensated absences. and S7.179.000 tbr bonds for school imprcnement, 57.037 inloans payable. and 5209.582 in capital leases.
Economic Factors and Nnt Year’s Budget
At this time. the most important tactoi affecting the budget ic the unsettled situation with State.id. anal recent legislation affectina luture school budgets flie flistrict can onl aumc that currentliinuuig In el. 1mm the state will be maintained. howe ci. the legislation ttinher restricts budget grow diI he i)istrict npeets to expei ience additional growth in ctudent population. dditionally costs brpersonnel. ‘pvcial educatiap and energy are e’ipcad to continue to increase, the tat ley will likely hetha.’ area that will need to absorb most nf thc increase in budget obligations.
in conclusion, the Roselle Park School Distric.t has committed itself to a thorough and efficii.ntoperation fo’ delis erinsz educational sen ice ti its seho ‘I childrei the School l)isti ict is cirefull’smtp.tqingi reur.. * d1 phni t.t t’neetitstutLrcedkat maIn cLii a 1st llpr’sknta‘nai C, ole.
Contacting the School District’s Financial Management
This financial report is designed to pros ide our eitia’ns. taxpa) era. inestors and creditors sith ageneral oen ie ofthe School District’s finances and to thins the School District’s accoumabilit) for themtrne it reecics. Ifyou hase questions about this report or need additional infonnation contact Susan(5ucrcio. School Bu’.iness Administrator Board Seeretar> at Roselle Park Board of Education. 510Chestnut Street. Roselle Park. NJ 07204.
Is.
BASIC FINANCIAL STATEMENTS
DISTRICT-WIDE FINANCIAL STATEMENTS - A
ROSELLE PARK SCHOOL DISTRICT
STATEMENT OF NET ASSETSExhibit A-I
JUNE 30, 2011
AssetsCash and Cash Equi alentsReceivables. Netlnentorv
Restricted Assets:Cash and Cash EquivalentsCapital Reserve Account Cash
Capital Assets - (Non-Depreciable)Capital Assets. Net (Note 2)Total Assets
(;ove rn mentalActivities
S -
533.848
877,231100
27.61 5,8501 5.275.414
44.302.443
Business-Type
Activities
186.51154.255
6.151
10.900257.817
Total
186.511588.103
6.151
877.231100
27.615,85015.286,3 1144.560.260
Liabilities
Accounts Payable And Accrued InterestPrepaid District TaxesDelerred RevenueNoncurrent Liabilities: (Note 3)
Due Within One YearDue Beyond One Year
1 otal Liabilities
Net Assetslnx ested in Capital Assets. Net ol Related Debt
Restricted For:Debt Ser iceOther
I niestricted
140.7315.722
73,879
611,9277,680,6768,512,935
225.934 366.6655.722
73.879
611.927
_________
7.680.676225,934 8,738.869
10.900 35.513.582
41.734308
(1 .426.903)
3 1.883 35.82139Total Net Assets
35.502.682
41.734308
( .347.886)
5 35.789.508
1 he accompan\ ne Notes to Financial Statements are an integral part of this statement
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IVIT
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Funct
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s:rr
ntic
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Rel
ated
Ser
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sS
choo
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Gen
eral
and
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ines
sA
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e
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pera
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san
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upil
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Em
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its
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mD
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Dep
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otal
Goer
nm
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s
Bus
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s-T
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Act
ivit
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Foo
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ervi
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hild
Car
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Cam
psT
otal
Busi
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s.T
\pe
Act
ivit
ies
Exp
ense
s
$9,1
52,9
172.
231,
732
776.
620
610,
664
1.18
4.97
63.
032.
352
622,
517
1,74
5,46
42,
486.
350
313.
355
8,30
3,43
829
0,15
128
9.81
731
.040
.353
640,
947
348.
641
989.
588
Net
(Exp
ense
)R
even
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dC
han
ges
inN
etA
sset
s
Gov
ernm
enta
lA
ctiv
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sB
usin
ess-
Typ
eA
ctiv
itie
sT
otal
Pro
gra
mR
even
ues
Ope
rati
ngC
har
ges
for
Gra
nts
and
Ser
vice
sC
on
trib
uti
on
s
468,
059
659,
661
277.
768
468.
059
937.
429
344,
664
283,
513
356.
493
701.
157
283.
513
1,16
9,21
61,
220,
942
(8.6
84,8
58)
(8,6
84.8
58)
(1,5
72.0
71)
(1.5
72.0
71)
(776
.620
)(7
76.6
20)
(610
,664
)(6
10.6
64)
(1.1
84.9
76)
(1.1
84.9
76)
(2.7
54.5
84)
(2.7
54.5
84)
(622
,517
)(6
22.5
17)
(1.7
45,4
64)
(1.7
45.4
64)
(2.4
86.3
50)
(2.4
86.3
50)
(313
.355
)(3
13.3
55)
(8,3
03,4
38)
(8,3
03,4
38)
(290
,151
)(2
90,1
51)
(289
.817
)(2
89.8
17)
(29.
634.
865)
-(2
9.63
4.86
5)
(12.
770)
(12.
770)
7.85
27.
852
(4.9
18)
(4.9
18)
Tot
alP
rim
ary
Gov
ernm
ent
32,0
29,9
41(2
9,63
4,86
5)(4
,918
)(2
9,63
9,78
3)
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Exh
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Gen
era
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even
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Tax
es
Pro
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.L
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Net
TaX
CNL
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Ser
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Fed
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and
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Tot
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Spe
cial
Item
s,E
xtra
ordi
nary
Item
san
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rans
fers
Pro
gram
Rev
enue
sO
pera
ting
Gra
nts
and
Gov
ernm
enta
l
__
__
__
__
__
__
__
__
Con
trib
utio
nsA
ctiv
itie
sNet
(Exp
ense
>R
even
uean
dC
hang
esin
Net
Ass
ets
17.5
05.1
7069
7.67
6
11,7
34.1
0813
7,59
7
Cha
nge
inN
etA
sset
s53
9.68
6(1
04.9
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434.
768
Adj
ustm
ent
for
Beg
inni
ngF
ixed
Ass
ets
and
Deb
t43
1,36
643
1.36
6
Net
Ass
ets
Beg
infl
ing
_____________
______________
________________
34.8
18,4
561 3
6,80
134
,955
,257
Net
Ass
ets
-E
ndin
g$
-35
.789
,508
31.8
8335
.821
.391
Bus
ines
s-T
ype
Act
ivit
ies
Tot
alC
harg
esfo
rE
xpen
ses
Ser
vice
s
17.5
05.1
70
697.
676
11,7
34,1
0813
7,59
7
___________
__
__
__
__
__
__
__
__
__
__
__
__
__
100,
000
___________
__
__
__
__
__
__
______________
30.1
74,5
51
(100
,000
)
(100
.000
)30
,074
,551
The
acco
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Sta
tem
ents
are
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stat
emen
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H-SJIL&I1VLS1VIJVIkIUtIIH
ROSELLE PARK SCHOOL DISTRICT Exhibit B-I
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30,2011
Special Debt TotalGeneral Revenue Service Governmental
Fund Fund Fund Funds
AssetsCash and Cash Equivalents-Restricted $ 877.327 4 877.33 I
Receivables. ‘et 352,526 181.322 533.838
lnterftmd Receivable 107.443 107.443
Total Assets $ 1.337.2% 181.322 4 1.518.622
Liabilities and Fund BalanceLiabilities:Interfund Payable $ - 107.443 107,443
Prepaid Taxes 5.722 5.722
Deferred Revenue
______________
73,879
______________
73.879
Total Liabilities 5.722 181.322 - 187.044
Fund Balance:Restricted for:
Excess Surplus 403.721 403.721
Committed To:Capital Reserve Account 100 100
Designated for Subsequent Years Expenditures
ExcessSurplus 71,739 71.739
Assigned To:Other Purposes 970,388 970.388
Designated by the BOE for subsequent
years expenditures 288,760 288.760
Unassigned:Debt Service 4 4
General Fund (403,134)
___________ _____________
(403.134)
TotalFundBalances 1,331,574 - 4 1,331.578
Total Liabilities and Fund Balance $ 1,337.296 181,322 4
Amounts reported for governmental activities in
the Statement of Net Assets (A-I) are different
because:Capital assets used in governmental activities
are not financial resources and therefore are
not reported in the funds. The cost of the
assets is $53,502.456 and the accumulated
depreciation is $10,611,192 42.891.264
Long-term liabilities, including bonds payable. are
not due and payable in the current period and
therefore are not reported as habilities in the
lunds. see Note
Net assets of coveromental act ties
Ihe accompanying Notes to Financial Statements arc an integral part 01 this starenleilt.
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2.ROSELLE PARK SCHOOL DISTRICT
Exhibit B-3RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTiVITIES
JUNE 30, 2011
Total Net Change in Fund Balances Governmental Funds (From B-2) $ 370,771
Amounts Reported for Governmental Activities in the Statement ofActivities (A-2) are Different Because:Capital Outlays are reported in governmental funds as expenditures.However, in the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.This is the amount by which capital outlays exceeded depreciation inthe period.
Depreciation Expense (289,817)Capital Outlays 46,765
(243,052)
Repayment of bond principal is an expenditure in the governmental funds,hut the repayment reduces long-term liabilities in the statement of netassets and is not reported in the statement of activities. 392.346
Proceeds from debt issues are a financing source in the governmental funds.They are not revenue in the statement of activities; issuing debt increaseslong-term liabilities in the statement of net assets.Accrued Interest 15,858
In the statement of activities, certain operating expenses, e.g.,compensated absences (vacations) are measured by the amountsearned during the year. In the governmental funds, however,expenditures for these items are reported in the amount offinancial resources used (paid). When the earned amountexceeds the paid amount. the difference is reduction in thereconciliation; when the paid amount exceeds the earned amount
the difference is an addition to the reconciliation. 3.763
Change in Net Assets of Governmental Activities $ 539,686
The accompanying Notes to Fina.ncial Statements are an. integral part of th.is statement.
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____________________________
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14,6
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Age
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Fund
1.97
714
.655
1,97
714
,655
Une
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$83
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$83
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$
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1,97
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ROSELLE PARK SCHOOL DISTRICT
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
JUNE 30, 2011
Exhibit B-S
30.
Additions
Contributions
Total Contributions
Investment Earnings:
Interest
Net Investments Earnings
Total Additions
Deductions
Unemployment Claims
Scholarship Payments
Total Deductions
Change in Net Assets
Net Assets - Beginning of Year
Net Assets - End of Year
Unemployment
Compensation
Trust
$ 31,292
31,292
192
192
31,484
28,424
28,424
3,060
80,153
$ 83,213
Scholarship
Fund
900
900
901
950950
(49)
2.026
1,977
The accompanying Notes to Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
BOARD OF EDUCATION
ROSELLE PARK SCHOOL DISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2011
NOTE 1: Summary of Si2nificant Aecountin Policies
The financial statements of the Board of Education (Board) of the Roselle Park SchoolDistrict (District) hae been prepared in conforrnit\ with generall accepted accountingprinciples (GAAP) as applied to goernmental units. The Governmental Accounting StandardsBoard (GASB) is the accepted standard-setting both for establishing go\ernmental accountingand financial reporting principles. The more significant of the Board’s accounting policies aredescribed belo\.
A. Reporting Entity:
The Board is an instrumentalit of the State of New Jersey, established to function as aneducational institution. The Board consists of appointed officials and is responsible for the fiscalcontrol of the District. A superintendent is appointed by the Board and is responsible for theadm in istrati e control of the District.
The prirnar criterion for including activities within the District’s reporting entity, as setforth in Section 2100 of the GASB Codification of Government Accountine and FinancialReporting Standards. is the degree of oersight responsibility maintained by the District.Oversight responsibility includes financial interdependenc. selection of governing authority,designation of management, ability to significantly influence operations and accountability forfiscal matters. The government-wide and fund financial statements include all funds of theDistrict over which the Board exercises operating control. The operations of the District includethree elementar schools, a middle school and a high school located in Roselle Park, Counh ofI nion New Jerse . There were no additional entities required to be included in the reportingentity under the criteria as described aho e. in the current fiscal year. GASB Statement 14established criteria to he used to determine which component units should he included in thefinancial statements of the oversight entit. Furthermore the District is not includable in an\other reporting en1it on the basis of such criteria.
B. Governinent-ide and Fund Financial Statements
Ehe crnment—w ide financial statements include the staterneni of net assets and thestatement ot ad i ii jes these statements report financial information fbr the DistriLl as a w holeexLludmg fiduciar acti ilies such as student activities, Indis idnal funds are not displaxed hutthc. statements distinguish go\ ernrnental adti ities, generail supported b\ state and federal aid.tuition and counts tax les ics. from business-tx pe acti itie generail financed in whole or in partwith fres charged to external ustrner
32.
NOTE 1: Summary of Significant Accounting Policies (Continued)
B. Government-Wide Financial Statements (Continued)
The statement of activities reports the expenses of a given function offset by programrevenues directly connected with the functional program. A function is an assembly of similaractivities and may include portions of a fund or summarize more than one fund to capture theexpenses and program revenues associated with a distinct functional activity. Program revenuesinclude (1) charges for services which report fees and other charges to users of the District’sservices and (2) operating grants and contributions. These revenues are subject to externallyimposed restrictions to these program uses. Tax levies and other revenue sources not properlyincluded with program revenues are reported as general revenues.
Fund financial statements are provided for governmental, proprietary and fiduciaryfunds. Major individual governmental and enterprise funds are reported in separate columnswith composite columns for non-major funds.
C. Measurement Focus Basis of Accounting and Financial StatementPresentation
The financial statements of the District are prepared in accordance with generallyaccepted accounting principles (GAAP). The District’s reporting entity applies all relevantGovernmental Accounting Standards Board (GA SB) pronouncements. The government-wideand proprietarY fund financial statements apply Financial Accounting Standards Board (FASB)pronouncements and Accounting Principles Board (APB) opinions issued on or before November30, 1989. unless those pronouncements conflict with or contradict GASB pronouncements, inwhich case, GASB prevails.
The government-wide statements report using the economic resources measurementfocus and the accrual basis of accounting generally including the reclassification or eliminationof internal activity (between or within funds). Proprietary and fiduciary fund financialstatements also report using this same focus and basis of accounting although internal activity isnot eliminated in these statements. Revenues are recorded when earned and expenses arerecorded when a liability is incurred regardless of the timing of related cash flows. Property taxrevenues are recognized in the year for which they are levied while grants are recognized whengrantor eligibility requirements are met. The Unemployment Trust Fund recognizes emploerand employee contributions in the period in which contributions are due,
Governmental fund financial statements report using the current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognized whenthey are both measurable and available. Available means collectible within the current period orsoon enough thereafter to apply current liabilities. The District considers revenues to heavailable if they are collected within 6() days of the end of the fiscal year. Expenditures arerecorded when the related fund liability is incurred, except for long-term pension andcompensated absences, which are reported as expenditures in the year due.
].4ajor revenue, sources susceptible. to ac.crual. includes I.nte•rgovernmental revenues, a.ndthe prope.rtv tax levy. in genera.l. othe.r re•venue•s are. recogniz.e.d when c.ash ‘is received.
33.
NOTE 1: Sumiiiarv of Significant Accounting Policies (Continued)
C. Measurement Focus, Basis of Accounting and Financial StatementPresentation (Continued)
Operating income reported in proprietar\ fund financial statements includes revenuesand expenses related to the primary continuing operations of the tlind. Principal operatingrevenues for proprietar funds are charges to customers for food sales and iar services providedto other governmental entities. Principles operating expenses are the costs of pro iding goods orservices and include administrati e expenses and depreciation of capital assets. Other revenuesand expenses are classified as non-operating in the financial statements.
D. Fund Accounting:
The accounts of the District are maintained in accordance with the principles of fundaccounting to ensure observance of limitations and restrictions on the resources available. Theprinciples of fund accounting require that resources be classified for accounting and reportingpurposes into funds or account groups in accordance with activities or objecties specified forthe resources. Each fund is a separate accounting entity with a self-balancing set of accounts.An account group. on the other hand, is a financial reporting device designed to provideaccountability for certain assets and liabilities that are not recorded in the funds because they donot directly affect net expendable available financial resources. Funds are classified into threecategories: go ernmental. proprietary and fiduciary. Each category. in turn, is divided intoseparate “fund types”.
Governmental Fund Types
General Fund: The eeneral fund is the general operating fund of the District and isused to account for all expendable financial resources except those required to heaccounted for in another fund.
Special Revenue Fund: The District accounts for the proceeds of specific revenuesources (other than expendable trust or major capital projects) that are legallyrestricted to expenditures for specified purposes in the special revenue funds.
pjtalProjccts: The capital projects fund is used to account for all financialresources to be used for the acquisition or construction of major capital facilities (otherthan those financed by proprietary funds’.
Debt Ser ice Fund: The debt ser ice fluid is used to account for the accumulation ofresources for. and the payment of principal and interest on hond issued to financemajor properi acqusauin. construci ion and improvement programs.
Proprietary Fund Type
tLI pINt nnd Eu 1oiuit tot OL tTOti th ii I Iii IIILLd lilU op ift in i m inn i
I L Pt -. ri “L I r k L t
L ‘t ( \ me Is ot sLt I) ,tct on i ui h 1NIS fl tncj
reco crud primarily through user charges.
34,
NOTE 1: Summary of Significant Accounting Policies (Continued)
I). Fund Accounting (Continued):
Fiduciary Fund Types
Trust and Aenc Funds: The trust and agency funds are used to account for assets
held b the District on behalf of outside parties. including other go ernments. or onbehalf of other funds ‘.‘. ith in the District.
Uncjplo ment Eompensaton Trust Fund: The trust fund is used to account for assetsheld under the terms of a formal trust agreement. The District reimburses the costs ofunemplo ment henelits paid by the New Jersey Department of Labor.
Pnvatc—pse Trust Fund: The trust fund encompasses other trust fundarrangements hir hich principal and income benefit individuals outside of the schooldistrict. The District issued scholarships to students.
Agency Funds jPa roll and Student Activities Fg4: Agency funds are used toaccount for the assets that the District holds on behalf of others as their agent. Agencyfunds are custodial in nature and do not inolve measurement of results of operations.
E. Budgets/Budgetary Control:
Annual appropriated budgets are prepared in the spring of each year for the general.special revenue, and debt service funds. The budgets are submitted to the County office and arevoted upon at the annual school election on the third Tuesday in April. Budgets are preparedusing the modified accrual basis of accounting: the legal level of budgetary control is establishedat line item accounts ithin each fund. Line item accounts are defined as the lowest (mostspecific) level of detail as established pursuant to the minimum chart of accounts referenced inN.J.A.C. 6A:23-2.2(g). All budget amendments must be approved by School Board resolution.Budget amendments during the sear ended June 30, 2011 were insignificant, except furadjustments due to the reductions in state aid.
The Public School Education Act of 1975. limits the annual increase of any district’s netcurrent expense budget. The Commissioner of Education certifies the allowable amount for eachdistrict but may grant a higher le el of increase if he determines that the sums so provided wouldbe insufficient to meet the identi fled goals and needs of the district or that an anticipatedenrollment increase requires additional funds,
The Commissioner must alNo re ie every proposed local school district budget br thenext school year, 1-Ic examines e’.er item of appropriations for current expenses and budgetedcapital outlay to determine their adequac in relation to the identified needs and goals of thedistrict. If. in his vie, they are insufficient, the Commissioner must order remedial action. Ifnecessary, he is authorized to order changes in the local distrIct hudget.
Once a budget is appro ed. it can be amended by transfers or additional appropriation offund baiance b appro al of a maiora\ ol thc members 01 the Board. Amendments arerresented to the Board at rhe r regular meet logs. Each amendment must ha c Board appm al
I U IL ‘L L I I I I 0 13are not made aer tiseal \ ear-end a dtated h law. All uncommitted budget appr000al!onsiapse at \ear-end.
NOTE 1: Suminar of Si2nificant Accounting Policies (Continued)
F. Budets/Hudgetarv Control (Continued):
Formal budgetary integration into the accounting sstem is employed as a managementcontrol device during the ear. For governmental funds there are no substantial differencesbetween the budgetary basis of accounting and general lv accepted accounting principles with theexception of the legal lv mandated revenue recognition of the last state aid payment for hudeetarvpurposes onh and the special revenue fund as noted below. Encumbrance accounting is alsoemployed as an extension of formal budgetar\ integration in the governmental fund types.Unencumbered appropriations lapse at fiscal year end.
The accounting records of the special revenue fund are maintained on the grantaccounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that thegrant accounting budgetary basis recognizes encumbrances as expenditures and also recognizesthe related revenues, whereas the GAAP basis does not. Sufficient supplemental records aremaintained to allo lbr the presentation of GAAP basis financial reports.
A reconciliation of the special revenue funds from the budgetary basis of accounting aspresented in the Budgetar C’omparison Schedule (C—2) to the GAAP basis of accounting aspresented in the Statement of Revenues. Expenditures and Changes in Fund Balances —
Governmental Funds (8—2) is presented in the Budget—to—GAAP Reconciliation (C—3)’
The follow ing represents a reconciliation of the general fund revenues and specialrevenue fund re\ enues and expenditures from the budgetary basis of accounting as presented inthe Combined Statement of Revenues. Expenditures and Changes in Fund Balances — Budget andActual General. Special Revenues and l)eht Sen ice Funds to the GAAP basis of accounting aspresented in the (‘ombined Statement of Revenues. Expenditures and Changes in Fund Balances
All Governmental Fund Types. Note that the district does not report encumbrancesoutstanding at ear-end as expenditures in the general fund since the general hind budget followsmodified accrual basis with the exception of the revenue recognition policy for the last state aidpayment.
F. Encumbrances:
Under encumbrance accounting purchase orders, contracts and other commitments forthe expenditure of resources are recorded to reserve a portion of the applicable appropriation.Open encumbrances in governmental funds other than the special revenue hind are reported asreservations of Eind balances at fiscal year end as the\ do not constitute expenditures orliabilities hut ratler commitments related to unperlormcd contracts tr goods and ser ices.
Open encumbrances in the special rc enue fund lr which the District has receivedadvances are reflected in the balance sheet as deterred revenues andor reductions of receivablesol other governments at fiscal year end.
ihe encunl bored appropriat ion authorit carries ox er into tile next fiscal year. An entr\he nade at the hccinnin of the next ‘ear to increase the appropriation reflected in the
LUrti lied iu ulsianaing en to S i 001 t is at ti in LOt so i end
36.
NOTE 1: Sumniarv of Significant Accounting Policies (Continued)
C. Short-Term I nterfund Receivables/Pavables:
Short—Term interfund receivables’pavahles represents amounts ihat are ow ed. other than
charges for good or services rendered to’from a particular fund in the District and that are due
within one sear.
H. Inentories and Prepaid Expenses
Inventories and prepaid expenses. which benefit future periods, are recorded as an
expenditure during the \ear of purchase. The value ol in entories remaining at the end of the
fiscal year is not included on the balance sheet.
Enterprise fund inventories are valued at cost. which approximates market. using the
first-in-first-out (FIFO) method. Prepaid expenses in the enterprise fund represent payments
made to vendors for services that will benefit periods heond June 30. 2011.
I. Capital Assets and Depreciation
The District’s property, buildings and improvements, equipment. vehicles, furniture and
fixtures with useful lives of five ears or more are stated at historical or estimated historical cost
and are reported in the government-wide financial statements. Proprietary Fund capital assets are
reported in its respective fund.
The District contracted with an outside service company during the 2003 fiscal year to
provide a report with a comprehensive detail of capital assets and depreciation. The report dated
October 10. 2002. included capital assets purchased during the 2002 fiscal year and prior with a
historical cost of $300 or more and capital assets purchased during the 2002-03 fiscal year with a
historical cost of $2,000 or more. Accumulated depreciation prior to fiscal year 2003, fiscal year
2003 depreciation expense, total accumulated depreciation and hook values were also provided.
The District has provided updates subsequent to 2003. The costs of normal maintenance and
repairs that do not add to the asset value or materially extend the useful lives are not capitalized.
Capital assets are depreciated using the straight-line method. When capital assets are disposed.
the cost and applicable accumulated depreciation are removed from the respective accounts.
Estimated usellil li es. in years. for depreciable assets are as follows:
Buildings and Improvements 20 50
Equipmeut and Vehicles 5 — 20
Furniture and Fixtures 5 20
The [)istrict is currently in the process of obtaining and insiallin software that will
maintain pulper capital asset and depreciauon records,
37.
NOTE 1: Summary of Significant Accounting Policies (Continued)
1. Capital Assets and Depreciation (Continued)
Capital asset activity for the year ended June 30. 2011 ‘. as as follows:
Balance Balance
July 1,2010 Additions j. Retirements June 30, 2011
Govern mental Acti ities:Capital Assets That are Not
Being Depreciated:land $27,615,850
_____
710
Total Capital Assets NotBeing Depreciated 27.615,850 ]1 5,850
Depreciable Assets:Site Improvements 957.203 957,203Buildings & Sites 19,345,286 19,345,286Equipment jj0 5,584,117
Total 25,914,039 27.433 606
Less: AccumulatedDepreciation:
Sites (839,604) (15.748) (855,352)Buildings (4.266.182) (216.453) (4.482.635)Equipment (5.215.589) (76i6) t5.273.205)
Total AccumulatedDepreciation (10.321.375) (289.817)
_____
(±Q61L192)
Net Depreciable Assets _1 5.592.661 (289.817) 27433 15.275.414
Governmental ActivitiesCapital Assets (Net) $ 43,208,514 (289.817) 27,433 41891,264
Business— l\ pe ;\ctivilics:[qulpmult 3fl3 ÔQS 03 6°8
Less Accuniu (atedDcprec iation For:
Lquipnient (286.73
((.625
Business- I : pe Acu ities(. ipit ii \s’L.ts \Lt IT 25 (6 (2k) 10 900
[)epreL. iaiion .pense was charged to gove.rnmentai tunctlon5.: as i lows:
$289,817
38.
NOTE 1: Sunimarv of Siniflcant Accountin2 Policies (Continued)
I. Capital Assets and Depreciation (Continued)
Accumulated depreciation x as allocated to go\ernmental activities as 101 lows:
Prior Years’ Current Year TotalAccumulated Depreciation AccumulatedDepreciation Expense Depreciation
Instruction S 1.380.768 L380,768Support Services 2.778113 2,778.113Unallocated 6162.494 289.817 45311
$1Q,32t375 289,817 1O6i1192
J. Compensated Absences
District employees are permitted, within certain limitations, to accrue vacation and sickleave in varying amounts under the Districts personnel policies and may he paid at a later dateaccording to contractual agreements.
The liabilit for vested compensated absences of the governmental fund types isrecorded in the government—wide financial statements as a non—current liabilit . Governmentalfunds report onl matured compensated absences payable to currently terminating employees andare included in wages and benefits payable
K. Deferred Revenue
Deferred revenue in the general and special revenue funds represent cash which has beenreceived but not yet earned. Deferred revenue in the general fund represents property tax levymonies recei ed for fiscal year 2011. See Note 1(F) regarding the special revenue fund.
L. Fund Equity
The governmental fund financial statements report reserved fund balance for amountsnot available for appropriation or legally restricted for specified purposes. The general fundreserve for restricted purposes includes net assets relating to capital reserve.
NOTE 2: Cash and Cash Equiv alents and Investments
C ash and cash equivalents includes pctt\ cash. change hinds, amounts in deposits, andshort term in estment\ ith orieinal maturities of’ three mouths or less.
inestmncni are stated at cost. which approximates market, The i)istrlci classifiescen iticates of dcpoNit. h ich have or;gtna natnrilv dates of more than three months hut less than
I t -,T fl L I IL “.. I I\c. tU.,, ‘.
3,.
NOTE 2: Cash ad Cash Enulvalents sad Investments Contlnued)
DeDasits
New Jersey statutes require that school districts deposit public binds in publicdepositories located in Ne Jersey which are insured by the Federal Deposit InsuranceCorporation, the Federal Savings and Loan Insurance Corporation, or by any other agency of theUnited States that insures deposits made in public depositories. School districts are alsopermitted to deposit public funds in the State ofNew Jersey Cash Management Fund.
New Jersey statutes require public depositories to maintain collateral for deposits ofpublic funds that exceed depository insurance limits as follows:
The market value of the collateral must equal at least 5% of the averagedaily balance ofcollected public funds on deposit.
In addition to the above collateral requirement.. if the public funds deposited exceed 75%ofthe capital funds of the depository. the depository must provide collateral having a marketvalue at least equal to 100°,’. ofthe amount exceeding 75%.
All collateral must be deposited with the Federal Reserve Bank ofNew York. the FederalReserve Bank of Philadelphia, the Federal Home Loan Bank ofNew York, or a bankinginstitution that is a member ofthe Federal Reserve System and has capital funds of not less than$25.000.000.
New Jersey statutes permit the District to purchase the following types of securities:
a. Bonds or other obligations ofthe United States or obligationsguaranteed by the United States.
b. Bonds ofany Federal Intermediate Credit Bank, Federal HomeLoan Bank. Federal National Mortgage Agency or any UnitedStates Bank for cooperatives which have a maturity date not greaterthan tvelve months from the date of purchase.
c. Bonds or other obligations of the school district.
As of June 30, 2011, cash and cash equivalents and investments ofthe District consistedof the followiing:
Cash and CashEquivalents
Checking. Money Market AccountsAnd Certificate of Deposit S,.L. l8j.4U
40.
Investments (Continued)
The carrying amount of the District’s cash and cash equivalents at June 30, 2011 was
$1 .1 88,61 7 and the bank balance was $1 .389,206. Of the bank balance. $243.33 7 was coveredby federal depository insurance and $1.1 45,869 was covered by a collateral pool maintained bythe banks as required by New Jersey statutes.
Credit Risk Categories
All bank deposits and investments as of the balance sheet date are classified as to creditrisk by the following two categories described below:
As of June 30, 2011, the District did not hold any long-term investments.
Custodial Credit Risk — Deposits
Custodial credit risk is the risk that, in the event of a bank failure, the government’sdeposits may not be returned to it. The District does not have a formal policy for custodial creditrisk.
NOTE 3:
The District had no uninsured deposts.
General Long-Term Debt
During the fiscal year ended June 30, 2011. the following changes occurred in liabilitiesreported in the general long—term debt account group:
Balance2O
CompensatLd AhsenL.esPayable s 900747
07nis Payable 9,383Bonds 07 able 7.569.000(‘apftai Leases 715,146
$ 9,194,276
BalanceAdditions Deletions 3O11
896,984
7. 1 79,000
________
209.582
Long-Term 2011-12Portion Payment
896,9811.692
6.7791)00
ses
Capital leases for various equipment 8525.000 dated Aug 13. 2 008 ftr fl years at3 2° a ntcrcst mawi log 201 1 2012 itO a hal iOL ol 8209 582 at June 30 201 1
NOTE 2: Cash and Cash Equivalents and Investments (Continued)
GUDPAFDIC
$ 1,145,869243,337
3.7632.346
39(6000505.564
41.
NOTE 3: General Loii-Term Debt (Continued)
Schedule of Capital Leases
Principal Interest Total
2011-12 S 200.582 10.209 219,791
Loans Payable
lwentv year loan dated 3’l 1/94 fbr 544.560 at 1.50% interest maturing 7/15/2013 with a
balance of 57.037 at June 30. 2011.
Schedule of Payments
Principal Interest Total
2011-12 $ 2.345 88 2.433
2012-13 2.336 53 2.399
2013-14 2.346 18 2.364
$7,037 159 7J96
Bonds Payable
Bonds sold 8/15/2004 for $9.2 19.000 at interest from 3.50% to 4.50% maturing2/I 5/2025 with a balance of $7. I 79.000 at June 30. 2011.
Schedule of Payments
Principal Interest Total
2012 $ 400.000 292.236 692.2362013 420.000 278.236 698.2362014 440.000 263.536 7035362015 460.00() 229.736 689.7362() 16 480,000 229,736 709,736201 7-2021 2.690,00() 840.906 3,530,90620222025 2,289.000 253,577 J2 577
9.O0t 2.587,965 0.566.963
42.
NOTE 4: Pension Plans
Description of Plans — All required emplo ees of the District are covered h either the
Public Employees’ Retirement System or the 1 eachers’ Pension and Annuit> Fund which have
been established by state statute and are administered by the New Jersey Division of Pension and
Benefits (Division), According to the State of New Jersey Administrative Code. all obligations
of both Systems will be assumed by the State of New Jersey should the Systems terminate. The
Di’. ision issues a publicly available financial report that includes the financial statements and
required supplementary information for the Public Employees Retirement System and the
Teacher’s Pension and Annuit Fund. These reports ma be obtained h writing to the Division
of Pensions and Benefits. PC) Box 295. Trenton. New Jersey. 08625.
Teachers’ Pension and Annuity Fund (TPAF - The Teachers’ Pension and Annuity
Fund was established as of January I. 1955. under the provisions of N.J.S.A. I 8A:66 to provide
retirement benefits, death, disability and medical benefits to certain qualified members. The
Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a
special funding situation, as under current statute. all employer contributions are made h the
State of New Jersey on behalf of the District and the system’s other related non—contributing
employers. Membership is mandatory for substantially all teachers or members of the
professional staff certified by the State Board of Examiners, and employees of the Department of
Education who have titles that are unclassified, professional and certified.
Public Employees’ Retirement System (PERS) — The Public Employees’ Retirement
System (PERS) was established as of January 1. 1955 under the pro’. isions of N.J.S .A. 43: ISA to
provide retirement. death. disability and medical benefits to certain qualified members. The
Public Employees Retirement System is a cost-sharing multiple-employer plan. Membership is
mandatory for substantially all full-time emplo’.ees of the State of New Jersey or any county.
municipality, school district, or public agency, provided the employee is not required to he a
member of another state—administered retirement system or other state or local jurisdiction.
Vesting and Benefit Provisions — The vesting and benefit pro’. isions for PERS are set
by N.J.S.A. 43:1 5A and 43.3B, and N.J.S.A. 1 8A:6C for TPAF. All benefits ‘.est after eight to
ten years of service, except for medical benefits that vest after 25 years of service. Retirement
benefits for age and service are available at age 60 and are generally determined to be 1/60 of the
final average salary for each year of ser ice credit, as defined. Final average salary equals the
average salary fir the final three years of service prior to retirement (or highest three years’
compensation if other than the final three ears). Members may seek early retirement after
achieving 25 years of service credit or the may elect deferred retirement after achieving eight to
ten years of service in which case benefits would begin the first da of the month afler the
member attains normal retirement age. The TPAF and PERS provide for specified medical
benefits for members who retire after achieving 25 ears of qualified sen ice. as defined, or
under the disability pro’. ision of the System.
Members are always fully vested for their own contributions and. after three years of
service credit, become vested for of related interest earned on the contribution. In the case of
death befue retirement, members’ beneficiaries are entitled to full interest credited to the
members’ accounts.
43.
NOTE 4: Pension Plans (Continued)
SiniIicant Legislation - During the car ended June 30. 1997. legislation was enacted
Chapter 114. P.L. 1Q97) authorizing the New Jersey Economic Deelopment Authority to issue
bonds. notes or other obligations for the purpose 01 financing, in full or in part, the State of New
Jerse ‘s portion of the unfunded accrued liability under the State of New .Jersev retirementsystems. Additional legislation enacted during the \ ear ended June 30, 1997 (Chapter II 5. P.L.
1997), changed the asset valuation method from market related value to hill—market value. This
legislation also contains a provision to reduce the employee contribution rate by of 10o to
4.5% for calendar years 1998 and 1999. and to allow br a reduction in the employee’s rate after
calendar ear I 999. providing excess aluation assets are available. The legislation alsoprovided that the I)istricts normal contributions to the Fund may he reduced based on therevaluation of assets. Due to recognition of the bond proceeds and the change in asset valuationmethod as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities wereeliminated, except for the unfunded liabihit) for local early retirement incentive benefits,accordingly, the pension costs for TPAF and PERS were reduced.
Funding Policy The contribution policy is set by New Jersey State Statutes andcontributions are required by active members and contributing employers. Plan member andemployer contributions may be amended by State of New Jersey legislation. TPAF and PERSprovide for employee contributions of 5% of employees’ annual compensation, as defined.Employers are required to contribute at an actuarially determined rate in both TPAF and PERS.The actuarial lv determined contribution includes funding for cost—of—living adj ustments.noncontrihutor death benefits. and post—retirement medical premiums. Under current statute theDistrict is a non—contributing employer of the TPAF.
Legislation enacted during 1993 provides early retirement incentives for certain membersof TPAF and PERS who met certain age and service requirements and who applied for retirementbetween certain dates in the 1994 fiscal year. The earls retirement incenti es included: (a) anadditional five cars of’ service credit for employees at least age 50 with a minimum of 25 ears
of’ service; (h) free health benefits for employees at least 60 years old with at least 20 years ofservice; and (c) an additional $500 per month for two sears for employees at least age 60 with 10years but less than 20 \ears of service. The Board will assume the increased cost for the earlyretirement as it affects their districts.
The District’s contributions to PERS for the year ended June 30. 2011 was $355,222,$275,010 for 2010 and $219,372 for 2009, respectiely. equal to the required contributions foreach year,
During the year ended June 30, 201]. the Stale of New Jersey contrihuied $985,895 tothe TPAF pension benefits on behalf of the District. Also. in accordance w tl, NJ.S.A, I 8A:6fo( the State of Ne Jerse reimbursed the District $1,004,047 during the ‘ear ended .Iune 30.2011 for the employer’s share of social securii contributions for TP;\F members as calculatedon their base salaries. 1 hese amounts have been included in the eeneral—purpose financialstatements. and the combining and individual kind and account group statements and schedulesas revenues and expenditure in accordance w ith (iASB 24.
44.
NOTE 4: Pension Plans (Continued)
Three-Year Trend Information for TPAF
Annual Percentage Net
Year Pension of APC Pension
Funding Cost (APC) Contributed Obligation
6/30/11 S 1 .004,047 100% 0
6 3010 936.730 100% 0
6/3009 850.364 10000 0
Three-Year Trend Information for PERSAnnual Percentage Net
Year Pension of APC Pension
Funding Cost (APC) Contributed Obligation
6/30/Il $355,222 100% $0
6/30/10 275.010 100% 0
6/30/09 219,372 100% 0
OTE 5: Post-Retirement Benefits
P.L. 1987. c .384 and P.L. 1990. c.6 required Teachers Pensions and Annuity Fund
(TPAF) and the Public Employees’ Retirement System (PERS). respectivek. to fund post-
retirement medical benefits for those State employees \ho retire after accumulating 25 ears of
credited sen. ice or on a disability retirement. P.L. 2007, c. 103 amended the la to eliminate the
funding of’ post-retirement medical benefits through the TPAF and PERS. It created separatefunds outside of the pension plans for the funding and payment of post-retirement medicalbenefits for retired State employees and retired educational employees. As of June 30. 2010,there were 87,288 retirees eligible for post-retirement medical benefits. The cost of these
benefits is funded through contributions by the State in accordance with P.L. 1994, c.62.Funding of post-retirement medical premiums changed from a prefunding basis to a pay-as-you-go basis beginning in Fiscal Year 1994.
The State is also responsible tbr the cost attributable to P.L. 1992 c. 126. which providesfree health benefits to members of PERS and the Alternate Benefit Program ho retired from ahoard ol’ education or counts college Wi 25 ears of ser\ ice. ‘[he State paid S 1 26.3 iii ill Iontoard C hapter 126 benefits for 4. (350 eligible retired members in Fiscal Year 2010.
NOTE 6: Interfund Receivables and Pavables
From loSpecial Re enue Fund $1 07.443
fl I
NOTE 7: Compensated Absences
The District accounts for compensated absences (e.g.. unused vacation, sick leave) as
directed h\ (ioernmental Accounting Standards Board Statement No. 16 (GASB 16).
‘Accounting for Compensated Absences”. A liability for compensated absences attributable to
ser ices already rendered and not contingent on a specific event that is outside the control of the
employer and employee is accrued as emplo ees earn the right to the benefits.
District employees are granted var ing amounts of vacation and sick leave in accordance
with the District’s personnel policy. Upon termination, employees are paid for accrued vacation.
The District’s policy permits employees to accumulate unused sick leave and carry for ard the
full amount to subsequent years. Upon retirement emplo ees shall be paid by the District fiir the
unused sick leave in accordance with the District’s agreements with the various employee
unions.
The liahilit for vested compensated absences ofthe governmental fund types is
recorded in the general long—term debt account group (or current and long—term liabilities). The
current portion of the compensated absences balance of the governmental funds is not considered
material to the applicable funds total liabilities, and therefore is not shown separately from the
long-term I iabi I it balance of compensated absences.
The liability for vested compensated absences of the proprietary fund types is recorded
within those funds as the benefits accrue to employees. As of June 30, 201!, no liability existed
for compensated absences in the Food Service Fund.
NOTE 8: Economic Dependency
The District receives a substantial amount of its support hi’orn federal and state
governments. A significant reduction in the level of support, if this were to occur, may have an
effect of the District’s programs and activities.
NOTE 9: Capital Resere Account
A capital reserve account was established by the Borough of Roselle Park Board of
Education by inclusion of$ 100 in 1999. for the accumulation of funds fbr use as capital outlay
expenditures in subsequent fiscal years. The capital reser e account is maintained in the general
fund and its acti itv is included in the general fund annual budget.
Funds placed in the capital reserve account are restricted to capital projects in the
district’s appro ed Long Range Facilities Plan (iRFP). Upon submission of the LRFP to the
department. a district may increase the balance in the capital reser e b\ appropr!ating tunds in
the annual general ftmd budget certified for taxes, A district ma\ also appropriate additional
amounts when the express approval of the voters has been obtained either by a separate proposal
at budget time or by a special question at one of the kur special elections authorized pursuant to
N.J S.A. 1 9:60-2 Pursuant to N.J AC, 6:23A-5. h d) 7. the balances in the account cannot at an
time exceed the local support costs of uncompleted capital projects in its appro ed LRFP.
NOTE 9: Capital Reserve Account (Continued)
tol lovs:The activity of the capital reserve tbr the ink 1. 2010 to June 30. 201 1 fiscal sear is as
Beginning Balance. July 1.2010
Ending Balance. June 30. 20 II
NOTE 10: Risk Management
$ 100
$ i oo
The District is exposed to various risks of loss related to torts: theft of. damage to. and
destruction of assets: errors and omissions: inj uries to employees: and natural disasters.
Property and Liability Insurance The District maintains commercial insurance coverage for
property, liability, student accident and surety bonds. A complete schedule of insurance
coverage can he Ibund in the Statistical Section of this Comprehensive Annual Financial Report.
New Jersey Unemployment Compensation Insurance — The District has elected to fund its
New Jersey Unemployment Compensation Insurance under the “Benefit ReimbursementMethod”. Under this plan. the District is required to reimburse the Ne Jersey UnemplomentTrust Fund for benefits paid to its former employees and charged to its account x ith the State.
The District is hilled quarterly for amounts due the State. The following is a summary of District
contributions, employee contributions, reimbursements to the State for benefits paid and theending balance of the District’s expendable trust fund for the current year and previous year:
Fiscal Year2010-20112009-20102008-2009
DistrictContributions
192281
0
EmployeeContributions
31,29234.21331.052
Reimbursed28.42469.74130.080
Balance83,21380.153
115,400
NOTE 11: Contingent Liabilities
The Board is in’ol’ ed in several claims and la’ suits incidental to its onerations In the
opinion of the administration and ieial counsel, the ultimate resolution of these matters will not
i i.,r ial Id c lftLt ot the rin JuL il poiliou ol lhL 1)isti ILI
47.
NOTE 12: Euitv Balance
At June 30. 2011 the General Fund eqtiit balance was as follo\ s:
Restricted Fund Balance:Capital Reser eExcess SurplusDesignated for Subsequent Years Expenditures Excess Surplus
Committed Fund Balance:Year—End Encumbrances
Unassigned Fund Balance
S 100403.72!
71.739
970.388803.757
$ 2,249,705
2% Calculation of Excess Surplus2010-11 Total General Fund Expenditures Per the CAFR
Decreased by:On-Behalf TPAF Pension & Social Security
Adjusted 2010-]] General Fund Expenditures
2% of Adjusted 20] 0-1 1 General Fund ExpendituresIncreased h Al low able Adjustments
Maximum Unassigned Fund Balance
Section 2Total General Fund — Fund Balance a 6-30-1 1
Decreased b:Year-End EncumbrancesLegally Restricted - Designated for Subsequent Years Expenditures —
Excess SurplusCapital Reserve
Total Unassigned Fund Balance
Section 3Reserved Fund Balance Excess SurplusDesignated for Subsequent Years Expenditures — Excess Surplus
S 29,573,484
9942)
$ 27,583,542
S 551.67]252.086
$ 803.757
$ 2.249.705
(970.388)
(71,739)
$i,207478
S 403,72171.739
S 475.460
Detail of Allo able AdjustmentsExtraordinary Aid
1)eiail of Other Reser ed Fund BalanceCapiiai Reer e
S 252.086
48.
NOTE 12: Equity Balance (Continued.)
Reserved excess surplus represents a calculation under N.J.S.A. 18A:7F-7 hich
identifies an amount of surplus under the statute v hich must be restricted for use in the next
succeeding budget. Designated for subsequent years represents the amount appropriated in the
201 1-2012 budget.
Lnrestricted is surplus not previously committed or reserved for an other purpose.
NoTE 13: Significant Accountin2 Pronouncements
In June 2009, the FASB issued FASB ASC 105. Generally Accepted Accounting
Principles, which establishes the FASB Accounting Standards Codification as the sole source of
authoritati e generally accepted accounting principles. Pursuant to the provisions of FASB ASC
105. the District has updated references to GAAP in its financial statements issued for the period
ended June 30. 2010. The adoption of FASR ASC 105 did not impact the District’s financial
position or resu Its of operations.
In May 2009, the FASB updated ASC 855, Subsequent Events. which is effective for
reporting periods ending after June 15. 2009. ASC 855 establishes general standards of
accounting for and disclosure of events that occur after the balance sheet date, hut before the
financial statements are issued, or are available to he issued. The District adopted the amended
sections of ASC 855 and it did not have an impact on the District’s financial statements. The
District evaluated all events or transactions that occurred after June 30, 2011 through November
1.2011.
REQUIRED SUPPLEMENTARY INFORMATIONPART II
BuDGETARY COMPARISON SCHEDULES — C
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19.6
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7,40
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ll.
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13,9
5413
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54
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586
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696
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80,9
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80,9
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56.2
2756
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4.35
371
4.35
371
4.35
3
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port
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82,7
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78.0
4978
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98,4
7296
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18.4
7218
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18,4
72
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and
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277,
768
277.
768
277,
768
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ies
Acq
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and
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stru
ctio
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ervi
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17.9
2117
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17.9
21
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$1,
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10,0
42
NOTES TO REQUiRED SUPPLEMENTARY INFORMATION
63.ROSELLE PARK SCHOOL DISTRICT
REQUIRED SUPPLEMENTARY INFORNIATIONExhibit C-3
BUI)GET TO CAAP RECONCILIATION
NOTE TO RSI
FOR THE FISCAL YEAR ENDED JUNE 30. 2011
Special
General Revenue
Fund Fund
Sources/inflows of Resources
Actual Amounts (budgetary basis) ‘revenue from the
budgetaiy comparison schedule $ 29,798,349 1.010042
Difference - Budget to GAP:
Grant accounting budgetary basis differs from GAAP in that
encumbrances are recognized as expenditures. and the related
revenue is recognized (net) (72,613)
State aid payment recognized for GAAP statements in the
current year, previously recognized for budgetary purposes. I .064.037
State aid payment recognized for budgetary purposes. not recognized
for GAAP statements until the subsequent ear. (918.131)
Total revenues as reported on the statement of revenues, expenditures
and changes in fund balances - governmental funds $ 29,944,255 937,429
Uses/Outflows of Resources
Actual amounts (budgetary basis) ‘total outflows from the
budgetar’ comparison schedule S 29.573.484 1.010.042
Differences - budget to GAAP:
Encumbrances for supplies and equipment ordered but not
received are reported in the ‘car the order is placed tbr
hudeetarv p poses. but n the ear the supplies are receivedt,i ucia ipoi p rpos net’ i2 61
Iota! expenditures as reported on the statement of revenues.
expenditares and Lhanges in nd balan Eoverl nntal t’ids S29’73484 937429
OIiXI1OiIANVLNJ31&31dd(iS13I-ILO
SCHOOL LEVEL SCHEDULES - D
N/A
SPECIAL REVENUE FUND - E
RO
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Pre
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$29
8,72
153
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1.55
250
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6.70
21.
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109.
394
346.
971
15.6
15
i.oc
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Tot
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298.
721
53,1
861.
552
50.2
776.
702
1.24
610
9.39
434
6.97
115
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Exp
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ies
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each
ers
$23
1,64
936
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42.9
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lari
esth
rIn
stru
ctio
n23
9,45
414
,505
Pur
chas
edP
rote
sio
nal
Ser
vice
s
Oth
erP
urch
ased
Ser
vice
s95
0
1tt
ito
n50
.237
30,7
52
Gen
eral
Supp
lies
17,2
8153
998
53.
742
296
19.9
328.
849
Oth
erO
hjec
t.s
__
__
__
__
__
__
__
__
__
__
__
__
_____________
__
__
__
__
__
______________
__
__
__
__
__
__
____________
__________
______________
Tot
alIn
stru
ctio
n24
8,93
036
,391
539
43,9
823,
742
1.24
670
,169
289,
746
14,5
05
Supp
ort
Sers
ieas
.
Sa.ia
rie.s
ofT
each
ers
2,72
616
779
,857
Per
sona
lSe
e’.
cci
-Ii
mplo
ccIl
enel
iis
34.0
965.3
213
6,29
530
.009
1.11
0
Pur
crta
sed
Pro
tess
iona
lan
dT
echn
ical
Sers
ices
11.0
344.
226
833
1.69
134
.775
33.7
57
Oth
erP
urch
ased
Ser
vice
s1,
910
7,24
!1,
269
4.45
03,
602
Supp
lres
and
Mat
eria
ls25
fota
lS
uppu
rt5c
r’.
ices
39.7
9116
.795
1.01
36.
295
2.96
0-
39.2
2515
7.22
51.
110
Faci
litie
sA
cqui
siti
onan
dC
onst
ruct
ion
Ser
vice
s:
Con
stru
cnun
Serv
ices
Tot
alE
xpen
ditu
res
$29
8,72
153
,186
1,55
250
.277
6,70
21.
246
109.
394
446,
971
15,6
15
RO
SE
LL
EP
AR
KS
CH
OO
LD
IST
RIC
TE
xbib
itE
-I
She
et2
of2
SP
EC
IAL
RE
VE
NU
EF
UN
D
CO
MB
ININ
GS
CH
ED
UL
EO
FR
EV
EN
UE
SE
XP
EN
DIT
UR
ES
-B
UD
GE
TA
RY
BA
SIS
JUN
E30
,20
11
N.J
.R
ebel
Tit
leI
Saf
ety
7-11
Futu
reV
eter
inar
yS
mok
ing
Wal
-Mar
tT
otal
s
AR
RA
Gra
nt
Aw
ard
Fis
herm
anG
rant
Gra
nt
Gra
nt
BJ’
sA
war
d20
11
Rev
enue
s:
Fedc
ral
Sou
rces
6,94
599
0,60
9
Loc
alS
ourc
es
_________
17,9
2!66
7451
950
06
347
19,4
33
Tot
alR
even
ue6.
945
17,9
2166
7451
950
06
347
1,01
0,04
2
Exp
endh
ures
.
Inst
ruct
ion:
Sala
ries
ofT
each
ers
500
311,
537
Oth
erSa
lari
est
irIn
stru
ctio
n2)3
,959
Pur
chas
edP
role
ssio
nal
Ser
vice
s0,
69!
Oth
erP
urch
ased
Ser
vice
s95
0
Tui
tii i
n
(Jen
eral
Sup
plie
s3.
591
6674
519
634
756
.227
Oth
erO
hec’
:s
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_________________
__
__
__________
__________________
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_
foL
dIn
stru
ctio
n3.
591
-66
7451
950
06
347
714,
353
Sup
port
Serv
ices
:
Sal
arie
sotl
each
ers
82.7
50
Per
sona
tS
ervi
ces
Em
ploy
eeB
enef
its
1,19
878
,049
Pur
chas
edP
rotd
ssio
nal
and
Tec
hnic
alS
ervi
ces
2.15
698
.472
Oth
erP
urch
ased
Ser
vice
s18
,472
Sup
plie
san
dM
ater
ials
25
Tot
alS
uppo
rtS
ervi
ces
3,35
4-
-
--
-
277.
768
Faci
litie
sA
cpui
sitio
iian
dC
onst
ruct
ion
Serv
ices
:
Con
stru
ctio
nS
ervi
ces
17,9
2117
.921
‘Tot
atE
xpen
ditu
res
6,94
517
,921
6674
519
500
634
71,
010.
042
J1
CAPITAL PROJECTS FUND - F
N/A
PROPRIETARY FUNDS - G
RO
SE
LL
EP
AR
KS
CH
OO
LD
IST
RIC
T
CO
MB
ININ
GS
CH
ED
UL
EO
FN
ET
AS
SE
TS
Exhib
itC
-i
EN
TE
RP
RIS
EF
UN
DS
JUN
E30
.20
11
Bus
ines
s-T
ype
Act
ivit
ies
-E
nte
rpri
seF
unds
Foo
dA
dult
Sta
ffC
oke
Exte
nded
Sum
mer
Ser
vice
(able
34S
choo
lC
om
pute
rsF
und
Day
Car
eP
resc
hool
Cam
p—
Tota
ls
Ass
ets
Cur
rent
Ass
e1s
Cas
hand
Cas
hhquvU
enis
$48
,900
2,46
9(8
,325
)1,
500
8,58
126
,235
1,95
010
5,11
118
6,51
1
Acc
ount
sR
eeei
vah!
e
Sta
te1.
544
1,54
4
Fed
eral
5271
1
52,7
11
Ins
emer
y6.
151
__
__
__
__
__
__
_______
___________________
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_________________
_________________
____________________
6.15
1
Tot
alC
urre
ntA
sset
sI0
9,30
62469
(8.3
25)
1.50
08.
581
26,2
351,
950
105.
111
246,
917
Non
curr
ent
“sss
ets
Equ
ipm
ent
303,6
9
303.
698
Acc
umul
ated
Dep
ieci
anon
292.
798)
____________
____
________________
__________________
_________________
__
__
__
__
__
__
__
__
__
__
__
__
__
__
_________________
292.7
96)
Tot
alFi
xed
Ass
ets
10.9
01>
——
-—
——
10.9
00
Tot
alA
sset
sS
120.
296
2.46
9(8
.325
)1,
500
8.58
126
.235
1,95
>)10
5.11
125
7,81
7
Lia
bil
itie
s
Cur
rent
LD
hit
es:
Acc
ount
sP
ayab
leS
224,
531
-
1.40
322
5,93
4
Tot
alC
urre
ntL
iabi
liti
esS
224.
531
--
--
--
1,40
322
5.93
4
Net
Ass
ets
Ins
estm
cnt
inC
aptt
alA
sset
sS
I(>,
900
10.9
00
Unr
estr
icte
d(1
15,1
35)
2.46
9(8
,325
)1.
500
8,58
126
,235
1,95
010
3.70
$2t
t.083
Tot
alN
etA
sset
s$
(104235)
2,46
9(8
.325
)1,
500
8.58
126
,235
1.95
010
3.70
$3l
.8tc
3
RO
SJI
I.I.
P\
RK
S(H
(W)I
I)IS
IIU
(T
((>
Il11S
I\(,
S(I
I1l)
(Ii
oF
RF
lN
IF
,IX
PF
NS
ES
INI)
(II(;E
SI%
FL
NI
NF
l%
SS
FT
SE
shib
itC—
2
[NI
ER
PR
ISE
FLN
D.
[OR
TIl
E\
lAIR
EN
IWI)
JUN
E30
,20
11
Bus
ines
s—T
ype
,Iet
isit
ies
—E
nte
rpri
seF
unds
Foo
d(a
ble
Idu
ltS
tall
(‘ok
eI’
.ste
nded
Sum
mer
—ers
ce
34S
choo
l(.
oln
pute
rsF
und
I)a
Car
eP
resc
hool
(am
p(l
ink 44
cc4
(.5
S5’5
erW
sH-
-—
‘7
Op
r9ir
(c’
pen
ses
Srcr
ies
294.
2.40
Oth
erE
rrs
Ove
r(S
eef
iss
7(66
6
Cos
erar
icIS
.es
-I
(51
04
2
(,c,7
5
_______
___
__
__
__
__
(2000
--
--
316
.0-i
l0
60
.50
6
--
--
7,85
22
68
,43
)
No
op
erre
sor
eeru
es:
Sta
telo
t
Sta
ts5
ta’t
’I
I.,ltt
le.h
(‘55
(ottO
Nrs
r..s•.sso
s.
—28
3,51
3
--
--
--
7,85
2(1
,9)8
)
tIth
erF
irs
rem
1
(1
r’Sr
I.’ce
rN(O
lo(I
OO
NO
O((
5(0
01)
2,46
9.5
0))
95(1
05
050
36.8
)))
FoU
lN
etA
sset
s-‘F
ndirt
g(8
32
5)
1501
)1950
03,7
08—
30
38
3
RO
SE
ILE
PA
RK
SC
hO
OL
I)IS
TR
ICT
CO
MB
ININ
GS
CH
ED
UL
EO
FC
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FL
OW
SE
xhib
itG
-3
FO
RT
HE
YE
AR
EN
DE
DJU
NE
30.
2011
Busi
nes
s-T
pe
Act
ivit
ies
-E
nte
rpri
seF
unds
Foo
dC
able
Adu
ltS
taff
Cok
eE
xten
ded
Sum
mer
Ser
vice
34S
choo
lC
om
pute
rsF
und
L)ay
Car
eP
resc
hool
Cam
pT
otal
s
(‘as
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ows
t:is
eoi
.‘o:v
isoo
Repts
from
u,m
oo
S34
4,66
435
6,49
37(
31,1
57
Pat
inen
tsto
im
p(o
ees
(19,
210)
275.
030)
(294
.240
)
Pa’
men
tto
Sap
piw
ts15
48,0
73)
____
__
__
__
__
__
_
(79,
909)
(627
,982
Net
Proo
sded
ti‘s
ed)sy
‘peo
omg
;sti
sist
ee22
2,61
9)—
—
—
1.55
4(2
2.0
65)
(‘as
hFl
.’w
sFo
esN
ncap
tsi
fssa
ncin
gA
etii
ties
Fed
eral
&St
sto
Sss
rces
254,
00!
254.
00!
Ope
rati
neF
rass
ber,
_____________________________
______________________
(100,0
U0)
(10(L
0(0
)
Net
(‘as
hP
rorn
ied
byib
orcs
pJal
5155
0st
gA
ctsv
aies
254,
01)!
______________________
(100
.001
))15
4.00
1
‘set
lacr
osse
(‘ys
hen
dt’
esh
(pji
vale
rfls
31.3
82—
—
—.
(98,
446)
(67,
064)
Bal
atoe
s-It
evem
ine
of’
eas
1760
82,
469
(8,3
25)
1,50
08,
58!
26,2
351,
950
203,
557
253,
575
lSal
.uic
es-
End
sEn
ear
$48
,990
2,46
9(8
,325
)1,
500
8,58
!26
,235
1051!!
186.
5!!
Rec
scil
iais
snc-
t’Sp
erat
sba
sase
(les
s(to
‘set
(‘as
h
Pros
ided
(b.a
.sE
heO
pers
tFy.
eE
nti
es
()pra
tin
plis
som
e(I
,ss)
5(2
96.2
83)
7,85
2(2
88.4
3It
Au
stm
ettt
sto
tt.ee
ossc
tieQ
pera
t.ittg
ltteo
ine.
l..os
si
to(.‘
ash.
Pro
vide
dse
diby
Ois
erat
sttg
:\ct
ivit
ies
Iede
ral
sEns
itsod
itse
eou
sisi
ttea
29,5
1229
.512
Dep
reci
soon
6.6
25
6,62
5
l)ec
reas
c/(i
ncre
asr)
hi
inve
stor
s’2,
831
2.83
I
Dee
reaa
r),li
scrc
arse
is.(
cr.
’stt
tsPa
yabl
e67
,896
(6,2
98)
61,5
98
De.
srea
so/l.
hssr
ease
lis
“sc
eeS
tits
Rec
eiva
ble
133,2
00)
____
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
__
______________
________________
_______________-
______________
(33.
200)
Net
Pis
set
chsr
I)be
)tse
rsts
sF\c
ttvl
ties
S(2
22,6
19)
—
—
—
——
—
1,55
412
21.0
651
FIDUCIARY FUND - H
RO
SE
LL
EP
AR
KS
CH
OO
LD
IST
RIC
T
TR
US
TA
ND
AG
EN
CY
FU
ND
Exh
ibit
Il-I
CO
MB
ININ
GS
TA
TE
ME
NT
OF
FID
UC
IAR
YN
ET
AS
SE
TS
AS
OF
JUN
E30
,20
11
Ass
ets:
Cas
han
dC
ash
Equ
ival
ents
Acc
ount
sR
ecei
vabl
e
Tot
alA
sset
s
Lia
bili
ties
and
Fund
Bal
ance
s:
Lia
bili
ties
:
Pay
roll
Ded
ucti
ons
and
Wit
hhol
ding
s
Due
toSt
uden
tG
roup
s
Tot
alL
iabi
hues
Net
Ass
ets:
Res
erve
dS
chol
arsh
ips
Res
erve
d-
Une
mpl
oym
ent
Ben
efit
s
Tot
alN
etA
sset
s
127,
352
127,
352
14,6
55(4
,553
)
4,55
3
14,6
55
Une
mpl
oym
ent
Com
pen
sati
on
Exp
enda
ble
Tru
st 83.2
13
83,2
13
Tot
al
2011
222,
644
4,55
3
227,
197
14,6
55
127,
352
142.
007
1,97
7
83,2
13
85,1
90
Sch
olar
ship
Fun
d
Non
-Exp
enda
ble
Tru
stF
und
Stu
dent
Pay
roll
Net
Act
ivit
yA
genc
yS
alar
y
127,
352
127,
352
S1,
977
51,
977
S
1,97
7
S1,
977
14,6
55
14,6
55
83,2
13
83,2
13
“C
ROSELLE PARK SCHOOL DISTRiCT
EXPENDABLE TRUST FUNDExhibit 14-2
COMBIN INC STATEMENT OF CHANGES
iN FIDUCIARY NET ASSETS
JUNE 30, 2011
UnemploymentCoin pensation
InsuranceScholarships Trust Fund Totals
Additions:Local Sources:Contributions S 900 3 1.292 32. 192Interest on Investments 1 192 193
Total Additions 901 3 1.484 32,385
Deductions:Scholarship Payments 950 950Unemployment Claims
______________
(28.424) (28.424)Total Deductions 950 (28.424) (27.474)
Change in Net Assets (49) 3,060 3.011
Net Assets. JuI 1 2.026 80. 153 82.179
Net Assets, June30 $ 1.977 83,213 85,190
RO
SE
LL
EP
AR
KS
CH
OO
LD
IST
RIC
TE
xhib
it11
-3
ST
UD
EN
TA
CT
IVIT
YA
GE
NC
YF
UN
D
SC
HE
DU
LE
OF
RE
CE
IPT
SA
ND
DIS
BU
RS
EM
EN
TS
JUN
E30
.20
11
Bal
ance
Cas
hC
ash
Bal
ance
July
1,20
10R
ecei
pts
Dis
burs
emen
tsJu
ne
30,
2011
Ele
men
tary
Scho
•o•is
:S
herm
an$
2,63
52,
718
2,67
92,
674
Ald
enc
2,79
45,
787
5,53
63,
045
Rob
ert
Gor
don
1,20
44,
893
5,12
497
3T
otal
Ele
men
tary
Sch
ools
6,63
313
,398
13,3
396,
692
Juni
orH
igh
Scho
ol4,
763
5,94
55,
423
5,28
5
Sen
ior
high
Scho
ol84
,996
219,
347
188,
968
115,
375
Tot
alA
llSc
hooR
$96
,392
238,
690
207.
730
127,
352
72.ROSELLE PARK SCHOOL DISTRICT
PAYROLL AGENCY FUND
SChEDULE OF RECEIPTS AND DiSBURSEMENTS
JUNE 30, 2011
Exhibit 11-4
Assets:Cash and Cash Equivalents
Total Assets
Balance.Julv 1, 2010
$ 137.682
$ 137.682
Additions
8.024.222
8,024,222
Deletions
8,147.249
8,147.249
BalanceJune 30, 2011
14,655
14.655
iaN I ities:Payroll Deductions. Withholdings
Total Liabilities
S 137,682 8,024,222 8.147.249 14,655
5 137,682 8,024,222 8,147,249 14.655
I—1WIU
RO
SE
LL
EP
AR
KS
CH
OO
LD
IST
RIC
T
LO
NG
TE
RM
DE
BT
SC
HE
DU
LE
OF
SE
RIA
LB
ON
P
JUN
E3
0,2
Qji
Exh
ibit
I-i
Beg
inni
ngE
ndin
g
Dat
eO
rigi
nal
Ann
ual
Mat
urit
ies
Inte
rest
Bal
ance
Bal
ance
ofIs
sue
Issu
eD
ate
Am
ount
Rat
eJu
ly1,
2010
Reti
red_
_0
2011
Ren
ovat
ions
/Add
itiO
ns8/
15/2
004
$9,
219,
000
2/15
/201
2$
400,
000
3i00
%$
7,56
9,00
039
0,00
07,
179,
000
toSc
hool
s2/
15/2
013
420,
000
2/15
/201
444
0,00
0
2/15
/201
546
0,00
0
2/15
/201
648
0,00
04.
000%
2/15
/201
751
0,00
0
2/15
/201
853
0,00
0
2/15
/201
954
0,00
0
2/15
/202
055
0,00
04.
250%
2/15
/202
156
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0
2/15
/202
256
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0
2/15
/202
357
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04.
375%
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457
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0
2/15
/202
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500%
$7,
569,
000
390,
000
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0
RO
SE
LL
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AR
KS
CH
OO
LD
iST
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T
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DE
BT
SC
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AY
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xhib
it1-
la
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ojec
tL
oan
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eof
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e
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inni
ngE
ndin
g
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gina
lA
nnua
lM
atur
itie
sIn
tere
stB
alan
ceB
alan
ce
issu
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ate
Am
ount
Rat
eJu
ly1,
2010
Ret
ired
June
30.
2011
S44
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7/15
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2013
$23
451.
50%
$9.
383
2.34
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037
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SE
LL
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AR
KS
CH
OO
LD
IST
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HE
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LE
OF
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LIG
AT
ION
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ND
ER
CA
PIT
AL
LE
AS
ES
JUN
E30
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11
Bal
ance
July
1,20
10
$5,
965
57,6
79
245,
247
406,
255
$71
5,14
6
Ret
ired
Cu
rren
t
Yea
r 5,96
5
57,6
79
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247
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673
505,
564
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ibit
1-2
209,
582
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582
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pose
.
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ount
1)at
eof
Of
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gin
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tere
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ate
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ctor
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%
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03.
92%
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03.
23%
Am
ount
Ou
tsta
nd
ing
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e30
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11
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SE
LL
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AR
KS
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BT
SE
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LE
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Exh
ibit
1-3
Rev
enue
s:
Loe
a.i
Sou
rces
:
Loc
alT
axL
evy
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teSo
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s:D
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eA
idFy
pe11
Tot
alR
even
ues
Exp
endi
ture
s:
Reg
ular
Deb
tSe
rvic
e:
•.Red
empt
io.n
ufPr
inci
pa.i
inte
rest
Tot
alE
xpen
ditu
res
Exc
ess
ofR
even
ues
over
Exp
endi
ture
s
Fun
dB
ala
nce
Julv
I
Org
inal
Bud
get
$69
7,67
6
679
698,
355
392,
346
306,
011
698,
357 (2
) 4
Bud
get
Fin
al
Tra
nsf
ers
Bud
get
697,
676
__
__
__
__
__
__
__
679
-69
8,35
5
392,
346
__
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__
__
__
__
_
306,
011
-69
8,35
7
-(2
) 4
Act
ual
697,
676
679
698,
355
392,
345
306,
009
698,
354 4
Var
ianc
e
Fav
orab
le
(Unf
avor
able
) 2 3 3 3Fu
ndB
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ne30
$2
-2
STATISTICAL SECTION
(Unaudited)
Bor
ough
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lle
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kS
chool
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tric
tE
xhib
itJ-
1
Net
Ass
ets
byC
ompo
nent
Las
tS
even
Fisc
alY
ears
Fis
cal
Yea
rE
ndin
qJu
ne
30,
2005
2006
2007
20
08
2009
2010
2011
Bus
ines
s•ty
peac
tddt
ies
inve
sted
inca
pita
asse
ts,
net
ofre
late
dde
btR
estr
icte
dU
nre
stri
cted
Tot
albusi
nes
sty
pe
acti
viti
esne
tas
sets
Gover
nm
enta
lA
ctiv
itie
sIn
vest
edin
capi
tal
asse
ts,
net
ofre
late
dde
btR
estr
icte
dU
nres
tric
ted
Tot
algo
vern
m.e
ntal
actv
itie
sne
tas
sets
$33
,626
,706
$1,
648,
110
$(4
99,2
21)
$34
,775
,595
$26
,216
,862
$2,
286,
563
(1,3
68,0
97)
$27
,135
.328
$53
,975
$
$34
,405
,028
$48
1,23
7$
240,
553
$35
,126
,818
$34
,742
,679
$1,
147,
410
$(1
,038
,633
)
$34
,851
,456
$34
,538
,264
$1,
714,
640
$(1
,605
,911
)
$34
,646
,993
$34
,914
,985
$1,
384,
139
68
$34
,818
,456
$35
,270
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$1,
734,
712
49
$35
,564
,627
Dis
tric
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ide
Inve
sted
inca
pita
las
sets
,ne
tof
rela
ted
debt
Res
tric
ted
Un
rest
rict
ed
Tot
aldi
stri
ctne
tas
sets
$28
4,19
1$
228,
288
$16
4,55
7$
148,
910
$18
3,05
9
$33
8,16
6$
246,
101
$17
8,51
4$
160,
939
$19
3,18
5$
17,8
13$
13,9
57$
12,0
29$
10,1
26$
17,5
25$
10,9
00
$26
,270
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$2,
283,
563
(1,0
83,9
06)
$27
,470
,494
$33
,644
,519
$1,
648,
110
$(2
70,9
33)
$35
,021
,696
$34
,418
,985
$48
5,47
9
$40
5,11
0
$35
,309
,574
119,
276$
Q13
6,80
1$
31,8
83
$34
,754
,708
$1,
147,
410
$(8
89,7
23)
$35
,012
,395
$34
,548
,390
$$
1,71
4,64
0$
$(1
,422
,852
)$.
$34
,840
,178
$
34,9
32,5
10$
1,38
4,13
9$
JL
i9
34,9
55.2
57$
35,2
81,6
641,
734,
712
(1,4
19,8
66)
35,5
96,5
10
Bor
ough
ofR
ose
lie
Par
kS
chool
Dis
tric
tE
xhib
itJ-
2C
han
ges
inN
etA
sset
s,L
ast
Six
Fis
cal
Yea
rs
Fis
cal
Yea
rL
ndin
gJu
ne
30,
2006
2007
2008
2009
2010
2011
Expense
sG
over
nmen
tal
Act
ivit
ies
Inst
ruct
ion
Reg
ular
$7,
086,
973
$7,
066,
791
$8,
684,
930
$8,
899,
940
$7,
044,
348
$9,
152,
917
Spe
cial
Edu
cati
on$
1,81
0,21
0$
2,45
5,39
9$
3,09
2,54
3$
2.73
9.71
8$
2.89
3.07
1$
2,23
1.73
2O
ther
spec
ual
educ
atio
n$
1,17
9,55
5$
505,
689
$66
4,60
3$
1,00
9,63
5$
955,
683
$77
6,62
0O
ther
inst
ruch
on$
578,
563
$52
7,69
6$
559,
596
$55
6,39
5$
542,
264
$61
0.66
4S
uppo
rt.
Ser
vic
esT
uiho
n$
647,
863
$71
1,62
5$
568,
657
$57
3,42
7$
821,
919
$1,
184,
976
Stu
aerc
&nst
ruch
on
rela
ted
serv
ices
$3,
077,
855
$3,
085,
467
$3,
174,
504
$3,
705,
882
$3,
454.
142
$3.
032.
352
Sch
ool
adrr
unis
trap
vese
rvic
es$
1,00
2,37
8$
1,48
2,07
2$
588.
308
$1.
640.
413
$70
4,28
4$
622.
517
Gen
eral
Sbusi
nes
sad
min
istr
ativ
ese
rvic
es$
1,02
6,58
7$
1,13
4,95
7$
1,87
6,24
4$
1,00
7,87
0$
2,52
8,74
8$
1,74
5,46
4P
lant
oper
atio
ns
a’d
mai
nten
ance
$2,
214,
172
$2,
178,
796
$2,
343,
633
$2,
795.
372
$2.
939.
394
$2.
486.
350
Pupi
ltr
anso
ort
aton
$37
0,31
5$
286,
989
$33
0,00
0$
320,
620
$36
6,14
4$
313,
355
Em
ploy
eeB
enef
its
$5.
892,
247
$7.
090,
821
$7.
423.
220
$6,
341,
953
$7.
084.
238
$8,
303,
438
AR
RA
$1,
665,
793
inte
rest
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ng-t
erm
deb
t$
391.
548
$34
2.69
9$
350,
143
$33
2.59
9$
305.
667
$29
0.15
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nall
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eddep
reci
abon
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$92
4,75
5$
262,
772
$34
7,02
5ggo
$28
9,81
7T
otal
gove
rnm
enta
lac
tivi
ties
expen
ses
$25
.278
,266
.00
$27
.793
.756
.00
$29
.919
.153
.00
$30
.270
,849
$31
.572
.275
$31
.040
353
Busn
ess-
type
acti
viti
esFo
odS
ervi
ce$
606.
886
$62
5,73
4$
641,
631
$66
3,25
8$
677,
463
$64
0.94
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hild
Car
e$
52303
$50
0,81
3$
308,
691
$31
9.17
7$
356,
939
$34
8.64
1T
otal
busi
nes
s-ty
pe
acti
viti
esex
pens
ejjjO
O$
1,12
6,54
7,00
$95
0,32
2.00
$98
2,43
5j402
$98
9,58
8T
otal
dist
rict
expen
ses
$26
,410
,455
.00
$28
,920
,303
.00
$30
.869
,475
.00
$31
.253
.284
$32
.606
.677
$32
.029
.941
Pro
gra
mR
evenues
Gov
ernm
enta
lac
tivi
ties
:C
har
ges
tor
serv
ices
:O
per
atin
ggra
nts
and
cont
ribu
tion
s$
794,
361
$88
4,19
7$
990.
654
$79
1,60
6$
2.72
0,59
2$
937.
429
Cap
ital
gran
tsan
dco
ntr
ibuti
ons
$-
$-
$-
$-
$_,z
$T
otal
gove
rnm
enta
lac
tiviti
espr
ogra
mre
venu
es$
794,
361
$88
4,19
7$
990,
654
$79
1,60
6$
2.72
0.59
2$
937.
429
$(5
0,00
0)
$(5
0,00
0)
$29
,238
,569
$10
1$
(50,
000)
$(4
9,89
9)
$29
,306
,545
$(5
0,00
0)
(50,
000)
$28
,878
,615
$(1
00,0
00)
_(1
00,0
00)
$30
,542
,610
2006
2007
Fis
cal
Yea
rE
ndin
gJu
ne
30,
2008
2009
2010
2011
$40
2,41
8$
402,
576
$36
3,09
8$
344,
664
$35
6,08
3$
416,
439
$36
3,91
6$
356,
493
$22
4,24
6$
245,
565
$28
3,51
3
$98
2,74
7$
1,06
4,58
0$
995,
453
$98
4,67
0
$1,
973,
401
$1,
856,
186
$3,
716,
045
$1,
922,
099
$(2
8,92
8,49
9)$
(29,
479,
243)
$(2
8,85
1,68
3)$
(30,
102,
924)
$32
,425
$82
,145
$(3
8,94
9)$
(4,9
18)
$(2
8,89
6,07
4)$
(29,
397,
098)
$(2
8,89
0,63
2)$
(30,
107,
842)
$16
,740
,794
$16
,740
,794
$17
,003
,024
$17
,505
,170
$67
4,37
8$
682,
805
$69
0,53
0$
697,
676
$11
,202
,163
$11
,573
,947
$10
,808
,534
$11
,734
,108
$20
7,64
4$
293,
421
$33
9,86
9$
468,
059
$96
,846
$15
,477
$86
,658
$13
7,59
7
$36
6,74
4$
50,0
00$
-$
100,
000
$29
,288
,569
$29
,356
,444
$28
,928
,615
$30
,642
,610
Pro
gra
mR
even
ues
Conti
nued
Bus
ines
s-ty
peac
tiviti
esC
harq
esfo
rse
cic
esFo
odSe
rvic
e$
382,
109
$40
7,94
9C
hild
Car
e$
505,
954
$43
2,66
0O
pera
ting
gran
tsan
dco
ntri
buti
ons
$18
7,49
3$
218,
351
Tot
albu
sine
ssty
peac
tivi
ties
prog
ram
rev
enu
es$
1,07
5,55
6$
1,05
8,96
0
Tot
aldi
stri
ctpr
ogra
mre
ven
ues
$1,
869,
917
$1,
943,
157
Net
(Expen
se)/
Rev
enue
Gov
ernm
enta
lac
tivi
ties
$(2
4,48
3,90
5)$
(26,
909,
559)
Bus
ines
s-ty
peac
tivi
ties
$(5
6,63
3)$
(67,
587)
Tot
aldi
stri
ct-w
ide
net
expen
se$
(24,
540,
538)
$(2
6,97
7,14
6)
Gen
era’
Rev
enu
esan
dO
ther
Chan
ges
inN
etA
sset
sG
over
nmen
tal
acti
viti
es:
Pro
pert
yta
xes
levi
edfo
rgen
eral
purp
ose
s,ne
t$
14,6
78,8
41$
15,6
86,2
19T
axes
levi
edfo
rde
btse
rvic
e$
833,
023
$64
4,83
7U
nres
tric
ted
gran
tsan
dco
ntri
buti
ons
$10
,016
,289
$10
,780
,883
Tui
tion
$11
0,27
6M
isce
llan
eous
inco
me
$23
8,34
0$
158,
023
Tra
nsfe
rs$
(120
,891
)$
-
Tot
algo
vern
men
tal
acti
viti
es$
25,6
45,6
02$
27,3
80,2
38
Bus
ines
s-ty
peac
tiviti
es:
inve
stm
ent
earn
ings
Tra
nsfe
rs$
-$
-
Tot
albu
sine
ss-t
ype
acti
viti
es$
-$
-
Tot
aldi
stri
ct-w
ide
$25
,645
,602
$27
,380
,238
Chan
ge
inN
etA
ssets
Gov
ernm
enta
lac
tivi
ties
$1,
161,
697
$47
0,67
9$
360,
070
$(1
22,7
99)
$76
932
$53
9,68
6B
usin
ess-
type
acti
viti
es$
(56,
633)
$(6
7,58
7)$
32,4
25$
32,2
46$
(88,
949)
$(1
04,9
18)
Tot
aldi
stri
ct$
1,10
5,06
4$
403,
092
$39
2,49
5$
(90,
553)
$(1
2,01
7)$
434,
768
Bor
ough
ofR
ose
lle
Par
kS
choo
lD
istr
ict
Exh
ibit
J-3
Fun
dB
alan
ces,
Gover
nm
enta
lF
unds
,L
ast
Sev
enF
isca
lY
ears
Fsc
aI
Yea
rE
ndin
g_Ju
ne
30,
2005
2006
2007
2008
2009
2010
2011
Gen
erai
Fun
dR
eser
ved
$25592300
$6
24
,02
0.0
07
74
,48
4.0
01,
246.
921.
001,
637,
877.
00$
1,38
4.13
5.00
$1.
734.
7080
0U
nres
erve
d$
4985300
$10
,792
.00
113,
453.
0012
9,13
8.00
(427
,921
.00)
423,
332.
00’
Tot
a’G
enea
Fun
d$
305,
776.
00$
63
4,8
12
.00
$88
7,93
7.00
$1.
376,
059.
00$
1,20
9956
.00
$96
0,80
3.00
$1.
331.
5740
0
AUO
ther
Go
vem
men
taF
unds
Res
eru
edU
nres
erve
d..
repo
rt.e
dn;
Speca
Rev
enue
Fun
u$
4,26
4,00
)$
(4265.0
0)
$(4
.242
.00)
$(1
7.30
3.00
)$
86,7
59.0
0$
Capa;
Pro
)eot
sF.
1nd
$2.0
07269.0
0$
1,63
1,86
0.00
$485,3
78.0
0$
9192.0
0$
$-
$D
ebt
Ser
utce
Fun
d$
24,6
35.0
0$
20
41
5,0
0$
1.00
$2.
00$
4.00
$4.
00$
4.00
Per
man
ent
FunG
Des
Fnat
edfo
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ub
seq
uen
t
___
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Tax
able
Est
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Bor
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Ros
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ates
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85.
Borough of Roselle Park School DistrictPrincipal Property Tax Payers Exhibit J-8
2011
Taxable % of TotalAssessed District Net
Value Rank Assessed Value
Woodside Gardens Assoc. $ 4,750,000.00 1 1.70Sunrise Village 3,740,000.00 2 1.30
Sumner Rose, LLC 2,000,000.00 3 0.70Parkway Ford Realty 1,071200.00 4 0.37
Sullivan Chevrolet 1,061,500.00 5 0.37147 Westfield Avenue, LLC 1,050,000.00 6 0.36
Joseph Centanni 750,000.00 7 0.26Paradise Management 730,000.00 8 0.25
415 Westfield Associates 725,000.00 9 0.25Jakimowicz Partners 700,000.00 10 0,24
Vazquez, Evelides 700,000.00 10 0.24
86.
Borough of Roselle Park School DistrictProperty Tax Levies and Collections Exhibit J-9
Collected within the Fiscal Yearof the Levy
Year Ended Taxes Levied for PercentageDecember 31 the Fiscal Year Amount of Levy
2001 S 20109,492 19800971 98.32%2002 21397799 21,073241 98.36%2003 23,123.776 22,704,882 98.18%2004 24.649,531 24,351.999 98.79%2005 26.487,668 26,069,735 98.42%2006 28,348652 27,831,223 98.17%2007 30,248,800 29,598,499 97.85%2008 31 .802.107 30.974,661 97.39%2009 32,620.843 31,925,961 97.86%2010 33,535,571 32,804,581 97.82%
Bor
ough
ofR
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ark
Sch
ool
Dis
tric
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xhib
itJ-
1OR
atio
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Out
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ding
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tby
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e
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ond
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otal
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ses
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e
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88.
Borough of Roselle Park School DistrictRatios of Net General Bonded Debt Outstanding Exhibit J-1 1
General Bonded Debt Outstanding
Fiscal Percentage
Year General Net General Actual Taxable
Ended Obligation Bonded Debt Value of
June 3O Bonds Deductions Outstanjq Propjy Per Capita
2005 $ 9219000.00 $ 9,219,000,00
2006 $ 8.929.00000 $ 8.929,000.00
2007 $ 8,619.000.00 $ 8.619,000.00
2008 $ 8,289.000.00 $ 8.289.000.00
2009 $ 7,939,000.00 $ 7,939.000.00
2010 $ 7,569,00000 $ 7,569,000.00
2011 $ 7,179,000.00 $ 7.179,000.00
Borough of Roselle Park School District Exhibit J-12Ratios of Overlapping Governmental Activities Debt
EstimatedEstimated Share of
Debt Percentage OverlappingGovernmental Unit anjg Applicable Debt
Debt repaid with property taxesBorough of Roselle Park $ 16363902 100°/o $ 16363,902
Union CountyGeneral Obligation Debt $ 9,015,971 1.74% $ 9,015,971
Other Debt
Subtotal, overlapping debt $ 25,379,873
Roselle Park SchoolDistrict Direct Debt $ 7,569,000
Total direct and overlapping debt $ 32,948,873
Bor
ough
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2010
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000
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$2,
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91.
Borough of Roselle Park School District Exhibit J-14Demographic and Economic Statistics
Last Ten Years
Personal Union countyIncome Per Capita
(thousands of Personal UnemploymentYear Population dollars) Income Rate
2001 13327 $ 39766 4.02002 13,356 $ 39,483 5,62003 13,340 $ 40181 5.52004 13,268 $ 42,728 4.92005 13,189 $ 43,771 4.62006 13,281 $ 44,544 3.52007 13,281 $ 49,062 4.22008 13,281 $ 51,054 7.12009 13,281 $ 51,815 9.82010 13,292 N/A 9.9
N/A - Information not available
92.
Borough of Roselle Park School District Exhibit J-15
Principal Employers,2011
Percentageof Total
Employer Employees Rank Employment
Roselle Park School District
Borough of Roselle ParkHexacon Electric Supply co.Valley National BankWells Fargo Bank
Information was not available at the time of the audit
93.
Borough of Roselle Park School DistrictFull-time Equivalent District Employees by Function/ProgramLast Six Fiscal Years
Exhibit J-16
Function/Program
InstructionRegular
Special EducationOther special educationVocationalOther instructionNonpublic school programs
Adult/continuing education
Support Services;Student & instruction related services
School administrative servicesGeneral & Business Adm. services
Plant operations and maintenance
Pupil transportationBusiness and other support services
Special SchoolsFood ServiceChild Care
131 135 139 14031 31 32 32
31 40 48 52
2006 2007 2008 2009 2010 2011
1463254
1383040
53 54 54 54 52 4410 11 11 12 14 11
1 1 1 1 1 1
22 22 23 23 23 21
0 118 19 20 20 20 15
297 313 328 334 342 301Total
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ough
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Borough of Rosette Park School District Exhibit J1 8School Building InformationLast Six Fiscal Years
District Building 2006 2007 2008 2009 2010 2011
AldeneSquare Feet 32801 32801 32801 32801 32801 32801CapacityEnrollment 262 273 277 271 285 279
Robert GordonSquare Feet 34342 34342 34342 34342 34342 34342CapacityEnrollment 301 307 262 262 272 261
ShermanSquare Feet 33560 33560 33560 33560 33560 33560CapacityEnrollment 308 308 344 349 331 338
Middle SchoolSquare Feet 64420 64420 64420 64420 64420 64420CapacityEnrollment 332 328 500 487 483 485
High SchoolSquareFeet 119968 119968 119968 119968 119968 119968CapacityEnrollment 873 853 653 672 648 637
Board OfficeSquare Feet 3124 3124 3124 3124 3124 3124
Number of Schools as of June 30, 2011Elementary = 3Middle School = 1High School = 1
Bor
ough
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ool
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2006
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7
2008
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2011
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97,
Borough of Roselle Park School District Exhibit J-20Insurance Schedule
School Package Policy Coverage Deductible
Property $ 5.000.000.00000 $ 500000Comprehensive General Liability $ 16000,000.00 n/aAutomobile Liability $ 16,000,000.00 n/aCrime Coverage - Theft. Disappearrance $ 5,000.00 $ 500.00Destruction loss of Money & SecuritiesMoney Orders & Counterfeit Paper Currency
Forgery & Alteration $ 25.000,00 $ 500.00
Extra Expense$ 50,000,000.00 $ 5,000.00
Valuable Papers$ 10,000000.00 $ 5,000.00
Demolition and Increased Cost of Construction $ 10.000.000.00 n/a
Equipment Breakdown $ 100,000,000.00 $ 5000.00Electronic DataS 900,000.00 $ 1,000,00
Workers Compensation Each Accident $ 2,000,000.00Disease Policy Limit $ 2,000.000.00Disease Each Employee $ 2,000,000.00
School Leaders Errors & Omissions Liability $ 16,000,000.00 $ 5,000.00$1 00.000/$300,000
Administrator - Bond$ 25,000.00 $ 50000
Treasurer- Bond$ 300,000.00 $ 1.000,00
School Violents Acts$ 250,000.00 $ 25,000.00
Student Accident$ 1,000,000.00
Pollutant Cleanup and Removal $ 1.000,000.00 $ 10,000.00
Automobile Physical Damage Actual Cash Basis $ 1,000.00
Flood DeductibleAll Zones Except A&V $ 10.00000
Earthquake$50,000,000.00 S 5.00000
SINGLE AUDIT SECTION
dYo/EtL 4. c’1uL’,att aiuf Yomf2amj
CERTIFIED PUBLIC ACCOUNTANTS
ARMOUR S. HULSART, C.P.A.. R.M.A., P.S.A. (1959-1992)(732)2808888 2807 Hurley Pond Road Suite 100
ROBERT A. HULSART, C.P.A., R.M.A., P.S,A. P.O. Box 1409
ROBERT A. HULSART, JR.,C.P.A., P.5,4. e-mail: Wall, New Jersey 07719-1409
[email protected] (732) 681-4990
RICHARD 3. HELLEN8RECHT, JR., C.P,A., RS.A.
REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL.
REPORTING ANI) ON COMPLIANCE ANt) OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GO VERNMENTA UDITING STANDARDS
K-I
Honorable President and Membersof the Board of Education
Roseile Park SL hool DistrictCounty olEiiionRoselle Park. New Jerse
We have audited the eeneral—purpose hnancial statements of the Board ol Education of the
Roselle Park School District, in the Count of t nion, State of Ne\ Jersey. as of and har the fiscal year
ended June 30. 2011. and have issued our report thereon dated November 1 , 2011 . We conducted our
audit in accordance with auditing standards generally accepted in the United States of’ America: the
standards applicable to financial audits contained in Government Audnmg Siandards, issued by the
Comptroller General of the United States: and audit requirements as prescribed by the Di”. ision of
Hnance. Department of Education. State of Ne’. Jersey,
Internal Control Over Financial Reporting
In piannino and performinu our audit. u e considered the Roselle Park Board of Educations
1 m In i up —
01 expressnia our cpnon on the Enancia) statements, hut not br the purpose of expresong an opinon on
the effeL.tis eness of the Roseile Park Board of E.duc atton’s intent:.ui control over financial reporting.
Accordingly, we do not e.xpress an opinion on the efiè.ctiveness of the Roselle Park Board of Education’s
nterna1 control over tinanca1 reporting.
A rw/Iciencv in internal control exists when the. design or ope. ration of a control does not allow
management or employe.es. in the normal course of performing their assigned ftanctions. to prevent or
detect our) correct misstatements on a timely basis A material neoknesa is a deficiency, or combination
‘ccnc
cs. in ntei’nai CR:’, uah that there a a casonab’c nsbt i\ :h:o a material uastaictneni,
the i.) :‘ :Oix’. slate a a : ilOl bc a avert icc, or etc-c ted ‘ ‘:rc’ctcd a t n.e iv hoE
99.
Our consideration of’ internal control over flnancial repor1in was for the limited purposedescribed in the flrst paragraph of this section and would not necessarik identit\ all deficiencies ininternal control that might be significant deficiencies or material weaknesses. We did not identify anydeficiencies in internal control over t’inancial reporting that we consider to he material weaknesses, asdefined abo e.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Roselle Park Board of Education’sgeneral—purpose financial statements are free of material misstatement, we performed tests of itscompliance with certain provisions of laws, regulations, contracts and grant agreements. noncompliancewith which could have a direct and material effect on the determination of general—purpose financialstatement amounts, I-low ever, providing an opinion on compliance with those provisions was not anobjective of our audit and, accordingly, we do not express such an opinion. The results of our testsdisclosed no instances of noncompliance or other matters that are required to he reported under(Jov’rnlnent Audiiin Standards and audit requirements as prescribed by the Division of Finance,Department of Education. State of New Jersey,
This report is intended solely for the information and use of the audit committee. management,the Roselle Park Board of Education, the New Jersey State Department of Education and other state andfederal awarding agencies and pass—through entities and is not intended to be and should not be used byanyone other than these specified parties.
Robert A. 1-lulsartLicensed Public School AccountantNo. 322Robert A. Ilulsart and (‘ompan
November 1,2011
d?oLEd . ‘LL’acL and (?onzf2at29
CERTIFIED PUBUC ACCOLJ?v’TANTS
ARMOUR S. HULSART C.RA., R.MA., RSA. (19591992)(732)280-8888 2807 Honey Pond Road Suds 100ROBERT A. HULSART, C.P.A., R.M.A., P.S.A.
P.O. Box 1409ROBERT A. HULSART, JR.,C.P.A., P.S.A.e-maW WaiL New Jersey 07719-1409
[email protected] (732> 681-4990RICHARD J. HELLENBRECHT JR, C.RA., RSA.
REPORT ON COMPLIANCE WITH REQUIREMENTS APPLICABLE [0 EACH
MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE
IN ACCORDANCE WITH 0MB CIRCULAR A-133 AND
NEW JERSEY 0MB CIRCULAR 04-04
Honorable President and Membersc the Board of Education
Roselle Park School DistrictCounty (f kmRoselle Park. New Jersey
We have audited the compliance of (he Board of Education of the Roselle Park School District.in the County of Enion. State of New Jersey, with the apes of compliance requirements described in the( S O//i of Uuiaa mr in nJ JJud I (OITh ii u/ui 1 I 3 ( urn/i/fun ump1 flu ni and the \ r aJ’r.su’i’ .ciuie iid*Cruni (‘vnip!iu ice S’upp/cnieni that are applicable to each of its major federal and stateprograms for the fiscal ‘ ear ended June 30, 20 1 1 Rosel Ic Park Board of Education’s major federal andstate programs are identified in the summary of auditor s results section otthe accompanying schedule oflindines and questioned costs, Compliance with the requirements of’ laws, regulations, contracts andgrants applicable to each of its major state programs is ihe responsibility of the Roselle Park Board ofEducation’s management. Our responsibility is to express an opinion on the Roselle Park I3oard ofEducation’s compliance based on our and it.
We conducted our audit of compl iance in accordance with auditing standards generally acceptedfl the Enned State’s of’ America: the standai’d anpi cable to financial audits contained fl (if n’c’nln!einI Holing iciFlclcli’(L%, ssucri by the Comptrof>er Ce ncral ofihe Enited States: the audit requirements a
prescribed by the i.)ivision of Finance, Depa.rtme.nt of .Ed.ucation, State. of New Jersey: 0MB Circ.ular Aj i f I 1) “‘ i’-” “c
I“
“I “c,strtndards, 0MB C jrcr.t Ia.r A 133 a.nd New Jersey 0 Ru’s C. Ecu lar 04th4•. require that we plan andaerform the audit to ohtan reas.onahic assurance about whether nonc’oinni:ance with the tvt...es ofomphianac requirements relerred to above thai conIc) ha’, e a drcet and material el’iect 01 a minor IPderaiand state prograni occurre.d, An audit md rides examb ing:, on a te.st basis, e.vidence. about the R.osel IcPark Board of Educattouds crimp ham. a with those. reciuirernents and c’rtormini. such otner crocedures as:c\L’ d0n5ddi’cci nocessars in the enc’umsianecs, Ac- heliese ibte our audit flrc’\ Ocs a ‘ea>onaioie basis. Firir opinion. Our audit does not pros :de a lega deternt iiia.tion on the Rosel Ic Park. Board of Education’scompliance v.:.th ti .osc requirements.
iii our opal ion, the .tfoaru of [clucation of the Rose> Ic Park, School District, in the Counts ofin ion, St.ate o I New Jersey, corn plied, in all material respe.cts, with the rca ti irements refiarre.d to above’
L L
101.
Internal Control Over Compliance
I he management of the Board of Education of the Roselle Park School District is responsible forestablishing and maintaimng eff’ective internal control o er compliance w ih requirements of laws.regulations, contracts and grants applicable to federal and state programs. In planning and performingour audit. we considered the Roselle Park Board of Education’s internal control o er compliance withrequirements that could ha e a direct and material effect on a major federal or state program in order todetermine our auditing procedures for the purpose of expressing our opinion on compliance, but not forthe purpose of expressing an opinion on the effectix eness of internal control o er compliance.Accordingh . we do not express an opinion on the effecti eness of the Roselle Park Board of Education’sinternal control o er compliance.
A control clelìcwiicv in an entity’s internal control over compliance exists when the design oroperation of a control does not allow management or emplo ees, in the normal course of performing theirassigned functions. to pre cut or detect noncompliance with a t pe of compliance requirement of afederal program on a timely basis. A significant de/Icienct is a control deficienc’, or combination ofcontrol deficiencies. that ad erselv affects the entity ‘s abilit to administer a federal program such thatthere is more than a remote likelihood that noncompliance with a type of compliance requirement of afederal or state program that is more than inconsequential will not be pre ented or detected by theentity ‘s internal control.
Our consideration of internal control o er compliance was for the limited purpose described inthe first paragraph of this section and would not necessarily identify all deficiencies in internal controlthat might be significant deficiencies or material weaknesses. We did not identil\ any deficiencies ininternal control over compliance that we consider to be material weaknesses, as defined above. RosellePark Board of Education’s responses to the findings identified in our audit are described in theaccompaning schedule of findings and questioned costs. We did not audit Roselle Park Board ofEducation’s response and, accordingl. we express no opinion on it.
This report is intended solely for the information and use of the audit committee. management.the Roselle Park Board of Education, the New Jersey Stale l)epartment of Education and other federaland state awarding agencies and pass-through entities and is not intended to he and should not he used byany one other than these specified parties.
Robert A. IlulsartI icensed PubhL School AccountantNo, 3zRobert \.. I lulsart and ( ompans
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BOARD OF EDUCATION
K-5ROSELLE PARK SCHOOL DISTRICT
NOTES TO SCHEDULES OF AWARI)S AND FiNANCIAL ASSISTANCE
JUNE 30, 2011
NOTE 1: General
The accompan\ing schedules of financial assistance present the activity of all federal and statefinancial assistance programs ol the Board of Education. Roselle Park School District. Fhe Board ofEducation is defined in Note 1(A) to the Board’s general—purpose financial statements. All federalfinancial assistance received directly from federal agencies, as well as federal financial assistance passedthrough other government agencies is included on the schedule of federal financial assistance.
NOTE 2: Basis of Acconntin
The accompanying schedules of financial assistance are presented using the modified accrualbasis of accounting. This basis of accounting is described in Note 1(C) to the Board’s general—purposefinancial statements.
NOTE 3: Relationship to General Purpose Financial Statements
The general—purpose financial statements present the general fund and special revenue fund on aGAAP basis. Budgetary comparison statements or schedules (RSI) are presented lbr the general fundand special revenue fund to demonstrate finance—related legal compliance in which certain revenue ispermitted by law or grant agreement to he recognized in the audit year. hereas for GAAP reporting.revenue is not recognized until the subsequent year or when expenditures ha e been made.
The general hind is presented in the accompanying schedules on the modified accrual basis withthe exception of the rc enue recognition of the last state aid payment in the current budget year. hich ismandated pursuant to M.J.S.A. 1 8A:22—44.2. For (IAAP purposes, that payment is not recognized untilthe subsequent budget year clue to the state deferral and recording of the last state aid payment in thesubsequent year. The special revenue hind is presented in the accompanying schedules on the grantaccounting budgetary basis which recognizes encumbrances as expenditures and also recognizes therelated revenues. hereas the (iAAP basis does not. The special revenue fund also recognizes the one ormore state aid June payments in the current budget ‘ear. consistent ‘ ith :V.JS1. I 8A:22-4..
Aw aids and financial assistance revenues are reported in the Board’s general purpose hnancia Istatements on a (JAAP basis as presented below:
105.NOTE 3: Relationship to General Purpose Financial Statements
Special l)ebtRevenue Service Food
General Fund Fund Fund Ser ice TotalState AssistanceActual Amounts (BudgetarReenues” from the Scheduleof Expenditures of StateFinancial Assistance $ 10.569.946 679 6.799 10577.124
Difference - Budget to “GAAP”(irant Accounting Budgetan
Basis I)iffers from GAAPin that Encumbrances areRecognized as Expendituresand the Related Revenueis Recognized
On Behalf Pa mentsRecognized fbr GAAPStatements but NotIncluded in the Scheduleof Expenditures of StateFinancial Assistance 985,895 985.895
The Last State Aid Pax mentIs Recognized as Reenuefor Budgetary Purposes.and Differs from GAAPWhich does not RecognizeThis Revenue Until theSubsequent Year When theState Recognizes the RelatedExpense (GASB 33)
- j4,906—
- L40
Total State Re ernie as Reportedon the Statement of’ Re enues.I xpenditures and C hanges inF und Balances $ II ,01 4 69 6,’99 11 ,09.225
106.NOTE 3: Relationship to General Purpose Financial Statements (Continued)
Special DebtRevenue Service Food
General Fund Fund Fund Service Total
Federal AssistanceActual Amounts (Budgetary“Revenues” from the Scheduleof Expenditures of FederalAxards $ 3L682 990.609 276,715 1.299.006
Difference Budget to “GAAP”Grant Accounting BudgetaryBasis Differs froiyi GAAP in thatEncumbrances are Recognized asExpenditures and the RelatedRevenue is Recognized
j713)
Fotal Federal Reenue asReported on the Statementot Re enue. Expenditures.and Changes in FundBalances $31,682 917,996 276.715 1,226,393
NOTE 4: Relationship to Federal and State Financial Reports
Amounts reported in the accompanying schedules agree ith the amounts reported in the relatedICderal and state flnancial reports.
NOTE 5: Other
Revenues and expenditures reported under ihe Food E)istrihution Program represent current yearalue recei ed anel current year distributions respecti el fhe amount reported as TPAF Pensionoiitnhutions represents the amount paid by the slate of behalf of the I)istrict fr the ear ended June 30.2011 1 PAF Social Security Contributions reptesents the amount reimbured by the state ftr thecmplu\ ers share ot social %ecurit\ contributions for I P \I- ineniher for the ear ended .Jurie 0 201
107.ROSELLE PARK SCHOOL DISTRiCT
SCHEDULE OF FINDINGS AND QUESTIoNED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part I — Sunnnarv of.4uditorc Results
Financial Statement Section
I vpe of auditors report issued:
Internal control oer financial reporting:
I) Material weakness(es> identified?
___________
2) Reportable condions(s) identilied that arenot considered to be material weaknesses’?
Noncompl ance material to general purpose financialstatements noted?
Federal Awards
Iniernal control o’ver compliance:
I ) Material weakness(es) identified?
2) Reportable condition(s) identified that arenot considered to be material weaknesses?
R PC of auditors report issued on compliance lbr major programs:
An\ audit findings disclosed that are required to be reportedin accordance with section .510(a) oft ircular A—I 33?
Identification ol major programs:
J1Nuinberj
84.010
__________________________
8
_____ _____
84.1
_____
___________
84.301
________
___________________________
84.3
_____________
K-6
Unqualified
Yes \ ‘so
Yes x None Reported
Yes x No
Yes \ No
Yes x None Reported
1. ‘nqualified
Yes \ No
Name of Federal Program or Clusterlille 1(4 ide I Cluster)
____________________________
Title I —A RRA (I itic I (luNteiIDE. \ Part B_(Special_I ducation (iu’>crtII )I,.\—Preschool Special Education Cluster>IDE \ Part B-ARR,\ (Spccial I- ducation (luster
_________
ARRA—Preschool Special_1 ducation (luster)
108.ROSELLE PARK SCHOOL DISTRICT
SCHEDULE OF FiNDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENJ)ED JUNE 30,2011
Part 1 — Suminar oJAuditars’ Results (Goillinued)
State AwardsDollar threshold used to distinguish between type A and type B programs:
Auditee qualified as low-risk auditee?
1vpe of auditors report issued on compliance for major programs:
Internal Control over maj or programs:
(I) Material Weakness(es) identified?
(2) Reportable condition(s) identified that arenot considered to material weaknesses?
Any audit findings disclosed that are required to be reportedin accordance with N.J. OMB’s Circular 04-04?
Identi lication of major programs:
GMIS Number(s)11-495-034-5 120-089
____________________
11-495-034-5120-078
___________________
I 1-495-034-5095-002
____________________
I 1-495-034-5 120-044
5317.323
x Yes No
Unqualified
K-6
Yes x No
Yes x None Reported
Yes x No
Name of State ProgramSpecial Education AidEqualization AidTPAF Social SecurityExtraordinary Aid
ROSELLE PARK SCHOOL DISTRICT
SCHEDULE OF FINDINGS AND OUESTIONED COSTSK-6
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part 2 - Financial Statement Findings
This section identifies the reportable conditions, material weaknesses, and instances of noncompliance
related to the general purpose financial statements that are required to he reported in accordance with
paragraphs 5.18 through 5.20 of Government Auditing Standards.
Finding: None
Criteria or specific requirement: N/A
Condition: N/A
Questioned Costs: N/A
Context: N/A
Effect: N/A
Cause: N/A
Recommendation: N/A
Managements Response: N/A
ROSELLE PARK SCHOOL DISTRICT
SCHEDULE OF FINDINGS AND OUESTIONED COSTSK-6
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part 3 - Federal Awards and State Financial Assistance Findings and Questioned Costs
This section identifies audit findings required to be reported by section .510(a) of Circular A- 133 and NJOMB
Circular Letter 04-04.
Federal AwardsFinding: NONE
Information on the Federal Program: N/A
Criteria or specific requirement: N/A
Condition: N/A
Questioned Costs: N/A
Context: N/A
Effect: N/A
Cause: N/A
Recommendation: N/A
Managements response: N/A
State AwardsFinding: NONE
Information on the State Program: N/A
Criteria or specific requirement: N/A
Condition: N/A
Questioned Costs: N/A
Context: N/A
Effect: N/A
Lause: \,A
ROSELLE PARK SCHOOL DISTRICT
SCHEDULE OF FINDINGS AND OUESTIONED COSTSK-6
FOR THE FISCAL YEAR ENDED JUNE 30.2011
Part 3 - Federal Awards and State Financial Assistance Findings and Questio,ied costs (Gontinued
State Awards (Contin41
Recommendation: N/A
Managements response: N/A
111.
ROSELLE PARK SCHOOL DISTRICT
SUMMARY SCHEDULE OF PRIOR AUDIT FINI)1NGSK-7
FOR THE FISCAL YEAR ENDED JUNE 30. 2011
Prior Audit Findings:
There were no prior year audit findings.
112.