comprehensive annual financial report (cafr) · c budgtarvcornjojjeiuies c— i budgetary...
TRANSCRIPT
SCHOOL DISTRICTOF
MANASQUAN
MANASQUAN, NEW JERSEY
COMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2011
MANASQUAN BOARD OF EDUCATION
MANASQUAN ELEMENTARY SCHOOL
MANASQUAN HIGH SCHOOL
COMPREIVE ANNUAL
FINANCIAL REPORT
OF THE
MANASQUAN BOARD OFEDUCATION
MANASQUAN, NEW JERSEY
FOR THE FISCAL YEAR ENDED JUNE 30,2011
PREPARED BY
MANASQUAN BOARD OF EDUCADONBUSINESS ADMINISTRATOR/BOARD SECRETARY
MARGARET M. HOM
IANASQUAN SCHOOL DISTRICT
TABLE OF COI% TENTS
INTRODUCTORY SECTION
Letter of Transmittal I to 1.
On.tanizational Chart I 2.
Roster of Officials 13
Consultants & Advisors I—I.
FINANCIALSECTION
Independent Auditor’s Report 15 & 16.
Required Supplementary Information Part 1Management’s Discussion and Analysis 1 7 to 24,
Basic Financial Statements
A. District—wide Financial Statements
A-I Statement of Net Assets 25.
\—2 Statement of Activities 26 & 27.
B. Fund Financial Statements
Go ernmental Funds:13-I Balance Sheet 28.B-2 Statement of Revenues. Expenditures and Changes in Fund Balances 29 & 30.B—3 Reconciliation of the Statement of Revenues, Expenditures and Changes
In Fund Balances of Governmental Funds to the Statement of Activities 3]
Proprietary Funds:13—4 Statement of Net AssetsB-S Statement of Rex enues. Expenses and Changes in Fund Net Assets
[3-6 Statenient of Cash F io s
Fiduciary Funds:B—7 St.iternc•rit of Fiduciary Net \ss:ets
[3-8 St itciicnt of 6Iianc n I duLIaax Net \sscC
MANASQUAN SCHOOL DISTRICT
TABLE OF CONTENTS
Paoe
ReqLlared Snppenentar Inlorniation — Part I I
C BudgtarvCornjojjeIuIes
C— I Budgetary Comparison Schedule * General Fund 57 to 68.C’—D Budgetar\ Comparison Schedule — Special Re enue F und 6).
Notes to the Required Supplementary informationC—3 Required Supplementary Information Budgetary Companson Schedule
Note to RSI
Other Supplementary Information
1). School Level Schedules
A
F. Special Revenue Fund
F—I Combining Schedule of Revenues and Expenditures — Special Revenue FundBudgetary Basis 7! to 73.
E—2 Demonstrable ElIecti e Program Aid Schedule of Expenditures[3udgetarx Basis NA
lz—3 Early Childhood Program Aid Schedule of -z\pendiiuresBudgetary Basis N/A
E—4 Distance Learning Network Aid Schedule of E.xpenditures —
Budgetary Basis N \E—5 Instructional Supplement Aid Schedule of Expenditures
E3udgetarv Basis N A
ctsFund
Smimarv Schedule of Revenues, I .xpcuctlturcs. ced Chances in I’ andBud ems Pasi.
S che.dn Ic of’ Rcc canes. Expend hares. Project Balance and Project St.atusBLIdgLt ii 13 isis ‘\ddhion t I lr,ment cr SaiooI 1k a 1ncp ion
MANASQUAN SCHOOL DiSTRICT
TABLE OF CONTENTS
Pao e-
G. Proprietar Funds
G— I Combinine Statement of Net Assets0—2 Combinine Statement of Re enues. E\pcnses and Changes in Net Assets0—3 Combining Statement of Cash Flos
II. Fiduciary Fund
H—I Combining Statement of Fiduciary Net Assets 79.I 1—2 Statement of Changes in Fiduciary Net Assets 80.H—3 Student Acti it Agency Fund — Schedule of Receipts and
Disbursements $ 111—4 Pa roll Agenc Fund - Schedule of Receipts and Disbursements 82.
1. TermDebt
I—I Schedule of Long—i erm Debt Group 83.1—2 Schedule of Obligations Under Capital Leases 84.1-3 Debt Service Fund Budgetary Comparison Schedule 85.
STATISTICAL SECTION(U naudited)
i—I Net Assets b\ Component 86.J-2 Changes in Net Assets 87 to 89.J—3 Fund Balances. Go ernmental Funds 90..1—4 Changes in Fund Balance, (iovernmental Funds 91 & 92.J-5 General Fund Other Local Revenue by Source 93.1—6 Assessed Value and Actual Value of laxable Propert 94.i—7 Direct and Overlapping Propert Fax Rates 95,.1—8 Principal Property Taxpayers 96..1-9 Property Tax levies and Collections 97.1- 1 (1 Ratios oft )utstandine Debt bs I’vpe 8..1-11 Ratios of N et General Bonded Debt Outstanding 99..1-12 Direct and Overlapping Governmental Activitie.s Debt 1 00.
3 1 coal Debt Margin InOrmation (H.1-14 Demographic and Economic Sta.tisti.cs 102..J-1 5 Principal Empioye.rs 103.i-i n Full’ Time Equ yalent 1.)istriet Emp1o ces b Funetin. Pooran
. 0.1 7 Operatinc Statistics (05
Hf 8 SJx of Bu Din Intoim lOon 06ale’ a 0” WW’t1 \jang’gic
.1 1U 1 isurance ‘Ctk’J Like’.
MANASQUAN SCHOOL 1)ISTRICT
TABLE OF CONTENTS
SIN(;LE AEDF[ SECTION
K-I Report on Compliance and on Internal (:ontrol O er Financial ReportinAnd on Compliance and Other Matters Based on an Audit of FinancialStatements PerEwmed in Accordance with Government AuditingStandards 109 & I I 0.
K-2 Report on Compliance with Requirements Applicable to EachMajor Program and Internal Control Over Compliance in Accordance
ith 0MB Circular A- 133 and New Jersey 0MB Circular 04-04 111 & II 2.K-S Schedule of Federal Financial Assistance. Schedule A 113.K-4 Schedule of State Financial Assistance. Schedule B 114.K—5 Notes to Schedules of Financial Assistance II 5 & I I 6.K—6 Schedule of Findings and Questioned Costs 117 to I 20.K—7 Summary Schedule of Prior Audit Findings 12 I
INTRODUCTORY
SECTION
August 23, 2011
Honorable President andMembers of the Board of EducationManasquan School DistrictManasquan. New Jersey
Dear Board Members Citizens:
Is is with pleasure that we submit the Comprehensive Annual Financial Report (CAFRiof the Manasquan School District for the fiscal rear ended June 30, 2011. This CAFRincludes the Districtis Basic Financial Statement prepared in accordance withGovernmental Accountinu Standards Board Statement 34. The District adopted thisfinancial reporting model as required by the State in 2003. This model is suppose toprovide the users of this document with more useful financial and statistical infonnationrelying on and including all disclosures made by the District. To the best of ourknowledge and belief, data presented in this report is accurate in all material respects andis reported in a manner designed to present fairly the financial position and results ofoperations of the District. All disclosures necessary to enable the reader to gain anunderstanding of the District’s financial activities have been included.
The Comp:uhensive Annual Financial Report is pr enten in four sections as follows:
Tho lntrodurtorv Section contains a fable of Contents. i.canr of I rans tiraiLif Pri.ncial (.)ftic ia.ls, and an Org.anizat.ior.al Cha.rt c.f the School Distr.ict,
• The Financial Section begins with the independent Auditor’s Report and includesthe Management >s Discusston ann naiys:.s., tne Baste htnarctai Sta.te.ments andNotes providine an overview of the School District’s financial position a.nd
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\lcW p1 cesS. Mcctins arc lid I end oifer o present matLrials n tl hudtetcJed to all e mmunit and CiS ic aroups sith1’1 the dstrict.
bach of the schools in the disti jet stris e to meet the district- ide goals h emplo ing bestpractices in instruction and focusing on student achies ement. v hue maintaining a uniquepersonality that makes up the particular school, All curricula in our di\trict has e hecnaligned to tha en Jersey Core Curriculum Content Standards and the Common CoreStandards
In May 2011, the Ness Jerse\ I)epartment of Education released its Taxpaers Guide toFducation Spending, formally the Comparatis e Spending Guide. for all school districts inthe State. The guide compares districts ssith those ssho are similar in enrollmentconfiguration. fhe information on expenditures nas taken from certified budgets on filesOth the State Department of Education. This report shosss that the district spent 512.148per pupil (certified costs for 2009l0) sshile the aserage cost for similar districts ssasSl5381. According to the report of the 46 other K-12 school districts in the state ssithenrollments betss een 0 and 1800 children. Manasquan ‘a as ranked the I 3th loss est intotal cost per pupil.
Per Pupil Comparative Spending May 2011 (Certified 200940 Costs
____ ____ _____ _______
D4000
5000
12000 1 D6000
10000 1 D7000
8000 8000
6000 1 D9000
4000 D10000
2000 D11000
n 12000State Point Pleas. Keyport Manasquan 130OO
Average Bch. D14000
Manasquan Eleinentaiy School
I he Manasquan I lcmentass School is coinpriscd pr’marils 01 \Ianac1uan studLnn. hutreeis Cs a lb a ctudLpts en a tuition basis Os erall the sd or 1 is in s er od condition.esp5LialI afler the coirpieion ol an ad lition to crcatc riddle school classniomcHones dr, the ccntnuL s to h i obnis ‘a ith ii L hea’ina. s ctuanr, and aire ndirjoni1a ss stUn that nas incrald din uahoui thc hOldin fin district haScc uph Ic s’ L p ‘in’ i cs l i s J s — ak 1 1\ \C ss st ‘ I ii
Manasquan Elementary School holds classes for students in Preschool through EighthGrade. including a full-day Kindergarten program. Grades 6-8 operate as a middleschool and grades Preschool — Grade 5 operate as an elernentar school. Two cafeteriasare in operation with Grades 5-8 assigned lunch periods in the newer Cafetorium andgrades K-4 assigned lunch periods in the original Cafeteria. fhe use of both facilitiesallow s all students to eat at what \\ ould he considered a normal lunch hour.
With regards to technology. ACTIV Boards have been installed in every regulareducation classroom, as well as several special education classrooms and special subjectarea classrooms. Fhe district changed its Internet cerviee to Optimum Lighipath forgreater productivity. The district also upgraded to a Windows 7 environment andMicrosoft Office 01O. ljnforrunatelv. for maximum utilization of the upgrades. theschool is very much in of a new wiring prolect throughout the building.
Additional technological advances include increased usage of our Genesis Student DataNIanagement System and our school \vebsite. powered b Sehoolwires. leachers ha ereceived professional development 10 enhance their personal wchsites. as well as increasetheir knowledge of ACTIV Board applications the can use in the classroom. The districtpurchased Discovery Education and teachers continue to incorporate the w eb-hasedstreaming video ser ice which gies them access to more than 75.000 content-specific
ideo clips aligned directly to state and national standards. In addition. a new guidanceprogram. aviance. was implemented to provide a learning style inventory and careerawareness acti Lies for middle school students, Eighth grade students also participatedin a newh created rotation class. Digital Storytelling in which they had an opportunity toparticipate in this project-based learning experience utilizing video- and sound-editingsoftware. Teachers continued to incorporate lessons in mathematics and language artsfrom the Learnia Assessment S stein and training was provided for the incorporation ofthe newly purchased Skills futor Program. Skills Iutor, in addition to classroomassessment and instructional utilization, also pros ides a skills review program for use athome o er the summer months.
Several new instructional programs were implemented this past ear, including a new K5 mathematics program, enVision, published by Scott Foresman Our K-S language artsprogram. Macmillan’s Treasures, was enhanced b allowing more time for guidedLading lessens with the ,cistancc ol the school’s Reading Specialist, who worked
collaboratis clv with thr classroom teachers Ihe language s pro’an1 was furtherexpanded b he implementation t addition 1 Ionratiae assessment opportunities usingth w F an & Pna di Boncivmrh ss nr Proram A icw Drina Ltatu aclass was a’so croatcd i r studert in cdes 1\ and sLn, n addition. a now B&eSkills ai1 a. prenrain ai a nLw (faod nd aei ed puihiut prouram wer bih‘mple ni tad for ttaLttc in raios 5S a the cbjec ut longuac :,rt m$
iathenttcs. I he schoi’s coad ten ( ha’ac:ei dotu a Prouram was C Pill JU
- a- --. :
ee a ihe performance at our communin theater. The Algonquin Arts. in addition to ourField Day for grades 5-7. a successful K-4 field day program was implemented onceagain this year. Furthermore, the students participated in an Interacth e Art Show inwhich student art work was displayed and students dressed in costume, plax ing the roleof famous artists. Students also demonstrated arious art techniques at se eral stations.allowing parents to participate in creating art projects, Fifth grades once again did anoubtandiiw ob with their \Vax Museum. portravina famous people in history.
ihe Manasquan Llementarv School PlO also continued to remain very active, organilingsuch e ems as an Art Appreciation Program, a Science Fair. Book Fairs. and a newOrganic Garden, I’he PlO also worked collahoranvely with the school to renovate anddesign a new outside Courty ard area, which includes a primary playground unit, anoutside amphitheater, and a deck with picnic tables for outside educational acti ities. Inaddition. a new mural was painted in the Cafeteria focusing on our school-wide initiativeto promote healthy eating habits and better nutrition.
Manasquail high School
Manasquan High School is a traditional, older building that is maintained very well.Maintenance on the interior and exterior of the building is continual, and upgrades arescheduled (interior doors carpeting. painting. etc.) on a regular basis.
Manasquan High School recei ed recognition in the local press last year for majorimurovements on the I l’ grade, state-mandated HSPA (High School Proficienc\AssessmenD. NIJIS improved its Ad’%anced Proficient status from 25.6°c to 36.2°c inLanguage Arts and 24.4° to 34.7°c in Tath.
All students enrolled in our AP courses took the College Board AP exam. In 2010-11.students took 178 Advanced Placement exams. scoring an ax erage of 3.53. the highest inschool history. The high school also had 88°c of the students taking the test score at a “3”on at least one A.P. test. Exery tudents taking Advanced Placement Calculus AR andAdxanced Placement Calculus BC achieed a “passing grade” (“3” or above) on the end-of-course exam.
The high school aHo crtinued lb nartnerchmp v. th I MD\J (I nE erh of Medicine andt)entHtr of xea .cre: tu fdri oi1ee credit liv’ ouch ctursec offered in the jreaie ith and ce ce Tii es” \fi S d I I ‘ev coune. \HJic il H’:’rolog tu thep ngr in O\el 0 student cc hed eoltee crudit in 2010 11.
Mar asquar1 High Scho un r r Has stu&nts apply I w .Lceptal c t th\Iomunutn C um H hb rtc This \uar Mh had ) Hudam H enrolicd in ‘tie
rr_”ar’.
Nianasquan offers a comprehensive curriculum (Introduction to Buciness.
Entrepreneurship. Accounting. etc.) along \\ith an internship with a local business to all
students who qualiIN to enter the academ In 2011. the Academy of Finance graduated
over 30 students.
A program to recognize Student of the Month” at all g ade ie\ dc, contjnues as a
partnership t ith I he kindle Spring I ake Rotary. One student from each grade let ci and
a teacher are selected each month. The an ard focuses on student achievement, leadership.
and community service.
With regards to technology, continued training n as provided for staff and administrators
related to the Genesis student information sistem and for teachers’ web pages
development. The Genesis Parent Portal nas opened in 2ulO-2011. giting parents access
to thcir child’s daily and period attendance.
Special Education
The Special Education program is an integral part of each school. In the 2010-2011
school year the number of educationally disabled students in the district was 1 52 High
School Students, 102 Elementary School Students. 8 Pre-School Disabled Students and
33 (7 Manasquan. 26 Sending Districts) other students tere sent to facilities outside the
district. Most of the 254 students sere placed in general education classes with in class
resource services. In addition Nianasquan has four Learning Language Disabled teachers
instructing two class in the high school and t\o classes in the elementary school. There
is also an in-house Preschool Disabled program operating in the Elementary School. The
Alternath e School shared b) Manasquan and Wall vas discontinued on the Manasquan
High School campus. Child Study Team members vere shared vith Sea Girt
approvimatclv 2 da per week.
Gore Gurriculuin Content Standards
Our district curriculum is aligned to the \en Jerse:s Core Curriculum Content Standards
and the Ccntntuu Core Standtrdc. CFahorating utth rhe cendtng districts. nw
Lurr ul nu has been dc\ eloped in the I hi) design thr gruies K-8 in \Iathemati and
I anc an rts In giades 9-12 at umi i I conic c ch dC iplmc nate been ruti Ld
I ich umiuLr echci fr nu 1l r1LIc I Is d tsctpli tc ncnd ‘nant h U”s
ihr2iine and a unuium.
The Manasquan School District provides its teaching staff with many opportunities forprofessional development.
In the beginning of the school rear on two days in September and one in October thedistrict provided extensive in-ser ice programs for the staff fhe district also provided anin-service day in January. Staff members are ermined and encouraged to attendworkshops outside the district in addition to the in-house services already prox ided. Thisyear Steve Barklev presented a half-day workshop tbr high school staff and a half-dayworkshop for elementary staff on Professional Learning Communities. In .January.Tracev Severns provided a full day workshop on data driven decision-making to ourelementar staff. Both schools used the other professional development time meeting inprofessional learning communities.
Technology
Throughout the district. tecimolog integration arid building 1 century skills remains afocus. Technology is used 10 eni-ich instruction and curriculum, increase productivity.and to enhance communication.
The district possesses more than 600 computers, all of which are connected to theInternet via a new high-speed broadband connection. New desk top computers werepurchased for each classroom Iso new computers were placed in Lab C at MES. Thedistrict also purchased 20 IPAD2’s to use in special education classes and for teacherevaluation.
The district is an entirely wireless campus. with network connections accessible from alllocations. The connections can be less than reliable because some wiring is old and needsreplacement, All administrators, teachers and support staff have access to computers.printers, networked copiers. e-mail, work-order systems, and the Internet within theirwork areas. The district has and will continue to emphasize technology training indistrict in-service programs for all staff
Personnel
Tht. d.istrict employed 213 nec.ph.. during the 2.0lC-201 I school ear. The certificatedstaff num.hered 1 61 and educathnai supriort personnel. 52. In th.e 2010-2011 schw d yearthe district welcomed 1 1 5 new staff i ithers: some were new h.ires ffi ie others werereplacements her maenPtv and retirements, We also haJ 2 people return from
Pupil Enrollment
The district completed the 201 0-201 1 fiscal year with an Average Daily Enrollment of1696.8. which is 1.8 students less than 2009-2010 enrollment. The followinu derails thechanges in the student enrollment of the district over the last 20 years. The table presentsthe actual historical pupil enrollment as of June 30 of each year:
FISCAL ENROLLMENT PERCENTAGEYEAR JUNE30 CHANGE
1991-92 1253.8 0.264%1992-93 1312.8 4.706%1993-94 1393.2 6.124%1994-95 1489.1 6.883%1995-96 1534.8 3.069%1996-97 1577.1 2,756D/o1997-98 1573.0 -0.260%1998-99 1576.1 0.197%1999-00 1595.9 1.256%2000-01 1587.5 -0.526%2001-02 1664.5 4.850%2002-03 1726.3 3.713%2003-04 1726.5 0.012%2004-05 1723.1 -0.197%2005-06 1720.6 -.0.145%2006-07 1712.3 -0.482%2007-08 1702.0 -0.602%2008-09 1712.3 0,605%2009-10 1698.6 -0.800%2010-11 1696.8 -0.106%
2. ECONOMIC CONDITION AND OUTLOOK:
The po ulation of families with school ace c.h.i]dren is relatively stairle in Is lanasuuan,and the school enrollment has remained static since last ear. Am ruture increases in theDO uia H s cr ed lii C L 15 an an L nu c t pe m o ane sCp nh 5a11c.h.an.ges resulting from expansion and/or development in Manasquan. It appea,rs that anyadditional erovth in the High School enrollment will niost likely he due to our
—
dexelonment. population shit is or both.
3, MAJOR INITIATIVES:
A. The teachers and administrators will continue to incorporate technology into allarea o instruction.
B.) The staff will continue their work on UbD design and PLC’s.
C.) The district will continue to follow its Long Range Faciliu Plan and TechnologyPlan.
D. The district will continue to focus on Community Relations within the district andsending districts.
F.) The district will continue to focus on maximizing student achievement.
4. INTERNAL ACCOUNTING fONTROLS:
Management of the district is responsible for establishing and maintaining an internalcontrol system designed to ensure that the assets of the district are protected from loss.theft or misuse: and to ensure that adequate accounting data are compiled to allow for thepreparation of financial statements in conformity with enerallv-accepted accountingprinciples (GAAP). The internal control system is designed to provide reasonable, hutnot absolute, assurance that these objectives are met. The concept of reasonableassurance recognizes that: (1) the cost of a control should not exceed the benefits likelyto be derived; and (2) the valuation of costs and benefits requires estimates andjudgments by management.
As a recipient of federal and state awards. the district also is responsible for ensuring thatan adequate internal control system is in place to ensure compliance with applicable laws.regulation, contracts and grants related to those programs. This internal control system isalso subject to periodic evaluation by the district management.
As part of the District’s single audit, described earlier, tests are made to detennineadequacy of the internal control system. including that portion related to federal and statefinancial assistance pro crams. as well as. to determine that the district has complied withanplicaHe ian s and rerabitins.
5, BUDGETARY CONTROLS:
in addition to internal accounting controls, the District maintairu. budgetary controls. Theobjective of these budgetary controls is to ensure compliance with legal provisionso1rboa1ed in. anruat n.oroar1aLec idge’ apta ea or Lire r tew af we a c pal t
aLedKaraa crubrrl n.bfuif w air n.ndsaw.
10.
fir in the :1:itai nmjeets fiud. }e fma that anmeam as ndrJ fir thefiscal veai is refiee:d in the financial eLtion.
encumbrance ecuuting sy stein is mad to raord outstandina purchas nnnitmeirnon a line item basis. Opon encumbrances at veemend are either eaucoed or are includeda reappropriationc of fund balance in the subsequent year those amounts to bereapnrnrthted are reported as resets afiens Jfnnd balance a: fscai year end.
1 he ins esti ant polics of the District is guided in large part by state statute as detailed in“\otes to the Basic FinanLial Statements”, Nut 3. The Distriot has adopted a oashmanaaeme:li plain sshich requires it to deposit public fluids in prthlic depositoriesprotected from loss under the provision of the Governmental Ifinit Deposit Protection ActGTDPAL GFDPA tsas enacted in 1970 to protect Governrnen:al Lnits from a loss of
finds on deposit with a failed banking institution in New Jersey. The lass requiresgovernmental units to deposit public funds onI in public depositories located in NessJersey. ss-here the finds are secured in accordance with the ACT.
7. RISK MANAGEMENT:
The Board carries s arious fonrs of insurance, including but not limited to generalliahilirt. automobile liabilits and comprehensive collision, hazard and thefiL insurance onproperty and contents. fidelity- bonds and storker’s compensation. -\ schedule ofinsurance coverage is found in J-20.
8. OTHER INFORMATION:
independent Audit State statutes require an annual audit by independent certified publicaccountants or registered municipal accountants. The accounting firm of Robert A.Hu1sart and Compan. CPA’s seas selected by tb-c Board. In addbion to :neetirai :hc:ai uirements cr fortb i: state uatun the a fit thso 5\ as deG:nd to meet thercqthrcn:enN ut fi thault At of s :uimnded and the re mJ (lB maim
and \en u m 0MB CInu n The Ath m’s ty ori en tee hastyfinancial StatLer ant s v all - the ecu: i an-h cDr en an’ rue
s_other thi rune: i he \ flu :) It ink I uetr’ anoni
EDG1ENIS:
We would like to express our appreciaton to the members of the Manasquan Board ofEducatiun fr their concern in prox iding fiscal accountability to the citizens andtaxpa) ers of the school district and thereby contributing their full support to thede elopment and maintenance of our financial operation. The preparation of this reportcould not ha e been accomplished ithout the efficient and dedicated sen ices of ourbusiness office staff.
Respectfulh cubmitted,
Gera1dine MarginSuperintendentSec.
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MANASQUAN BOARD OF EDUCATIONMANASQUAN, NEW JERSEY
ROSTER OF OFFICIALSJUNE 30, 2011
TermMembers of the Board of Education Expires
Christine Muly, President 2013
Peter Kenny. Vice President 2012
Trisha Brown 2012
Thomas B. Bauer 2012
Jack Campbell 2014
Linda DiPalma 2014
Sherry Adams/Mark Furey (Belmar) 2012
Michelle LaSala 2014
Karen Surgent/Kerry J. Morgan (Spring Lake Heights) 2012
Thomas Pelligrino 2012
Jim Smith 2013
Katherine Verdi 2013
Other Officials
Geraldine Margin, Superintendent
Margaret Moran Horn, Business Administrator/Board Secretary
Joanne S. Madden. Treasurer
MANASQUAN BOARD OF EDUCATIONCONSULTANTS AND ADVISORS
AUDIT FIRM
Robert A. Hulsart & Company2807 Hurlev Pond RoadWall. New Jersey 07719
ATTORNEY
Wayne J. Oppito6 William Lane
Wayside, New Jersey 07712
McOmber & McOrnber54 Shrewsbury Avenue
Red Bank. New Jersey 07701
Lindabury. McCormick, Estabrook & Cooper, P.C.53 Cardinal Drive
P.O. Box 2369Westfield, N.J. 0709 1-2369
OFFICIAL DEPOSITORY
Wachovia (Wells Fargo) BankAllaire Plaza
Wall, New Jersey 07719
Fl NAN CIAL
SECTION
15.
J0lt cq. IuLatt anL com/2akzj
CERTIFIED PUBLIC ACCOUNTANTS
ARMOUR S. HULSART, C.P.A.. R.M.A., P.S.A. (19591992) 32 280 8888 2807 Hurley Pond Road Suite 100
ROBERT k HULSART, C.P.A., R.M.A., P.S.A. P0. Box 1409
ROBERT A. HULSART, JR.,C.P.A., P.S.A. a-mat Wat. New Jersey 07719.1409O3 6814090
rah.monrnouthcom . ‘- - -
RtCHARO J. HELLENBRECHT, JR., C.P.A., P.S.A.
N1)EPEN1)FNT At DITOWS REPORT
Honorable President ana Members
of the Board of Education-‘T
‘1,1 1 is. 0 ‘Li1( iiNt’ IL
Counts of \10t1I110titi1
Manasquan, \css Jerse\
We has e audited the accompanvtng linancia I statements of the governmental activities, the
business4vpe activities and each major fund of the Board of Education of the \ianasqnan School
[)istricl. n the ouni\ of Monnieutii. Stale of \ev .lerse\.a’, 0 f’ and ir the fiscal : ear ended June 30.
201. \\ hic h col lcctivelx comprise the District’s basic tinancial statements as listed n the table ui
contents. These tinanc al statements are the responsibilit\ of the Nianasquan Board of Education’s
management. Our responsihiliB is to express opinions on these financial statements based on our audit.
We conducted our audit a accordance with auditing standards aenerall\ accepted in the I nited
States of America: the standards applicable to financial and Is coma med in t3uivi’micni Inditing
S’/andurris. issued h the Comptroller (jencral of the [nited States: and audit requirements as prescribed
b- the Di’ iSioll 01 Finance. Deparinteni f State ot’ ess Jerse\. 1 hose standards req,t ire that
we plan and perfdim the aLidit to obtain reasonable assurance about hether the financial statements are
free of material misstatement, An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements An audit also includes assessing the accounting
pr!nc pies used and siunii’icanl es imates nude bs management. as s elI as es aluating the os emil financial
statement presentation. \\ e belies c that our audit pms ides a reasonable basis or our opinion.
In our opinion, the financial statenients reldrred to above present fairis. ifl all material respects.
r PLLIIS I nano I position I th go ernmen P aetis IlLs huslnL5cL\ pe ctis lucs ich mat r fund
a d tfL aggrcc t rcmai g fund in’oi n of ilk Ma :05 m Boar of I Pr ition n OL ( on is o
Monmoui.h. talc O!\-c\\ Jerses - us otit:ne 0. . and the respectuoc L.hanccs hi financial position and
cash lio\\ 5. cik apr cci 1:-ic thcrc-f r ip. thou cu.ucc. a Oc’flR’illiit\ lii cic000uilnO priucunics
neucrans ccc cried u the cited hones of
in accordance vs Ph 6-000i’flmOfl[ n scott ng S/undoes?s. we have also is sued our report dated August
23. 20 1., on our cons:dcration of the Manasquan Board of Educ-at:ion’s internal control over finau-ial
report - a .c and c r tests :3 its c-cm p1 ii: nc-c us ii: c-c-ri iii u pros’ sioiis— or lao-. s - reicu mt o:ns, con tracts a ad is:rants
I N N I
15’ 1 ILl I... . i N LI 1
part of our and it performed in accordance us i-tb ro rc,-nmenl I uditsng- htundaro% and should be e cunsidered
in as sessing the results of our audit:. -
I he Management Discussion and \naly sis and Budgetat comparison lnoi mat ion on pages I
throuch 4 are not a required part of the basic financial ‘.tatements hut are supplementarx information
required h the accountina principles uenerall accepted in the Lnited States of \merica. \\ e ha e
applied certain limited procedures which consisted principall\ of inquires of management regardnia the
methods of measurement and presentation of the required supplenwntar\ information. I loe er. \e did
not audit the information and express no opinion on it.
Our audit was conducted for the purpose ol’ forming opinions on the financial statements that
co1Iecti ek comprise the Manasquan Board of Lducation’s basic financial statements. I he
accompan ing introductor section and other supplementar information such as the combining and
indi idual fund financial statements, long—term debt schedules, and statistical information are pre.cntcd
for purposes ol additional anal si5 and are not a required part of the basic financial statements. 1 he
combining and indi idual fund financial statements and long—term debt schedules ha e been subjected to
the auditing procedures applied in the audit of the basic financial statements and in our opinion. are
fairl stated, in all material respects. in relation to the basic financial statements taken as a whole. I hc
introductor section and statistical infornxition ha e not been subiected to the auditing procedures
applied in the audit of the basic financial statements and. accordingk . we express no opinion on them
I he accompan. ing schedules of expenditures of federal awards and state financial assistance are
presented for purposes of additional anal Sis as required b iS. Office of Management and Budget
Circular \— 133. \udits of States. local Go\ ernments. and ‘son—Profit Organiiations: and \ew .lerse
OMB’s Circular 01—04. Single .\udit Polic\ for Recipients of Federal Grants. State Grants and State .id
respectively, and are not a required part of the basic linancial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and, in our
opinion, is fairJ stated in all material respects in relation to the basic financial statements taken as a
whole.
Respectful l submitted.
ROBERT A. HIJLSART ANI) ( OMPANY
Robert A. II iii salt
icensed Public School ccoiiitant\O 322Rob it I lulsa t and onip m
REQUIRED SUPPLEMENTARY INFORMATIONPART I
MANASQUAN PUBLIC SCHOOL DISTRICTBOROUGH OF MANASQUAN
MANAGEMENT’S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2011
UNAUDITED
The discussion and analysis of Manasquan Public School District’s financial performance provides anoverall review of the School Districts 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;readers should also review the notes to the basic financial statements and financial statements toenhance their understanding of the School District’s financial performance.
Financial Highlights
Key financial highlights for 2011 are as follows:
• General revenues accounted for $25,377.289 in revenue or 9509% of all revenues. Programspecific revenues in the form of charges for services, operating grants and contributions, andcapital grants and contributions accounted for $1,310,065 or 491% to total revenues of$26,687,354.
• Total assets of governmental activities increased by $569741 as cash and cash equivalents,receivables decreased by $285,283 and capital assets decreased by $526391.
• The School District had $25568255 in expenses: only $1310065 of these expenses wasoffset by program specific charges for services, grants or contributions. General revenues(primarily property taxes and tuition> of $25,377,289 were adequate to provide for theseprograms.
• The General Fund had $24,297,148 revenues and $23,576,477 in expenditures. TheGeneral Fund’s balance increased $720,671 from 2010. This increase was anticipated bythe Board of Education.
Using this Comprehensive Annual Financial Report (CAFR)
This annual report consists of a series of financial statements and notes to those statements. Thesestatements are organized so the reader can understand Manasquan Public School District as a financialwhole, an entire operating entity. The statements then proceed to provide an increasingly detailed look atspecific financial activities.
The Statement of Net Assets and Statement of Activities provide information about the activities of thewhole School dstr!ct. presentIng both an aggregate vIew of the School districts finances and a iongerterm view of those finances Fund financial statements provide the next level of detail. For governmentalfunds. these statements tell how services were financed in the short-term as well as what remains forfuture spending. In the case of Manasquan Public school district, the General Fund is by far the mostsignificant fund.
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 by the School District to provide programs
and activities, the view of the School district as a whole looks at all financial transactions and asks the
question. How did we do financially during 2011 ?“ The Statement of Net Assets and the Statement of
Activities helps answer this question. These statements include all assets and liabilities using the accrual
basis of accounting similar to the accounting used by most private-sector companies. This basis of
accounting takes into account, all of the current year’s revenues and expenses regardless of when cash
is received or paid.
These two statements report the School Districts net assets and changes in those assets. This change
in net assets is important because it tells the reader that, for the school district as a whole, the financial
positions of the School district has improved or diminished. The causes of this change may be the result
of many factors, some financial, and some not. Non-financial factors include the School District’s property
tax base. current laws in New Jersey restricting revenue 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 into two
distinct kinds of activities:
• Governmental Activities — All of the School District’s programs and services are reported here
including, but not limited to, instruction, support services, operation and maintenance of plant
facilities, pupil transportation and extracurricular activities.
• Business-Type Activities — This service is provided on a charge for goods or services basis to
recover all the expense of the goods or services provided. The Food Service enterprise fund
is reported as a business activity.
Reporting the School District’s Most Significant Funds
Fund Financial Statements
The analysis of the School District’s major (all) funds begins with Schedule B-i. Fund financial reports
provide detailed information about the School District’s major funds. The School District uses many funds
to account for a multitude of financial transactions. However, these fund financial statements focus on
the School district’s most significant funds. The School District’s major governmental funds are the
General Fund, Special Revenue Fund, Capital Projects Fund and Debt Service Fund.
Governmental Funds
The School District’s activities are reported in governmental funds. which focus on how money flows into
and out of those funds and the balances left at year-end available for spending in the future years.
These funds are reported using an accounting method called modified accrual accounting. which
measures cash and all other financial assets that can readily be converted to cash. The governmental
fund statements provide a detailed short-term view of the School district’s general government operations
and the basic services it provides. Governmental fund nformation helps you determine whether there are
more or fewer financial resources that can be spent in the near future to finance educational programs.
The relationship (or differencesi between governmental activities (reported in the Statement of Net Assets
and the Statement of Activities) and governmental funds is reconciled in the financial statements.
Enterprise Fund
The enterr’hse fund uses the same bas!s of cinn as busness-t\’.e acttes-: therefore. these
statements are essentafly the same,
The School District as a Whole
Table 1 provides a summary of the School Districts net assets for 2010 and 2011.
Table INet Assets
2010 2011Assets
Current and other assets S 1.918.511 S 2.299.381Capital assets. net 19,800.208 19.254.514
Total Assets $21,718,719Liabilities
Long-term liabilities $ 880.913 S 999.168Other liabilities 9.756.629 8.831.880
Total Liabilities $10,637,542Net Assets
Invested in capital assets, net of debt $ 9,958,330 $10,137,370Restricted 1,423,329 1,407.355
Unrestricted (300.482) 178.122Total Net Assets $11,081,177 $11,722,847
Table 2 shows the changes in net assets from fiscal year 2010 to 2011.
Table 2Changes in Net Assets
2010 2011RevenuesProgram revenuesCharges for services $ 534,310 $ 537,854Operating grants and contributions 900,405 772,211
General revenuesProperty taxes 12,983,460 13,251,492Grants and entitlements 2,559,540 1,826,029Other 9,491,903 10.299.768
Total Revenues 26,469,618 26,687.354Program ExpensesInstruction 10,328,311 9,963,148Support services
Pupils and instructional staff 3,504.455 3,401,219General administration, school 7,704,866 7,727.361administration, business
Operations and maintenance of 2,228,963 2,402,744Facilities
Pupil Transportation 488,417 351,776Interest on debt 383,508 359,470Food service/Surf Team 637,527 663.657Other 516,764 698.880
Total Expenses 25,792,811 25,568,255lnc./Dec. in Net Assets $ 676.801 $ZLIILO.a9
20.
Governmental Activities
The unique nature of property taxes in New Jersey creates the need to routinely seek voter approval for
the School District operations. Property taxes made up 49.65% of revenues for governmental activities
for the Manasquan Public School District for fiscal year 2011. The Districts total revenues were
$26687354 for the fiscal year ended June 30, 2011, Federal, state and local grants accounted for
another 974%. Tuition, interest revenue and miscellaneous income make up 38.59% and charges for
services equal 2.02%.
FederallStateGrants9.74%
The total cost of all program and services was $25568255. Instruction comprised 52.27% of District
expenses. Administration equaled 30.22% and the balance of 17.51% was comprised of operations and
maintenance, transportation. interest payments, other payments, food service and surf team.
Expenses for Fiscal Year 2011
Administration30,22%
Other Interest2.73% 1.41%
Instruction52,27%
Transportation1,38%
Maintenance &Operations
9.40%
Sources of Revenues for Fiscal Year 2011
Other38.59% Property Ta)
49.65%
Charges forService2.02%
Food Service!Surf Team
2.5 9%
Business-Type Activities
Revenues for the Districts businesstype activities (food service and surf team) were comprised ofcharges for services and federal and state reimbursements.
• Food service expenditures exceeded revenues by $23173
• Charges for services represent $528,967 of revenue. This represents amount paid bypatrons for daily food services.
• Federal and state reimbursements for meals, including payments for free and reducedlunches and donated commodities was $95135.
• The Surf Team is partially supported by a parent group. The current year revenues plus thebeginning balance left positive net assets of $142.
Governmental Activities
The Statement of Activities shows the cost of program services and the charges for services and grantsoffsetting those services. Table 3 shows the total cost of services and the net cost of services. The netcost shows the financial burden that was placed on the District’s taxpayers by each of these functions.Comparisons to 2010 have been shown below.
Table 3
Total Cost of Net Cost of Total Cost of Net Cost ofServices 2011 Services 2011 Services 2010 Services 2010
Instruction $9,963,148 $ 9,577220 $10,328,311 $9,850,016Support services
Pupils and instructional staff 3,401,219 3,177,670 3,504,455 3171,503General administration, school 7,727,361 7,663,313 7,704,866 7,704,866administration, business
Operation and maintenance of 2.402,744 2.402,744 2,228.963 2,228,963facilities
Pupil transportation 351,776 351.776 488,417 488,417Interest and fiscal charges 359,470 359,470 383,508 383,508Other 698,880 698,880 516.764 516,764
Total Expenses $24,904,598
Instruction expenses include activities directly dealing with the teaching of pupils and the interactionbetween teacher and student. including extracurricular activities.
Pupils and instructional staff nclude the activities involved with assisting staff with the content andprocess of teaching to students. including curriculum and staff development.
General administration, school administration and business include expenses associated withadministrative and financial supervision of the Dstnct including Cil employee benefits, workerscompensation and social security.
Operation and mantenance of faciities activties nvcve keeping the schocl grornds. builinqs andequipment in an effective working condition
Curriculum and staff development includes expenses related to planning, research, development andevaluation of support services, as well as the reporting of this information internally and to the public.
Pupil transportation includes activities involved with the conveyance of students to and from school, aswell as to and from school activities, as provided by state law.
Extracurricular activities includes expenses related to student activities provided by the School districtwhich are designed to provide opportunities for students to participate in school events, public events, ora combination of these for the purposes of motivation, enjoyment and skill improvement.
Interest and fiscal charges involve the transactions associated with the payment of interest and otherrelated charges to debt of the School District.
Other includes unallocated depreciation and amortization.
The School District’s Funds
Information about the School District’s major funds starts with Schedule B-2. These funds are accountedfor using the modified accrual basis of accounting. All governmental funds (i.e., general fund, specialrevenue fund, capital projects and debt service fund presented in the fund-based statements) had totalrevenues of $26050738 and expenditures of $25,779,975. The net change in fund balance for the yearwas in the General Fund, an increase of $720,761. This growth shows that the School District is able tomeet current operating costs with no urgent need for additional funds. The capital projects fund balancealso decreased by $449,113 and the debt service fund balance decreased by $795.
As demonstrated by the various statements and schedules included in the financial section of this report,the District continues to meet its responsibility for sound financial management. The following schedulespresent a summary of the revenues of the governmental funds (excluding capital projects) for the fiscalyear ended June 30. 2011, and the amount and percentage of increases and decreases in relation toprior year revenues.
Increase! PercentPercent (Decrease) Increase
Revenue Amount of Total from 2009 (Decrease)
Local Sources $23,560,326 90.44% $1,079,672 4.80%State Sources 1,918,542 7.37% (776,156) (28.80%)FederalSources 571,515 2.19% (98,528) (14.71%)
Total Revenue $26,050,383 100.00% $ 204,988 .79%
The increase in Local Sources of Si .079,672 was attributed to increases in the local tax levy, an increasen tuition revenues and new shared service agreements.
The decrease in State Sources of $776156 was attributed to changes in state aid revenues.
The decrease in Federal Sources of $98,528 was attributed to a decrease in grant awards: in particularthe end of the ARRA funds and Project SERV.
23.
The following schedule presents a summary of general fund, special revenue fund and debt service fundexpenditures for the fiscal year ended June 30, 2011.
Increase! PercentPercent (Decrease) Increase
Expenditures Amount of Total from 2010 (Decrease)
Current:Instruction S10,162.753 40.12% (39,049) (0.38%)Undistributed expenditures 13883,100 54.81% (43.601) (0.31%)
Capital outlay 204,149 .81% (161.006) (44.09%)Debt service:
Principal 710,000 2.80% 20.000 2.90%Interest 370,860 1.46% (23.350) (5.92)%
Total Expenditures $ 25,330,862 100.00% ($247,006) (0.98%)
The decrease in Current - Instruction of $39,049 was attributed to a decrease in supplies and textbooks.
The decrease in Current-Undistributed Expenditures of $43,601 was primarily attributed to a decrease inoutside placement expenditures.
The decrease of $161,006 in capital outlay was primarily attributed to the renovation of 2 bathrooms inthe high school: the bid came in significantly lower than the identical bid in the prior year.
The decrease in debt service of $3,350 is in accordance with the districts bond schedule.
General Fund Budgeting Highlights
The School district’s budget is prepared according to New Jersey law, and is based on accounting forcertain transactions on a basis of modifled accrual and encumbrance accounting. The most significantbudgeted fund is the General Fund.
During the course of the fiscal year 2011 the School District amended its General Fund budget asneeded. The School district uses program based budgeting and the budgeting systems are designed totightly control total program budgets but provide flexibility for program management.
• Staffing changes based on student needs.• Additional costs for student transportation both in regular education and special
education.• Accounting changes in maintenance and operations.• Changes in appropriations to prevent budget overruns.
The District’s final budget for the general fund used $000 from surplus.
• Actual revenues were 5290.414 higher than expenses. The original budget projected the useof $139,518 from surplus but the tuibon revenues and extraordinary aid exceeded theamounts in the original budget projection.
• The actual general fund expenditures were 523.576477.
Capital Assets
At the ena of the Oscal year: 2011 me School Dstnct nad 519 095407 invested in land. build:ngs.f’jmcure and eq pnet a-d e c es Tab a 4 sro s ‘sca 2011 calances oroarea c 200 ara 2009
24.
Table 4Capital Assets (Net of Depreciation) at June 30
LandConstruction in ProgressSite ImprovementsBuildingsMachinery and Equipment
Totals Capital Assets
2009 2010 2011S 1.068680 S 1.068.680 $ 1.068.680
0 0 0379.166 354,433 318.176
17,397,475 17,260,586 16,978,284827,531 938,099 730,267
$1 9.672,852 $19,621,798 $19,095,407
Overall capital assets decreased $52639lfrom fiscal year 2010 to fiscal year 2011. This decrease wasdue primarily to increased depreciation.
Debt Administration
At June 30, 2011, the School district had $9,557,024 outstanding debt. Of this amount $439,880is for compensated absences, $9,112,000 for bonds payable and $5,144 for capital leases.
For the Future
The Manasquan Public School District is in very good financial condition presently. A major concern isthe continued enrollment growth of the district with the increased reliance on local property taxes.However, future finances are not without challenges as the community continues to grow and statefunding is limited.
Manasquan is primarily a residential community, with very few ratables; thus the burden of taxes is placedprimarily on homeowners. The Manasquan School District has and will continue to look for ways torelieve this burden.
In conclusion, the Manasquan Public School District has committed itself to financial excellence for manyyears. In addition, the School District’s system for financial planning. budgeting. and internal financialcontrols are well regarded. The School District plans to continue its sound fiscal management to meetthe challenge of the future.
Contacting the School District’s Financial Management
This financial report is designed to provide our citizens, taxpayers, investors and credtors with a generaloverview of the School district’s finances and to show the School District’s accountability for the money itreceives. If you have questions about this report or need additional information contact Margaret MoranHorn. School Business Administrator/Board Secretary at Manasquan Board of Education. 169 BroadStreet. Manasquan, NJ 08736.
BASiC FINANCIAL STATEMENTS
DISTRICT-WIDE FINANCIAL STATEMENTS - A
MANASQUAN SCHOOL l)ISTRICT25.
STATEMENT OF NET ASSETSExhibit A-I
JUNE 30, 2011
AssetsCash and Cash EquivalentsReceivables. NetInventoryRestricted Assets:Cash and Cash EquivalentsCapital Reserve Account - Cash
Capital Assets, Net
lotal Assets
LiabilitiesAccounts Pay ableDeferred RevenueNoncurrent Liabilities:
Due Within One YearDue Beyond One Year
Total Liabilities
Net AssetsInvested in Capital Assets. Net of Related DebtRestricted For:
Debt ServiceCapital .ProjectsOther Purposes
Unrestric.te.d
GovernmentalActivities
$ 382.617323.072
1.493.757
4.623I 9.095.407
$ 2L299.476
$ 242.34117.693
725.1448.83 1,880
$ 9.817,058
$ 9,978.263
6621,029
1 44 1.03961,42.5
8 11,482,418
Business-TypeActivities
84,5226,6414.149
159,107
254,419
13.990
13.990
159,107
Total
467.139329.713
4,149
1,493.7574.623
19,254,514
21.553,895
256,33 117,693
725,1448,831.880
9.83 1,048
10,137.370
1,441.039142,747
Total Net Assets
NIA
NA
SQ
UA
NS
CH
OO
LD
IST
RIC
TE
xhib
itA
-2
She
et1
of2
ST
AT
EM
EN
TO
FA
CT
IVIT
IES
FO
RT
HE
YE
AR
EN
DE
DJU
NE
30.
2011
Funct
ions/
Pro
gra
ms
Gov
ernm
enta
lA
ctiv
itie
s:
Inst
ruct
ion:
Reg
ular
Spe
cial
.Edu
caiio
n
Oth
erS
pcc
iaIn
stru
ctio
n
Oth
erIn
stru
ctio
n
Sup
port
Serv
i..ce
s:
Tui
tion
Stu
dent
&In
stru
ctio
nR
elat
edS
ervi
ces
Gen
eral
Adm
mis
trat
ive
Ser
vice
s
Sch
ool
and
Bus
ines
sA
dmin
istr
ativ
e
Scrv
ices
Pla
ntO
pcra
uons
and
Mai
nten
ance
Pupi
lT
rans
pona
tion
Una
lloc
ated
Ber
.efi
ts
Inte
rest
onL
ong—
lerm
Deb
t
Una
l loc
ated
Dep
reci
atio
n
Tot
alG
over
nmen
tA
ctiv
itie
s
Bus
ines
s-T
ype
Act
ivit
ies:
Foo
dS
ervi
ceS
urf
Tea
mT
otal
Bus
ines
s—T
ype
Act
ivit
ies
$7,3
05,2
731,
763,
423
134.
068
760.
384
574,
831
2,82
6.38
852
6,37
5
1,61
1.84
02,
402,
744
351,
776
5,58
9,14
635
9,47
069
8.88
024
,904
,598
Gov
ernm
enta
lA
ctiv
itie
s
(7,3
05.2
73)
(1,3
77,4
95)
(134
,068
)(7
60,3
84)
(574
,831
)
(2.6
02,8
39)
(526
,375
)
(1,6
11,8
40)
(2,4
02,7
44)
(35
1,77
6)(5
,525
,098
)(3
59,4
70)
(698
,880
)(2
4,23
1,07
3)
Net
(Exp
ense
)R
even
uean
d
Cha
nges
inN
etA
sset
s
(7,3
05,2
73)
(1,3
77,4
95)
(134
,068
)
(760
,384
)
(574
,831
)
(2,6
02.8
39)
(526
.375
)
(1.6
11,8
40)
(2.4
02.7
44)
(35
1,77
6)(5
,525
,098
)(3
59.4
70)
(698
.880
)(2
4,23
1,07
3)
Exp
ense
s
Bus
ines
s-T
ype
Act
ivit
ies
Tot
al
Pro
gra
mR
even
ues
Oper
atin
g
Cha
rges
for
Gra
nts
and
Ser
vice
sC
ontr
ibut
ions
385,
928
223,
549
64,0
48
_____________
673,
525
537,
854
98,6
86
537.
854
98,6
86
659,
787
3,87
066
3,65
7
(23,
247)
(3,8
70)
(27,
117)
(23,
247)
(3,8
70)
(27.
117)
Tot
al.
Pri
mer
yG
over
nmen
t25
,568
,255
537,
854
772,
21 1
(24,
231,
073)
(27,
117)
(24,
258,
190)
MA
NA
SQ
UA
NS
CH
OO
LD
IST
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T
ST
AT
EM
EN
TO
FA
CT
IVIT
IES
Exh
ibit
A-2
Shee
t2of2
FO
RT
HE
YE
AR
EN
DE
DJU
NE
30,
2011
Gen
eral
.R.e
venu
es:
Tax
es:
Pn
per
t\T
axes
.L
e’le
dfo
rG
ener
alP
urpo
se.
Net
Tax
esL
eae
dlE
rD
ehS
ervi
ce
Fed
eral
r.nd
Sta
teA
id.N
otR
estr
icte
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uiti
onR
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ved
Inve
stm
ent
Ear
ning
sM
isce
llan
eous
Inco
me
Iota
!G
ener
alR
e\en
ues.
Spe
cial
Item
s.
Extr
aord
naa
rIt
ems
and
Tra
nsfe
rsC
hang
ei.n
Net
Ass
.ets
Cha
rges
for
Exp
ense
sS
ervi
ces
Gov
ernn
wnt
alA
ctiv
itie
s
12,1
71,7
821,
079,
710
1,82
6,02
910
,126
,111
4,92
416
8.65
7
25,3
77,2
131,
146,
140
12.1
71.7
821.
079,
710
1.82
6,02
910
,126
,111
765,
000
__
__
__
__
168.
657
7625
,377
,289
(27,
041)
1,!
19,0
99
Adj
ustm
ents
inN
etA
sset
s-
Pri
orP
erio
ds
Net
Ass
ets
Beg
inni
ng
(477
,429
)(4
77.4
29)
10.8
13.7
0726
7,47
011
.081
.177
Net
Ass
e.ts
End
ing
$
__
__
__
__
__
_
11,4
82,4
1824
0,42
911
,722
,847
The
acco
mpa
nyin
gN
otes
toF
inan
cial
Sta
tem
ents
are
anin
tegr
alpa
rtof
this
stat
emen
t.
Pro
gra
mR
even
ues
Op
erat
ing
Gra
nts
and
Con
trib
utio
ns
Net
(Exp
ense
)R
even
uean
dC
hang
esin
Net
Ass
ets
Bus
ines
s-T
ype
Act
ivit
ies
r[tl
-4
FUND FINANCIAL STATEMENTS - B
\ASO1.% 5(11001. DISTRICT Fxhihit B-I
BI..%CF SHEFI
(,()\ F R’\I[\F1. 1:1 \j)
.11 \1 30. 2011
Special Capital Debt Total
Ceneral Revenue Projects Service Governmental
Fund Fund Fund Fund Funds
ssetsLash and Lash l.9u1\alents S 1,7811281
interlirnd l.’:ihlc
.\eetii1s keee\ able —
l<j\1les li’on )iler inneno 14[500 —
I olil \et- S 2.0-ti.24d
I ia hilities a iid I-ti nd Bala nec
lahililies\eeounts Payable 5 97.ooo 53.4 0 91.025 242.34
hterftrnd Payable 00,530 355 100,885
1)etdrredRes cone 7693
___________ ___________
17.603
otal loahzlinc 17 .030 01.380 —390 I
i-mid Balance
Restrieicd lot’.
I OtI0l1 2(10—li) leset’e 150(10
\iair,tenmec I’te-iersc 450.i(ts(
1-icrueno Rcerc
(ap)lal eser\ e .\eeount -1023
Lapilal Projects
Exeess Surpho — Current Year 213.083
(‘ommitted To
Other I>nrpoes
\ssiuned lo:
I )estunaled It Subsequent Years lopenditures
\lat.ntenanee leerse 4(io(s
1001011 Resere
i)etsnated hr the Board oil beat on lit’ Subsequent
Year’s I .\peflditllre
I eneral I nod
Debt 5cr tee lund
_____________
352 752
lot 6 1 nnd 1311 u
___________
I 029 662 I 034 0,
Amounts reporA’i Or uern.ni’nta isis dies in
assets o 1.8,77-6219 and [he eso::isu, ddepreciation r- 59638,822.
n.—ter[r[ habilities, ineluding bonds payable. are
not due and :osahle in the or rer[ period and
therefOre :o reported as I .Oiiiies in the
i’onds
MA
NA
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NS
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OO
LD
IST
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xhib
itB
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heet
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2
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EN
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RE
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FU
ND
S
FO
RT
HE
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EN
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Rev
enue
sL
ocal
Sour
ces:
Loc
alT
axL
evy
Tui
tion
Cha
rg.e
sIn
tere
stE
arne
d\
Iice
lan
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Tot
alL
ocal
Sour
ces
Stat
eS
ourc
esFe
dera
.lSo
urce
s.T
otal
Rev
enue
Gen
eral
Fun
d
$12,
171,
782
10,1
26.1
114.
569
168.
657
2147
1.11
91.
826.
029
24,2
97,1
48
355
9,4
97
__
__
__
__
__
__
_____________
9,49
735
51.
079.
710
92.5
13571,515
__
__
__
__
__
__
_____________
673,
525
355
1,07
9,71
0
13,2
51,4
9210
,126
,111
4.92
417
8.15
423
.560
,681
.918
,542
571,
515
26,0
50,7
38
dittires
C’ur
ret
Rce
ular
Inst
ruct
ion
Spec
cil
Edu
catio
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stru
ctio
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ther
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ial
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ruct
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Oth
erin
stru
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uppo
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ervi
ces
and
Und
.istr
ibut
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osts
:T
uiti
onS
tude
ntan
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stru
ctio
nR
elat
edSe
rvic
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ener
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dmin
istr
ativ
eS
eric
esS
choo
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ther
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inis
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ive
Serv
ices
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ntO
pera
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aint
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upil
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spor
tatd
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ated
.B
enet
its
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rest
and
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erC
harg
es(:
ipit
ilO
utla
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taI E
xpen
ditu
res
7.50
4.87
81,
377.
495
134.
068
760,
384
574,
831
2.60
2.83
952
6.37
51,
611,
840
2.40
2.74
435
1,77
65,
525,
098
204.
149
23.5
76.4
77
7.50
4.87
81.
763.
423
133,
068
760,
384
574,
83!
2,82
6,38
85
26.3
751.
611.
830
2.40
2.73
335
1,77
65,
589,
146
710,
000
370.
860
653.
262
25.7
79.9
75
Spe
cial
Cap
ital
Deb
tT
otal
Rev
enue
Pro
ject
sS
ervi
ceG
over
nmen
tal
Fun
dF
und
Fun
dF
unds
I ,07
9,7
10
385,
928
223,
549
64,0
48
710,
000
370,
860
__
__
__
__
__
449.
113
___________
673.
525
449.
113
1.08
0.86
0
MA
NA
SQ
UA
NS
CH
OO
LD
IST
RIC
T
ST
AT
EM
EN
TO
FR
EV
EN
UE
S.
EX
PE
ND
ITU
RE
SA
ND
CH
AN
GE
SIN
FU
ND
BA
LA
NC
ES
GO
VE
RN
ME
NT
AL
FU
ND
S
FO
RT
HE
YE
AR
EN
DE
DJU
NE
30,
2011
Exh
ibit
11-2
She
et2
of2
Exc
ess
(Def
icie
ncy)
ofR
even
ues
Ove
rE
xpen
ditu
rrs
Oth
erF
inan
cine
Sou
rce/
(Use
s):
Ira
iit
ers
[nT
rans
terN
Out
iota
1Oth
erF
inan
cing
Sourc
esj(
Use
s)
Net
Cha
..nge
inFu
nd.
Bal
ance
s.Fu
nd.B
alan
ce,
July
Fund
Bal
ance
-Ju
ne3(
1
Spe
cial
Cap
ital
Gen
eral
Rev
enue
Pro
ject
s
Fun
dF
und
Fun
d72
0,67
1-
(448
,758
)
_____________
____________
(355
)-
-(3
55)
720,
671
(449
,113
)
1,22
L67
3
___________
450,
142
$1.
942.
344
-1.
029
Deb
tS
ervi
ceF
und
(1,1
50)
355
355
(795
)1,
457
662
Tot
alG
over
nmen
tal
Fun
ds 270,
763
355
(355
)
270,
763
1,67
3,27
2
I.93
4.03
5
The
acco
mpa
nyin
gN
otes
toF
inan
cial
Sta
tem
ents
are
anin
tegr
alpa
rtof
this
stat
emen
t.
MANASQUAN SCHOOL DISTRICT
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS Exhibit B-3
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2011
Total Net Change in Fund Balances - Governmental Funds (From 8-2) S 270,763
Amounts Reported for Governmental Activities in the Statement of
Activities (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 is
allocated over their estimated useful lives as depreciation expense.
This is the amount by which capital outlays exceeded depreciation in
the period.Depreciation Expense (698,880)
Capital Outlays 653,262(45.618)
Liquidation of noncurrent liabilities are reflected in this funds financial
statements as an expense (use of current financial resources) but are not
reported in the statement of activities. 710,000
Generally expenditures recognized in this funds financial statements
are limited to only those that use current financial resources, but
expenses are recognized in the statement of activities when they are
incurred. 11,390
Revenues that are not available to pay current obligations are not reported
in this fund’s financial statement, but they are presented in the statement
of activities. 199.605
Change in Net Assets of Governmental Activities (A-2) S 1,146.140
The accompanying Notes to Financial Statements are an integral part of this statement.
MANASQUAN SCHOOL DISTRICT32.
STATEMENT OF NET ASSETSExhibit B-4
PROPRIETARY FUNDS
JUNE 30, 2011
Assets
Current Assets:
Cash and Cash Equivalents
Accounts Receivable:
FederalStateOther
Inventories
Total Current Assets
Food
Service
84,522
5,455266
920
4.149
95,312
397.635
(238,528)
159,107
S 254.277
397,635
(238,528)
159.107
254.419
Liabilities
Accounts Payable
Net Assets
Invested in Capital Assets net of Related
Debt
Unrestricted
Total Net Assets
13,990
Business-Type Activities -
Enterprise FundsSurf
Team Totals
S 84,380
5,455
266920
4,149
95,170
142
Noncurrent Assets:
Furniture, Machinery & Equipment
Less: Accumulated Depreciation
Total Noncurrent Assets
Total Assets
142
142
S 13,990
S 159,107
81 .180
S 240.287
159,107
81,322
240.429
1 he aceompanvinu Notes to Financial Statements are an integral part of this statement.
MANASOUAN SCHOOL DISTRICT33.
STATEMENT OF REVENUES, EXPENSES AND ChANCES IN FUND NET ASSETS
PROPRIETARY FUNDS Exhibit B-5
JUNE 30, 2011
Operating Revenues:
Charge for Services:
Daily Sales
Miscellaneous
Catering
Total Operating Revenues
Business-Type Activities -
Enterprise Funds
Food
Service
528.967165
8,722
537,854
Operating Expenses:
Cost of Sales
Salaries
Employee Benefits
Workers Compensation
Cost of Supplies
General Liability Insurance
Management Fees
Repairs
Miscellaneous
Depreciation
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses):
Interest Revenue
State Sources:
State School Lunch Program
Federal Sources:
National School Lunch Program
Food i)istribution Program
Total Nonoperating Revenues (Expenses)
Change in N.•et Assets
Total NetA ets Beinnin
Total Net Assets Ending
284,901
212,309
26,6195,940
17,491
35,96218,000
18,351
20.911
19,303
659,787
284,901212,309
26,619
5,940
17,491
35,962
18,00018,351
24,781
19,303
663,657
(3.870) (125,803)
76
3,551
79,355
15.780
98,762
(27,041)
Surf
Team Totals
S 528.967165
8,722537,854
3,870
3,870
(121,933)
74
3.551
79.3 55
15,780
98,760
(21173)
26$ .460
S 240,287
2 e 7,4 0
142 240,429
The accompanying Notes to Financial Statements are an integral part of this statement,
MANASQUAN SCHOOL DISTRICT
STATEMENT OF CASH FLOWS
PROPRiETARY FUNDS Exhibit B-6
JUNE 30, 2011
Business-Type Activities -
Enterprise Funds
Food Surf
Service Team Totals
Cash Flows from Operating Activities:
Receipts fromCustomers $ 537,854 537,854
Payments to Employees (212,309) (212,309)
Payments to Suppliers (397,507) (3,870) (401377)
Net Cash Provided (Used by) Operating Activities (7L962) (3,870) (75,832)
Cash Flows from Noncapital Financing Activities:
State Sources 3,551 3,551
Federal Sources 79,355 79,355
Net Cash Provided (Used by) Noncapital
Financing Activities 82,906 82,906
Cash Flows from Investing Activities:
Interest Received 74 76
Net Increase (Decrease) in Cash & Cash Equivalents 11,018 (3,868) 7,150
Balances Beginning of Year 73,362 4,010 77,372
Balances - End of Year $ 84,380 142 84,522
Reconciliation of Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Operating Income $ (121,933) (3,870) (125,803)
Adjustments to Reconcile Operating Income (Loss) to
Net Cash Provided by (Used by) Operating Activities
Depreciation 19.303 19303
Federal Commodities 15.780 15,780
(Increase)/Decrease in Accounts Receivable 389 389
lncrease/(Decrease) in Accounts Payable 13.990 13,990
(Increase) l)ecrease in Inventories 509 509
\ei. (ash Prox ided (Lsed bv Operatina Actvites (71)t) (75.S3)
The accompanviun Notes [0 Financial Statements are an nteera1 part of this statement.
MANASOUAN SCHOOL DISTRICT35,
STATEMENT OF FIDUCIARY NET ASSETS
FIDUCIARY FUNDS
Exhibit 11-7
JUNE 30, 2011
Private
Assets:
Cash and Cash Equivalents
Total Assets
Net Assets:
I-IcEd in Trust for Unemployment Claimsand Other Purposes
Reserved for Scholarships
Total Net Assets
Unemployment
Compensation
Trust
S 96,730
$ 96,730
5 96,730
S 96,730
Purpose
Scholarship
Fund
79,228
79,228
79,228
79,228
The accompanying Notes to Financial Statements are an integral part of this statement.
MANASQUAN SChOOL DISTRICT
STATEMENT OF CHANGES IN FIDUCIARY NET ASSETSExhibit B-8
FIDUCIARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2011
AdditionsContributions:
Plan Member
Other
Total Contributions
Investment Earnings:
Interest
Net Investments Earnings
Total Additions
Deductions
Unemployment Claims
Scholarships Awarded
Total Deductions
Change in Net Assets
Net Assets - Beginning of Year
Net Assets - End of the Year
UnempLoyment
Compensation
Trust
S 111,669
111,669
77
77
111,746
86.296
86,296
25,450
71,280
$ 96,730
Private
Purpose
ScholarshipFund
15,715
15,715
88
88
15,803
18,600
18,600
(2,797)
$2,025
79,228
The accompanying Notes to Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
37.
BOARI) OF’ El)UCATION
IANASOUAN SCHOOL l)ISTRICT
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2011
NOTE 1: Summary of Siii1icant Accountint Policies
The financial statements of the Board of Education (Board) of the \lanasquaii School
District (District) have been prepared in conformity x ith generally accepted accounting
principles (GAAP) as applied to governmental units. The Governmental Accounting Standards
Board (GASB) is the accepted standard—setting body for establishing eovernmental accounting
and financial reporting principles. The more significant of the Board’s accounting policies are
described helmx.
A. Rejorting Entity:
The Board is an instrumentalit of the State of Nex Jersey. established to function as an
educational institution. The Board consists of elected officials and is responsible for the fiscal
control of the District. A superintendent is appointed by the Board and is responsible for the
administrative control ot the District.
The primary criterion for including activities xx ithin the District’s reporting entity, as set
forth in Section 2100 of the GASB Codification of Government Accountine and Financial
RepQfmgStandards is the degree ot oersight responsibilit inamtained b the District
Oversight responsihi lit inc hides financial interdependency, selection of governing authority.
designation of management. ability to significantl\ influence operations and accountahi I it liar
fiscal matters. The combined financial statements include all funds and account groups of the
District over xx hich the Board e\ercises operating control. [‘he operations of the District include
an elementary and a high school located in Manasquan Borough. 1 here xvere no additional
entities reqtured to he included in the reporting entity under the criteria as described above, in the
current fiscal \ ear. Furthermore the District is not includable in an\ oilier repol-ting entit on the
basis of such criteria.
The District receives high school students from Bridle. Sea GirL S prig lake. Spring
Lake I leights, I nEc Como and Belmar on a tuition basis xx hich represent about ‘0% of the birth
school students.
B. Governrncot— ide Finaiicial Statements
The focux of govcrnn1ei1t-n ide 1nanciai Niatements is on the ox cmli financial position
and activities of the gox cmnment as a whole, 1 hee financial statements are constructed around
ihc Loncp of i pri iai O\ cr11 neW as dctlnLd hx C \S13 14 (1 he fin mci ii Rrportin4 I ntitx)
and therefore encompass the primar\ gox cmnnienl and its component on ts e\cept liar fiduciar\
hands of the pri mary go\.ernment and c.oiuponcnt units t.ha are. fiduciary in nature. Financial
staiennts of fiduciary hands are not resr.nted in the. eovernnientwide financial statements l.lut
are included in the hand inancia statements.
38.
NOTE 1: Summary of Significant Accounting Policies (Continj!efl
H. (,overnment-\ide Financial Statements (Continued)
The statement of activities reports the expenses of a given frmction offset by programrevenues d irectlv connected with the functional proeram. A function is an assembly of similaract i dies and ma include portions of a fund or summarize more than one fund to capture theexpenses and program revenues associated ith a distinct functional acti\ itv. Program revenuesinclude (1) charges for services v hich report fees and other charges to users of the Districtsser ices and (2) operating grants and contributions. l’hese revenues are subject to externallyimposed restrictions to these program uses. Tax levies and other revenue sources not properlinc tided ith proram re enues are reported as tzeneral re enues.
Fund Financial Statements
Fund financial statements are provided for governmental, proprietary and fiduc iarvfunds. Major indi idual gox ernmental and enterprise funds are reported in separate columnswith composite columns for non—major binds.
C. Measurement Focus, Basis of Accounting and Financial StatementPresentation
The financial statements of the District are prepared in accordance with generallaccepted accounting principles (GAAP). The Districfls reporting entity applies all relevantGovernmental Accounting Standards Board (GASB) pronou cements. The government-wideand proprietary fund financial statements appl Financial Accounting Standards Board ( FASBpronouncements and Accounting Principles Board (APB ) opinions issued on or before November30. 1989. unless those pronouncements conflict with or contradict GAS13 pronouncements. inwhich case. GASB prevails.
1 he government—\ ide statements report using the economic resources measurementfocus and the accrual basis of accounting general lv including the reclassification or eliminationof internal activit\ (between or \ ithin funds). Proprietar 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 flow r. County taxrevenues are recognized in the ‘ear Dr which they are levied while grants are recognized whengrantor eligibi litv requirements are met The Lnemployment Trust Fund recognizes employerand emplo cc contributions in the period in which contributions are due.
(iO\ ernmenlal fluid flnancai statements repnrt using the current fi rane al -esourcesmeaorrement focus and the modi lied accrual basis of’ accounting. Resenues arc recogmzed whenthey are. both me.asurahle. and available. A.va.ilable means collectible within the current period orsoon enouch thereafter to apply current liabilities, The. District consid.e.rs revenues to be
ol ib n L IL.OL ‘ ix it1 0 1 iic n, \nuui . r
recorded when the related fund rubif ire s incurred, except tr lnnmterm pensiar andcompensated absences, which are reporled as expenditures in the car due.
Mausr revenue .scrrrces susc.e.ptihle to uccrua inc.ludcs intenwernmenta I, revenues, and
39.
NOTE 1: Summary of Significant Accounting Policies (Continued)
C. Measurement Focus. Basis of Accounting and Financial Statement
Presentation (Continued)
Operating income reported in proprietar\ fund financial statements includes revenues
and expenses related to the primary continuing operations of the fund. Principal operating
rex enues for proprietar\ funds are charges to customers for hod sales and for sen ices pro ided
to other go ernmental entities. Principles operating expenses are the costs of prox iding goods or
serx ices and include administrative expenses and depreciation of capital assets. Other revenues
and 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 hind
accounting to ensure obser ance of limitations and restrictions on the resources available, The
principles of fund accounting require that resources he classified for accounting and reporting
purposes into hinds or account groups in accordance ith activities or objectives specified for
the resources. Each hind 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 provide
accountability for certain assets and liabilities that are not recorded in the funds because they do
not directly affect net expendable available financial resotirces. Funds are classified into three
categories: governmental. proprietar and ilduciarv. Each category, in turn, is divided into
separate ‘fund types”
Governmental Fund Types
çpalfind: The general fund is the general operating fund of the District and is
used to account tbr all expendable financial resources except those required to he
accounted for in another fund.
pgcial Revenue Fund: The District accounts for the proceeds of specific revenue
sources (other than expendable trust or major capital projects> that are legal l
restricted to expenditures fur specified purposes in the special revenue funds.
capital Projects Fund: the capital projects hlmd is used to account for all financial
resources to he used Ir the acquisition or construction of major caraal ticihii ies other
than those financed hs proprietar\ funds).
Debt Sen ice Fund: The debt sen ice Inn d s used to account for the accumulation of
resources Or. and the payment of principal and interest on bonds issued to finance
major property acquisition. construction and improvement programs.
40.
NOTE 1: Sum mary of Sini1icant Accountin2 Policies (Continued)
l. Fund Accountin2 (Continued):
Proprietary Fund [ype
L!it_5U21 i lund Co tecomit for opet tions that in. En inced md oper icd in in uncr
similar to private business enterprises, in which the intent of the District is that the
costs of providing goods or ser ices to the District on a continuing basis be financed or
reco ered primarily through user charges.
Fiduciary Fund Typcs
Trust and Aeencv Funds: 1 he trust and aeencv funds are used to account for assets
held b the District on behalf of outside parties. including other governments, or on
behalf of other funds within the District,
Lnenpjp\mLntCopcnsation1i ust Fund I hL trust fund is usd to 1LL.ount tot sscts
held under the terms of a formal trust agreement. The District reimburses the costs of
unemployment benefits paid by the New Jersey Department ol Labor.
AgçgcFunds(PayrojjJnidSLidenL\ctjvitiesFud): Agency funds are used to
account for the assets that the District holds on behalf of others as their agent Agency
funds are custodial in nature and do not involve measurement of results of operations.
F. Budgets/Budgetary Control:
Annual appropriated budgets are prepared in the spring of each ear for the general.
special re\ enue. and debt service funds. The budgets are submitted to the Count\ ollice and are
voted upon at the annual school election on the third Tuesday in April. Budgets are prepared
using the modified accrual basis of accounting: the legal level of budgetary control is established
at line item accounts with in each fund. Line item accounts are dehned as the low est (most
specific) level of detail as• established pursuant to the minimum chart of accounts referenced in
N J,A,C. 6A:2322(g) I All budget amendments must be approved by School Board resolution,
Budget amendments durino the ear ended June 30, 2011 were insignificant
1 he Public School Education Act of I 5 limits the annual increaNe of an:t district’s iez
current expense hudeet. The. c.ommissioner of ]E.duca.tion certifies the allowable amou t for e.ach
district hut ma\ urani a hieher C\ ci ot increase if he determines that the sums so provided would
he nsutfcient to meet the denthed enaiN and needs of the district or that an anticipated
enrolment increase requires additional funds,
I h. C at ‘i nu mi si ii 000 ed tn ii s,,hool disi nt bud ti x
ic\t 5eho! sear, tle examInes esc’\ Item 01 approuriations tm current expenses and hndeeted
ca.pitai outlay to determine the.ir a.deuua.cv in relat..ion to the’ ident.i fled needs and t’oa.ls of the
a no let If ‘a s ,ss th s tie i’mi I hmei I tO5 C on mu ncr must amer i emed 2 e’ ion I
nece’smr\ c’ authorize to dc-s chiuuc in tIe ka d sum Isudact.
41.
NOTE 1: Sunimar of Significant Accounting Policies (Continued)
F. Budgets/Budgetary Control (Continued):
Once a budget is appro ed, it can he amended by transfers or additional appropriation of
fund balances by approval of a maiorilv of the members of the Board. Amendments are
presented to the Board at their regular meetings. Each amendment must ha\ e Board appro al.
Such amendments are made before the tact. are retlected in the official minuteN of the Board, and
are not made after fiscal year—end as dictated by law Individual transfers were not material in
relation to the original appropriationsAll uncommitted budget appropriations lapse at year—end.
Formal budgetary integration into the accounting system is emplo ed as a management
control de ice during the ear. For go ernmental funds there are no substantial differences
between the budgetary basis of accounting and generally accepted accounting principles with the
exception of the special revenue fund as noted below. Encumbrance accounting is also empio ed
as an extension of formal budgetar integration in the governmental fund t\ pes. Unencumbered
appropriations lapse at fiscal ‘ ear end.
The accounting records of the special revenue fund are maintained on the grant
accounting budget ii basis IlK grant acLounting hudgetar hai differs horn GAAP in that the
grant accounting budgetary basis is recognizes encumbrances as expenditures and also
recognizes the related revenues. whereas the GAAP basis does not. Sufficient supplemental
records are maintained to allow for the presentation of GAAP basis financial reports.
Explanation of differences betw ecu Budgetary In flows and Outflows and GAAP
Revenues and Expenditures.
Special
General Fund Revenue Fund
Sources/Inflows of Resources
Actual amounts ( budgetary) Th’et enues” fI’om thebudgetary comparison schedules S 24.198315 673.525
Difference — budget to GAAP:Grant accounting budgetary basis differs FromGAAP in that encumbrances are recognized asexpenditures and the related revenue is recognized.
State aid pa ment recoentcd fr GA Al- statements inthe current year, prex iousl\ recognized fIr budgetary
purposes.
Sta.te aid payrn.ent recogniz.ed for bt.tdtretarv pt.arposes,net ruLeem/ed for , I\AP 1a1cmcnt anti the
subsch neat ear.
Fetal ret canes as reported on tIle Stateme I:: of ret canes.
expend iture.s and changes in fun.d balances..).o..erqlenttI ftmds,
42.
NOTIi 1: Suniniarv of Significant Accounting Policies (Continued)
F. Budgets/Budgeta rv Control (Continued):
Special(;eneral Fund Revenue Fund
Uses/Outflows of ResourcesActual amounts (budgetary basis) “total outflows” fromthe budgctar comparison schedule S 23.576.477 673.525
Differences budget to GAAP:Encumbrances for supplies and equipment orderedhut not recei\ ed are reported in the ear the order isplaced for budgetary purposes. hut in the ear thesupplies are receied for financial reporting purposes.
Total expenditures as reported on the statement ofrevenues, expenditures, and changes in frmd balancesgovernmental fluids. S 23,576,477 673,525
F. Encumbrances:
tinder encumbrance accounting purchase orders, contracts and other coninlitmenis Orthe expenditure of resources are recorded to reserve a portion of the applicable appropriation.Open encumbrances in governmental funds other than the special revenue fluid are reported asreservations of fund balances at fiscal ear end as they do not constitute expenditures orliabilities but rather commitments related to unperformed contracts for goods and services.
Open encumbrances in the special re enue hind for hich the District has recei edadvances are reflected in the balance sheet as deferred revenues at fiscal year end.
The encumbered appropriation authority carries over into the next fiscal ear An entr\ill he made at the beginning of the next fiscal sear to increase the appropriation reflected in the
certified budget by the outstanding encumbrance amount as of the current fiscal ear end.
(4. Short—Term liiterf’und ReceiabIes/PavabIes:
ShortTermi interfund rec.eiva.hles/payable.s represents amounts that are owed, othe.r thancharcs for good or ser ices rendered to from c particular fund in the Dfrtrct and that ure due
th none :edr
H dnt2riesaI1dPEejIExenses
ln enlories and prepaid e:\penscs, hich benefit future periods. are recorded :Is ancx.pe.nditure. during the. ye.ar of purchase.. The. vah..ic of inve.ntories rema.ininc at the end of theflsca veer Is use Inc tided on f.hc helancc shcce.,
NOTE 1: Surnniarv of Significant Accounting Policies (Continued)
H. Inventories and Prepaid Expenses (Continued)
Enterprise fund inventories are valued at cost, which approximates market, using the
first-in—first—out (F1FOI method. Prepaid expenses in the enterprise fund represent payments
made to ‘. endors for sen ices that will benefit periods beyond June 30. 20 I
1. Capital Assets and Depreciation
The District’s property. buildings and improvements. equipment. vehicles, furniture and
fixtures with useful lives of five years or more are stated at historical or estiniated historical cost
and are reported in the government— ide financial statements. Proprietar Fund capital assets are
reported in its respective fund.
The District contracted with an outside service company during the 2011 fiscal ear to
provide a report with a cornprehensie detail of capital assets and depreciation. The report
included capital assets purchased during the 2010—2011 fiscal year and prior with a historical cost
of $2.000 or more. .Accumulated depreciation poor to fiscal year 2011 . fiscal ear 2011
depreciation expense, total accumulated depreciation and book values were also provided. The
district upgraded frr subsequent years with its in—house system. 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 arc depreciated using the straight—line method. When capital
assets are disposed. the cost and applicable accumulated depreciation are removed from the
respccti\ e accounts. Estimated useful lives, in ears. ftr depreciable assets are as follo 5:
Buildings and Improvements 20 — 50
Equipment and Vehicles 5 — 20
Furniture and Fixtures 5 — 20
Capital asset activity for the year ended June 30. 2011 as as INlows:
Balance Balance
2010 Additions jtn,ents Retirements 2011
Go\ crnmental Activities:Land .068.680
[)epreciable ,‘\sset:Site ImprovementsBuildines 24057332 I 55,900 24.213.232
I qwpmLnt 23298m — 689 :10
4c
44.
NOTIS I: Sunirnarv of Si2nificaalt Accounting Policies (Continued)
I. Capital Assets and Depreciation (Continued)
Balance BalanceJuhr 1, 2010 Additions Adiustrnents Retirements June 30. 2011
less: AccumulacdDeprec iat ion:Sites 753.310 36.257 789.567Buildins 6,796,746 438.202 .234.948Equipment L3886 224421 L6]L3O”
lotal AccumulatedDepreciation 8.939.942 698.880 9.638.822
Net Depreciable\ssLts 1831 (6491) 18026’27
(iovcrnniental AciiitiesCapitil \sstt’ (Nct) $ 19 621 798 (526 391) 19 09a 407
Business- Type Activities:Equipment S 397.635 397.635
Less: AccumulatedDeprec aflon:
Equipment 219.225
Business—Type CapitalAssets Net) S T 78.410 ( i 9.343) 159.1 (F
Accumulated depreciation vas allocated to governmental activities as fol1os:
Prior Years’ Current Year TotalDepreciation Accumulatednse d’istnwnts Retirements ecin
$ 8,939942. 9,63&822
NOTE 1: ontinued,
3. Compensated Absences
District employees are permitted, within certain limitations, to accrue vacation and sickleae in varying amounts under the Districts personnel policies and may he paid at a later dateaccording to contractual agreements.
The liability for vested compensated absences of the governmental fund types isrecorded in the government—wide financial statements as a non—current liability. Governmentalfunds report only 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 monies received fortiscal year 20 I I 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 (See Note 14).
NOTE 2: Cash and Cash Equivalents and Investments
Cash and cash equivalents includes petty cash, change funds. amounts in deposits, andshort term investments with original maturities of three months or less,
Investments are stated at cost, which approximates market, The District classifiescertificates of deposit, which have original maturity dates of more than three months hut less thantwelve months from the date of purchase. as investments,
New Jersey statutes require that school districts deposit public funds in publicdepositories located in New Jersey which are insured by the Federal Deposit Insurance(orpm ation the I LdLI al Sos Ings md I mm Insurance 01 porauon oi hs ans othci ageacs of theUnited States that insures deposits made in pu.hlic depositories. School districts are alsopermitted to de.posit public funds in the State. of New ,lersev Cash Management Fund.
New ,Jersev statutes re.quire public depositories to maintain c.ol la.tera..1 fur dc..posits ofpublic., funds that exceed de.pository insura.nce limits as fbi lows:
The. market value s.f the collateral must equal at le.a.st 5% ott.he averagedaily balance. of collected public, funds on de.posit.
in addition to the above, collateral requirement. i’f the public, funds d.eposited exceed 75%of the c.apital fIt nds ef the depositorsi. the depository must provide cal iate.ral hay i ng a. mark.ets IluL ii least equal t i PC o at CL amount Lxcccdn g %°
46.
NOTE 2: Cash and Cash Equialents and lnestnients (Continued)
Deposits (Continued)
All collateral must he deposited with the Federal Resere Bank of New York, the Federal
Reserve l3ank of Philadelphia. the Federal Home Loan Bank of New York. or a banking
institution that is a member of the Federal Reser\ e System and has capital funds of not less than
$2 5.000.000.
Investments
New Jersey statutes permit the District to purchase the kl low ing types yf securities:
a. Bonds or other obligations of the United States or obligationsguaranteed b the United States.
h. Bonds of any Federal Intermediate Credit Bank, Federal FlomeLoan Bank, Federal National Mortgage Agency or any Un bedStates Bank for cooperatives which have a maturity date not greaterthan twelve months from the date of purchase.
c. Bonds or other obligations of the school district.
\s of June 30. 201 I. cash and cash equivalents and investments of the District consisted
of the kl low ing:
Cash and CashEquivalents
Checking, Money Market AccountsAnd CLItlfiLatC oi Deposit $2247 79J
During the period ended .June 30. 2011 . the District did not hold an in’s esiments. The
earning amount of the Districfs cash and cash equivalents at June 30. 2011 was S2.247.79 I andthe hank balance was 52.956.065. Of the bank balance. S 100.000 v as covered b\ fuderal
depositor insurance and S2.856.065 was co cred b a collateral pool maintained h\ the banks asrequ!red iw ew Jersey Statutes.
All hank de.posi.ts and investments as of the balance shee.t date are classified as to c.re.d it
risk by the following three c.ate•gories d.escribcd below:
I 00.000
47.
X()TF 3: General Long-Term l)ebt
During the fiscal year ended June 30. 2011 - the [ol lo inc changes occurred in liabilities
reported in the general long—term debt account croup:
1) LI C
$ 10,481,363
A. Bonds Payable
924.339 9.557.024 725144 8,831,880
Bonds are authorized in accordance with State law h the \ oters of the municipalitythrough referendums. All bonds are retired in serial installments within the statutory period ofusefulness. Bonds issued by the Board are of general obligation bonds.
Addition to the high school refunding on 1—1—04 for $3. I 80.000 at interest from2.00° to 4.25% with a balance of $1,595,000 maturing on January 15. 2016.
2. Addition to the elementary school on 2—23-05 for $Q.652000 at interest from3375° o to 4.00° ith a balance of 57.5 1 7.0(0 maturing January 1 5. 2024.
Principal and interest due on serial bonds outstanding is as lbllo s:
‘‘ear Ending June 30.0l 1-0l2012-20132013-2014201-1-2015
I i 202u-02 I202 -1022 t
Principal
S 720.000745.0007600007$ 5.000“90.000
1 SOOt)2.59 .uO()
Balance Balance in One Long
June 30, 2010 Additions Deletions June 30. 2011 Year Term
(‘ompen satedAbsences Payable $ 639A 85 199.605 439.880 439,880
Capital Leases 19.87$ 14.734 5.144 5.144
Bonds Payable 9.822,000 710,000 c. 112.000 720.000 8392.000
Interest Total
346.010319.235291.535._o_,._, -
23-1.2 5853.-H il
_‘(-,• -1’9
1.066.0101 .064.23 51.051.5351.048.335.024,235
5.548.4022.$6(L-20
38.
NOTE 3: General Long-Term Debt (Continued)
A. Bonds Payable (Continued)
Schedule of Bonds Pa able
Date(11 —01 —0-102-23-05
BalanceJune 30, 2011
S 1.595.000.51 7.000
S 9,112.000
B. Bonds Authorized But Not Issued
C. Capital Leases Payable:
The District has a lease from Sa in Corp. fur cop ing machines. These capital leases arefor a term of five ears. The following is a schedule of the tuture minimum lease i mentsunder these capital leases, and the present aine ot the net miumlum lease pa ments at June 30.2011.
Less: Amount Representing interest 75
Present \ aluL of Net Mmimum I ease Pa’ ments 5 5 144
Summary of Leases
DescriptionEl igh School AdditionElementar School Addition
InterestRate
2° to 425%3.3 75° to 4%
As ofJune3O. 201L the Board had no authorized but not issued bonds.
Year Ende(IJune 302012
AniouzitS 5.219
1. Savin copier lease at 6.90 o maturing Il-I-I I with a balance 01 S5,219 at 6-30-i I
NOTE 4: Pension Plans
Description of Plans All required emplox ees of the District are co ered h either the
Public [mpIo\ ees’ Retirement S\ stem or the I eachers’ Pension and .\nnuit Fund w hicli haxe
been etablished b state statute and are administered h the \ew Jerse Di ision of Pension and
E3enelits Di ision). According to the State of New Jerse \dminis[rati e Code. all obligations
of both S stems will be assumed b the State of Ne Jerse should the S\ stems terminate. I he
Di ision issues a publick a ailable linancial report that includes the financial statements and
required supplementar information for the Public Implo\ ees Retirement System and the
I eacher’s Pension and Aiinuit Fund, I hese reports ma he obtained b writing to the Di\ ision
of Pensions and Benefits, P0 Ho 295, l’renton, Nex .Jerse, 08625.
Teachers’ Pension and Annuity Fund (TPAF) [he Feachers’ Pension and \nnuit
Fund ssas established as of Januar 1, 1955, under the pros isions of \.J.S.A. 18A:66 to pro ide
retirement benefits. death. disahilit and medical benefits to certain qualified members. I he
Teachers’ Pension and Annuit\ Fund is considered a cost—sharing multiple—einplo\ er plan with a
special funding situation. as under current statute, all emplo er contributions are made h the
State of New Jerse\ on behalf of the District and the s stems other related iton—contributing
emploers. Membership is mandator for subsiantialk all teachers or members of the
professional staff certified b the State Board of Examiners, and emplo ees of the Department of
Education who have titles that are unclassified, professional and certified.
Public Employees’ Retirement System (PERS) I he Public Ernploees’ Retirement
Sstem (PERS) was established as ofJanuar 1. 1Q55 under the pros isions crfN.J.S.A. 43:15 \ to
pro ide retirement, death. disabi lit and medical benefits to certain qualified members. fhe
Public Lmplosees Retirement S\stem is a cost-sharing multiple-emploer plan. Membership is
mandator for subs1antiall all full—lime employees of the State of New Jerse or an\ count\
municipalit school district, or public agenc\. pro ided the employee is not required to be a
member of another state—administered retirement system or other state or local jurisdiction.
Vesting and Benefit Provisions Ihe s esting and benefit pro isions for P[.RS are set
h\ N.J.S..\. 43: I 5:\ and 43.3B. and N.J.S.A. I 8A:6C for I PAF All benefits \ est after eight to
ten ‘,ears of sers ice, except for medical benefits that est after 25 \ears ol ser’ice. Retirement
benefits for age and sers ice are asailable at age 60 and are generally determined to be I ‘60 of the
final a erage salar\ for each ‘ ear of sers ice credit, as defined. I inal a erage salar equals the
a erage salary for the final three sears of sers ice prior to retirement (or highest three \ ears’
compensation if other than the final three ears). Members mas seek earls retirement afier
achies mg \ears of ser ic credit or the\ ma\ elect deterred tetirement after iclires rug eight to
ten ears ‘1 ser\ ice ii w hiLh ease hettelits ‘ ould hegrn the tirsi da of the month alter tire
menDer attains not mal remit enment tee the ii’ \I and Pt RS onus ide for speertiei medical
f ‘sfit F emher s I r tne att s hies ‘ears 1 inahitred sets ice ss delnied, )i
under the irsahr Irfs pr iun at the S teur.
\leir her re ihs a lulls seted fur theit ow a eo itrib ith ‘as arid tIler three sears at
\ ie rLdm hee( mn s ested I r f related rnterst arned ‘n the it ihutrorm In the us I
death !‘etare’ re1r’emerit, :ierr’hr hL iL!irrrres era entitled t. hill rifere’ ere’4rted to the
NoTE 4: Pension Plans (Continued)
Significant Legislation - During the sear ended June 30. 199. legislation was enactedChapter lIT. P.L. 19I’) authorizing the New Jersey Economic Deelopment uthority to issuebonds, notes or other obligations for the purpose of financing, in full or in part. the State of NewJersey ‘ portion of the unfunded accrued liabdity under the State of New Jersey retirements’ stems. Additional leaRlation enacted during the ear ended June 30. 1 9O (Chapter I ). P.1
1 Q0. changed the aset aluation method from market related ‘ alue to full—market \ alue. Thislegislation also contains a pro ision to reduce the emplo cc contribution rate by of ° to4.5°o fur calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate aftercalendar year 1999, proiding excess aluation assets are asailable. Fhe legislation alsoproided that the Districts’ normal contributions to the Fund may he reduced based on therealuation of assets. Due to recognition of the bond proceeds and the change in asset aluationmethod as a result of enactment of chapters 114 and 115. all tmftmded accrued liabilities wereeliminated, except for the unfunded liability for local early retirement incenti e benefits,accordingl. 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 actie members and contributing employers. Plan member andemployer contributions may he amended by State of New Jersey legislation. [PAL and PLRSprovide for employee contributions of 5° o of emplo ees’ annual compensation, as defined.Emplo ci’s are required to contribute at an actuarially determined rate in both PAF and PlRS.The actuarially determined contribution includes funding fur cost—of—li ing adjustments.noncontributory death benefits. and post—retirement medical premiums. l’ nder current statute theDistrict is a non—contributing employer of the 1 PAl
Legislation enacted during 1993 provides early retirement incentives for certain membersof TPAF and PERS w ho met certain age and service requirements and who applied for retirementbetween certain dates in the 1994 fiscal year. The early retirement incentixes included: (a) anadditional fl e years of ser ice credit for empIo ees at least age 50 with a minimum of25 yearsof service: (h) free health benefits for emplo ees at least 60 years old with at least 20 years ofser\ ice: and (c 3 an additional 5500 per month fur two years fur emplo ee% at least age 60 w ith Ii)ears but less than 20 years of ser ice Fhe Board will assume the increased cost for the early
retirement a’ it affects their districts.
During the year ended June 30, 2011. the State of New Jersey contributed 5” 11 .080 tothe I P \i for normal and post—retirement medical benefits on behalf of the District Also, inaccordance with N J.S \. I 8:\:66-66 the State of New Jer.e reinihursed the District 581dur;ng the ar Lnded June fl. 20 icr the Cii1pi’ ci hai e “cccii eLurit\ contobutic ,fls tiIP \f mcmhcr is LliLuLited ‘ii ther “ac aLnu f nee ac rnts lla\ neluJeJ in hecenel al pufpcs manL ai stateme’ 115 and the euinL I’ane and adl\ idual fun I and acco t ci Oustctenc t a’id sehedoles as re enue and exoenditur p a e 1’inc with C SB 1
Ihret-\ ear liend Information ba PE RSPercentate “Set
‘S ear Pimion of APC Pew.ioaiConibu ted igti(JII
51.
NOTE 3: Pension Plans (Continued)
Three-Year Trend Information for TPAF (Paid On-Behalf of the Distrcil
Annual Percentage Net
Pension of APC Pension
Funding ç2,jAPC Contributed Qjgation
6/30 1 S ‘l 1.080 000 0
630 10 10.’’7l 100 0
6/3009 679.520 100°o 0
NOTE 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 [/mplovees’ Retirement System (PERS). respectiveR. to fund post—
retirement medical benefits for those State employees ho retire after accumulating 25 ears of
credited service or on a disahilit retirement. P.L. 2007. c. 103 amended the law to eliminate the
funding of post-retirement medical benefits through the TPAF and PERS. It created separate
funds outside ot’the pension plans for the funding and pament of post—retirement medical
benefits for retired State emplo ees and retired educational emplo\ ees As of June 30, 2010.
there were 87,288 retirees eligible for post-retirement medical benefits. The cost of these
benefits is funded throuah 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 pa —as—you—
go basis beginning in Fiscal Year 1994,
The State is also responsible for the cost attributable to PT. 1992 c. 126. hich pros ides
free health benefits to members of PERS and the Alternate Benefit Program who retired from a
hoard of education or county college ith 25 years of serice, The Stale paid $126.3 million
toward Chapter 126 benefits for 14,050 eligible retired members in Fiscal Year 2010.
NOTE 6: Interfnntl Receivables and Pavables
Due To I)ue From
General Fund 5 1 00.530
Special Revenue Fund 100.530
Debt Ser ice I undCapital Projects Fund
I h 1 ‘1l t k t n n a c Ld \ S J’ IL 0 L) “
I_L_ — .
2 jI
“Accounting for Compensated .Ah.se.nces”. A liability Dr compensated absences attr huta.hic to
serv ices already rendered and not contjnacnt on a specific event that o outside the coD :oI of the
1012 L S —S —
52.
NOTE 7: Compensated A hscnces (Continued)
District empIo ees are granted ‘. arying amounts of acation and sick lea e in accordance
ith the District’s personnel po1ic 1 pon termination. emplo ees arc paid for accrued vacation.
I he District’s poIic permits emploees to accumulate unused sick lea\ e and carr forard the
lull amount to subsequent ears. t pon retirement emploees shall be paid b the District far the
unused sick lea\e in accordance ith the District’s agreements v ith the \arious emploee
unions.
In the district—s ide Siutement of Vet .1sets, the liabilities hose a erage maturities are
greater than one ear should be reported in t o components - the amount due ithin one \ ear
and the amount due in more than one ear.
Ihe liahilit for ‘ ested compensated absences of the proprietar\ fund txpes is recorded
ithin those funds as the benefits accrue to emplo’, ces. \s of June 30, 201 1 . no liahilit existed
for compensated absences in the Food Ser ice Fund.
NOTE 8: Capital Reserve Account
A capital Reser e account as established h the Borough of lanasquan Board of
Education b inclusion of $508 on July I. 2001 far the accumulation of funds for use as capital
outla expenditures in subsequent fiscal sears. The capital reser’e account is maintained in the
general l’und and its acti it is included in the general fund annual budget.
Fund placed in the capital reser\ e account are restricted to capital projects in the
district’s approxed Long Range Facilities Plan (LRFP). IJpon submission of the LRFP to the
department. a district may increase the balance in the capital reser e h\ appropriating funds in
the annual general fund budget certified for taxes. A district may also appropriate additional
amounts hen the express approx al of the \ oters has been obtained either b a separate proposal
at budget time or h a special question at one of the four special elections authoriied pursuant to
\..IS..1. I 9:60-2. Pursuant to \,..J.,1.C. 6:23A—5. 1(d) 7. the balance in the account cannot at an
time exceed the local support costs of uncompleted capital prqjccls in its approx ed LRFP.
fhe acti it of the capital reser e far the Jul 1 201 0 to June 30. 2011 fiscal sear is as
fial lo s:
Beginnine Balance, July 1. 2010 $ 4.( II
Interest \ddedI 2
Balance Jun.. 30, (> I S 4.(2
N O1 F 9:
____
I he I )Istl ict is exposed o s il Ions i isk I loss telatud t toits th It 1 darn to md
destnietinn 01 asset-,: erWrs and ‘msni mj ures to enipIo\ ces: and natural disasters
Prjt,,,,gnd I iabilit’ Insuran i :.—11 e1: :n-. L’
rr h. b ii s i ic - I .o ip, t 1 3 k ‘ 1 e
ri can hu I uni n’ lhC Stnst ci ui Lilt’s u1iulns\’- \‘‘ ‘ I , 13
Risk Management (Continued)
New ,Jersc nemploment Compensation insurance lhe District has elected to fund itsNess Jersey l neniplo ment Compensation Insurance under the ‘Renetit ReimbursementMethod. nder this plan. the District is required to reimburse the 1\es Jerse l nemplo mentT rust I und for benefits paid to its former emplo ees and charged to its account v ith the State,I he District is billed quarterly for amounts due the State. I he follo ing is a summary of Districtcontributions, emploee contributions, reimbursements to the State for benefits paid and theending balance of the District’s expendable trust fund for the current year and pres ions year:
DistrictFiscal Year Contributions Reimbursed Balance2010-2011 $ II l,’46 86,296 962302009-2010 7,926 83.3’O ‘1 ,2802008-2009 12,302 15,”31 6,24
NOTE 1<): Tuition Adjustments
Regulations specify that tuition adjustments tbr any gien school year shall be remittedreceix ed in the t o tollo ing years after the tuition rate is certified 1 hese adjustments ha e notbeen reflected on the June 30, 2011 financial statements.
NOIEII: 2nominie!!ci
The District recei es a substantial amount of its support from federal and statego ernments. A significant reduction in the les el of support. if this ‘a etc to occur, may has e aneffect on the District’s programs and actis ides.
NOTE 12: ti,geases
[he I)istrict had no operating leases as of June 30, 20 I I
NOTF 13: jnt Liabilities
I bc Boai i is in’ I ed in s ‘su al cIaiii at d 1 i’a smb in &i d t( it pci ns I thcI tI c d i Istr ition and Ic ii ocnsj hc i Itin iic re 1u1 ion 1 II matters ‘ 11 n )t
h sc t i id c c fkc I hc i aI ion 1 1) t i
54.
NOTE 14: 2% Calculation of Excess Surplus
2010— 1 Total C ncrai 1 mid Expenditures Per the C:\FR
Decreased b:On—Behalf’ 1P:\l Pension & Social Securit\
Adjusted 201 0—1 ( ieneral Fund Expenditures
o o1 Ad usied 20 1 0- 1 General Fund Expend ii tiresIncreased b\ ::\llo able Adjustment
Maximum Unassitned Fund Balance
Section 2
lotal General Fund — Fund Balances ii) 6—30- I
Decreased h:‘Year—End EncumbrancesOther Restricted Fund BalancesAssined Fund Balance Lnreserved — Designated (‘orSubsequent Year’s Expenditures
lotal Unassittned Fund Balance
Section 3
Restricted -- Excess Surplus 2010—20 I
I)etail of Allowable AdjustmentsExtraord i nary AidAdditional Non Public Transportation Aid
Total Adjustments
Detail of Other Restricted Fund BalanceStatutory Restrictions:Capital Reser eMaintenance Rcer\ e
ujflon Rescr eLmercenc Reser e
1oiai Other Reer\ F and I3(anc-e
5 23.5 ‘6.4
(1.521.652)
S 22.054.825
S 441 .00795.574
$536,671
$ 1.942,344
(2.000)(1.154,623)
(35.366)
5 750.355
S 213.684
$ 92,8262.748
$ 95,574
5 4.623850.000253.000
S L5$623
NO[F 15: Long-Term l)ebt - Refunding
During 2004, the go ernment adx ance refunded a general obligation bond issue, Die
goernment issued $3. 180.000 of general obligation refunding bonds to pro ide resources to
purchase t ‘.S. ernment securities that \ere placed in an irre\ ocable trust 1r the purpose of
aenerating resources ftr all future debt er ice pa ments of the refunded debt. :\s a result, the
refunded bonds are considered to he defeased and the I iahi lii has been remo\ ed from the
general long—term debt account group. I his ad ance refunding ‘sas undertaken to reduce total
debt serx ice pa\ments oer the next 12 years h $125.20 and to obtain an economic gain
(difference het een the present ‘. alue of the debt ser ice pa ments of the refunded and refunding
bonds) of1 1 .0I 1.
At June 30, 2011 outstanding general obligation bonLk of 53.020,000 arc eonsidered to
be defeased. These are analyied bx fund ts.pe. as thllos:
Defeased 1)cbt
Outstanding
General I ong-ferm Debt Account Group $ 3.020,000
NOTE 16: Fund Balance Appropriated
General Fund Of the $1,942,344 General Fund fund balance at June 30, 2011.
$250.000 has been legall reser ed for tuition adjustment in accordance ith .V,J.A.( ‘.6A:23-
3 I ( fl( 8): 52.000 is reser\ ed fur encumbrances: S—L623 has been reser ed in the Capital Reser e
Account: 550.000 has been reser\ ed fir emergencies: 5850.000 has been reser ed fur
maintenance: $213681 is excess surplus: assigned fund balance designated for subsequent ear’s
expenditures is $35,366: and $5 36.67 I is unassigned.
NOTE 17: Calculation of Excess Surplus
In accordance ith V.I.,S.. 1. 1 8 \:‘F—T. as amended. the designation Lw Reser ed Fund
Balance Excess Surplus is a required calculation pursuant to the Ne Jerse (omprehensi\ e
Educational lmpro ement and Financing Act of 1996 (CLII ). Ne Jersey school districts arc
required to reser e General lund fund balance at the fiscal ear end of June 30 if they did 1101
appropriate a required minimum amount as budgeted fund balance in their subsequent ears’
budei. 1 here s an excess fund baian.e at June 0, 2(11 1 of ‘s2 I
() I 1’ 18’ jticantccount1f!:onouncen1ents
In Line :oim fue I \sP ssne’J I \SB \a (c11erl1I’ \eeeptcd \ce.nmtmiiL
Pnnipics heh tnhhshe the \ii 5eLcnhia tandaid Jilleali na. the sOle SOUrLe •
iti ont i’n nnci aIR tcpte I )Uit ma prmn mp1c Pursuant I he i s isa i ot I \SB \ Sf
I 0 the I)ms0 at has updated ft jCICijL’s o Ct in its imnanemal statements issued icr the period
mac 0, J 1. 1 nt 0 \SR \S 0 mcaLt mlft I)m im’ f
NOTE 18: Recent Accoanfine Pronouncements (Confined)
In Ma> 2009. the F.SB updated •tSC’ 855. Subsequent F. wits. ihieh is eflWti e thr
reporting periods ending after June 15. 2000. %SC 855 establishes general standards of
accounting for and disclosure of eents that occur after the balance sheet date. but before the
financial statements are issued. or are ai ailable to be issued. I he l)istrict adopted the amended
sections of St 855 and it did not haie an impact on the Districfl financial statements. I he
I )istrict ci aluated all ci ents or transactions that occurred after June 30. 2011 through August 21.
2011.
REQUIRED SUPPLEMENTARY INFORMATIONPART II
BUDGETARY COMPARISON SCHEDULES - C
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NOTESTO REQUIRED SUPPLE1”IENTARY INFORMATION
MANASOUAN SCHOOL DISTRICT
REQUIRED SUPPLEMENTARY INFORMATIONExhibit C-3
BUDGETARY COMPARISON SCHEDULE
NOTE TO RSI
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Sources/Inflows of ResourcesActual Amounts (Budgetary Basis) Revenue”
from Budgetary Comparison Schedule
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Grant Accounting Budgetary Basis Differs from GAAP in that
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Previously Recognized for Budgetary Purposes
State Aid Payment Recognized for Budgetary Purposes, Not Recognized
for GAAP Statements Until the Subsequent Year.
_________________ ______________
Total Revenue as Reported on the Statement of Revenues, Expenditures
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Uses/Outflows of Resources
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__________________
Fotal Expenditures as Reported on the Statement of Revenues.
Expenditures, and Changes in Fund Balances - Governmental Funds
GeneralFund
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$ 23,576,477
S 21576.477 673,525
OTHER SUPPLEMENTARY INFORMATION
SCHOOL LEVEL SCHEDULES - D
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CAPITAL PROJECTS FUND - F
MANASQUAN SCHOOL DISTRICT
CAPITAL PROJECTS FUNDExhibit F-i
SUMMARY SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGETARY BASIS
FOR THE YER ENDED JUNE 30, 2011
Revenues and Other Financing SourcesInterest Earned
___________________
—
1 oia1 Rex enues
Fxpen(Iitures and Other Financing Uses(onstruct ion 449. I 3Total 1-:xpenditures 449. 113
Excess (Deficiency) of Revenues Over (Under) Expenditures (448.75 8)
Other Financing Sources Sources Uses 1:Operating Iransfer to Debt Serx ice (355)
Foal Other Financing Sources( Uses) (355)
Excess (Deficiency) of Revenues and OtherFinancing Sources Over (Under) Expendituresand Other Financing t ses ( 4-N. I 1 3
Fund Balance Beginning 450,142
F und Balance — Ending S I .02’-)
MANASQUAN SCHOOL DISTRICT
CAPITAL PROJECTS FUND
SCHEDULE OF REVENUES, EXPENDITURES. PROJECT BALANCE
Exhibit F4a
AND PROJECT STATUS - BUDGETARY BASIS
ADDITION TO ELEMENTARY SCHOOL
FROM INCEPTION AND FOR THE YEAR ENDED JUNE 30, 2011
Revenues and Other Financing SourcesState Sources - SCC GrantBond Proceeds and TransfersTotal Revenues
PriorPeriods
$ 3,097,0099,652,991
12,750.000
CurrentYear Totals
3.097,0099,652.991
12,750,000
RevisedAuthorized
Cost
3,097.0099,652,991
12.750.000
Expenditures and Other Financing UsesPurchased Professional and Technical ServicesMiscellaneousConstruction ServicesTotal Expenditures
1,167,796161.190
10,970,87212.299.858
449,113449,l 13
1,167,796161,190
11,419,98512.748.971
1,167,796161,190
11,421,01412.750,000
Excess (Deficiency) of Revenues Over (Under)Expenditures $ 450,142 (449,113) 1,029
Additional Project InformationProject NumberGrant DateBond Authorization DateBonds AuthorizedBonds IssuedOriginal Authorized CostCapital Reserve
2930-060-04-100011/3/20042/15/2005
9,652,9919,652,000
12,750.000991
Percentage Completion
PROPRIETARY FUNDS-C
NIANASQUAN SCHOOL DISTRICT
COMBINING STATEMENT OF NET ASSETSExhibit G-I
ENTERPRISE FUNDS
JUNE 30, 2011
AssetsCurrent Assets:
Cash and Cash EquivalentsAccounts Receivable:
Federal
StateOther
InventoriesTotal Current Assets
Business-Type Activities -
Enterprise FundsFood Surf
Service Team
$ 84,380
5,455266920
4,149
95,170
142
142
Totals
84,522
5,455266920
4,14995,312
Noncurrent Assets:Furniture, Machinery & EquipmentLess: Accumulated Depreciation
Total Noncurrent Assets
397,635(238,528)159,l07
397,635(238,528)159,107
Total Assets $ 254,277 142 254,419
LiabilitiesAccounts Payable $ 13,990 13.990
Net AssetsInvested in Capital Assets net of Related
Debt
UnrestrictedS 159.107
81.180 I 42l5).l07
81,322
Total Net Assets $ 240,287 142 240,429
MANASOUAN SCHOOL DISTRICT 77.
COMBINING STATEMENT OF REVENIES. EXPENSES ANDExhibit G-2
Operating Revenues:Charge for Services:
Daily SalesMiscellaneousCatering
Total Operating Revenues
Business-Type Activities -
Enterprise FundsFood
Service
Operating Expenses:Cost of SalesSalariesEmployee BenefitsWorke?s CompensationCost of SuppliesGeneral Liability InsuranceManagement FeesRepairsMiscellaneousDepreciation
Total Operating Expenses
284,901212,309
26,6195,940
17,49135,96218,00018,351
20,91119,303
659,787
284.901212,309
26,6195,940
17,49135.962
18,00018,35124,781
19,303663,657
Nonoperating Revenues (Expenses):Interest RevenueState Sources:
State School Lunch ProgramFederal Sources:National School Lunch ProurarnFood Distribution Program
Total Nonoperating Revenues (Expenses)
79.355
1 5,78098,760 2
79.355
15,78098,762
Change in Net Asers
Net vLts 13eir nrn
(23,17) (27,041)
CHANGES IN FtND NET ASSETS
ENTERPRISE FUNDS
JUNE 3O 2011
SurfTeam Totals
$ 528.967 528.967165 165
8,722 8,722537.854
- 537,854
3,870
3,870
Operating Income (Loss) (121,933) (3.870) ( 125,803)
74
3,551
76
3,551
Feral Net Assets Lnding 240,429
MANASQUAN SCHOOL DISTRICT
COMBINING STATEMENT OF CASH FLOWSExhibit G-3
ENTERPRISE FUNDS
JUNE 30, 2011
Cash Flows from Operating Activities:
Receipts from Customers
Payments to Employees
Payments to Suppliers
Net Cash Provided (Used by) Operating Activities
Cash Flows from Noncapital Financing Activities:
State SourcesFederal Sources
Net Cash Provided (Used by) Noncapital
Financing Activities
Cash Flows from Investing Activities:
Interest Received
Net Increase (Decrease) in Cash & Cash Equivalents
Business-Type Activities -
Enterprise Funds
Food Surf
Service Team Totals
3,551
79,355
82,906
74
3,55179,355
82,906
76
Balances - Beginning of Year 73,362 4,010 77,372
Balances - End of Year $ 84,380 142 84,522
Reconciliation of Operating Income (Loss) to Net Cash
Provided (Used) by Operating Activities:
Operating Income
Adjustments to Reconcile Operating Income (Loss) toNet Cash Provided by (Used by) Operating Activities
DepreciationFederal Commodities
(lncrease)/Decrease in Accounts Receivableincrease/(Decrease) in Accounts Payable
(Increase)/Decrease in Inventories
$ (121,933)
19,303
15,780
389
13,990
509
19,303
15,780
389
13,990
509
$ 537,854
(212,309)
(397,507)(71,962)
537,854
(212,309)(401,377)
(75,832)
(3,870)
(3,870)
(3,868)11,018 7,150
(3,870) (125,803)
Net Cash Provided (Used by) Operating Activities $ (71,962) (3,870) (75,832)
FIDUCIARY FUND - H
MA
NA
SQ
UA
NS
CII
OO
UD
IST
RIC
T
TR
US
TA
ND
AG
EN
CY
FU
ND
CO
MB
ININ
GS
TA
TE
ME
NT
OF
FID
UC
IAR
YN
ET
AS
SE
TS
JUN
E30
,20
11
Exhib
it11
—1
Stu
dent
Act
ivit
ies
S20
6,24
2
S20
6.24
2
Age
ncy
Acc
ount 59
9
599
Non
-Exp
enda
ble
Tru
stS
chol
arsh
ip 79,2
28
79.2
28
Tot
als
June
30,
2011
382,
799
382.
709
Net
Ass
ets:
Res
erve
dU
nem
ploy
men
tB
enef
its
Res
erve
d-S
chol
arsh
ips
iota
iN
etA
sset
s
79,2
28
s79
,228
96,7
3096
,730
________
79.2
28
96.7
3017
5,95
8
Cas
.han
dCa
.s.h
Equ
ival
ents
lota
lA
sset
s
Lia
bili
ties
:
Due
toSt
uden
tG
roup
s.P
ayro
.iiW
ithoi
ding
sT
otal
Lia
bili
ties
Une
mpl
oym
ent
96,7
30
96.7
30
S20
6,24
2
__
__
__________
599
S20
6.24
259
9
2(>6
,242
599
206,
841
Additions:DepositsInterest on Investments
Total Additions
Deductions:Scholarship Payments
Total Deductions
Change in Net Assets
Net Assets June 30, 2010
Net Assets June 30. 2011
MANASQUAN SCHOOL I)ISTRICT
SChOLARShiP NONEXPENDABLE TRUST FUND
STATEMENT OF CHANGES
IN FIDUCIARY NET ASSETS
JUNE 30, 2011
Exhibit 11-2
2011
$ 15,715
88
15,803
18,600
18,600
(2,797)
82,025
$ 79,228
MANASQUAN SCHOOL DISTRICT Exhibit 11-3
STUDENT ACTIVITY AGENCY FUND
SCHEDULE OF RECEiPTS AND DISBURSEMENTS
JUNE 30, 2011
Balance Cash Cash BalanceJuly 1, 2010 Receipts Disbursements June 30, 2011
F lernenta ry School:Manasquan Elementary $ 19.214 58,408 55,522 22,100
High School:Recordinu Studio 9.721 4,943 4,778Manasquan High School 170.175 341,4S0 332,291 179,364
Total - All Schools $ 189,389 409,609 392,756 206,242
MANASQUAN SChOOL DISTRICT
PAYROLL AGENCY FUNDExhibit 11-4
SCHEDULE OF RECEiPTS AND DISBURSEMENTS
JUNE 30. 2011
Balance BalanceJuly 1, 2010 Additions Deletions June 30, 2011
Assets:
Cash and Cash Equivalents S 20,143 8,944,417 8,963,961 599
Total Assets S 20.143 8,944,417 8,963,961 599
Liabilities:Salaries, Payroll Deductions andWithholdings S 20,143 8,944,417 8,963,961 599
Total Liabilities $ 20,143 8,944,417 8,963,961 599
IJi1]UiJf)$IO1
MA
NA
SQ
UA
NS
cH
OO
LD
IST
RIC
T
GE
NE
RA
LL
ON
G-T
ER
MD
EB
TA
CC
OU
NT
GR
OU
P
SC
HE
DU
LE
OF
LO
NG
-TE
RM
DE
BT
GR
OU
P
JUN
E30
.20
11
Exh
ibit
1—1
9,65
2,00
01-
15-1
21-
15-1
31-
15-1
41-
15-1
51-
15-1
61-
15-1
71-
15-1
81-
15-1
91-
15-2
01-
15-2
11-
15-2
21-
15-2
31-
15-2
41-
15-2
5
Am
ount
$31
5,00
032
5,00
032
0,00
032
5,00
031
0,00
0
405,
000
3.76
4%42
0,00
044
0,00
046
0,00
048
0,00
050
0,00
052
0,00
054
0,00
056
5,00
059
0,00
061
5,00
064
5,00
067
0,00
066
7,00
0
Beg
inni
ngB
alan
ceJu
ly1,
2010
$1,
915,
000
Pai
d32
0,00
0
End
ing
Bal
ance
June
30,
2011
I ,59
5,00
0
$9,
822,
000
Issu
e.A
dditi
onto
Hig
hSc
hool
Add
itio
nto
E1e
inen
tai’
Sch
ool
Annual
Mat
uri
ties
Inte
rest
Am
ount
ofI)
ate
ofO
rigin
alIs
sue
Issu
eD
ate
12-1
-95
$5,0
00,0
001-
15-1
21-
15-1
31-
15-1
41-
15-1
51-
15-1
6
2-23
-05
Rat
e3.
860%
7,90
7,00
039
0,00
07,
517,
000
710.
00()
9.1
12.0
00
MA
NA
SQ
UA
NS
ChO
OL
DIS
TR
ICT
GE
NE
RA
LL
ON
G-T
ER
MD
EB
TA
CC
OU
NT
GR
OU
PE
xhib
it1—
2S
TA
TE
ME
NT
OF
OB
LIG
AT
ION
SU
ND
ER
CA
PIT
AL
LE
AS
ES
JUN
E30
,20
11
Am
ount
ofB
egin
ning
Ret
ired
Ani
ouut
Inte
rest
Ori
gin
alB
alan
ceC
urr
ent
Outs
tandin
gS
erie
sP
ayab
leIs
sue
July
1,20
10Y
ear
June
30,
2011
Savi
nC
opie
rsO
ldN
atio
nal
Ban
k6.
90%
S65
,899
S19
,878
14,7
345.
144
MA
NA
SQ
UA
NS
CH
OO
LD
IST
RIC
T
BU
DG
ET
AR
YC
OM
PA
RIS
ON
SC
HE
DU
LE
DE
BT
SE
RV
ICE
FU
ND
FO
RT
IlE
FIS
CA
LY
EA
RE
NI)
ED
JUN
E30
.20
11
Exh
ibit
1—3
Rev
enue
s:L
ocal
Sou
rces
Loc
alT
axL
evy
iota
!R
even
ues
$1,
079,
710
1,07
9,71
0
Var
iance
Fun
dto
Act
ual
Act
ual
Exp
endi
ture
s:R
egul
arD
ebt
Ser
vice
Inte
rest
Red
empt
iun
fP
rinc
ipal
Tot
alE
xpen
dit
ores
370,
860
710,
000
1,08
0,86
0
370,
860
710,
000
1,08
0,86
0
370.
860
710
.000
1,08
0,86
0
Exc
ess
Rev
enue
sO
ver
Exp
endi
ture
s(1
,150
)—
(1,1
50)
(1,1
50)
Oth
erF
inan
cmg
Sou
rces
(Use
s):
Tra
nsfe
rfr
omC
apit
alP
roje
cts
-In
tere
stlo
tal
Exc
ess
Rev
enue
sO
ver
Exp
endi
ture
san
dO
ther
Ein
anci
niS
ourc
esU
ses)
355
(795
)
355
(795
)
355
(795
)
Fun
dB
a.la
n.ce
Ju.iy
I1.
457
1.45
71.
457
Ori
gin
alB
udge
tF
inal
Bud
get
Tra
nsf
ers
Bud
get
1,07
9.71
01.
079,
710
1,07
9,71
01.
079,
710
Fun
dB
alan
ceJu
ne30
$66
266
266
2
STATISTICAL
SECTION
Man
asquan
Boa
rdof
Ed
uca
tio
nJ-
1N
etA
sset
sby
Co
mp
on
ent,
Las
tN
ine
Fis
cal
Yea
rs
Fis
cal
Yea
rE
ndin
gJu
ne
30,
2003
2004
2005
2006
2007
2008
2009
2010
2011
Gover
nm
enta
lac
tivi
ties
Inve
sted
inca
pita
las
sets
,ne
tof
rela
ted
debt
3291876
3,88
5,02
6(5
,215
,064
)(3
,935
,990
)4,6
61563
7,99
0,28
29,
127,
231
9,77
9,92
09,
978,
263
Res
tric
ted
354,
874
316,
895
13,0
25,7
833,
527,
956
3,48
7,39
82,
294,
439
1,17
4,60
41,
423,
329
1,40
7355
Unr
estr
icte
d11
2,44
5(1
18,1
96)
(378
,198
)25
1,62
982
,881
(406
,971
)(3
15,3
36)
(389
,542
)96
,800
Tot
algo
ver
nm
enta
lac
tiv
itie
sn
etass
ets
3,75
9,19
54,
083,
725
7,43
2,52
1(1
56,4
05)
8,23
1,84
29,
877,
750
9,98
6,49
910
,813
,707
11,4
82,4
18
Busi
nes
s-ty
pe
acti
vit
esIn
vest
edri
capi
tal
asse
ts,
net
ofre
late
dde
bt68
,445
57,8
5748
,523
52,6
4145
,482
44,2
5517
4,59
617
8,41
015
9,10
7R
estr
icte
d-
--
-“
-
Unr
estr
icte
d10
1,49
792
,218
102,
224
105,
610
127,
280
112,
055
88,8
4289
,060
81,3
22T
otal
busi
nes
s-ty
pe
net
ass
ets
169,
942
150,
075
150,
747
158,
251
172,
762
156,
310
263,
438
267,
470
240,
429
Dis
tric
t-w
ide
Inve
sted
inca
pita
las
sets
,ne
tof
rela
ted
debt
3,36
0,32
13,
942,
883
(5,1
66,5
41)
(3,8
83,3
49>
4,70
7,04
58,
034,
537
9,30
1,82
79,
958,
330
10,1
37,3
70R
estr
icte
d35
4,87
431
6,89
513
,025
,783
3,52
7,95
63,
487,
398
2,29
4,43
91,
174,
604
1,42
3,32
91,
407,
355
Unr
estr
icte
d21
3,94
2(2
5,97
8)(2
75,9
74)
357,
239
210,
161
(294
,916
)(2
26,4
94)
(300
,482
)17
8,12
2T
otal
Dis
tric
tN
etA
sset
s3,
929,
137
4,23
3,80
07,
583,
268
1,84
68,
404,
604
10,0
34,0
6010
,249
,937
11,0
81,1
7711
,722
,847
Man
asquan
Boa
rdof
Edu
cati
onJ-
2C
han
ges
nN
etA
sset
s,L
ast
Nin
eF
isca
lY
ears
Expen
ses
Gov
ernm
enta
lac
tivt
esIn
stru
ctio
nR
egul
arS
peci
aled
ucat
ion
Oth
ersp
ecia
led
ucat
ion
Voc
atio
nal
Oth
erin
stru
ctio
nN
onpu
blic
scho
olpr
ogra
ms
Adu
lt/co
ntin
uing
educ
atio
npr
ogra
ms
Sup
port
Ser
vice
sT
uitio
nS
tude
nt&
inst
ruct
ion
rela
ted
serv
ices
Gen
€.ra
lad
min
istr
ativ
ese
rvic
esS
choo
l&
Bus
ines
sA
dmin
istr
ativ
eS
vcs
Una
lloc
ated
Ben
efit
sP
lant
oper
atio
nsan
dm
ain
ten
ance
Pupi
ltr
ansp
orta
tion
Spe
cial
Sch
ools
Cha
rter
Sch
ools
Inte
rest
onlo
ng$e
rmde
btU
nall
ocat
edde
prec
iati
onT
otal
Gov
ernm
enta
lA
ctiv
itie
sE
xpen
ses
Busi
nes
sT
ype
Act
ivit
ies
Food
serv
ice
Surf
Tea
m
Fis
cal
Yea
rE
ndin
gJu
ne
30,
2003
2004
2005
2006
2007
2008
2009
2010
6,31
1,55
679
9,04
723
8,86
7
6,52
3,70
789
5,01
826
1,29
1
6,91
8,62
96,
937,
680
1,00
0,03
999
5,70
729
9,63
031
3,25
5
2011
6,79
2,36
07,
274,
382
7,06
3,04
37,
551,
074
7,30
5,27
31
323
633
130
069
41
397
261
172
573
41
763
423
327,
044
368,
333
264,
954
279,
203
134,
068
--
--
077
2,30
076
0,38
464
4,00
658
9,26
462
1,53
365
8,60
468
4,28
771
7,95
375
9,99
7
393,
411
467,
849
585,
609
566,
782
597,
070
653,
166
744,
955
648.
534
1,62
9,22
31,
833,
225
2,45
9,92
32,
185,
494
2,30
0,63
32,
314,
895
2,71
2,00
42,
855,
921
43
94
47
4330
11500067
46
00
74
461
989
540949
531
885
555444
891
485
918882
977857
1445916
14
99
213
1603060
1663493
159
7796
37
88
20
44265408
4514087
4886185
58
63
013
5984652
5233086
5551
626
1,77
6,93
71,
494,
428
1,67
8,41
21,
883,
385
1,78
6,42
52,
468,
433
2,46
0,06
32,
228,
963
321,
605
404,
440
445,
514
464,
503
541,
179
532,
769
567,
314
488,
417
346,
308
242,
879
240,
821
456,
297
463,
862
434,
891
406,
224
383,
508
200,
118
170,
673
107,
632
339,
679
350,
092
396,
725
717,
221
516,
764
17,7
80,2
1418
,500
,075
20,3
49,7
5321
,593
,561
22,9
90,8
0024
,590
,902
24,5
21,5
0025
,155
,284
526,
618
596,
766
612,
216
601,
081
626,
349
661,
200
664,
102
637,
527
8,64
214
,580
19,2
0610
,196
16,1
1110
,641
574,
831
2,82
6,38
852
6,37
51,
611,
840
5,58
9,14
62,
402,
744
351,
776
359,
470
698,
880
24,9
04,5
98
659,
787
3,87
0C
ompu
ter
Cla
sses
9,67
2-
--
--
--
-
Tot
alB
usi
nes
sT
ype
Act
ivit
ies
Ex
pen
se53
6,29
060
5,40
862
6,79
662
0,28
763
6,54
567
7,31
167
474
363
7,52
766
365
7T
otal
Dis
tnct
Expen
ses
18,3
16,5
0419
,105
,483
20,9
76,5
4922
,213
,848
23,6
27,3
4525
,268
,213
25,1
96,2
4325
,792
,811
25,5
68,2
55
Man
asquan
Boa
rdof
Edu
cati
onJ-
2C
han
ges
inN
etA
sset
s,L
ast
Nin
eF
isca
lY
ears
Pro
gram
Rev
enu
esac
z?P
Q.
Qi
Qii
Gov
ernr
neta
lac
tivi
ties
Cha
rges
for
serv
ices
Inst
ruct
ion
tuiti
on-
--
-
-
Bus
ines
san
dot
her
supp
ort
serv
ices
--
--
--
-
Ope
rati
nggr
ants
and
cont
ribu
tion
s350918
418678
461,
075
481,
962
528,
833
421,
228
424,
097
811,
247
673,
525
Cap
ital
gran
tsnd
cont
ribu
tion
s-
--
--
--
Tot
alG
over
nmen
tal
Act
ivit
esP
rogra
mR
ev.
350,
918
418,
678
461,
075
481,
962
528,
833
421,
228
424,
097
811,
247
673,
525
Busi
nes
s-T
yp
eA
ctiv
itie
s:C
harg
esfo
rse
’vce
sFo
odse
rvic
u48
8,22
651
9,78
255
6,34
455
1,87
957
5,06
656
7,74
256
5,98
953
4,31
053
7,85
4S
urf
]ear
n-
11,3
2013
,700
17,5
9511
,450
17,4
6011
,260
-
Cor
rput
erC
asse
s8
60
0-
--
--
--
Ope
ratn
ggr
ants
and
cont
ribu
tion
s47
,781
52,1
6755
,830
53,7
0058
,301
72,0
8673
,012
89,1
5898
,686
Cap
tai
gran
tsan
nco
ntri
buti
ons
Tot
alB
usi
nes
sT
ype
Act
ivit
ies
Pro
gram
Rev
.54
4,60
758
3,26
962
5,87
462
3,17
464
4,81
765
7,28
865
0,26
162
3,46
863
6,54
0T
otal
dis
tric
tpr
ogra
mre
ven
ues
895,
525
1,00
1,94
71,
086,
949
1,10
5,13
61,
173,
650
1,07
8,51
61,
074,
358
1,43
4,71
51,
310,
065
Net
(Expen
se)/
Rev
enue
Gov
ernm
enta
lac
tivi
ties
(174
29,2
96)
(18,
081,
397)
(198
88,6
78)
(21,
1115
99)
(22,
461,
967)
(24,
169,
674)
(24,
097,
403)
(24,
344,
037)
(242
31,0
73)
Bus
ines
s-ty
peac
tivi
ties
8,31
7(2
2,13
9)(9
22)
2,88
78,
272
(20,
023)
(24,
482)
(14,
059)
(27,
117)
Tot
alD
istr
ict-
Wid
eN
etE
xp
ense
(17,
420,
979)
(18,
103,
536)
(19,
889,
600)
(21,
108,
712)
(22,
453,
695)
(24,
189,
697)
(24,
121,
885)
(24,
358,
096)
(24,
258,
190)
Gen
era’
Rev
enu
esan
dO
ther
Chan
ges
inN
etA
sset
sG
over
nmen
tal
Act
ivit
ies:
Prop
ert’
taxe
sle
vied
for
gene
ral
purp
oses
net
8522
,727
8,86
8,71
49,
377,
354
9,71
9,40
010
,737
,772
11,0
00,5
9511
,440
,619
1192
2,13
712
,171
,782
Tax
esln
vied
ford
ebt
serv
ice
557,
085
555,
937
512,
268
1,20
3,01
21,
155,
296
821,
788
880,
839
1,06
1,32
31,
079,
710
Tui
tion
6817,4
33
6,93
7,24
77,
551,
681
8,43
3,93
58,
272,
855
8,90
3,08
69,
224,
371
9,37
3,24
010
,126
,111
Unr
estr
icte
dgr
ants
and
cont
ribu
tion
s1,
921,
992
2,24
9,53
35,
536,
318
2,51
5,98
53,
272,
073
3,35
1,36
12,
413,
944
2,55
9,54
01.
826,
029
Pay
men
tin
lieu
ofta
xes
-
-
inve
stm
ent
ear’
mng
s73
,566
6574
31,0
0043
5,32
219
2,28
128
,399
5,04
74,
924
Mis
cell
aneo
usnc
ome
191,
992
114,
203
262,
216
690,
403
93,1
0381
,705
164,
365
113,
522
168,
657
Tra
nsfe
s-
-(2
,437
)9,
295
65,8
99-
--
Tot
alG
over
nmen
tal
Act
ivit
ies
18,0
84,7
9518
,725
,699
23,2
37,4
7422
,603
,030
24,0
32,3
2024
,350
,816
24,1
52,5
3725
,034
,809
25,3
77,2
13
Man
asquan
Boar
dof
Educa
tion
J-2
Chan
ges
inN
etA
sset
s,L
ast
Nm
eF
isca
lY
ears
2003
2004
2005
2006
2007
2008
2009
2010
2011
Busi
nes
sT
ype
Act
ivit
ies:
Inv
estm
ente
arunçj
s20901
2,27
21,
594
4,61
76,
239
3,57
164
994
76
Tra
nsf
ers
--
--
-
Tot
alB
usi
nes
s-T
yp
eA
ctiv
itie
s20
,901
2,27
21,
594
4,61
76,
239
3,57
164
994
76
Tot
alD
istr
ict-
Wid
e18
,105
,696
18,7
27,9
7123
,239
,068
22,6
07,6
4724
,038
,559
24,3
54,3
8724
,153
,186
25,0
34,9
0325
,377
,289
Chan
ge
inN
etA
sset
sG
over
nrn
enta
actv
tes
655,
499
644,
302
3,34
8,79
61,
491,
431
1,57
0,35
318
1,14
255
,134
690,
772
1,14
6,14
0
Bus
ines
s-ty
peac
tvit
es29218
(19867)
672
7,50
414511
(16,
452)
(23,
833)
-13,
965
-27,
041
Tot
alD
istr
ict
684,
717
624,
435
3,34
9,46
81,
498,
935
1,58
4,86
416
4,69
031
,301
676,
807
1,11
9,09
9
Man
asq
uan
Sch
ool
Dis
tric
tJ-
3F
und
Bal
ance
s,G
ov
ern
men
tal
Fu
nd
s,L
ast
Nin
eF
isca
lY
ears
Fis
cal
Yea
rE
ndin
gJu
ne
30,
2003
2004
2005
2006
2007
2008
2009
2010
2011
Gen
eral
Fu
nd
Res
erved
354,
873
301,
213
168,
225
384,
327
315,
048
360,
590
240,
278
732,
302
1,40
5,66
4
Unr
eser
ved
662,
816
497,
578
676,
381
841,
674
862,
251
680,
832
690,
981
489,
371
536,
680
Tot
alG
ener
alF
un
d1,
017,
689
798,
791
844,
606
1,22
6,00
11,
177,
299
1,04
1,42
293
1,25
91,
221,
673
1,94
2,34
4
All
Oth
erG
ov
ern
men
tal
Fu
nd
sR
eser
ved
--
--
22,8
87
Unr
eser
ved,
repo
rted
inS
pecr
alre
venu
efu
nd(2
,248
)15
,680
8,36
5-
--
--
Cap
ital
proj
ects
fund
12,4
57,0
812,
696,
545
2,25
8,39
51,
303,
654
597,
982
450,
142
1,02
9
Deb
tser
vic
efund
12
77,3
1847
9,67
068
0,57
735
3,99
579
61.
457
662
Per
man
ent
fund
--
--
--
--
Tot
alA
llO
ther
Go
ver
nm
enta
lF
unds
-2,2
4715
,682
12,5
42,7
643,
176,
215
2,93
8,97
21,
657,
649
621,
665
451,
599
1,69
1
Man
asq
uan
Boa
rdof
Educa
tion
J-4
Chan
ges
inF
und
Bal
ance
,G
over
nm
enta
lF
unds
Las
tT
enF
isca
lY
ears
9Q
22Z
7Q
2009
2010
2011
Rev
enu
esT
axIe
v8
70
47
31
9,0
79
81
29,
424,
651
9,88
9,62
210
,922
,412
11,8
93,0
6811
,822
,383
12,3
21,4
5812
,983
,460
13251.4
92
Tui
tion
char
ges
5,99
2,02
86
,81
7,4
33
6,93
7,24
77
55
1,6
81
8,43
3,93
58,
272,
855
8,9
03,0
86
9,22
4,37
19373,2
40
10126,1
11
Inte
rest
eain
iiio
.51
,699
6565
7431
,000
435,
322
192,
281
28,3
995,
047
4,92
4
Mis
cell
meo
us86
,136
265,
493
134,
911
266,
024
690,
403
179,
205
84,4
5516
4,36
511
9,56
817
8,15
4
Sta
tesc
urc
es1,
583,
351
2,03
0,02
92,
363,
955
5,63
7,90
12,
717,
120
3,40
1.58
73,
473,
332
2,54
1,40
92,
694,
698
1.91
8,54
2
Fed
era
sou
rces
210.
658
242,
881
283,
548
355,
684
280.
827
313,
217
296,
507
296,
632
670,
043
571,
515
Tot
alR
even
ue
16,6
28,6
0318
,435
,713
19,1
44,3
7723
,700
,986
23,0
75,6
9724
,495
,254
24,7
72,0
4424
,576
,634
25,8
46,0
5626
,050
,738
Ex
pen
dit
ure
sIn
stru
ctio
nR
egula
Inst
ruct
o’5.
750,
624
6,31
1,55
66,
513,
407
6,66
9,72
76,
995,
151
6,86
1,04
27,
189,
073
7,16
8,32
37.
424,
565
7.50
4,87
8
Spe
cia
edrc
afD
nis
truc
tion
710
519
799,
047
895,
018
1,00
0,03
999
5,70
71,
323,
633
1,30
0,69
41,
397,
261
1,72
5,73
41,
763,
423
Oth
ersp
ecaT
educa
tior
233,
836
238,
867
261,
291
299,
630
313,
255
327,
044
368,
333
264,
954
279,
203
134,
068
Oth
ersc
hool
prog
ram
s56
8.80
060
4,18
158
9,26
462
1,53
365
8,60
468
4,28
771
7,95
375
9,99
777
2,30
076
0,38
4
Adu
lt,’
conh
nuin
enuc
atio
npr
ogra
mS
uppo
rtS
erv
ses
Tu
ito
n57
0,83
039
3,41
146
7,84
958
5,60
956
6,78
259
7,07
065
3,16
674
4,95
564
8,53
457
4,83
1
Stu
dent
&ls
ruo
ton
rela
ted
serv
ices
1,63
8,77
61,
629,
223
1.76
2,79
42,
016,
656
2,18
5,49
42,
300,
631
2,31
4,89
52,
712,
004
2,85
5,92
12,
826,
388
Gen
erul
aam
iost
rati
ve
serv
ices
445,
741
439,
446
433,
011
429,
490
460,
074
461,
989
540.
949
531,
885
555,
444
526.
375
Sch
oo.
adn
inis
rao
ve
serv
ices
846.
168
863,
315
918,
882
952,
719
976,
196
1,01
9,35
61,
044.
376
1,11
7,00
81,
201,
927
1,20
7,30
8
Bu
sin
ess
adm
insC
ativ
ese
rvic
es-
284,
476
282,
457
493,
074
469,
720
479,
857
367,
990
388,
939
395,
869
404,
532
Pla
nto
per
’3to
n,n.t
mai
nte
nan
ce1
325,
278
1,76
7,62
41,
494,
428
1,67
0,01
01,
883,
385
1,78
6,42
52,4
68,4
33
2,4
60,0
63
2,22
8,96
32,
402,
744
Pup
iti
ansp
ort
atio
n31
6,99
632
1,60
540
4,44
044
5,51
446
4,50
354
1,17
953
2,76
956
7,31
448
8,41
735
1,77
6
Oth
erS
uppo
rtS
erv
ces
257
602
--
--
190,
694
157,
546
Em
poyee
Ben
es
2904,6
38
3,50
0,55
43,
982,
951
4,51
4,08
74,
886,
185
5,86
3,01
35,
984,
652
5.23
3,08
65,
551.
626
5,58
9,14
6
Foo
dS
ovi
c-
-
Spe
cial
Sch
ocIs
Ch
arle
rS
hoc.s
Cap
rtal
outl
ay33
3.52
668
8,17
779
9.29
856
3,40
810
,002
,723
1,36
8,95
91.
291,
326
999,
399
512.
995
653,
262
Deb
tse
rvic
eP
rinc
ifal
254,
321
317,
540
331,
893
352,
134
725,
711
755,
705
775,
825
801,
155
690,
000
710,
000
Inte
ros’
aid
othe
char
ges
303.
682
239,
546
224,
043
160,
134
477,
301
476,
907
448,
315
418,
892
394,
210
370,
860
Tot
alE
xpen
dit
ure
s16
,461
,337
18,3
98,5
6819
,361
,026
20,7
73,7
6432
,060
,791
24,8
47,0
9726
,189
,443
25,7
22,7
8125
,725
,708
25,7
79,9
75
Ex
cess
(Def
icie
ncy)
ofR
even
ues
over
(un
der
)E
xpen
dit
ure
s16
7,26
637
,145
(216
,649
)2,
927,
222
(8,9
85,0
94)
(351
,843
)(1
,417
,399
)(1
,146
,147
)12
0,34
827
0,76
3
Oth
erF
inan
cin
gS
ourc
es(U
ses)
Pro
ceed
sfr
orbo
rrow
ing
--
--
--
Cap
tel
leas
es,n
on
-bu
rig
etea
,-
158,
695
65,8
99-
--
Pro
ceed
sfr
oret
undi
g-
--
--
-
Pay
men
tto
refu
nded
deb
tes
crow
agen
t-
--
--
Par
anio
urt
ofbonds
--
-9.
652,
000
--
--
-
Ori
gina
lis
sue
prem
ium
--
--
--
--
Acc
rued
nte
ies
--
--
--
Depost
toex
r.r
wfu
nd
--
--
Co
sts
ofss
uai
c-
-
-
Acc
rued
nte
resi
-
--
--
T’a
’sprs
“-
-(7
7,31
6)40
3,34
327
8.22
475
.770
8,89
666
135
5
Man
asq
uan
Boa
rdof
Educa
tion
J-4
Chan
ges
inF
und
Bal
ance
,G
over
nm
enta
lF
un
ds
Las
tT
enF
isca
lY
ears
Tra
nsfe
rsou
t77
316
(394
048)
(278
224)
(75
770)
(889
6)(6
61)
(355
)
Tot
alO
ther
Fin
anci
ng
Sourc
es(U
ses)
015
8,69
50
9,65
2,00
09,
295
65,8
990
00
0
Net
Ch
ange
inF
und
Bal
ance
s16
7,26
619
5,84
0(2
16,6
49)
12,5
79,2
22(8
,975
,799
)(2
85,9
44)
(1,4
17,3
99)
(1,1
46,1
47>
120,
348
270,
763
Deb
tS
erv
ice
asa
Per
cen
tag
eof
No
nC
apit
alE
xpen
dit
ure
s3.
390%
3O28
%2.
871%
2.46
6%3.
752%
4.96
1%4.
674%
4,74
3%4.
215%
4.19
3% ‘C
93.Manasquan Board of Education J-5
General Fund Other Local Revenue by SourceLast Ten Fiscal Years
UNAUDITED
Fiscal Year Interest on Tuition Bus. Svcsl
Ended June 30, Investments Revenues Rentals CSTI Ath. Misc. Total
2002 51699 5,992028 - 27000 45382 6,116,109
2003 32480 6,817,433 27,000 41,185 6,918,098
2004 23,313 6937247 - 29,000 61955 7051515
2005 52670 7,551,681 - 30,000 63,151 7,697502
2006 133,714 8,433935 - 31,000 82,969 8,681618
2007 157,098 8,272,855 - 33,000 60,997 8,523,950
2008 116511 8903086 - 34,320 47,385 9:101,302
2009 19,503 9,224,371 - 35,690 92,584 9,372,148
2010 4,386 9,373,240 - 53,115 60,407 9,491,148
2011 4,569 10,126,111 84,580 84,077 10,299337
Mariasquan Board of Education J-6Assessed Value and Actual Value of Taxable Property,
Last Ten Fiscal Years
Fiscal Total
Year Less: Direct Est.
Ended Total Tax- Public Net Sch. (Cty.
June Vacant Farm Assessed Exempt Utilities Valuation Tax Equal.
Land Resid. Qfarrn Corn. md. Value Property Taxable Rate jj
2002 183 2736 0 0 188 11 9 669,290.055 71,521.800 455,330 597,768,255 1.519 65.91
2003 166 2752 0 0 189 11 8 678777936 70,795,700 413,236 607,982.236 1.550 58.02
2004 92 2830 0 0 188 11 9 1,650.490.660 123,549,900 749.860 1,526,940,760 0.648 120.6
2005 133 2811 0 0 186 12 9 1.651,385.179 123,077,000 607.779 1.528,308.179 0.715 96.38
2006 128 2829 0 0 186 13 9 1,670,112,518 127,159,400 512,218 1,542,953,118 0.771 87.95
2007 130 2840 0 0 186 13 8 1,690,480.460 127,689.200 463,160 1,562,791.260 0.757 77.71
2008 121 2847 0 0 186 13 8 1,708.021,000 130.937.600 451.000 1.577.534,400 0.781 72.58
2009 106 2867 0 0 185 13 8 1,722.788.139 127,892,700 467,239 1,594,895.437 0.814 70.55
2010 94 2879 0 0 186 13 8 1,734,600,014 130,651,600 472.614 1,601,395,414 0.828 73.88
2011 108 2870 0 0 184 12 8 1,739,469,940 131,496,600 1,053,040 1,605,420,340 0.825 73.78
Manasquan Board of Education J.7Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
Manasguan Board of Education Overlapping Debt
General Total Direct
Obligation Total Borough of Fire Monmouth & Overlapping
Basic Rate Debt Svc. Direct Manasguan Districts County Tax Rate
FiscalYearEndedJune 30,
2002 1.426 0093 1.519 0.621 0.078 0.678 2.896
2003 1.459 0.091 1.550 0.657 0.077 0.729 3.013
2004 0.612 0.036 0.648 0.272 0.032 0.314 1.266
2005 0.681 0.034 0.715 0.300 0.036 0.353 1404
2006 0.696 0.075 0.771 0.315 0.038 0.343 1.467
2007 0.704 0.053 0.757 0.321 0.041 0.353 1.472
2008 0.725 0.056 0.781 0.331 0.040 0.357 1.509
2009 0.747 0.067 0814 0.331 0.042 0.372 1.559
2010 0.760 0.068 0.828 0.345 0.044 0.373 1.590
2011 0.758 0.067 0.825 0.352 0.044 0.388 1.609
Manasquan Board of Education J-8Principal Property Taxpayers,Current Year and Ten Years Ago
Taxable Taxable
Assessed % of Total Assessed % of Total
Value District Net Value District Net
Taxpayer 2011 Rank Assessed Value 2002 Rank Assessed Value
American Timber Co. 00000% 6.742,200 1 1.1279%
Graham C/C Sprint Prop Tax Dept 7,532,200 2 04692% 4,912,800 2 0.8219%
LEG_IT. LLC 4.592.900 3 0.2861% 0.0000%
Seabreeze LLC 3.000.000 7 0.1869% 4.233.800 3 0.7083%
Dana. Ronald 7,994.400 1 0.4980% 1.823.900 5 0.3051%
Giunco Realty & Giunco, John Sr. 4.289,200 4 0 2672% 1.798,500 6 0.3009%
Sea Watch Realty/Boro of Manasquan 0.0000% 1,410.200 9 0.2359%
Acme Markets 3.141.400 6 0.1957% 1.277,500 10 0.2137%
Osprey Realty Co. 2.822.000 8 0.1758% 1.753.200 7 02933%
S&B Associates 2.798.200 9 0.1743% 0.0000%
The Flanders 00000% 2.400,000 4 0.4015%
208 Properties LLC 3.751,800 5 0.2337% 0.0000%
Savoy, Thomas R & Saboy. Sheila C 2,229,100 10 0.1388% 0.0000%
The Parziale Family 0.0000% 1,477,500 8 0.2472%
97.Manasquan Board of Education J-9Property Tax Levies and Collections,Last Ten Fiscal Years
FiscalYear Collections in
Ended Taxes Levied for Percentage Subsequent
June 30, the Fiscal Year Amount of Lyy Years
2002 9,262,733.00 9,262733.00 100.00%
2003 9,636.899.00 9,636,899.00 100.00%
2004 9,980.587.00 9,980,587.00 100.00%
2005 9,889,622.00 9,889,622.00 100.00%
2006 10,922,412.00 10,922,412.00 100.00%
2007 11,893,068.00 11,893,068.00 100.00%
2008 11,822,383.00 11,822,383.00 100.00%
2009 12,321,458.00 12,321,458.00 100,00%
2010 12,983,460.00 12,983,460.00 100.00%
2011 13,251,492.00 13,251,492.00 100.00%
J-1
0M
anas
quan
Boa
rdof
Ed
uca
tio
nR
atio
sof
Ou
tsta
ndin
gD
ebt
byT
ype
Las
tT
enR
scai
Yea
rs
Go
ver
nm
enta
lA
ctiv
itie
sB
usi
ness
-Ty
pA
ctiv
itie
s
Fis
cal
Yea
rE
nded
o17
6,67
8o
253,
677
o17
8,70
50
99,9
580
55,1
510
80,7
220
46,4
380
33,6
210
19,8
780
5,14
4
0 0 0 0 0 0 0 0 0 0
04,
955,
683
04,
715,
142
04,
449,
232
013
,670
,353
012
,899
,835
012
,169
,701
011
,359
,592
010
,545
,621
09,
841,
878
09,
117,
144
Per
cen
tag
eof
Per
son
alIn
com
e
780
740
699
2169
2058
1952
1817
1687
1574
1459
Bon
d
Gen
eral
Cer
tifi
cate
sA
ntic
ipat
ion
Obl
igat
ion
ofC
apit
alN
otes
Bo
nd
sP
arti
cipat
ion
Lea
ses
(BA
j1C
apit
alL
ease
s
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Tot
alD
istr
ict
4,77
9,00
54,
461,
465
4,27
0,52
713
570,
395
12,8
44,6
8412
,088
,979
11,3
13,1
5410
,512
,000
9,82
2,00
09,
112,
000
Per
Cap
ita
182%
1.72
%1,
52%
4,55
%4.
00%
3.56
%
99.
Manasquan Board of Education J-1 IRatios of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
General Bonded Debt Outstanding
Fiscal Percentage of
Year General Net General Actual Taxable
Ended Obligation Bonded Debt Value of
June 30, Bonds Deductions Outstanding Property Per Capita
2002 4779.005 - 4779.005 0.7995% 752.36
2003 4,461,465 - 4461,465 0.7338% 700.28
2004 4270529 - 4,270,529 0.2797% 671.15
2005 13,570,396 - 13570,396 0.8879% 2153.35
2006 12.844684 - 12,844,684 0.8325% 2,048.92
2007 12.088,979 - 12.088,979 0.7736% 1938.58
2008 11,313,154 - 11.313,154 0.7171% 1,809.82
2009 10.512,000 - 10.512.000 0.6591% 1,681.65
2010 9,822,000 - 9,822.000 0.6133% 1,571.27
2011 9,112,000 - 9,112,000 0.5676% 1,457.69
Manasquan Board of Education j-i 2
Direct and Overlapping Governmental Activities Debt
As of June 30, 2011
Estimated
Estimated Share of
Debt Percentage Overlapping
Outstanding Applicable Debt
Governmental Unit
Debt repaid with property taxes 8.863030 10000% 8,863,030
Manasquan Borough
Other debtCounty of Monmouth Boroughs Share 488,135,115 173% 8,444737
Utility Authority Borough’s Share 14.198,720 15.71% 2,230.619
Utility Authority- Sanitary Sewer Rehabilitation 626,816
Subtotal, overlapping debt11,302,172
Manasquan School District Direct Debt9,112,000
Total direct and overlapping debt29,277,202
Man
asquan
Boar
dof
Educa
tion
Jj3
Leg
alD
ebt
Mar
gin
Info
rmat
ion
Las
tT
enF
isca
lY
ears
Leg
alD
ebt
Mar
gin
Cal
cula
tion
for
Fis
cal
Yea
r20
11
Equal
ized
val
uat
ion
bas
is20
111601,3
95,4
14
2010
1,6
01,3
95414
2009
1594,8
95437
4,79
7,68
6,26
5
Aver
age
equal
ized
val
uat
ion
ofta
xab
lepro
per
ty1599,2
28,7
55
Deb
tlim
it(3
%of
aver
age)
47,9
76,8
63
Net
bond
edsc
hool
debt
9,11
2,00
0
Leg
aldeb
tm
argin
38,8
64,8
63
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Deb
tmit
20,6
16,6
6223
,233
.933
26.9
48,5
3634
,719
,727
45,9
82,0
2146
,340
,526
46,8
32,7
8847
,352
,211
47,9
76,8
6347
,976
,863
Tot
alne
tde
btap
pi.
tofr
nit
4j7
9,0
05
4,46
1,46
54,
461,
096
13,5
70,3
96j2
.844
,684
12,0
88,9
7911
,313
,154
10,5
12,0
009,
822,
000
9,11
2,00
0
Leg
ald
ebt
mar
gin
15,8
37,6
5718
,772
,468
22,4
87,4
4021
,149
,331
33,1
37,3
3734
,251
,547
35,5
19,6
3436
,840
,211
38,1
54,8
6338
,864
,863
To
taln
etdeh
tapphca
hie
to23
.18%
1920%
16.5
5%39
.09%
27.9
3%26
.09%
24.1
6%22
.20%
20.4
7%18
.99%
the
limit
asa
%of
debt
limit
102.
Manasquan Board of Education J.14Demographic and Economic Statistics
Last Ten Fiscal Years
PersonalIncome Per Capita
(thousands of Personal Unemployment
Year Population dollars) Income Rate
2002 6349 275464,063 43,387 2.8
2003 6369 277,904,946 43,634 2.8
2004 6361 296,072,745 46,545 2.3
2005 6301 302.901,672 48,072 2.4
2006 6269 329,116,231 52,499 2.4
2007 6238 348,242,588 55,826 3.2
2008 6251 354,775,505 56,755 2.9
2009 4.8
2010 4.8
2011
103.
Manasquan Board of Education j.. 5Principal Employers,Current Year and Ten Years Ago
2011 2002
Percentage of Percentage of
Rank Total Rank Total
Employer Employees (Optional) Employment Employees (Optional) Employment
*No information available
Man
asq
uan
Bo
ard
ofE
duca
tion
J-16
Fu
fl$
ime
Equiv
alen
tDis
tric
tE
mplo
yee
sby
Funct
ionlP
rogra
m,
Las
tT
enF
isca
lY
ears
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Fun
ctio
nlP
rogra
m
Inst
ruct
ion
Reg
ular
101.
510
4.5
104.
510
9.5
105.
510
5.5
106
113
116
110
Spe
cial
educ
atio
n14
1516
1616
1615
1819
20
Oth
erso
ecia
led
ucat
ion
11
11
11
11
22
Voc
atio
nal
--
--
Oth
erns
truc
tion
810
910
1010
1012
99
Nonpubc
scho
olpr
ogra
ms
--
--
--
Adu
lt/c
onti
nuin
ged
ucat
ion
prog
ram
s-
--
-
Su
pp
ort
Ser
vic
es:
Stu
dent
&in
stru
ctio
nre
late
dse
rvic
es32
.436
.436
.437
.4374
374
374
33,4
32.3
31.3
Gen
eral
adm
inis
trat
ion
33
33
33
33
33
Sch
ool
adm
inis
trat
ive
serv
ices
10.6
10.6
10.6
10.6
10.6
10.6
10.6
11.6
11.6
11.6
Oth
erad
min
istr
ativ
ese
rvic
es-
--
-
Cen
tral
serv
ices
44
44
44
55
55
Adm
inis
trat
ive
Info
rmat
ion
Tec
hnol
oty
1.5
1.5
1.5
1.5
1.5
1.5
22
22
Pla
ntop
erat
ions
and
mai
nte
nan
ce15
1516
1616
1616
1819
.119
.1
Pu
pl
tran
spor
tati
on-
--
--
Oth
ersu
ppor
tse
rvic
es-
--
-
Spec
ia.i
Sch
ools
--
--
Foo
dS
ervi
ce-
--
-
Chi
ldC
are
--
--
Tot
ai19
1.0
201.
020
2.0
209.
020
5.0
205,
020
6.0
217.
021
9.0
213.
0
Exh
ibit
J-17
Man
asq
uan
Sch
oo
lD
istr
ict
Oper
atin
gS
tati
stic
s
Pupil
lTea
cher
Rat
io
Fis
cal
Oper
atin
gC
ost
Per
Per
cen
tag
eT
each
ing
Hig
h%
Chan
ge
Stu
den
t
yea
rE
nro
llm
ent
Ex
pen
dit
ure
sP
upil
Ch
ang
eS
taff
Ele
men
tary
Sch
ool
AD
EA
DA
inA
DE
Att
endan
ce%
1707
15,2
46,2
5489
32
112
12.7
12.5
1664
.515
84.6
95.2
0%
1788
16,8
00,9
499,
397
5.21
%11
911
.813
.217
26.3
1640
.83.
71%
95.0
5%
1803
17,5
99,1
179,
761
3.88
%12
311
.613
.417
26.5
1642
.20.
01%
95.1
2%
1784
19,2
21,3
3310
,774
10.3
8%13
311
.412
.217
23.1
1632
.6-0
.20%
94.7
5%
1794
20,3
73,0
9411
,356
5.40
%12
711
.612
.717
20.6
1633
.4-0
.15%
94.9
3%
1716
21,7
16693
12,6
5511
.44%
120
11.1
12.8
1712
.316
34.8
-0.4
8%95
.47%
1702
23,2
52,7
4913
,662
7.95
%12
111
.012
.617
02.0
1614
.5-0
.60%
94.8
6%
1711
23,0
43,1
4713
,472
-1.3
9%13
111
.012
.117
12.3
1632
.00.
61%
95.3
1%
1699
23,3
28,0
5213
,734
1.95
%13
210
.811
.916
98.6
1610
.2-0
.80%
94.8
0%
1697
23,3
72,3
2813
,773
0.28
%16
96.8
1604
.3-0
.11%
94.5
5%
Man
asquan
Sch
oo
lD
istr
ict
Exh
ibit
J18
Sch
ool
Bui
ldin
gIn
form
atio
nL
ast
Ten
Fis
cal
Yea
rs
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
rictB
uin
EkQ
jjta
rM
anas
quan
Ele
men
tary
Sch
ool
Squ
are
Fee
t8
95
00
89,5
0089
,500
89,5
0089
,500
89,5
0011
1,80
011
1,80
011
1,80
011
1,80
0
Cap
acit
y(s
tude
nts)
537
537
537
537
537
537
738
738
738
738
Enr
ollm
ent
694
698
699
686
711
686
690
698
711
688
Man
asqu
anH
igh
Sch
ool
Sq
uar
eFee
t11
7,15
611
7,15
611
7,15
611
7,15
611
7,15
611
7,15
611
7,15
611
7,15
611
7,15
611
7,15
6
Cap
acit
yst
uden
ts)
1051
1,05
11,
051
1,05
11,
051
1,05
110
511,
051
1,05
11,
051
Enr
ollm
ent
1013
1,09
01,
104
1,09
81083
1,03
01,
012
1,01
498
81,
009
107.Manasquan School District Exhibit J19
Schedule of Required Maintenance
Last Ten Fiscal Years
Undistributed Expenditures - RequiredMaintenance for School Facilities
School Facilities Manasquan ManasquanHigh School Elementary School
Project#(s)
2002 99,043 23,989
2003 453017 35,103
2004 109058 12348
2005 102,415 13,655
2006 201,638 27,209
2007 105,647 14,164
2008 359,326 54,936
2009 279,562 84,980
2010 71,550 32000
2011 305,438 4,291
Total School Facilities 2,086,694 302,675
Manasquan School District Exhibit J-20
Insurance ScheduleJune 30, 2011
Coverage Deductible
School Package Policy (1)Multi-Peril Policy (lncl. Boiler & Machinery) 43.412.184 2.500
General Automobile Liability 1000.000 1000
School Board Legal Liability 2000,000 5,000
Catastrophic Excess Liability 10,000.000 -
Workers Compensation 14.322.825 -
Student Accident Jnsurance (2)Accident Medical Expense Benefit 2,000,000 25,000
Catastrophic Cash BenefitMaximum Benefit Amount 500,000
Lump Sum after 6 months 100,000
Benefit Amount 40.000/yr.
Maximum Benefit Period 10 yrs.
Surety Bonds (3)Treasurer 250.000
Board Secretary/Business Administrator 250,000
(1) Boynton & Boynton (Zurich, Zurich. NJSBAIG, NJSBAIG. NJSBAIG)
(2) T.L. Groseclose (Life Insurance Company of North America)
(3) Boynton & Boynton (Selective)
SINGLE AUDIT
SECTION
109.tie 1/7
dotrEL C7. ccILLL5.az.L andCERTIFIED PUBLIC ACCOUNT4NTS
(19591892> (732)280-8888 2807 HUey Pond Road Suite 100
ROBERT A. HIJLSART, JR..C.RA., P.S.A. e-rnairwaH New Jersey 07719-1409
rah@monmouthcom (732) 681-4990
RICHARD J. HELLENBRECHT, JR., C.P.A., P.S.A.
REPORT ON COMPI.IANCE AND ON INTERNAL CONTROL OVER FINANCIAl.
REPORTING ANI) ON COMPLIANCE AND OTHER MATTERS
BASELI ON AN AUDIT OF FINANCIAL STATEMENTS PERFORME1J
IN ACCORDANCE WITH GOI ERAMENTA IDJTJNG ST4NDARDS
Honorable President and Members
of the Board 01’ Education
Manasquan School I)istricl
Coum\ of Mounoutl
Manasquan. New .lerse
We have audited the general-purpose financial statements of the Board of Education of the
\lanasquan School District, in the Counts of \ionmouth. State of Ner ,ierser. as of and for the fiscal
year ended June 30, 201 1, and have issued our report thereon dated August 23. 2011. We conducted our
and it in accordance ss jib audit inc standard cencra liv accepted in the n ted States of America: the
standards applicable to financial audits contained in (iuvcrn,nent Auditing SiumIards, issued h the
Fonsptrol Icr General of the F nited States: and audit requirements Os prescribed hs the Disi5ion of
Finance. Department of Education. Stale of Ness ,Jerse\,
In planning and performing our audit, ss e cons idered the .I.danasquari Board of Education hi
0 1 c 1 cgc en no a w n w hi r 1 n rr s
of expressing our opinion on he i:isauciai statements, Out not tor the pa r(.Io.sc 01 expressing au Opinion
the eltect,veness of the Manasqian Board of Ed:cai ion hi. internal control over financial reporone.
nfl o nn ,. ,. s .
nt.ernal wtrol over hnaneial renort Inc.
.ontrol defic H’ v exists when the. desiun or ooeration 0 a control does nor allow manacement.
in I iormai •‘‘
.r oerornuii their :.sssianed fti:isniens. to user eat or
01 sSI itewents In I uw s \ ignifi sit d Its tat as is I a nt ol la 15tafln or vu bin st nu A
control defleieiis es. that achie cciv ailfets iheei:iitr s ehIitr io nniate. author:re.
renort financial data rel iabiv in ac.cs rdanc.e with LJene.raII\.• tIe cepte.o aceounting principles sudS that there
is more huao. a remote I Lel ir 1 tii ..st:iinqosi 01 the eat it ‘ horns a i ri.eiiienlc hi
inconsea ueutial v. ill not be prevented or detecte.d by the entity’s internal cont.ro I
\ material w eakness is a significant deiicienc or combination of significant deficiencies, that
reu li in more than a remote I ikelihood that a material m isctatemcnt of the financial statements \‘ ill not
be prc’ ented or detected b\ the entilx ‘‘ internal control.
Our consideration of internal control o er financial reporting was for the limited purpose
described in the first pararaph of thR section and would not neceNsaril\ identi R all deficiencies in
internal control that might he igni I’icant deficiencies or material w eaknesses. \\ e did not identil an\
deficiencies in internal control oser financial reporting that we consider to he material weaknesses, as
defined abo\ e.
Compliance and Other Matters
part of obtaining reasonable assurance a bout whether the \lanasqnan Board of Education’
general-purpose financial statements are free olmaterial misstatement, we pertorincd test ol’ its
compliance with certain pros isions of laws, regulations. contracts and grant agreements. noncompliance
w ith which could ha e a direct and material el’flct on the determination of general—purpose financial
statement amounts. I low e er. pro ding an opinion on compliance with those pros islons was not an
objecti e of our audit and. accordingl . we do not express such an opinion. I he results of our tests
disclosed no instances of noncompliance or other matters that are required to he reported under
(;‘er,1,,iL’i1/ .1 ia/i/i ig .51Luiduric and audit requirements as prescribed b\ the Di\ ision of Finance.
Department of Iducation. State of \ew .lerse
I his report is intended solel\ for the inlhrmation and use of the audit committee. management.
the \lanasquan Board of Education. the ‘\ew Jerse\ State Department of’ Education and other state and
federal awarding agencies and pass—through entities and is not intended to he and should not he used h
an one other than these specified parties.
Robert A. Ilulsarllicensed Public School Accountant
o. 3Robert A. I luisart and ( omp in
o/t CYc. c uLaL azcf Ofl2/2Qt2L)
CERTIFIED PUBliC ACCOUNTANTS
ARMOUR S. HULSART C.P.A.. R,M.A., P.S.A. (19591 992) T&ecopiei2807 Hurey Pond oad Suite 100
ROBERT A. HULSART, C.RA.. R.M.A., P.S.A. P.O. Box 1409ROBERTA. HULSART, JR.,C.P.A., P.S.A. e-maI Wat, New Jersey 07719.1409
r,hr,onnou 1’ om 7321 681 490
RICHARD J. HELLENBRECHT JR., C.P.A.. P.S.A,
REPORT O% COiPLIANCF WITh REQUIREMENTS APPLiCABLE To EACH
MAJCR PROGRAM AND ON iNTERNAL CONTROL OVER COMPLIANCE
IN ACCORDANCE WITH 0MB CIRCULAR A-133 AND
K2Honorable President and Membersof the Board ot Education
\lanasquan School DiNtrietCount of Monniouth\iailpian. “\c\\ .jcr’,,.’\
in p1 ian ee
e have audited the compliance of the 1’o:i.t jp of the \ianaquan School DNtrci. athe Couni of Monmouth. State of \ J . id the t pe of compliance reoun’emen1 described intli ‘ ‘liii of 1 jii f O 0 1.)i 1J I 1 o n i a n ,n inc U L
1 17 / lilt/i 111 l / th i k. LI L 1/ O ii’ ldc. I md lie
programs for the fisca ear ended June tt), () 1. \lanasquan Board of Educations malor fi7deral andstate programs are identilied in the summar of auditor’s results section of the accompanying schedule of
lindings and questioned costs. Compliance x ith the requirements of laws, regulations, contracts andgrants applicable to each of its major state programs is the responsibility of the Manasquan E3oard ofEducation’s m.anage.ment. Our responsihi.lity i to express an opinion on the Manasquan Board ofE.ducation’s compliance hase.d on our audit.
We condt.mcted our audit of compliance in accordance. with auditing standards generally acceptedin the Unite.d S tates of .Americ.a; the standards aprdi.cable to tina.nc.ial auditsc ontained.1 uditing Standards. asucd hy the Comp.trol Icr (iceral of the I nted States: the audit requirements asprescribed hr the ).sfi of Finance, Denartment of .Edacai ion. State v Jersey: O TB Circular
(iMP Ciictil..ar and \e\.\ Jrse\ CM ltd jt..cula. cq:iex ii a.t cthe audit uhtaia reasonable ssurauce nel.uer iioncon5u.a.cc all
c.niD!./aflce reLi ircilcuts rclbrred to ahore that could ha a direct a.nt maiCria a mater
0 L I 0
I ,, —
.)iflIOn, Our audit P.O lrL\ ide a Iced. a. :cnniu:u.Cn the M.an•asriaan Ii rpl ol totucatcons.compliance with those reslalrements.
112.
In our opinion, the Board of Education of the Manasquan School District, in the Count> of
lonmouth. State of’%cn Jersey. complied, in all material respects. with the requirements referred to
abm e that are applicable to each of its major state programs for the year ended June 30. 2011.
Internal Control Oer Comaliance
1 he management of the Board of Lducation of the Manasquan School District is responsible for
establishing and maintaining effbcti e internal control o er compliance with requirements of law
regulations. contracts and grantc applicable to federal and state programs. In planning and perthrming
our audit. we considered the Manasquan Board of Education’s internal control oser compliance with
requirements that could ha’ e a direct and material effect on a major federal or state program in order to
determine our auditing procedures tbr die purpose or expressing our opinion on compliance, but not ibr
the purpose ofexpressing an opinion on the eflixti eness of internal control in er compliance.
Accordingly. we do not express an opinion on the etrecti encss of the Manasquan Board of Fducation’s
internal control oer compliance.
A ewurol tk’/icknn in an entits ‘s internal control oier compliance eist when the design or
operation ofa control does not allow management or employees. in the nonnal course of performing their
assigned functions. to pre ent or detect noncompliance with a type of compliance requirement ofa
federal program on a timely basis. A .signitkcrni defickiky is a control deficiency. or combination of
control deficiencies, that adersely affects the entity’s ability to administer a federal program such that
there is more than a remote likelihood that noncompliance with a type ofcompliance requirement of a
federal or state program that is more than inconsequential “ill not be pie’ ented or detected by the
entiti ‘s internal control.
A material weakness is a significant deficiency. or combination of significant deficiencies. that
results in more than a remote likelihood that material noncompliance with a type ofcompliance
requirement ofa federal or state program will not be prei ented or detected by the entity’s internal
control.
Our consideration of internal control oer compliance was for the limited purpose described in
the first paragraph of this section and would not necessarily identi1. all deficiencies iii internal control
that might be significant dcficicncic or material weakasses. 4 c did not idcntif3 any deficiencies in
;nternal control oser compliance that we consider to be material weaknesses, a defined abine
1anasquan Board of 1-ducation’s responses to the findings identified in our audit are described in the
accompanying schedule of findings and quc4ioned costs. e did not audit lanasquan Board of
I ducation iesponse and. acordingl we.. tpress no opinion on it
ll,l ierort is mi ailed n(ch n’i ihe information and use ‘I the audit coinmitlet.. ananasement
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BOARD OF EDUCATIONK-S
MANASQUAN SCHOOL DISTRICT
NOTES TO SCHEDULES OF FINANCIAL ASSISTANCE
JUNE 30, 2011
NOTE 1: General
The accompanying schedules of financial assistance present the activity of all federal and
state financial assistance programs of the Board of Education. Manasquan School District. The
Board of Education is defined in Note 1(A) to the Board’s general-purpose financial statements.
All federal and state awards received directly from federal and state agencies, as well as federal
awards and state financial assistance passed through other government agencies is included on
the schedule of expenditures of federal awards and state financial assistance.
NOTE 2: Basis of Accounting
The accompanying schedules of expenditures of awards and financial assistance are
presented on the budgetary basis of accounting with the exception of programs recorded in the
food service fund, which are presented using the accrual basis of accounting. These bases of
accounting are described in Note I to the Board’s basic financial statements. The information in
this schedule is presented in accordance with the requirements of 0MB Circular A-i 33, Audits of
States. Local Governments, and Non-Profit Organizations. Therefore, some amounts presented
in this schedule may differ from amounts presented in. or used in the preparation of, the basic
financial statements.
NOTE 3: Relationship to General Purpose Financial Statements
The general-purpose financial statements present the general fund and special revenue
fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for
the general fund and special revenue fund to demonstrate finance-related legal compliance in
which certain revenue is permitted by law or grant agreement to be recognized in the audit year,
whereas for GAAP reporting, revenue is not recognized until the subsequent year or when
expenditures have been made.
The general fund is presented in the accompanying schedules on the modified accrual
basis with the exception of the revenue recognition of the last state aid payment in the current
budget year, which is mandated pursuant to N.J.S,A. l8A:22-44,2, For GAAP purposes, that
payment is not recognized until the subsequent budget year due to the state deferral and
recording of the last state aid payment in the subsequent year. The special revenue fund is
presented in the accompanying schedules on the grant accounting budgetary basis which
recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the
GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the
current budget year, consistent with N.J.S.A. I 8A:22-4.2.
The net adjustment to reconcile from the budgetary basis to the GAAP basis is S98,803
for the ceneral fund and SO for the special revenue fund. See Note I for a reconeltat ion of the
budgetary basis to the modified accrual basis of accounting for the general and special revenue
funds.Awarls and financial assistance revenues are reported in the Board’s general purpose
financial statements on a GAAP basis as presented below:
NOTE 3: Relationship to General Purpose Financial Statements
Federal State TotalGeneral Fund S 1,727.226 L727,226Special Revenue Fund 571,5 1 5 92.5 13 664,028Food Service Fund 95,135 3,551 98.686
lotal :\ards and Financial ;\ssistance 5666.650 1 823.290 2.4$9,Q40
NOTE 4: Relationship to Federal and State Financial Reports
:\inounts. reported in the accompanying schedules agree with the amounts reported in the
related lderal and state fThancial reports.
NOTE 5: Other
Revenues and expenditures reported under the Food Distribution Program representcurrent ear value recei\ ed and current year distributions respectively. The amount reported asTPAF Pension Contributions represents the amount paid b the state of behalf of the District for
the year ended .Junc 30. 20 1 1 1 PAF Soc al Security Contributions represents the amountreimbursed h the state for the emplovers share of social security contributions for TPAFmembers ir the ear ended June 30. 7011
NOTE 6: Adjustment
Teacher Recognition was incorrectly identified as State Aid, but it is a Local Revenue.
and the adjustment was made to eliminate as State Aid and reclassify as Local Revenue.
117WBOROUGH OF MANASQUAN SCHOOL DISTRICT
SCHEDULE OF FINDINGS AM) QUESTIOINEL) COSTS
FOR THE FISCAL YEAR EN1)ED JUNE 30. 2011
Parr I — Sumniarv o[-ludiwr’s Rec,,1t
Financial Statement Section
A) 1 pe ol auditors reporl issued:
B) Internal c omrol over financial reporting:
I) Material \\eakness)es) identitied?
2) Sirmi [icant deficiencies identified that were
not considered to he material weaknesses?
(C) Noncompliance material to general purpose financial
statements noted?
Federal Awards
Internal control over compliance:
1) Material weakness(es) identified?
Reportable condition( ) identified that are
not considered to be material \eaknesses?
I pe ol auditors report issued on compliance for major programs:
\ny audit findings disclosed that are required to he reported
in accordance with section 5 10(a) of Circular A— 133?
denti icalion of maor grogram:
DANumIers
$4 O2?
8439
84392
_____
Xl. XIS
Unqualified
Yes x \o
Yes x
No [1 C
Reported
Yes x No
Yes x No
None
Yes x Reported
Unquali lied
Yes x No
Name of Federal Program or Cluster
IDEA Part 13
___________
IDEA Preschool
AREA IDEA Part [3
AR.R.A IDEA Pre.school
________
Project Ser e
Dollar t.hre.shoid used to d stingu ish between type. A and ty.e 13 programs:
K-6
BOROU(;H OF MANASQUAN SCHOOL DISTRICT
SCHEDULE OF FINI)INCS AND QUESTIONED COSTSK-6
FOR THE FISCAL YEAR ENDEI) JUNE 30. 2011
Ptiit I — .Sumuuiri oJA:iditorc Results (continued)
State Awards Section
(D) Dollar threshold used to determine T’ pe A programs: S30000O
E ) Auditee qualified as low—risk auditee? \ Yes
(F) Internal control over major prorams:
(I ) Material Weakness(es) identified? Yes x No
(2) Significant Deficiencies identified that were
not considered to material weaknesses? Yes x No
(Ci) T pe of auditors report on compliance for major prOgrams: linquali fled
H Any audit findings disclosed that are required to be reported
in accordance with N.J. OMBs Circular 04—04? Yes x No
(I) Identification of major programs:
j!SNumbers Name of State Program
11-100-034-5095-002 Reimbursed TPAF Social Security Contributions
BOROUGH OF MANASQUAN SCHOOL DISTRICT
SCHEDULE OF FINDINGS AND OUESTIONED COSTSK-6
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Part ii- Schedule of Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance
related to the general purpose financial statements that are required to be reported in accordance with
paragraphs 5.1 $ through 5.20 Government Auditing Standards.
Finding: No matters were reported.
Criteria or specific requirement: N/A
Condition: N/A
Context: N/A
Effect: N/A
Cause: N/A
Recommendation: N/A
Views of Responsible Officials and Planned Corrective Actions:
BOROUGH OF MANASQUAN SCHOOL DISTRICT
SCHEI)ULE OF FINDINGS AND QUESTIONED COSTSK-6
FOR THE FISCAL YEAR ENDEI) JUNE 30, 2011
Part Ill - State Financial Assistance Findings and Questioned Costs
This section identifies audit Cindings required to be reported by section .5 0(a) of Circular A- 133 and NJOMB
Circular Letter 04-04.
STATE AWARI)SFinding: No matters were reported.
Information on the State Program: NJA
criteria or specific requirement:
Condition: N/A
Questioned Costs: N/A
Context: N/A
Effect: N/A
Cause:
Recommendation: N/A
Manaements response: N/A
Prior Audit Findin2s:
None
BOROUGH OF MANASOUAN SCHOOL DISTRICT
SUI1iARY SCHEDULE OF PRIOR AUDIT FINI)INGSK-7
FOR THE FISCAL YEAR ENDED JUNE 30. 2011