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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT

Mullica Hill, New JerseyCounty of Gloucester

COMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2014

Clearview Regional High School DistrictFinance Department

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE


MULLICA HILL, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Prepared by

PAGE

Letter of Transmittal 1Organizational Chart 5Roster of Officials 7Consultants and Advisors 8

Independent Auditors' Report 11

REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion & Analysis 17

BASIC FINANCIAL STATEMENTS

A. District-Wide Financial Statements:A-1 Statement of Net Position 35A-2 Statement of Activities 36

B. Fund Financial Statements:Governmental Funds:

B-1 Balance Sheet 43B-2 Statement of Revenues, Expenditures & Changes in Fund Balance 44B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund

Balance of Governmental Funds to the Statement of Activities 45Proprietary Funds:

B-4 Statement of Net Position 49B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 50B-6 Statement of Cash Flows 51

Fiduciary Funds:B-7 Statement of Fiduciary Net Position 55B-8 Statement of Changes in Fiduciary Net Position 56

Notes to Financial Statements 59

REQUIRED SUPPLEMENTARY INFORMATION - PART II

C. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General Fund 85C-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance -

Budget & Actual N/AC-1b Education Jobs Fund Program - Budget & Actual N/AC-2 Budgetary Comparison Schedule - Special Revenue Fund 96

Notes to the Required Supplementary Information:C-3 Budget-to-GAAP Reconciliation 99

OUTLINE OF CAFR - GASB #34

INTRODUCTORY SECTION

FINANCIAL SECTION

D. School Based Budget Schedules Fund:D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource

Type - Actual N/AD-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & Actual N/A

E. Special Revenue Fund:E-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund -

Budgetary Basis 107E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A

F. Capital Projects Fund:F-1 Summary Statement of Project Expenditures 113F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance -

Budgetary Basis 114F-2a Schedule of Revenues, Expenditures, Project Balance & Project Status -

Budgetary Basis 115

G. Proprietary Funds:Enterprise Funds:

G-1 Combining Statement of Net Position 121G-2 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 122G-3 Combining Statement of Cash Flows 123

Internal Service Funds:G-4 Combining Statement of Net Position 127G-5 Combining Statement of Revenues, Expenses & Changes in Fund Net Position 128G-6 Combining Statement of Cash Flows 129

H. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net Position 133H-2 Combining Statement of Changes in Fiduciary Net Position 134H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 135H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 135

I. Long-Term Debt:I-1 Schedule of Serial Bonds 139I-2 Schedule of Obligations Under Capital Leases N/AI-3 Debt Service Fund Budgetary Comparison Schedule 140I-4 Debt Service Fund Schedule of Compensated Absences 141

Financial Trends:J-1 Net Position by Component 145J-2 Changes in Net Position 146J-3 Fund Balances - Governmental Funds 149J-4 Changes in Fund Balance - Governmental Funds 150J-5 Other Local Revenue by Source - General Fund 152

Revenue Capacity:J-6 Assessed Value & Estimated Actual Value of Taxable Property 153J-7 Direct & Overlapping Property Tax Rates 154J-8 Principal Property Taxpayers 155J-9 Property Tax Levies & Collections 156

STATISTICAL SECTION (unaudited)

Debt Capacity:J-10 Ratios of Outstanding Debt by Type 157J-11 Ratios of General Bonded Debt Outstanding 158J-12 Direct & Overlapping Governmental Activities Debt 159J-13 Legal Debt Margin Information 160

Demographic & Economic Information:J-14 Demographic & Economic Statistics 161J-15 Principal Employers 162

Operating Information:J-16 Full-Time Equivalent District Employees by Function/Program 163J-17 Operating Statistics 164J-18 School Building Information 165J-19 Schedule of Required Maintenance 166J-20 Insurance Schedule 167

K-1 Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 171

K-2 Independent Auditors' Report on Compliance for Each Major State Program; Report on Internal Control Over Compliance; and Report on the Schedule of Expenditures of State Financial Assistance Required by New Jersey OMB Circular 04-04 173

K-3 Schedule of Expenditures of Federal Awards, Schedule A 177K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 178K-5 Notes to Schedules of Awards and Financial Assistance 179K-6 Schedule of Findings & Questioned Costs 181K-7 Summary Schedule of Prior Audit Findings 184

SINGLE AUDIT SECTION

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INTRODUCTORY SECTION

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Andrew

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MEMBERS OF THE BOARD OF EDUCATION TERM EXPIRES

Patrick Campbell, President 2015

Michele Giaquinto 2014

Donald Coughlan 2014

Debbie Lundberg 2015

Ron Moore 2016

Vincent Caltaldi, Jr. 2015

Karen Vick 2016

Timothy VanNoy 2014

Paul Ware 2016

OTHER OFFICIALS

John Horechak, III, Superintendent

Esther R. Pennell, CPA, School Business Administrator

Frank P. Cavallo, Jr., Esquire, Solicitor

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT420 Cedar Road

Mullica Hill, New Jersey 08062

ROSTER OF OFFICIALS

June 30, 2014

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P.O. Box 5054

OFFICIAL DEPOSITORY

Parker McCay

Mount Laurel, New Jersey 08054-1539

618 Stokes RoadMedford, New Jersey 08055

ATTORNEY

Mullica Hill, New Jersey 08062

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTMULLICA HILL, NEW JERSEY

CONSULTANTS AND ADVISORS

AUDIT FIRM

Holman Frenia Allison, P.C.Michael Holt, CPA, PSA

100 N. Main Street

9000 Midlantic Drive, Suite 300

Century Savings Bank

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FINANCIAL SECTION

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INDEPENDENT AUDITOR’S REPORT Honorable President and Members of the Board of Education Clearview Regional High School District County of Gloucester Mullica Hill, New Jersey 08062 Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Clearview Regional High School District, County of Gloucester, State of New Jersey, as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America; and the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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rchandran

Letterhead

Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Clearview Regional High School District, County of Gloucester, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 1 to the financial statements, during the fiscal year ended June 30, 2014 the District adopted new accounting guidance, GASB Statement No. 65, Items Previously Reported as Assets and Liabilities. Our opinion is not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and budgetary comparison information as presented in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Clearview Regional High School District’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying schedule of expenditures of federal and state financial assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid respectively, and is also not a required part of the financial statements. The combining and individual fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal and state financial assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion,

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the combining and individual fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal and state financial assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 23, 2014 on our consideration of the Clearview Regional High School District’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Clearview Regional High School District’s internal control over financial reporting and compliance.

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

Michael Holt Certified Public Accountant Public School Accountant No. 1148

Medford, New Jersey October 23, 2014

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REQUIRED SUPPLEMENTARY INFORMATION - PART I

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CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT Mullica Hill, New Jersey

MANAGEMENT’S DISCUSSION AND ANALYSIS

FISCAL YEAR ENDED JUNE 30, 2014

UNAUDITED The District’s management discussion and analysis of financial performance provides an overview of the District’s financial activities for the fiscal year ended June 30, 2014. The intent of the discussion and analysis is to look at the District’s financial performance as a whole. Interested parties should review the basic financial statements and notes in connection with this document in order to enhance and clarify their understanding of the finances of the District. The Management’s Discussion and Analysis (MD&A) is an element of the Required Supplementary Information specified in the Governmental Accounting Standards Board’s (G.A.S.B.) Statement No. 34 – Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments issued in June 1999. Comparative information between the current year (2013-2014) and the prior year (2012-2013) is required to be present in the MD&A. Financial Areas of Interest for 2013/2014

Overview During the budget preparation process, Clearview was notified that it would receive a $183,322 increase in general fund state aid a ($88,256) decrease in debt service state aid. The State only funded 85% of its promised Debt Service Aid, type 2. In addition, the State charged Clearview a $217,620 SDA Assessment Charge. This assessment represents 15% of the State’s principle and interest cost coming due on facility grants that were awarded to Clearview in prior years. Once again the reduction in State Aid caused significant shortages in various 2013/2014 budget appropriation line items. A large increase in the cost of health benefits caused an increase in the District’s general fund tax levy. The district was forced to use banked cap in the amount of $163,361 and an adjustment in the tax levy for health care expenses in the amount of $348,986. The general fund levy was increased by a total amount of $827,352 and caused a 2 cent increase in taxes in the Harrison community and a 4 cent increase in taxes in the Mantua community. In recent prior years, the lack of state aid created a financial crisis in many school districts across the State of New Jersey, including Clearview. This caused communities, especially growing ones like ours, to increase local property taxes to meet the needs of the District. The number of students attending Clearview Regional over the past seven years increased by approximately 124, which is a 5% increase in the student population.

School Year Students 2006/2007 2392 2007/2008 2399 2008/2009 2454 2009/2010 2441 2010/2011 2501 2011/2012 2498 2012/2013 2489 2013/2014 2516

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Delay in State Aid Payments The Commissioner of Education again announced that the last two State aid payments for 2013/14 in the amount of $1,370,735 would be delayed until July 2014. This measure along with S1701 (reduction of surplus to 2%) has resulted in severe cash flow issues for all New Jersey School Districts. Staffing

The need for additional staff continues to have a substantial impact on the District budget. The District is committed to meeting the staffing needs in order to accommodate the growing student population.

Special Education The costs for the out-of-district placements continued to rise. The District incurred costs of $2,217,304 for tuition. This does not include the cost for the transportation related to these students. The District continues to closely monitor these costs as they represent a substantial portion of the budget.

Vocational School Tuition The district incurred costs of $266,908 for tuition to the County Vocational School. Prior to the 2010/11 school year, the County Vocational School did not charge local districts tuition. This is a new expenditure that is paid for with the local tax levy. These students are not reported on our rolls so we do not receive any State Aid for them.

Transportation The District’s growth in student population continues to impact the transportation department. Additional drivers, buses, activity routes, and outside contracted routes resulted in considerable expenditure increases. The increase in staff time required to perform the tasks of transporting approximately 2,516 students is significant and costly. The Transportation Department expenditures for operations and salaries were approximately $1,682,403 which is $28,895 more than 2012/13. The District continues to provide transportation services to the Mantua Township School District. This adds another 1,650 students to the daily responsibilities of the Transportation Department. We continue to realize cost efficiencies in this area by maximizing fleet utilization.

Facility Projects

Middle School Special Needs Toiletroom: In May 2014, the District awarded a contract to Parks & Billak General Contractors in the amount of $52,211 for the construction of a new special needs toilet room in the Middle School. The project is funded with funds which are available in the capital reserve for that purpose. This project was completed August 2014.

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State Aid While State Aid has been approximately level for seven fiscal years (2001-02, 2002-03, 2003-04, 2004-05, 2005-06, 2006-07 and 2007-08), due to the School Funding Reform Act of 2008, the district received an increase in State Aid for 2008-09 and 2009-10. For 2009/10 this 5% increase totaled $624,684. While the District was originally awarded a 5% increase in State Aid when developing its budget for 2009/10, we were notified on February 11, 2010 that $1,498,592 would be withheld from 2009/10 state aid payments in the amount of surplus and reserve account monies available to the District. The District opted to reduce 2009/10 appropriations by $961,819 to offset this reduction. The remaining $536,773 came from the reserves. The 2010/11 State Aid to the District was reduced by $1,839,530 causing the entire budget to be reduced by $2,000,939. For 2012/13 the District received a net increase in State Aid of $692,518. For 2013/14 the District received a net increase in State Aid of $103,549.

Tax Rate and Base The final budget resulted in a tax increase of 2.34 cents per hundred of assessed value for Harrison Township residents and increased 4.17 cents per hundred of assessed value for Mantua Township residents. Mantua Township’s ratable base decreased by ($17,781,120) for 2013. The increase in the ratable base in Harrison Township was $9,921,313 (.74%). The municipal tax is shared between the towns with Mantua’s absorbing 51.66% while Harrison’s is 48.34% during the 2013-14 school year.

Surplus The District has again infused a considerable amount of surplus into the budget. In 2012-13, $1,451,409 was anticipated as Budgeted Fund Balance. In comparison, the District anticipated $1,453,336 in Budgeted Fund Balance in 2013-14. The District was able to make substantial “deposits” into surplus in 2013-14. There was a total of $1,528,615 from unspent appropriations and excess of actual revenues to budget of $441,032 (these figures exclude non-budgeted TPAF pension and Social Security contributions). Of these amounts, $340,000 was deposited into the capital reserve and $100,000 was deposited into the maintenance reserve. The “deposit” into surplus was a result of savings in several areas including salaries, supplies, special education tuition, maintenance of school facilities, health benefits, and miscellaneous revenue.

Using this Comprehensive Annual Financial Report (C.A.F.R.) This annual report consists of a series of financial statements and notes to those statements. These statements are organized so the reader can understand the Clearview Regional District as a financial whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities. The Statement of Net Position and Statement of Activities provide information about the activities of the whole School District, presenting both an aggregate view of the School District’s finances and a longer-term view of those finances. Fund financial statements provide the next level of detail. For governmental funds, these statements tell how services were financed in the short-term as well as what remains for

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future spending. The fund financial statements also look at the School District’s most significant funds with all other non-major funds presented in total in one column. The General Fund is by far the most significant fund. Reporting the School District as a Whole Statement of Net Position 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 of the financial transactions and asks the question, “How did we do financially during 2013-2014?” The Statement of Net Position and the Statement of Activities answers this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector businesses. These bases of accounting take 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 District’s net position and changes in those assets. This change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District and whether it has improved or diminished. The causes of this change may be the result of many factors, some financial and some non-financial. 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 Position 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 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 expenses of the goods or services provided. The Food Service and School Store enterprise funds are reported as business activities.

Reporting the School District’s Most Significant Funds Fund Financial Statements Fund financial reports provide detailed information about the School District’s funds. The School District uses many funds to account for a multitude of financial transactions. The School District’s 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 information helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs.

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The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds is reconciled in the financial statements. Enterprise Fund The enterprise funds use the same basis of accounting as business-type activities; therefore, these statements are essentially the same. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the District-wide and fund financial statements. The notes to the financial statements can be found on pages 59 – 80 of this Report. The School District as a Whole The Statement of Net Position provides the perspective of the School District as a whole. Net position may serve over time as a useful indicator of a government’s financial position. The District’s financial position is the product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capital assets. Table 1 provides a summary of the School District’s net position for FY 2014 compared to FY2013.

Table 1

Business- Business- Total TotalGovernmental Type Governmental Type 2014 2013

AssetsCurrent and Other Assets 4,628,093 380,401 7,028,193 390,895 5,008,494 7,419,088Capital Assets 45,137,587 4,467 46,845,966 4,475 45,142,054 46,850,441Total Assets 49,765,680 384,868 53,874,159 395,370 50,150,548 54,269,529

Deferred Outflow of ResourcesDeferred Charges of Refunding

Debt 823,027 - - - 823,027 - Total Deferred Outflow

of Resources 823,027 - - - 823,027 -

Total Deferred Outflow ofResources and Assets 50,588,707 384,868 53,874,159 395,370 50,973,575 54,269,529

LiabilitiesCurrent Liabilities 2,457,203 24,447 2,980,612 52,065 2,481,650 3,032,677Noncurrent Liabilities 19,945,341 68,391 22,909,699 67,203 20,013,732 22,976,902Total Liabilities 22,402,544 92,838 25,890,311 119,268 22,495,382 26,009,579

Net PositionNet Investment in Capital Assets 25,259,587 4,467 25,182,966 4,475 25,264,054 25,187,441 Restricted 4,829,648 4,457,608 4,829,648 4,457,608 Unrestricted (1,903,072) 287,563 (1,656,726) 271,627 (1,615,509) (1,385,099)Total Net Position 28,186,163 292,030 27,983,848 276,102 28,478,193 28,259,950

2014 2013Clearview Regional High School District's Net Position

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Table 2 shows changes in net position for fiscal year 2014.

Table 2 Governmental Business-type Governmental Business-type

Total Total

2014 2014 2013 2013 2014 2013

Revenues

Program Revenues:

Charges for Services 1,182,320 773,209 1,188,188 764,302 1,955,529 1,952,490

Operating Grants & Contributions 1,327,801 169,415 1,282,961 170,016 1,497,216 1,452,977

General Revenues:

Property Taxes 18,662,177 17,846,942 18,662,177 17,846,942

Grants and Entitlements 17,685,796 17,786,446 17,685,796 17,786,446

Other 617,069 3,213 527,778 814 620,282 528,592

Total Revenues 39,475,163 945,837 38,632,315 935,132 40,421,000 39,567,447

Program Expenses:

Instruction 14,069,087 13,906,235 14,069,087 13,906,235

Support Services:

Tuition 2,546,942 2,276,335 2,546,942 2,276,335

Student & instructional related 2,987,274 2,838,943 2,987,274 2,838,943

School administrative services 1,440,069 1,380,923 1,440,069 1,380,923

General administration 518,845 518,657 518,845 518,657

Central services 380,167 401,679 380,167 401,679

Administrative info technology 337,575 331,690 337,575 331,690

Plant operations & maintenance 2,839,811 2,874,443 2,839,811 2,874,443

Pupil transportation 2,695,591 2,690,554 2,695,591 2,690,554

Employee benefits 8,286,479 8,002,781 8,286,479 8,002,781

Special schools 72,318 66,383 72,318 66,383

Interest and Charges on

Long- Term Debt 1,071,875 1,048,869 1,071,875 1,048,869

Unallocated depreciation 1,870,974 1,855,719 1,870,974 1,855,719

Food service 865,226 836,903 865,226 836,903

Other business-type activities 64,683 73,359 64,683 73,359

Total expenses 39,117,007 929,909 38,193,211 910,262 40,046,916 39,103,473

Increase (Decrease) in Net Position 358,156 15,928 439,104 24,870 374,084 463,974

Activities Activities

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Governmental Activities The unique nature of property taxes in New Jersey creates the legal requirements to annually seek voter approval for the School District operations. Property taxes made up 47.28 percent of revenues for governmental activities for the fiscal year 2014. Property tax revenues, increased by, $815,235, which equates to a 4.57% increase over the prior year Governmental Fund tax revenues. The increase was needed to fund the additional expenditures associated with an increase in enrollment, higher operating costs, and maintenance projects. The District’s total governmental revenues were $39,475,163 including the Capital Projects fund. The revenue breakout for all funds is as follows: Revenues for Governmental Funds for Fiscal Year 2014

PercentageState aid unrestricted 43.02%Property taxes 47.28%State aid restricted 6.36%Federal aid 1.78%Miscellaneous (Adult school, interest, other) 1.56%

100.00%

Expenses for Governmental Funds for Fiscal Year 2014 compared to 2013

2014 2013Percentage Percentage

Instruction 35.97% 36.41%Student support services 14.15% 13.39%School administration 3.68% 3.62%General administration 1.33% 1.36%Central administration 0.97% 1.05%Administrative info. Technology 0.86% 0.87%Operations & maintenance 7.26% 7.53%Transportation 6.87% 7.04%Employee benefits 21.19% 20.95%Special schools 0.18% 0.17%Interest on debt 2.74% 2.75%Depreciation 4.79% 4.86%

100.00% 100.00%

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Business-Type Activities Revenues for the District’s business-type activities (food service program) were comprised of charges for services and federal and state reimbursements.

Food service, summer camp, the Little Pioneers Preschool Program and school store expenses exceeded revenues by $15,928. Charges for services represent $773,209 of revenue. This represents amounts paid by patrons for daily food service, summer camps, the Little Pioneers Preschool Program and school store sales. Federal and state reimbursement for meals, including payments for free and reduced lunches and breakfast, and donated commodities was $169,415.

Governmental Activities The Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. The net cost shows the financial burden that was placed on the District’s taxpayers by each of these functions.

Table 3

Table 3 Total Cost of Net Cost of Total Cost of Net Cost of

Governmental 2014 2014 2013 2013 Instruction 14,069,087 13,528,007 13,906,235 13,410,805 Support services: Student & instructional staff 5,534,216 5,247,612 5,115,278 4,849,860

School administrative services 1,440,069 1,440,069 1,380,923 1,380,923 General administration 518,845 518,845 518,657 518,657 Central services 380,167 380,167 401,679 401,679 Administrative info. Technology 337,575 337,575 331,690 331,690 Plant operations & maintenance 2,839,811 2,839,811 2,874,443 2,874,443 Pupil transportation 2,695,591 1,682,403 2,690,554 1,644,177 Employee benefits 8,286,479 8,117,347 8,002,781 7,860,970Special schools 72,318 72,318 66,383 66,383Interest and Charges on Long-Term

Debt 1,071,875 571,758 1,048,869 526,756Depreciation 1,870,974 1,870,974 1,855,719 1,855,719Total governmental expenses 39,117,007 36,606,886 38,193,211 35,722,062

Business-typeFood Service 865,226 (1,970) 836,903 (378)Other business-type activities 64,683 14,685 73,359 (23,678)Total business-type expenses 929,909 12,715 910,262 -24,056Total expenses 40,046,916 36,619,601 39,103,473 35,698,006

Services Services

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Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and student, including extracurricular activities. Pupils and instructional staff include the activities involved with assisting staff with the content and process of teaching to students, including curriculum and staff development. General administration, school administration, and business include expenses associated with administrative and financial supervision of the District. Operation and maintenance of facilities involve keeping the school grounds, buildings, and equipment in an effective working condition. Pupil transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by State law. Interest and Charges on Long-Term Debt involves the transactions associated with the payment of interest and other related charges to debt of the School District. “Other” includes special schools and unallocated depreciation and amortization. The School District’s Funds All governmental funds (i.e., general fund, special revenue fund and debt service fund presented in the fund-based statements) are accounted for using the modified accrual basis of accounting. Total revenues amounted to $38,292,843 and expenditures were $38,036,265. The net change in fund balance for the year was most significant in the General Fund, with an increase of $336,075. The schedules (see Exhibit B-2) included in the financial section of this Report demonstrate that the District continues to meet its responsibility for sound financial management. 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 schedules present a summary of the revenues of the governmental funds for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to prior year revenues.

Table 4

Increase Percent ofPercent of (Decrease) Increase

Revenue Amount Total from 2013 (Decrease)Local sources 19,279,246 50.35% 904,526 5.46%State sources 18,309,621 47.81% (107,589) -0.71%Federal sources 703,976 1.84% 51,779 7.18%

38,292,843 100.00% 848,716 2.61%

The increase in revenue was due to an increase of tax levy revenue of $815,235 and a federal aid increase of $51,779 offset by a decrease of state aid of $107,589. The following schedules present a summary of general fund, special revenue fund, and debt service fund expenditures for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to prior year expenditures.

25

Increase Percent ofPercent of (Decrease) Increase

Expenditures Amount Total from 2013 (Decrease)Current expense: Instruction 14,069,087 36.99% 162,852 1.25% Undistributed 20,847,733 54.81% 710,585 4.27%Capital Outlay 382,915 1.01% (943,946) -151.03%Special Schools 72,318 0.19% 5,935 6.46%Debt Service: Principal 1,785,000 4.69% 45,000 3.02% Interest 879,212 2.31% (74,614) -5.77%

38,036,265 100.00% (94,188) -0.31%

The largest portion of General Fund expenditures is for salaries and benefits. The District is a service entity and as such is labor intensive. This is typical for a service industry in both the public sector and private industry. Expenditures are down $94,188 over the prior year mostly due to decrease in Capital Outlay expenditures. General Fund Budgeting Highlights The School District’s budget is prepared according to New Jersey law, and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund. Over the course of the year, the District revised the annual operating budget several times. Revisions were made to recognize revenues that were not anticipated and to prevent over-expenditures in specific line item accounts. The major areas are addressed below.

Cost Savings Initiated

The Clearview Regional Board of Education continued to implement cost savings initiatives throughout 2013-14, including but not limited to: Special Education Alternative Program The aforementioned self-contained educationally handicapped component was continued at the alternative high school program. This program reduced the number of students in need of out of District placement by providing the environment and special services needed on campus. Health Benefits The “Opt-out” program allowed the District to realize additional savings in this area. The “Opt-out” program enables employees to receive cash in-lieu-of benefits under the Section 125 Plan. In May 28, 2009, the Board of Education approved to join the Southern NJ Regional Employee Benefits Fund for provision of health benefits effective August 1, 2009. This resulted in significant savings in the 2009/10 district budget. This joint insurance fund will enable the

26

District to more accurately and timely budget health benefits costs for the subsequent budget year. Split School Staffing Teachers were assigned to deliver instructional services at both schools, thereby negating the need for some additional staff.

Tiered Bus Schedules

There are two bus runs which enabled to utilize the buses twice for pickup and twice for dropoff. Clearview also transports all Mantua Elementary children. Solar System In March 2010, the district completed the installation of a new solar photovoltaic system on the Middle School roof. The solar system will provide a financial and educational benefit to the district. In July 2010, the district received a NJ Core Rebate in the amount $417,170. These funds were deposited into the capital reserve for payment of future debt service for the solar system. In addition, the District will receive State Debt Service Aid each year to offset over 50% of the debt service. Savings on the Middle School electricity will be realized annually. In 2013/14 the District sold Solar Renewable Energy Credits (SREC) and brought additional revenues in the amount of $47,865 into the District budget.

Interest Income The District realized $8,570 in interest income during the 2013-2014 school year. This was a decrease of $2,579 over the prior year. The decrease is due to the fact that the District has less funds available to invest and declining interest rates.

Grants The District continues to pursue competitive grants. In 2013-2014, the District took advantage of the Perkins Technology grant in the amount of $51,115. The Federal award for Perkins Funds decreased by ($15,743) in 2013/14.

Financial Concerns The budget will continue to be impacted by the increasing costs in the following areas: special education, workers compensation insurance, property/casualty insurance, medical costs and salaries. The areas of transportation, maintenance, substitute teachers, home-instruction, athletic and energy all continue to increase as the size of the District increases. These areas are often overlooked when reviewing the true impact of a growing District. The Business Office continues to monitor every line item in an effort to contain costs in every area.

Prior Recommendations

None

27

Statewide Performance Goals The District Statewide Performance Goals attainment for the 2013-2014 school year is reported as follows. The High School met Performance Goals in both English Language Arts and Mathematics for our schoolwide population. All applicable subgroup populations’ targets were met with the exception of Mathematics for Economically Disadvantaged Students. The High School met all Statewide Participation Rates for our schoolwide and all applicable subgroup populations. The Middle School missed Performance Targets in both English Language Arts and Mathematics for our schoolwide population. The subgroup populations’ targets were met in Mathematics for White and Asian students, but missed for Black students, Students with Disabilities, and Economically Disadvantaged Students. The subgroups populations’ targets were met in English Language Arts for Black, Asian, and Economically Disadvantag3ed students, but missed for White students, and Students with Disabilities. The Middle School met all Statewide Participation Rates for our schoolwide and all applicable subgroup populations. High School Report The 2013-2014 school year was most successful. Our students continued to excel in many areas including the classroom, athletic fields, concert halls, artist studios, and other co-curricular activities. Developing and supporting the “whole student” with 21st Century Skills continues to be our objective. In the area of academics, there was a great deal of accomplishment. Many of our students excelled in their courses, and the colleges and universities that our seniors were admitted to provided testimony to the quality of our academic programs, our staff, and our student body. As a district we offered 16 Advanced Placement courses and the results of the district’s SAT scores continue to be strong. In the area of athletics and extra-curricular activities, the 2013-14 school year was also very successful. Overall, our athletic teams were very competitive, with several teams qualifying for tournaments and/or winning their division during each season. Athletics & Student Activities The Department of Athletics and Student Activities had another successful year in its athletic programs for the 2013-2014 school year. We’ve continued our ongoing success in the competitive Tri-County Conference. The focus on athletics continues to be augmented by a district-wide approach of incorporating a sportsmanship philosophy in addition to being competitive. We’ve been recognized in several venues for our ongoing efforts to infuse the sportsmanship mindset in each athletic program and at every level of competition. The clubs and activities continue to offer award winning programs and experiences for our student body. The Department continues to oversee 45 high school clubs/activities, 11 middle school clubs/activities both with 80 advisors, 26 varsity sports, and 41 sub-varsity sports (inclusive of JV, F, and MS programs) with a total of 92 coaches.

28

Middle School The Middle School provides excellent academic and extra-curricular programs. Student service clubs such as BE the Change, Student Council and The Ronald McDonald House Club focuses on creating a student-body mindset that our students are often different in various ways, but always equal. This program supplements the ongoing effort to implement Anti-Bullying programs throughout the district. Programs such as Teen Cap and district Guidance programs help cultivate an environment of respect in our school. We continue to stress reading, math and language arts literacy skills to all of our students, with co-teaching classrooms and several supplemental programs in the areas of English Language Arts and Math that help narrow learning gaps and promote success in the classroom. Extra-curricular activities continue to be a large part of the Middle School program. This year approximately one hundred and fifty athletes participated in field hockey, girls and boys cross country, girls and boys basketball, wrestling, and girls and boys spring track. Other clubs include choir, jazz band, Art Club, Math Counts, Science Club, Student Council, Be the Change, The Ronald McDonald Club, Chess Club and Yearbook. Capital Assets At the end of the fiscal year 2014 the School District had $45,142,054, invested in land, construction in progress, buildings, and machinery and equipment. Table 5: shows fiscal year 2014 and 2013 balances.

Table 5

2014 2013 2014 2013Land 1,556,708 1,556,708Construction in progressSite Improvements 1,580,689 1,749,214Building and Building Improvements 40,914,239 42,391,894Machinery and Equipment 1,085,951 1,148,150 4,467 4,475

45,137,587 46,845,966 4,467 4,475

Governmental Funds Business-type

Debt Administration At June 30, 2014, the School District had $22,024,327 of outstanding debt. Of this amount, $1,081,378 is for compensated absences, $1,064,949 is for unamortized bond premiums associated with bond refunding costs and $19,878,000 of serial bonds for school construction.

Table 6

20141997 General obligation bonds 1,790,0002010 General obligation bonds 1,003,0002010 School Refunding Bonds 17,085,000Total 19,878,000

Outstanding Debt at June 30

29

For the Future The Clearview Regional High School District is currently in sound financial condition. The District appreciates the support of our communities and understands the financial pressure placed on the taxpayers as taxes continue to rise. We will continue to become more effective and efficient as we continue to balance the needs of the students with the resources of the community. We will continue to be a community center and will offer facilities and services that will be a source of pride for our communities. The explosive building growth continues to concern the Board and Administration. We are being proactive with facilities, financial resources and personnel in an effort to stay ahead of the building growth curve.

Capital Projects The District is committed to appropriating funds in order to keep our facilities up to date and safe for our students and staff. Preventive maintenance will continue to be our insurance policy that will ensure that we continue to have quality facilities to offer our public. In July 2014, the District awarded a contract to Allied Equipment Company, Inc. in the amount of $82,022 for the renovation of the High School LGI. Brand new furniture along with 96 laptops has been installed. This will provide an area for PARCC testing. The project is funded with funds which are available in the reserves for that purpose. This project is almost complete.

NCLB Implications

The District is currently monitoring the No Child Left Behind, Federal legislation to ensure compliance with all of these new regulations.

Contacting the School District’s Financial Management This financial report is designed to provide the taxpayers, bondholders, creditors and other interested parties with a general overview of the District’s finances and to show the District’s accountability for the resources it receives. If you have questions about this report or need additional information, please contact Mr. John Horchak III, Superintendent or Esther R. Pennell, Business Administrator at the address below or visit our web site at www.clearviewregional.edu.

Clearview Regional Board of Education Administration Building 420 Cedar Road Mullica Hill, NJ 08062 856-223-2764

30

BASIC FINANCIAL STATEMENTS

31


32

A. District-Wide Financial Statements

33


34

EXHIBIT A-1

TOTALS

GOVERNMENTAL BUSINESS-TYPE JUNE 30,ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 2,203,616$ 348,416$ 2,552,032$ Receivables, Net 921,262 9,773 931,035 Internal Balances 16,897 - 16,897 Inventory - 22,212 22,212 Restricted Cash & Cash Equivalents 1,486,318 - 1,486,318 Capital Assets, Non-Depreciable (Note 5) 1,556,708 - 1,556,708 Capital Assets, Depreciable, Net (Note 5) 43,580,879 4,467 43,585,346

Total Assets 49,765,680 384,868 50,150,548

Deferred Charges of Refunding of Debt 823,027 - 823,027

Total Deferred Outflow of Resources 823,027 - 823,027

Total Assets and Deferred Outflow of Resources 50,588,707 384,868 50,973,575

Accounts Payable 112,275 13,604 125,879 Accrued Interest Payable 315,121 - 315,121 Internal Balances - 4,275 4,275 Payable to State Government 16,467 - 16,467 Deferred Revenue 2,745 6,568 9,313 Noncurrent Liabilities (Note 6): Due Within One Year 2,010,595 - 2,010,595 Due Beyond One Year 19,945,341 68,391 20,013,732

Total Liabilities 22,402,544 92,838 22,495,382

Net Investment in Capital Assets 25,259,587 4,467 25,264,054 Restricted For: Capital Projects 138,421 - 138,421 Other Purposes 4,691,227 - 4,691,227 Unrestricted (1,903,072) 287,563 (1,615,509)

Total Net Position 28,186,163$ 292,030$ 28,478,193$

The accompanying Notes to Financial Statements are an integral part of this statement.

NET POSITION

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTSTATEMENT OF NET POSITION

JUNE 30, 2014

DEFERED OUTFLOW OF RESOURCES

ASSETS

LIABILITIES

35

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37


38

B. Fund Financial Statements

39


40

Governmental Funds

41


42

EXHIBIT B-1

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,ASSETS FUND FUND FUND FUND 2014 2013

Cash & Cash Equivalents 2,474,500$ -$ 138,431$ 2$ 2,612,933$ 4,626,100$ Receivables from Other Governments 449,087 262,394 - - 711,481 439,382 Other Accounts Receivable 319 - - 319 79,062 Interfund Accounts Receivable 16,907 - - 16,907 258,905 Restricted Cash & Cash Equivalents 1,486,318 - - - 1,486,318 1,661,134

Total Assets 4,426,812$ 262,713$ 138,431$ 2$ 4,827,958$ 7,064,583$

LIABILITIES & FUND BALANCES

Liabilities: Cash Overdraft -$ 239,046$ -$ -$ 239,046$ 1,163$ Accounts Payable 90,467 4,505 - 94,972 126,592 Intergovernmental Payable: State - 16,467 - - 16,467 14,140 Federal - - - - 8,672 Interfund Accounts Payable - 10 - 10 218,184 Unearned Revenue 50 2,695 - 2,745 2,477,692

Total Liabilities 90,517 262,713 10 - 353,240 2,846,443

Fund Balances: Restricted for: Maintenance Reserve 277,880 - - - 277,880 177,880 Capital Reserve Account 1,826,318 - - - 1,826,318 1,483,254 Excess Surplus - Designated for Subsequent Year's Expenditures 1,305,072 - - - 1,305,072 1,273,484 Excess Surplus 1,281,957 - - - 1,281,957 1,305,072 Capital Projects Fund - - 138,421 - 138,421 217,918 Debt Service Fund - - - 2 2 2 Unassigned: General Fund (354,932) - - - (354,932) (239,470)

Total Fund Balances 4,336,295 - 138,421 2 4,474,718 4,218,140

Total Liabilities & Fund Balances 4,426,812$ 262,713$ 138,431$ 2$

Amounts reported for governmental activities in the statement of Net Position (A-1)are different because: Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets is $73,461,476 and the accumulated depreciation is $28,323,889. 45,137,587$ 46,845,966$ Accrued interest payable is not recorded in the fund financial due to the fact that the payable is not due in the current period. (315,121) (348,288) Unamortized loss on refunding net of Bond Premium is not recorded in the fund financials but is recorded on the district-wide financials. (241,922) (89,145) Internal service funds are used by management to charge the costs of certain activities, such as transportation and food service to other governments. Assets and liabilities of the internal service funds of $29,410 are included in governmental activities in the Statement of Net Position. 21,888 21,888 Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. (20,890,987) (22,664,713)

Net position of Governmental Activities 28,186,163$ 27,983,848$



BALANCE SHEETGOVERNMENTAL FUNDS

JUNE 30, 2014(With Comparative Totals for June 30, 2013)

TOTALS

43

EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,FUND FUND FUND FUND 2014 2013

Revenues: Local Sources: Local Tax Levy 16,577,579$ -$ -$ 2,084,598$ 18,662,177$ 17,846,942$ Tuition 367,146 - - - 367,146 285,698 Transportation 4,287 - - - 4,287 49,739 Interest Earned on Investments 8,570 - - - 8,570 11,149 Interest Earned on Capital Reserve Funds 3,065 - - - 3,065 12,427 Miscellaneous 191,515 42,486 - - 234,001 168,765

Total Local Sources 17,152,162 42,486 - 2,084,598 19,279,246 18,374,720

State Sources 17,727,741 81,763 - 500,117 18,309,621 18,417,210 Federal Sources 541 703,435 - - 703,976 652,197

Total Revenues 34,880,444 827,684 - 2,584,715 38,292,843 37,444,127

Expenditures: Current Expense: Regular Instruction 10,415,660 - - - 10,415,660 10,396,548 Special Education Instruction 2,075,759 541,080 - - 2,616,839 2,466,557 Other Instruction 1,036,588 - - - 1,036,588 1,043,130 Support Services: Tuition 2,546,942 - - - 2,546,942 2,276,335 Student & Instruction Related Services 2,192,541 286,604 - - 2,479,145 2,339,322 Health Services 250,426 - - - 250,426 243,164 Educational Media Services/ School Library 257,703 - - - 257,703 256,457 Instructional Staff Training 69,266 - - - 69,266 76,965 General Administrative 449,579 - - - 449,579 441,692 School Administrative Services 1,440,069 - - - 1,440,069 1,380,923 Central Services 380,167 - - - 380,167 401,679 Administrative Information Technology 337,575 - - - 337,575 331,690 Plant Operations & Maintenance 2,837,111 - - - 2,837,111 2,874,443 Pupil Transportation 1,682,403 - - - 1,682,403 1,653,508 Employee Benefits 8,117,347 - - - 8,117,347 7,860,970 Special Schools 72,318 - - - 72,318 66,383 Debt Service: Principal - - - 1,785,000 1,785,000 1,740,000 Interest & Other Charges - - - 879,212 879,212 953,826 Capital Outlay 382,915 - - - 382,915 1,326,861

Total Expenditures 34,544,369 827,684 - 2,664,212 38,036,265 38,130,453

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 336,075 - - (79,497) 256,578 (686,326)

Other Financing Sources/(Uses): Transfers In - - - 79,497 79,497 1,164,280 Transfers Out - - - - - (1,089,280) Transfers to Debt Service - - (79,497) - (79,497) (75,000)

Total Other Financing Sources & Uses - - (79,497) 79,497 - -

Net Change in Fund Balances 336,075 - (79,497) - 256,578 (686,326) Fund Balances July 1, 2013 4,000,220 - 217,918 2 4,218,140 4,904,466

Fund Balances June 30, 2014 4,336,295$ -$ 138,421$ 2$ 4,474,718$ 4,218,140$


(With Comparative Totals for June 30, 2013)


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDS

FOR FISCAL YEAR ENDED JUNE 30, 2014

TOTALS

44

EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) 256,578$

Amounts reported for governmental activities in the statement ofactivities (A-2) are different because:

Capital outlays are reported in governmental funds as expenditures.However, in the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.This is the amount by which capital outlays exceeded depreciation in the period:

Depreciation Expense (1,870,974)$ Capital Outlays Adjustments (2,700)Capital Outlays 165,295 (1,708,379)

Repayment of debt principal is an expenditure in the governmentalfunds, but the repayment reduces long-term liabilities in the statementof net position and is not reported in the statement of activities.

Bond Principal Payments 1,785,000

Interest on long-term debt in the statement of activities is accrued, regardless of whendue. In the governmental funds, interest is reported when due.

Prior year 348,288Current Year (315,121) 33,167

Amortization of losses on early extinguishments of debt and premiums from refunded debtissuances are recorded when incurred in the governmental funds but are accrued andexpensed over time in the statement of activities. 3,064

In the statement of activities, certain operating expenses, e.g., compensated absencesand special termination benefits are measured by the amounts earned during the year.In governmental funds, however, expenditures for these items are reported in theamount of financial resources used/(paid). When the earned amount exceeds the paidamount, the difference is a reduction in the reconciliation; when the paid amountexceeds the earned amount the difference is an addition to the reconciliation. (11,274)

Change in Net Position of Governmental Activities 358,156$


FOR THE YEAR ENDED JUNE 30, 2014

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDSTO THE STATEMENT OF ACTIVITIES

45


46

Proprietary Funds

47


48

EXHIBIT B-4

GOVERNMENTALFOOD ACTIVITIES- (MEMORANDUM ONLY)

SERVICE OTHER INTERNAL JUNE 30, JUNE 30, ASSETS FUND FUNDS SERVICE FUND 2014 2013

Current Assets: Cash & Cash Equivalents 248,117$ 100,299$ -$ 348,416$ 358,740$ Receivables from Other Governments 8,413 - 209,462 217,875 330,860 Other Receivable 1,360 - - 1,360 1,915 Interfund Receivable - 567 - 567 6,439 Inventories 2,391 19,821 - 22,212 21,763

Total Current Assets 260,281 120,687 209,462 590,430 719,717

Fixed Assets: Equipment 301,442 - - 301,442 298,742 Accumulated Depreciation (296,975) - - (296,975) (294,267)

Total Fixed Assets 4,467 - - 4,467 4,475

Total Assets 264,748 120,687 209,462 594,897 724,192

LIABILITIES

Current Liabilities: Cash Overdraft - - 170,271 170,271 295,267 Accounts Payable 11,805 1,799 17,303 30,907 17,954 Unearned Revenue - 6,568 - 6,568 5,900 Interfund Payable 4,642 200 - 4,842 39,878

Total Current Liabilities 16,447 8,567 187,574 212,588 358,999

Noncurrent Liabilities: Compensated Absences 68,391 - - 68,391 67,203

Total Noncurrent Liabilities 68,391 - - 68,391 67,203

Total Liabilities 84,838 8,567 187,574 280,979 426,202

NET POSITION

Net Investments in, Capital Assets 4,467 4,467 4,475 Unrestricted 175,443 112,120 21,888 309,451 293,515

Total Net Position 179,910$ 112,120$ 21,888$ 313,918$ 297,990$


CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTPROPRIETARY FUNDS

STATEMENT OF NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

TOTALSENTERPRISE FUNDSACTIVITIES

BUSINESS-TYPE

49

EXHIBIT B-5

GOVERNMENTAL ACTIVITIES- (MEMORANDUM ONLY)

SERVICE OTHER INTERNAL JUNE 30, JUNE 30,FUND FUNDS SERVICE FUND 2014 2013

Operating Revenue: Daily Sales - Reimbursable Programs 265,144$ -$ -$ 265,144$ 287,229$ Daily Sales - Nonreimbursable Programs 413,860 - - 413,860 369,621 Transportation Fees - - 1,013,188 1,013,188 1,046,377 Special Functions 13,151 - - 13,151 8,850 Miscellaneous Income 1,686 79,368 - 81,054 98,602

Total - Daily Sales - Reimbursable Programs 693,841 79,368 1,013,188 1,786,397 1,810,679

Operating Expenses: Salaries 460,659 43,397 489,358 993,414 982,709 Employee Benefits 35,175 2,487 169,132 206,794 174,187 Supplies and Materials 24,946 1,463 78,701 105,110 102,669 Other Purchased Services 4,521 25,976 30,497 29,235 Cleaning, Repair & Maintenance Services - - 99,521 99,521 94,439 Depreciation 2,708 - - 2,708 2,438 Miscellaneous Other Expenses 360 1,365 403 2,128 2,459 Cost of Sales 336,857 15,971 - 352,828 350,622 Contracted Services (Between Home & School Vendors - - 66,233 66,233 71,123 Contracted Services (Special Education (Students) - Joint Agreements - - 14,536 14,536 94,608 Aid in Lieu - - 69,328 69,328 42,819

Total Operating Expenses 865,226 64,683 1,013,188 1,943,097 1,947,308

Operating (Loss)/Gain (171,385) 14,685 - (156,700) (136,629)

Nonoperating Revenues/(Expenses): State Sources: State School Lunch Program 5,578 - - 5,578 6,177 Federal Sources: National School Lunch Program 123,700 - - 123,700 123,569 Food Distribution Program 40,137 - - 40,137 40,270 Interest Revenue 513 - - 513 814 Capital Asset Adjustment 2,700 - - 2,700 -

Total Nonoperating Revenues 172,628 - - 172,628 170,830

Change in Net Position 1,243 14,685 - 15,928 34,201 Net Position - Beginning of Year 178,667 97,435 21,888 297,990 263,789

Total Net Position - End of Year 179,910$ 112,120$ 21,888$ 313,918$ 297,990$



BUSINESS-TYPE

ENTERPRISE FUNDACTIVITIES TOTALS

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTPROPRIETARY FUNDS

STATEMENT OF REVENUES, EXPENSES AND CHANGESIN FUND NET POSITION


50

EXHIBIT B-6

GOVERNMENTALFOOD ACTIVITIES- (MEMORANDUM ONLY)

SERVICE OTHER INTERNAL JUNE 30, JUNE 30,FUND FUNDS SERVICE FUND 2014 2013

Cash Flows From Operating Activities: Receipts from Customers 694,396$ 84,988$ 1,126,109$ 1,905,493$ 1,917,880$ Payments to Employees (459,471) (43,397) (477,283) (980,151) (909,397) Payments for Employee Benefits (35,175) (1,567) (169,132) (205,874) (582,310) Payments to Suppliers (399,296) (20,794) (354,698) (774,788) (462,526)

Net Cash Provided/(Used) by Operating Activities (199,546) 19,230 124,996 (55,320) (36,353)

Cash Flows From Noncapital Financing Activities: Cash Received From State & Federal Reimbursements 169,479 - - 169,479 164,881

Net Cash Provided by Noncapital Financing Activities 169,479 - - 169,479 164,881

Cash Flows From Investing Activities: Interest & Dividends 513 - - 513 814

Net Cash Provided by Investing Activities 513 - - 513 814

Net Increase/(Decrease) in Cash & Cash Equivalents (29,554) 19,230 124,996 114,672 129,342 Cash & Cash Equivalents, July 1 277,671 81,069 (295,267) 63,473 (65,869)

Cash & Cash Equivalents, June 30 248,117$ 100,299$ (170,271)$ 178,145$ 63,473$

Cash Provided/(Used) by Operating Activities: Operating Income/(Loss) (171,385)$ 14,685$ -$ (156,700)$ (136,629)$ Adjustments to Reconcile Operating Income/(Loss) to Cash Provided/(Used) by Operating Activities: Depreciation Expense 2,708 - - 2,708 2,438 Change in Assets & Liabilities: Increase (decrease) in Accounts Receivable 555 5,872 112,921 119,348 106,181 (Increase)/Decrease in Inventory 2,053 (2,502) - (449) (8,508) Increase/(Decrease) in Unearned Revenue - 668 - 668 100 (Decrease) in Accounts Payable (34,665) 507 12,075 (22,083) (3,067) Increase in Compensated Absences 1,188 - - 1,188 3,132

Total Adjustments (28,161) 4,545 124,996 101,380 100,276

Net Cash Provided/(Used) by Operating Activities (199,546)$ 19,230$ 124,996$ (55,320)$ (36,353)$


ENTERPRISE FUND

BUSINESS-TYPEACTIVITIES


RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:

PROPRIETARY FUNDSSTATEMENT OF CASH FLOWS


TOTALS


51


52

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53


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55

EXHIBIT B-8

UNEMPLOYMENT (MEMORANDUM ONLY)

HALL OF SCHOLARSHIP COMPENSATION JUNE 30, JUNE 30,HONOR FUND TRUST 2014 2013

ADDITIONS:

Contributions: Plan Member -$ -$ 41,741$ 41,741$ 33,075$ Other - 4,462 - 4,462 2,130

Total Contributions - 4,462 41,741 46,203 35,205

Investment Earnings: Interest on Investments - 30 362 392 615

Total Investment Earnings - 30 362 392 615

Total Additions - 4,492 42,103 46,595 35,820

DEDUCTIONS:

Unemployment Claims - - 6,106 6,106 40,860 Scholarship Payments - 5,000 - 5,000 5,000

Total Deductions - 5,000 6,106 11,106 45,860

Change in Net Position - (508) 35,997 35,489 (10,040) Net Position - Beginning of Year 1,064 8,760 182,883 192,707 202,747

Net Position - End of Year 1,064$ 8,252$ 218,880$ 228,196$ 192,707$


TOTALS

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTFIDUCIARY FUND

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

PRIVATE PURPOSE

56


NOTES TO THE FINANCIAL STATEMENTSJUNE 30, 2014

57


58


NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies The accompanying financial statements of the Clearview Regional High School District have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounts policies. A. Reporting Entity: The Clearview Regional High School District is a Type II District located in the County of Gloucester, State of New Jersey. As a Type II District, the School District functions independently through a Board of Education. The Board is comprised of nine members elected to three-year terms. These terms are staggered so that three member’s terms expire each year. The purpose of the School District is to educate students in grades 7-12 received from the Townships of Harrison and Mantua. The Clearview Regional High School District has an approximate enrollment at June 30, 2014 of 2,516 students. B. Component Units The primary criterion for including activities within the District’s reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

the organization is legally separate (can sue or be sued in their own name) the District holds the corporate powers of the organization the District appoints a voting majority of the organization’s board the District is able to impose its will on the organization the organization has the potential to impose a financial benefit/burden on the District there is a fiscal dependency by the organization on the District

Based on the aforementioned criteria, the District has no component units. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental Fund Financial Statements – The Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.

59



Note 1. Summary of Significant Accounting Policies (continued): D. District-Wide and Fund Financial Statements The district-wide financial statements (the statement of net position and the statement of activities) report information of all of the non-fiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions. Net position is restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed. Separate financial statements are provided for governmental funds, proprietary funds and fiduciary funds. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. E. Fund Accounting The accounts of the Clearview Regional High School District are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. 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 resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:

60



Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued):

Governmental Funds

General Fund - The general fund is the general operating fund of the Clearview Regional High School District and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or noninstructional equipment which are classified in the Capital Outlay sub-fund.

As required by the New Jersey Department of Education Clearview Regional High School District includes budgeted Capital Outlay in this fund. Generally accepted accounting principles (GAAP) as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues. Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to fixed assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution. Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes. Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs. Internal Service Fund – Internal service funds are cost accounting and distribution entities, and are intended to "break even" annually and/or over a period of years. The use of an internal service fund does not provide additional revenue or expenses to the district but acts as a means to document the sharing of the costs.

61



Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued): Proprietary Fund

The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the Proprietary Funds of the District:

Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes. All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (total net position) is segregated into contributed capital and unreserved retained earnings, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net total assets. Depreciation of all exhaustive fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows: Machinery and Equipment 5-20 years The District’s enterprise fund is comprised of the following:

Food Service Fund – This fund accounts for the revenues and expenses pertaining to the District’s cafeteria operations.

Summer Camps – This fund accounts for the revenues and expenses pertaining to Summer Camps run by the District.

Little Pioneers – The fund accounts for the revenues and expenses pertaining to a Pre-K program run by students and supervised by teachers and aides.

School Store – This fund accounts for the revenues and expenses pertaining to the school store run by the District.

Fiduciary Fund

Fiduciary funds are used to account for assets held by a governmental entity for other parties (either as trustee or as an agent) and that cannot be used to finance the governmental entity’s own operating programs which includes private purpose trust funds and agency funds

62



Note 1. Summary of Significant Accounting Policies (continued): E. Fund Accounting (continued):

Private Purpose Trust Funds - used to account for the principal and income for trust arrangements that benefit individuals, private organizations, or other governments. The District currently maintains an Unemployment Trust Fund and Scholarship Fund private purpose trusts. Agency Funds - assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll and Student Activity Funds as Agency Funds.

F. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in total net position. All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., total net position) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in total net position. The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due. In its accounting and financial reporting, the Clearview Regional High School District follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The Clearview Regional High School District’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989. The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types and private purpose trust funds. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred.

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Note 1. Summary of Significant Accounting Policies (continued): G. Budgets/Budgetary Control Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are approved by the County Superintendent. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6:20-2A(m)1. All budget amendments must be approved by School Board resolution. Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis 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. The budget, as detailed on Exhibit C-1 and Exhibit C-2, includes all amendments to the adopted budget, if any. H. Encumbrances Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services. Open encumbrances in the special revenue fund for which the Clearview Regional High School District has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end. I. Cash Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost.

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Note 1. Summary of Significant Accounting Policies (continued): I. Cash (continued): New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units. J. Tuition Receivable/Payable Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. These adjustments are recorded upon certification by the State Board of Education, which is normally three years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable. The tuition rate adjustments for the years 2012-2013 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements. K. Inventories Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method. The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed. L. Prepaid Expenses Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase.

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Note 1. Summary of Significant Accounting Policies (continued): M. Short-Term Interfund Receivables/Payables Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Clearview Regional High School District and that are due within one year. N. Capital Assets General fixed assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Fixed assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated fixed assets are valued at their estimated fair market value on the date received. The general fixed assets acquired or constructed were valued by an independent appraisal company. General fixed assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively. General fixed assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows:

Site Improvements 20 Years Building & Improvements 20-50 Years Machinery and Equipment 5–20 Years O. Deferred Outflow of Resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has only one item that qualifies for reporting in this category which is the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunded debt results from the difference in the carrying value of the refunded debt and its acquisition price. The amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. P. Accrued Salaries and Wages District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries. Q. Compensated Absences Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate

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Note 1. Summary of Significant Accounting Policies (continued): to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities. R. Unearned Revenue Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to realize the revenue.

S. Long-term Obligations In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred. T. Fund Equity In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Clearview Regional High School District classifies governmental fund balances as follows:

Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because legal or contractual constraints.

Restricted – includes fund balance amounts that are constrained for specific purposes which are

externally imposed by external parties, constitutional provision or enabling legislation.

Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority and does not lapse at year-end.

Assigned – includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund Balance may be assigned by the Business Administrator.

Unassigned – includes balance within the General Fund which has not been classified within the above mentioned categories and negative fund balances in other governmental funds

The Clearview Regional High School District uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the Clearview Regional High School District would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.

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Note 1. Summary of Significant Accounting Policies (continued): U. Net Position Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:

Net Investment in Capital Assets – This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for acquisition, construction, or improvement of those assets.

Restricted – Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments.

Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.

V. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements. In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities. GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012. Management has implemented this Statement in the District’s financial statements for the year ended June 30, 2014 with a prior period restatement to beginning net position. See Note 19 for more information. Recently Issued Accounting Pronouncements In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements.

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Note 1. Summary of Significant Accounting Policies (continued): W. Subsequent Events Clearview Regional High School District has evaluated subsequent events occurring after June 30, 2014 through the date of October 23, 2013, which is the date the financial statements were available to be issued. In accordance with State of New Jersey statutes, the fund balance to be utilized in the subsequent year budget is not legally restricted and therefore has been classified as fund balance designated for subsequent year’s expenditures and is not reserved. Note 2. Cash The District is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at June 30, 2014 and reported at fair value are as follows:

CarryingType Value

DepositsDemand Deposits 4,950,907$

Total Deposits 4,950,907$

The District's Cash and Cash Equivalents are Reported as Follows:Government Activities 3,689,934$ Business-Type Activities 348,416 Fiduciary Funds 912,557

Total Cash and Cash Equivalents 4,950,907$

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of GUDPA. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, bail funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $5,728,756 was insured or collateralized as shown below: Insured Under FDIC $ 250,000 Collateralized by securities held by Pledging financial institution 4,461,251 Uninsured & Uncollateralized 1,017,505 Total $ 5,728,756

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Note 3. Reserve Accounts A. Capital Reserve A capital reserve account was established by the Board of Education by inclusion of $5,000 on September 28, 2000, for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriate additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP. The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 1,483,254$

Transfer per June Resolution 340,000 Interest Earnings 3,064

Ending Balance, June 30, 2014 1,826,318$

B. Maintenance Reserve Account The District established a Maintenance Reserve Account for the accumulation of Funds for use as maintenance expenditures in subsequent fiscal years. The Maintenance Reserve Account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the maintenance reserve account are restricted to maintenance projects in the District’s approved Maintenance Plan (M-1). A district may increase the balance in the maintenance reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. The activity of the maintenance reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1, 2013 177,880$

Transfer per June Resolution 100,000

Ending Balance, June 30, 2014 277,880$

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Note 4. Accounts Receivable Accounts receivable at June 30, 2014 consisted of accounts and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs and the current fiscal year guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:

SpecialGeneral Revenue Proprietary

Fund Fund Funds Total

Intergovernmental 449,087$ 262,394$ 217,875$ 929,356$ Other - 319 1,360 1,679

Total 449,087$ 262,713$ 219,235$ 931,035$

Note 5. Capital Assets The following schedule is a summarization of the capital assets by source for the fiscal year ended June 30, 2014:

June 30, Transfers/ June 30, 2013 Additions Deletions Adjustments 2014

Governmental Activities:

Capital assets not being depreciated:

Land 1,556,708$ -$ -$ -$ 1,556,708$

Total assets not being depreciated 1,556,708 - - - 1,556,708

Capital Assets being depreciated:

Buildings & Improvements 61,739,455 - - - 61,739,455 Land Improvements 3,786,541 - - (25,582) 3,760,959 Machinery & Equipment 6,220,213 165,295 (4,036) 22,882 6,404,354 Total Historical Cost 71,746,209 165,295 (4,036) (2,700) 71,904,768

Less: accumulated depreciation

Buildings & Improvements (19,347,561) (1,477,655) - - (20,825,216) Land Improvements (2,037,327) (142,943) - - (2,180,270) Machinery & Equipment (5,072,063) (250,376) 4,036 - (5,318,403) Total accumulated depreciation (26,456,951) (1,870,974) 4,036 - (28,323,889)

Capital assets being depreciated, net 45,289,258 (1,705,679) - (2,700) 43,580,879

Total Governmental Activities, net 46,845,966$ (1,705,679)$ -$ (2,700)$ 45,137,587$

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Note 5. Capital Assets (continued): The following is a summary of proprietary fund type fixed assets at June 30, 2014:

June 30, Transfers/ June 30,2013 Additions Adjustments 2014

Business-Type Activities:Capital assets being depreciated:

Machinery & Equipment 298,742$ -$ 2,700$ 301,442$

Less: accumulated depreciation:Equipment (294,267) (2,708) - (296,975)

Business-type activities capital assets, net 4,475$ (2,708)$ 2,700$ 4,467$

Note 6. Long-Term Obligations Bonds are authorized in accordance with State law by the voters of the Municipality through referendums. All Bonds are retired in serial installments within the statutory period of usefulness. Bonds Issued by the Board are General Obligation Bonds. A. Defeased Debt: On December 1, 1997, the District issued General Obligation Bonds of $10,105,000 (par value) with interest rates ranging from 3.70% to 5.375% to advance refund 1994 General Obligation Bonds with an interest rate of 6.10% and a par value of $9,255,000. Maturities of the 1994 Bonds range from 2005 to 2015 and they are callable, at par, on or after August 1, 2005. The 1997 General Obligation Bonds were issued with a net bond premium of $153,806 that was used, in part, to pay issuance costs of $137,147. The net proceeds from the issuance of the General Obligation Bonds were used to purchase U.S.Government securities and those securities were placed on deposit in an irrevocable trust with an escrow agent to provide debt service payments on the 1994 Bonds. The advance refunding met the requirements of an in-substance defeasance and the 1994 Bonds were removed from the District’s debt. As a result of the advance refunding, the District reduced its total debt service requirements by $399,191, which resulted in an economic gain (difference between the present value of the debt service payments on the old and new debt) of $295,453. Also as a result of the refunding the district incurred an accounting loss of $712,853 which is being amortized over the remaining life of the defeased bond issue. On December 23, 2009, the District issued Bonds of $1,303,000 (par value) with interest rates ranging from 2% to 3.5%. Maturities of the 2009 Bonds range from 2011 to 2025 and they are callable, at par, on or after January 15, 2025. The proceeds from the sale of the Bond will be used to finance the installation of solar panels at the Middle School. On October 13, 2010 the School District received approval from the Local Finance Board to finally adopt a refunding bond ordinance to effectuate the issuance of not-to-exceed $20,500,000 School Refunding Bonds for the purpose of refunding the 2003 Bonds. The Refunding Bonds were priced on the morning of Wednesday, October 27, 2010 by Roosevelt & Cross Incorporated, acting as Sole Manager for the Refunding Bonds. The Refunding Bonds were received well by the market and effectively priced by the

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Note 6. Long-Term Obligations (continued): underwriter, resulting in most of the maturities fully sold. The remaining unsold balances were underwritten by Roosevelt & Cross. The rates achieved on the Refunding Bonds produced present value savings of 5.205% for the School District, greatly exceeding the target of 3.00%. The Refunding Bonds were issued over the same term as the 2003 Bonds, with maturities of February 15, 2011 through February 12, 2023 with coupons of 2.00% to 5.00% and interest rates ranging from 0.75% to 3.35%. The structure of the Refunding Bonds consisted of all serial bonds. The Refunding Bonds are subject to optional redemption prior to maturity. The Board will realize a total of $1,163,814 in debt service savings through 2023 as a result of this refunding. On a present value basis, the savings equate to $987,246 (net of all costs of issuing the bonds), or 5.205% of the bonds refunded. B. Long-Term Obligation Activity: During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the general long-term debt account group:

June 30, June 30, Due Within2013 Retired Additions 2014 One Year

Bonds Payable 21,663,000$ 1,785,000$ -$ 19,878,000$ 1,870,000$ Unamortized Bond Premium 1,205,544 140,595 - 1,064,949 140,595 Compensated Absences Payable:

Governmental 1,001,713 - 11,274 1,012,987 - Business-Type 67,203 - 1,188 68,391 -

Total 23,937,460$ 1,925,595$ 12,462$ 22,024,327$ 2,010,595$

C. Bonds Payable: The voters of the municipality through referendums authorize bonds in accordance with State Law. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the Board are general obligation bonds. Principal and interest due on serial bonds outstanding is as follows:

Year-endingJune 30, Principal Interest Total

2015 1,870,000$ 772,309$ 2,642,309$ 2016 1,940,000 687,809 2,627,809 2017 1,990,000 648,209 2,638,209 2018 2,030,000 574,496 2,604,496 2019 2,160,000 483,934 2,643,934

2020-2024 9,785,000 973,006 10,758,006 2025 103,000 2,189 105,189

Total 19,878,000$ 4,141,952$ 24,019,952$

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Note 7. Operating Leases The District has commitments to lease copiers under non-cancellable operating leases for five years. Total lease payments made during the year ended June 30, 2014 amounted to $67,726. Future minimum lease payments are as follows:

Year-ending June 30,

2015 $ 73,213 2016 63,568 2017 61,503 2018 47,941 2019 6,791

Total Minimum Lease Payments $253,016

Note 8. Pension Plans Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625. Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction.

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Note 8. Pension Plans (continued): Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15A and 43.3B and N.J.S.A.18A:6C for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts. Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below. Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced. New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension. Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service.

All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”.

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Note 8. Pension Plans (continued): Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs. Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5%, effective October 1, 2011, of employees’ annual compensation, as defined. The rate will increase over the next seven years to 7.5%. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for both cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.

Three-Year Trend Information for PERS

Annual Percentage Net

Year Pension of APC PensionFunding Cost (APC) Contributed Obligation

6/30/2014 444,423$ 100% -$ 6/30/2013 442,314 100% - 6/30/2012 445,560 100% -

Three-Year Trend Information for TPAF Pension & Post-Retirement Medical Contributions (Paid on behalf of the District)

Annual Percentage NetYear Pension/Medical of APC Pension

Funding Cost (APC) Contributed Obligation

6/30/2014 1,522,739$ 100% -$ 6/30/2013 1,868,031 100% - 6/30/2012 1,256,812 100% -

During the year ended June 30, 2014 the State of New Jersey contributed $1,522,739 to the TPAF for normal post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $1,023,383 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.

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Note 9. Post-Retirement Benefits Chapter 384 of Public Laws 1987 and Chapter 6 of Public Laws 1990 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability 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 of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2012, there were 97,661 retirees eligible for post-retirement medical benefits. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical premiums changed from a prefunding basis to a pay-as-you-go basis beginning in Fiscal Year 1994. The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides free health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2013. Note 10. Risk Management The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report. New Jersey Unemployment Compensation Insurance – The District has elected to fund their New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The following is a summary of School District contributions, reimbursements to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the current and previous two years:

District Employee Amount EndingFiscal Year Contributions Contributions Reimbursed Balance

2013-2014 -$ 42,103$ 6,106$ 218,880$ 2012-2013 - 33,650 40,860 182,883 2011-2012 - 52,614 60,712 190,093

Annual contributions to the Fund are determined by the Fund’s Board of Trustees. The District is jointly and personally liable for claims insured by the Fund and its members during the period of its membership, including liability for supplemental assessments, if necessary. The Fund’s Board of Trustees may authorize refunds to its members in any fund year for which contributions exceed the amount necessary to fund all obligations for that year.

77



Note 11. Contingent Liabilities In the opinion of the Administration and Legal Counsels, there are no material litigation or contingent liabilities that are pending against the Clearview Regional High School District.

Note 12. Economic Dependency The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities. Note 13. Interfund Receivables and Payables The following interfund balances remained on the balance sheet at June 30, 2014:

Interfund InterfundFund Receivable Payable

General Fund 16,907$ -$ Capital Projects Fund - 10 Enterprise Funds 567 4,842 Fiduciary Funds - 12,622

17,474$ 17,474$

The purpose of these interfunds are for short-term borrowings.

Note 14. Fund Balance Disclosures General Fund (Exhibit B-1) – Of the $4,336,295 General Fund fund balance at June 30, 2014, $1,305,072 is restricted for excess surplus – designated for subsequent years expenditures; $277,880 is restricted to establish the Maintenance Reserve Account; $1,826,318 is restricted to establish the Capital Reserve Account; $1,281,957 is restricted for excess surplus in accordance with N.J.S.A.18A:7F-7; and $(354,932) is unassigned. Capital Projects Fund (Exhibit B-1) – The fund balance of $138,421 has been restricted for the Capital Projects Fund. Debt Service Fund (Exhibit B-1) – The fund balance of $2 has been restricted for the Debt Service Fund.

78



Note 15. Deferred Compensation The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows: Lincoln Investment Planning, Inc. AXA Equitable Met Life Aspire Note 16. Compensated Absences The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. District employees who are employed for ten months are entitled to ten paid sick leave days per fiscal school year. Employees who are employed for twelve months are entitled to twelve paid sick days per fiscal school year. Unused sick leave may be accumulated and carried forward to the subsequent years. However, an employee must have 25 years of service or their contract must specifically allow the payment of unused sick leave. District employees are entitled to three personal days, which may be carried forward to subsequent years. Vacation days not used during the year may not be accumulated and carried forward. Benefits paid in any future year will be calculated according to formulas outlined in the District’s agreements with the various employee unions and included in the current years’ budget. The liability for vested compensated absences of the governmental fund types is recorded in the statement of net position under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $1,012,987 for governmental activities and $68,391 for business-type activities. Note 17. Calculation of Excess Surplus In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for Restricted Fund Balance – Excess Surplus is a required calculation pursuant to the New Jersey School Funding Reform Act of 2008 (SFRA). New Jersey school districts are required to restrict General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $1,281,957.

79



Note 18. Transfers to Capital Outlay During the year ending June 30, 2014, the district did not transfer funds to the capital outlay accounts. Note 19. Prior Period Restatement As discussed in Note 1, the District has implemented GASB Statement 65, Items Previously Reported as Assets and Liabilities in the District’s financial statements for the year ended June 30, 2014. As a result, net position as of July 1, 2013 has been restated as follows:

Original Net Restated Balance Adjustment Balance

Unamortized Bond Issuance Costs (1) $ 155,841 $ (155,841) $ -0-

Net Position, July 1, 2013 $(27,983,848) $ 155,841 $(27,828,007) (1) Previously reported as an asset on the Statement of Net Position and amortized over the life of related debt.

80

REQUIRED SUPPLEMENTARY INFORMATION - PART II

81


82

C. Budgetary Comparison Schedules

83


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12

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288,

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106,

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96

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

97


98

EXHIBIT C-3

GENERAL SPECIALFUND REVENUE

N-1 FUNDSources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series) 34,892,094$ 829,537$

Difference - Budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized.

Federal Share - (1,853)

State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes. 1,359,085 -

State aid payment recognized for budgetary purposes, not recognized for GAAP statements until the subsequent year. (1,370,735) -

Total Revenues as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds. (B-2) 34,880,444$ 827,684$

Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 34,544,369$ 829,537$

Differences - budget to GAAP Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for budgetary purposes, but in the year the supplies are received for financial reporting purposes.

General Supplies - (1,853)

Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 34,544,369$ 827,684$

N-1 The general fund budget uses GAAP basis therefore no reconciliation is necessary.

Note A - Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures


CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTREQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE NOTE TO RSI

99


100

OTHER SUPPLEMENTARY INFORMATION

101


102

D. School Based Budget Schedules

Not Applicable

103


104

E. Special Revenue Fund

105


106

EXHIBIT E-1(Page 1 of 4)

AUXILIARYAUXILIARY SERVICES

NONPUBLIC SERVICES NONPUBLIC NONPUBLIC NONPUBLICNURSING NONPUBLIC SUPPLEMENTAL COMPENSATORY EXAM &SERVICES TRANSPORTATION INSTRUCTION EDUCATIOIN CLASSIFICATION

Revenues: State Sources 19,840$ 4,941$ 6,244$ 13,951$ 14,169$

Total Revenues 19,840$ 4,941$ 6,244$ 13,951$ 14,169$

Expenditures: Support Services: Purchased Professional Services 19,840$ -$ -$ -$ -$ Other Purchased Services - 4,941 6,244 13,951 14,169

Total Support Services 19,840 4,941 6,244 13,951 14,169

Total Expenditures 19,840$ 4,941$ 6,244$ 13,951$ 14,169$

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTSPECIAL REVENUE FUND

COMBINING SCHEDULE OF REVENUES AND EXPENDITURES - BUDGETARY BASISFOR FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)

107


TITLE II -TITLE II - PART APART A TEACHER &

TEACHER & PRINCIPALTITLE I - PRINCIPAL TRAINING &

TITLE I PART A TRAINING & RECRUITINGPART A CARRYOVER RECRUITING CARRYOVER

Revenues: Federal Sources 61,987$ 33,806$ 23,623$ 10,367$

Total Revenues 61,987$ 33,806$ 23,623$ 10,367$

Expenditures: Instruction: Salaries of Teachers 31,140$ 14,674$ -$ -$ General Supplies 16,112 5,243 - -

Total Instruction 47,252 19,917 - -

Support Services: Salaries 8,400 6,000 8,121 9,631 Employee Benefits 6,007 3,565 621 736 Purchased Professional Services - 1,469 8,000 - Other Purchased Services - - 6,881 - Supplies & Materials - 2,855 - - Other Objects 328 - - -

Total Support Services 14,735 13,889 23,623 10,367

Total Expenditures 61,987$ 33,806$ 23,623$ 10,367$



108


I.D.E.A.PART B I.D.E.A. -BASIC PART B CARL D. BOEING EXXON SJ ENERGY

REGULAR BASIC PERKINS MODELING MOBILE ARTPROGRAM CARRYOVER SECONDARY GRANT GRANT GRANT

Revenues: Federal Sources 434,833$ 89,557$ 51,115$ -$ -$ -$ Local Sources - - - 40,000 2,000 486

Total Revenues 434,833$ 89,557$ 51,115$ 40,000$ 2,000$ 486$

Expenditures: Instruction: Salaries of Teachers 7,330$ 719$ -$ -$ -$ -$ Purchased Professional/ Technical Services 9,695 11,418 1,387 - - - Other Purchased Services 336,125 22,374 - - - - General Supplies 2,588 15,538 49,728 2,000 486 Other Objects 3,643 1,170 - - - -

Total Instruction 359,381 51,219 51,115 - 2,000 486

Support Services: Salaries Salaries - Other Professional Staff 8,700 17,204 - 2,379 - - Salaries - Secretarial & Clerical 33,765 6,753 - - - - Employee Benefits 5,525 2,673 - - - - Purchased Professional Services 6,735 7,368 - 18,488 - - Other Purchased Services - 4,195 - - - - Travel - - - 18,483 - - Supplies & Materials 20,727 145 - 650 - -

Total Support Services 75,452 38,338 - 40,000 - -

Total Expenditures 434,833$ 89,557$ 51,115$ 40,000$ 2,000$ 486$



109


HANDICAPPEDNONPUBLIC SERVICES

NONPUBLIC NONPUBLIC HOME NONPUBLICTEXTBOOKS TECHNOLOGY INSTRUCTION SPEECH 2014 2013

Revenues: State Sources 9,382$ 5,115$ 6,559$ 1,562$ 81,763$ 71,712$ Federal Sources - - - - 705,288 654,562 Local Sources - - - - 42,486 40,377

Total Revenues 9,382$ 5,115$ 6,559$ 1,562$ 829,537$ 766,651$

Expenditures: Instruction: Salaries of Teachers -$ -$ -$ -$ 53,863$ 54,656$ Purchased Professional / Technical Services - - - - 22,500 13,881 Other Purchased Services - - - - 358,499 350,989 General Supplies - - - - 91,695 63,987 Textbooks 9,382 - - - 9,382 7,096 Other Objects - - - - 5,141 4,821

Total Instruction 9,382 - - - 541,080 495,430

Support Services: Salaries - - - - 32,152 51,629 Salaries - Other Professional Staff - - - - 28,283 20,019 Salaries - Secretarial & Clerical - - - - 40,518 34,291 Employee Benefits - - - - 19,127 14,938 Purchased Professional Services - - - - 61,900 60,796 Purchased Professional / Technical Services - - - - - 11,971 Other Purchased Services - - 6,559 1,562 58,502 55,991 Travel - - - - 18,483 3,203 Supplies & Materials - 5,115 - - 29,492 12,580

Total Support Services - 5,115 6,559 1,562 288,457 265,418

Facilities Acquisition & Construction Services: Instructional Equipment - - - - - 5,803

Total Facilities Acquisition & Construction Services - - - - - 5,803

Total Expenditures 9,382$ 5,115$ 6,559$ 1,562$ 829,537$ 766,651$



COMBINING SCHEDULE OF REVENUES AND EXPENDITURES - BUDGETARY BASISFOR FISCAL YEAR ENDED JUNE 30, 2014

110

F. Capital Projects Fund

111


112

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113

EXHIBIT F-2

Expenditures & Other Financing Uses:Other Financing Sources/(Uses): Transfer to Debt Service (79,497)$

Total Other Financing Sources/(Uses) (79,497)

Total Expenditures & Other Financing Sources/(Uses) 79,497

Excess/(Deficiency) of Revenues Over/(Under) Expenditures (79,497)Fund Balance - Beginning 217,918

Fund Balance - Ending 138,421$

YEAR ENDED JUNE 30, 2014

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTCAPITAL PROJECTS FUND

SUMMARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE-BUDGETARY BASIS

114

EXHIBIT F-2a

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COSTRevenues & Other Financing Sources: Bond Proceeds & Transfers 1,303,000$ -$ 1,303,000$ 1,303,000$

Total Revenues 1,303,000 - 1,303,000 1,303,000

Expenditures & Other Financing Uses: Purchased Professional & Technical Services 109,357 - 109,357 109,357 Construction Services 1,039,146 - 1,039,146 1,039,146 Transfer to Debt Service 75,000 79,497 154,497 154,497

Total Expenditures 1,223,503 79,497 1,303,000 1,303,000

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures 79,497$ (79,497)$ -$ -$

Project Number 0870-030-09-2000 Grant Date N/A Bond Authorization Date 04/21/09 Bonds Authorized $1,303,336 Bonds Issued $1,303,000 Original Authorized Cost $1,303,336 Additional Authorized Cost None Revised Authorized Cost 1,303,336

Percentage Increase Over Original Authorized Cost N/A Percentage Completion 100.00% Original Target Completion Date June 2010 Revised Target Completion Date June 2010

ADDITIONAL PROJECT INFORMATION


SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS

SOLAR INSTALLATION AT THE MIDDLE SCHOOLYEAR ENDED JUNE 30, 2014

115

EXHIBIT F-2b

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COSTRevenues & Other Financing Sources: Bond Proceeds & Transfers 1,025,000$ -$ 1,025,000$ 1,025,000$

Total Revenues 1,025,000 - 1,025,000 1,025,000

Expenditures & Other Financing Uses: Construction Services 857,991 - 857,991 996,412 Supplies 1,675 - 1,675 1,675 Equipment 26,913 - 26,913 26,913

Total Expenditures 886,579 - 886,579 1,025,000

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures 138,421$ -$ 138,421$ -$

Project Number 0870-020-12-1000 Grant Date N/A Bond Authorization Date N/A Bonds Authorized N/A Bonds Issued N/A Original Authorized Cost $1,025,000 Additional Authorized Cost - Revised Authorized Cost 1,025,000

Percentage Increase Over Original Authorized Cost N/A Percentage Completion 86.50% Original Target Completion Date May 2013 Revised Target Completion Date

ADDITIONAL PROJECT INFORMATION


SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS

ATHLETIC FIELDS PHASE IIYEAR ENDED JUNE 30, 2014

116

G. Proprietary Funds

117


118

Enterprise Funds

119


120

EXHIBIT G-1

FOODSERVICE SUMMER SCHOOL LITTLE

ASSETS FUND CAMPS STORE PIONEERS 2014 2013

Current Assets: Cash & Cash Equivalents 248,117$ 11,494$ 37,058$ 51,747$ 348,416$ 358,740$ Accounts Receivable: State 633 - - - 633 716 Federal 7,780 - - - 7,780 7,761 Other 1,360 - - - 1,360 1,915 Interfund Receivable - - - 567 567 6,439 Inventory 2,391 - 19,821 - 22,212 21,763

Total Current Assets 260,281 11,494 56,879 52,314 380,968 397,334

Noncurrent Assets: Furniture, Machinery & Equipment 301,442 - - - 301,442 298,742 Less: Accumulated Depreciation (296,975) - - - (296,975) (294,267)

Total Noncurrent Assets 4,467 - - - 4,467 4,475

Total Assets 264,748 11,494 56,879 52,314 385,435 401,809

LIABILITIES

Current Liabilities: Accounts Payable 11,805 - - 1,799 13,604 12,726 Unearned Revenue - 6,568 - - 6,568 5,900 Interfund Payable 4,642 - 200 - 4,842 39,878

Total Current Liabilities 16,447 6,568 200 1,799 25,014 58,504

Noncurrent Liabilities: Compensated Absences 68,391 - - - 68,391 67,203

Total Noncurrent Liabilities 68,391 - - - 68,391 67,203

Total Liabilities 84,838 6,568 200 1,799 93,405 125,707

NET POSITION

Net Investments in Capital Assets 4,467 - - - 4,467 4,475 Unrestricted 175,443 4,926 56,679 50,515 287,563 271,627

Total Net Position 179,910$ 4,926$ 56,679$ 50,515$ 292,030$ 276,102$

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTENTERPRISE FUND

COMBINING SCHEDULE OF NET POSITIONAS OF JUNE 30, 2014


BUSINESS-TYPE ACTIVITIES

121

EXHIBIT G-2


FUND CAMPS STORE PIONEERS 2014 2013

Local Sources: Daily Sales - Reimbursable Programs 265,144$ -$ -$ -$ 265,144$ 287,229$ Daily Sales Nonreimbursable Programs 413,860 - - - 413,860 369,621 Special Functions 13,151 - - - 13,151 8,850 Miscellaneous 1,686 7,668 25,805 45,895 81,054 98,602

Total Operating Revenue 693,841 7,668 25,805 45,895 773,209 764,302

Operating Expenses: Salaries 460,659 8,622 3,000 31,775 504,056 504,458 Employee Benefits 35,175 - 230 2,257 37,662 32,376 Supplies and Materials 24,946 - - 1,463 26,409 14,011 Other Purchased Services 4,521 - - - 4,521 4,426 Depreciation 2,708 - - - 2,708 2,438 Miscellaneous 360 - 1,365 - 1,725 1,931 Cost of Sales 336,857 - 15,971 - 352,828 350,622

Total Operating Expenses 865,226 8,622 20,566 35,495 929,909 910,262

Operating/(Loss)/Gain (171,385) (954) 5,239 10,400 (156,700) (145,960)

Nonoperating Revenues/(Expenses): State Sources: State School Lunch Program 5,578 - - - 5,578 6,177 Federal Sources: National School Lunch Program 123,700 - - - 123,700 123,569 Food Distribution Program 40,137 - - - 40,137 40,270 Interest & Investment Revenue 513 - - - 513 814 Capital Asset Adjustment 2,700 - - - 2,700 -

Total Nonoperating Revenues/ (Expenses) 172,628 - - - 172,628 170,830

Net Income/(Loss) 1,243 (954) 5,239 10,400 15,928 24,870 Net Position - Beginning, 178,667 5,880 51,440 40,115 276,102 251,232

Total Net Position - Ending 179,910$ 4,926$ 56,679$ 50,515$ 292,030$ 276,102$


AS OF JUNE 30, 2014


COMBINING SCHEDULE OF REVENUES, EXPENSES ANDCHANGES IN FUND NET POSITION


122

EXHIBIT G-3


FUND CAMPS STORE PIONEERS 2014 2013Cash Flows From Operating Activities: Receipts from Customers 694,396$ 8,336$ 25,805$ 50,847$ 779,384$ 758,683$ Payments to Suppliers (399,296) - (19,838) (956) (420,090) (387,793) Payments to Employees (459,471) (8,622) (3,000) (31,775) (502,868) (501,326) Payments for Employee Benefits (35,175) 920 (230) (2,257) (36,742) (33,296)

Net Cash Provided/(Used) by Operating Activities (199,546) 634 2,737 15,859 (180,316) (163,732)

Cash Flows From Non-Capital Financing Activities: Cash Received from State & Federal Reimbursements 169,479 - - - 169,479 164,881

Net Cash Provided by Non-Capital Financing Activities 169,479 - - - 169,479 164,881

Cash Flows From Investing Activities: Interest Income 513 - - - 513 814

Net Cash Provided by Investing Activities 513 - - - 513 814

Net Increase/(Decrease) in Cash & Cash Equivalents (29,554) 634 2,737 15,859 (10,324) 1,963 Cash & Cash Equivalents, July 1 277,671 10,860 34,321 35,888 358,740 356,777

Cash & Cash Equivalents, June 30 248,117$ 11,494$ 37,058$ 51,747$ 348,416$ 358,740$

Operating Income/(Loss) (171,385)$ (954)$ 5,239$ 10,400$ (156,700)$ (145,960)$ Adjustments to Reconcile OperatingIncome/(Loss) in Cash Provided/(Used)by Operating Activities: Depreciation Expense 2,708 - - - 2,708 2,438 Change in Assets & Liabilities: (Increase)/Decrease in Accounts Receivable 555 920 - 4,952 6,427 (6,639) (Increase)/Decrease in Inventory 2,053 - (2,502) - (449) (8,508) (Increase)/Decrease in Deferred Revenue 668 - - 668 100 Increase/(Decrease) in Accounts Payable (34,665) - - 507 (34,158) (8,295) Increase/(Decrease) in Compensated Absences 1,188 - - - 1,188 3,132

Total Adjustments (28,161) 1,588 (2,502) 5,459 (23,616) (17,772)

Net Cash Provided/(Used) by Operating Activities (199,546)$ 634$ 2,737$ 15,859$ (180,316)$ (163,732)$

RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES:


COMBINING SCHEDULE OF CASH FLOWSAS OF JUNE 30, 2014



123


124

Internal Service Fund

125


126

EXHIBIT G-4

GOVERNMENTALACTIVITIES

TRANSPORTATIONASSETS CONSORTIUM 2014 2013

Current Assets: Receivables from Other Governments 209,462$ 209,462$ 322,383$

Total Assets 209,462 209,462 322,383

LIABILITIES

Cash Overdraft 170,271 170,271 295,267 Accounts Payable 17,303 17,303 5,228

Total Liabilities 187,574 187,574 300,495

NET POSITION

Unrestricted 21,888 21,888 21,888 Total Net Position 21,888$ 21,888$ 21,888$

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTINTERNAL SERVICE FUND

COMBINING STATEMENT OF NET POSITIONAS OF JUNE 30, 2014


127

EXHIBIT G-5


TRANSPORTATIONCONSORTIUM 2014 2013

OPERATING REVENUES: Local Sources: Transportation Fees 1,013,188$ 1,013,188$ 1,046,377$

Total Operating Revenue 1,013,188 1,013,188 1,046,377

OPERATING EXPENSES: Salaries 489,358 489,358 478,251 Aid in Lieu 69,328 69,328 42,819 Contracted Services (Between Home & School) - Vendors 66,233 66,233 71,123 Contracted Services (Special Education Students) - Joint Agreements 14,536 14,536 94,608 Other Purchased Services 25,976 25,976 24,809 Cleaning, Repair & Maintenance Services 99,521 99,521 94,439 Supplies & Materials 78,701 78,701 88,658 Miscellaneous Expenditures 403 403 528 Benefits 169,132 169,132 141,811 Total Operating Expenses 1,013,188 1,013,188 1,037,046

Net Income/(Loss) - - 9,331 Total Net Position - July 1 21,888 21,888 12,557

Total Net Position - June 30 21,888$ 21,888$ 21,888$


COMBINING STATEMENT OF REVENUES, EXPENSES AND

AS OF JUNE 30, 2014(With Comparative Totals for June 30, 2013)

CHANGES IN FUND NET POSITION

128

EXHIBIT G-6


TRANSPORTATIONCONSORTIUM 2014 2013

Cash Flows From Operating Activities: Receipts from Customers 1,126,109$ 1,126,109$ 1,159,197$ Payments to Suppliers (354,698) (354,698) (416,984) Payments to Employees (477,283) (477,283) (473,023) Payments for Employee Benefits (169,132) (169,132) (141,811)

Net Cash Provided/(Used) by Operating Activities 124,996 124,996 127,379

Net Increase/(Decrease) in Cash & Cash Equivalents 124,996 124,996 127,379 Cash & Cash Equivalents, July 1 (295,267) (295,267) (422,646)

Cash & Cash Equivalents, June 30 (170,271)$ (170,271)$ (295,267)$

Reconciliation of Operating Income (Loss) -$ -$ 9,331$ to Cash Provided/(Used) by Operating Activities: Operating Income (Loss)Adjustments to Reconcile OperatingIncome/(Loss) in Cash Provided/(Used)by Operating Activities: Change in Assets & Liabilities: (Increase)/Decrease in Accounts Receivable 112,921 112,921 112,820 Increase/(Decrease) in Accounts Payable 12,075 12,075 5,228

Total Adjustments 124,996 124,996 118,048

Net Cash Provided/(Used) by Operating Activities 124,996$ 124,996$ 127,379$

RECONCILIATION OF OPERATING INCOME/(LOSS) TO NET CASH PROVIDED/(USED) BY OPERATING ACTIVITIES


COMBINING STATEMENT OF CASH FLOWSAS OF JUNE 30, 2014


129


130

H. Fiduciary Fund

131


132

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s1,

064

8,25

2

-

-

-

9,31

6

9,82

4

T

otal

Net

Pos

itio

n1,

064

$

8,25

2$

21

8,88

0$

-

$

-$

22

8,19

6$

19

2,70

7$

(Wit

h C

omp

arat

ive

Tot

als

for

Jun

e 30

, 201

3)

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

FID

UC

IAR

Y F

UN

DS

CO

MB

ININ

G S

TA

TE

ME

NT

OF

FID

UC

IAR

Y N

ET

PO

SIT

ION

JUN

E 3

0, 2

014

PR

IVA

TE

PU

RP

OS

EA

GE

NC

Y

133

EXHIBIT H-2

UNEMPLOYMENTHALL OF SCHOLARSHIP COMPENSATION

ADDITIONS: HONOR FUND TRUST 2014 2013

Contributions: Plan Member -$ -$ 41,741$ 41,741$ 33,075$ Other - 4,462 - 4,462 2,130

Total Contributions - 4,462 41,741 46,203 35,205

Investment Earnings: Interest - 30 362 392 615

Total Additions - 4,492 42,103 46,595 35,820

DEDUCTIONS:

Unemployment Claims - - 6,106 6,106 40,860 Scholarship Payments - 5,000 - 5,000 5,000

- Total Deductions - 5,000 6,106 11,106 45,860

Change in Net Position - (508) 35,997 35,489 (10,040) Net Position - Beginning 1,064 8,760 182,883 192,707 202,747

Net Position - End 1,064$ 8,252$ 218,880$ 228,196$ 192,707$


PRIVATE PURPOSE

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTFIDUCIARY FUNDS

COMBINING STATEMENT CHANGES IN FIDUCIARY NET POSITIONJUNE 30, 2014

134

EXHIBIT H-3

BALANCE BALANCEJULY 1, CASH CASH JUNE 30,

2013 RECEIPTS DISBURSEMENTS 2014ASSETS

Middle School 62,394$ 72,549$ 75,198$ 59,745$ High School 347,467 757,793 747,921 357,339Athletics 16,137 68,009 73,929 10,217

Total Assets 425,998$ 898,351$ 897,048$ 427,301$

EXHIBIT H-4

BALANCE BALANCEJULY 1, JUNE 30,

ASSETS 2013 ADDITIONS DELETIONS 2014

Cash & Cash Equivalents 220,769$ 26,945,852$ 26,912,949$ 253,672$ Interfunds Receivable 4,686 - 4,686 -

Total Assets 225,455$ 26,945,852$ 26,917,635$ 253,672$

LIABILITIES

Net Payroll Deductions & Withholdings 219,312$ 26,941,087$ 26,911,492$ 248,907$ Academic Banquet 1,209 - 1,209 - Interfunds Payable 4,934 4,765 4,934 4,765

Total Liabilities 225,455$ 26,945,852$ 26,917,635$ 253,672$

PAYROLL AGENCY FUNDSCHEDULE OF RECEIPTS AND DISBURSEMENTS


CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTSTUDENT ACTIVITY AGENCY FUND

SCHEDULE OF RECEIPTS AND DISBURSEMENTSFOR FISCAL YEAR ENDED JUNE 30, 2014

135


136

I. Long-Term Debt

137


138

EX

HIB

IT I

-1

AM

OU

NT

BA

LA

NC

EB

AL

AN

CE

DA

TE

OF

OF

INT

ER

ES

TJU

NE

30,

JUN

E 3

0,IS

SU

EIS

SU

EIS

SU

ED

AT

EA

MO

UN

TR

AT

E20

13IS

SU

ED

RE

TIR

ED

2014

Au g

ust 1

,S

choo

l Ref

undi

n g B

onds

12/1

/199

710

,105

,000

$

20

14$9

10,0

005.

375%

2,70

5,00

0$

-

$

915,

000

$

1,79

0,00

0$

20

1588

0,00

05.

375%

Janu

ary

15In

stal

lati

on o

f S

olar

Pan

els

on th

e M

iddl

e S

choo

l12

/23/

2009

1,30

3,00

0$

20

1580

,000

2.25

0%1,

083,

000

-

80,0

00

1,00

3,00

0

20

1680

,000

3.00

0%20

1785

,000

3.25

0%20

1885

,000

3.25

0%20

1990

,000

3.50

0%20

2090

,000

4.25

0%20

2195

,000

4.25

0%20

2295

,000

4.25

0%20

2310

0,00

04.

250%

2024

100,

000

4.25

0%20

2510

3,00

04.

250%

Feb

ruar

y 15

,S

choo

l Ref

undi

n g B

onds

11/1

0/20

1018

,745

,000

$

20

1588

0,00

04.

000%

17,8

75,0

00

-

790,

000

17,0

85,0

00

2016

980,

000

3.79

6%20

171,

905,

000

3.72

4%20

181,

945,

000

4.51

4%20

192,

070,

000

4.49

5%20

202,

175,

000

4.05

7%20

212,

300,

000

4.43

5%20

222,

415,

000

3.90

1%20

232,

415,

000

3.25

0%

Tot

a l21

,663

,000

$

-1,

785,

000

$

19

,878

,000

$

AN

NU

AL

MA

TU

RIT

Y

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

LO

NG

-TE

RM

DE

BT

SC

HE

DU

LE

OF

SE

RIA

L B

ON

DS

JUN

E 3

0, 2

014

139

EX

HIB

IT I

-3

PO

SIT

IVE

/P

OS

ITIV

E/

NE

GA

TIV

EN

EG

AT

IVE

OR

IGIN

AL

BU

DG

ET

FIN

AL

FIN

AL

TO

OR

IGIN

AL

BU

DG

ET

FIN

AL

FIN

AL

TO

BU

DG

ET

TR

AN

SF

ER

SB

UD

GE

TA

CT

UA

LA

CT

UA

LB

UD

GE

TT

RA

NS

FE

RS

BU

DG

ET

AC

TU

AL

AC

TU

AL

Rev

enue

s: L

ocal

Sou

rces

:

Loc

al T

ax L

evy

2,08

4,59

8$

-$

2,08

4,59

8$

2,08

4,59

8$

-$

2,09

6,71

5$

-

$

2,

096,

715

$ 2,

096,

715

$ -

$

Mis

cell

aneo

us79

,497

-

79

,497

79

,497

-

75

,000

75,0

00

75,0

00

-

Sta

te S

ourc

es:

D

ebt S

ervi

ce A

id T

ype

II50

0,11

7

-

500,

117

500,

117

-

522,

113

52

2,11

3

52

2,11

3

-

Tot

al R

even

ues

2,66

4,21

2

-

2,66

4,21

2

2,66

4,21

2

-

2,69

3,82

8

-

2,

693,

828

2,

693,

828

-

Exp

endi

ture

s: R

egul

ar D

ebt S

ervi

ce:

Inte

rest

879,

212

-

87

9,21

2

87

9,21

2

-

95

3,82

8

-

953,

828

953,

826

2

Pri

ncip

al1,

785,

000

-

1,

785,

000

1,

785,

000

-

1,

740,

000

-

1,74

0,00

0

1,74

0,00

0

-

Tot

al E

xpen

ditu

res

2,66

4,21

2

-

2,66

4,21

2

2,66

4,21

2

-

2,69

3,82

8

-

2,

693,

828

2,

693,

826

2

Exc

ess/

(Def

icie

ncy)

of

Rev

enue

s O

ver/

(Und

er)

Exp

endi

ture

s-

-

-

-

-

-

-

-

2

(2

)

Fun

d B

alan

ce, J

uly

12

-

2

2

-

-

-

-

-

Fun

d B

alan

ce, J

une

302

$

-$

2$

2

$

-$

-$

-$

-$

2$

(2

)$

JUN

E 3

0, 2

014

JUN

E 3

0, 2

013

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

DE

BT

SE

RV

ICE

FU

ND

BU

DG

ET

AR

Y C

OM

PA

RIS

ON

SC

HE

DU

LE

FO

R T

HE

FIS

CA

L Y

EA

RS

EN

DE

D J

UN

E 3

0, 2

014

AN

D 2

013

140

EXHIBIT I-4

OUTSTANDING OUTSTANDINGBALANCE BALANCE

2013 ADDITIONS DELETIONS 2014

Governmental Compensated Absences 1,001,713$ 11,274$ -$ 1,012,987$ Business-Type Compensated Absences 67,203 1,188 - 68,391

Total Compensated Absences 1,068,916$ 12,462$ -$ 1,081,378$

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTLONG-TERM DEBT

SCHEDULE OF COMPENSATED ABSENCESJUNE 30, 2014

141


142

STATISTICAL SECTION (Unaudited)

143


144

EX

HIB

IT J

-1

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gov

ernm

enta

l Act

ivit

ies:

N

et I

nves

tmen

t in,

Cap

ital

Ass

ets

25,2

59,5

87$

25

,182

,966

$

24,1

07,1

26$

23

,014

,071

$

20,7

78,0

36$

20

,055

,146

$

19,2

01,3

38$

18

,703

,670

$

18,3

86,9

53$

16

,694

,414

$

R

estr

icte

d4,

829,

648

4,45

7,60

84,

680,

040

2,72

5,73

72,

890,

240

5,19

8,08

52,

228,

328

1,88

5,76

61,

641,

785

3,08

1,04

4

Unr

estr

icte

d(1

,903

,072

)(1

,656

,726

)(1

,242

,422

)15

,534

(1,6

12,4

10)

(3,5

71,9

05)

(1,0

82,6

71)

(256

,726

)(5

04,9

87)

(585

,534

)

Tot

al G

over

nmen

tal A

ctiv

itie

s

Net

Pos

itio

n28

,186

,163

$

27,9

83,8

48$

27

,544

,744

$

25,7

55,3

42$

22

,055

,866

$

21,6

81,3

26$

20

,346

,995

$

20,3

32,7

10$

19

,523

,751

$

19,1

89,9

24$

Bus

ines

s-T

ype

Act

ivit

ies:

N

et I

nves

tmen

t in,

Cap

ital

Ass

ets

4,46

7$

4,47

5$

6,91

3$

9,35

1$

-$

23

,418

$

38,9

39$

54

,770

$

70,6

29$

86

,489

$

U

nres

tric

ted

287,

563

271,

627

244,

319

280,

872

279,

863

306,

780

288,

269

317,

912

217,

996

184,

396

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s

Net

Pos

itio

n29

2,03

0$

276,

102

$

251,

232

$

29

0,22

3$

27

9,86

3$

33

0,19

8$

32

7,20

8$

37

2,68

2$

28

8,62

5$

270,

885

$

Dis

tric

t-W

ide:

N

et I

nves

tmen

t in,

Cap

ital

Ass

ets

25,2

64,0

54$

25

,187

,441

$

24,1

14,0

39$

23

,023

,422

$

20,7

78,0

36$

20

,078

,564

$

19,2

40,2

77$

18

,758

,440

$

18,4

57,5

82$

16

,780

,903

$

R

estr

icte

d4,

829,

648

4,45

7,60

84,

680,

040

2,72

5,73

72,

890,

240

5,19

8,08

52,

228,

328

1,88

5,76

61,

641,

785

3,08

1,04

4

Unr

estr

icte

d(1

,615

,509

)(1

,385

,099

)(9

98,1

03)

296,

406

(1,3

32,5

47)

(3,2

65,1

25)

(794

,402

)61

,186

(286

,991

)(4

01,1

38)

Tot

al D

istr

ict N

et P

osit

ion

28,4

78,1

93$

28

,259

,950

$

27,7

95,9

76$

26

,045

,565

$

22,3

35,7

29$

22

,011

,524

$

20,6

74,2

03$

20

,705

,392

$

19,8

12,3

76$

19

,460

,809

$

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

NE

T P

OS

ITIO

N B

Y C

OM

PO

NE

NT

LA

ST

TE

N F

ISC

AL

YE

AR

S(A

ccru

al B

asis

of

Acc

oun

tin

g)

145

EX

HIB

IT J

-2(P

age

1 of

3)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Ex p

ense

s: G

over

nmen

tal A

ctiv

itie

s

Ins

truc

tion

:

R

e gul

ar10

,415

,660

$

10

,396

,548

$

10

,149

,928

$

9,

915,

997

$

10

,022

,303

$

9,

724,

632

$

10

,022

,531

$

8,

918,

946

$

8,

621,

926

$

8,

370,

371

$

S

peci

al E

duca

tion

2,61

6,83

9

2,

467,

266

2,

469,

007

2,

665,

925

2,

680,

000

2,

403,

481

2,

536,

204

2,

189,

399

2,

005,

842

1,

518,

323

O

ther

Spe

cial

Ins

truc

tion

-

-

-

-

-

-

-

-

20

,764

58

,090

O

ther

Ins

truc

tion

1,03

6,58

8

1,

043,

130

99

2,28

0

94

5,01

9

1,

040,

843

94

2,41

1

92

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1

77

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79

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8

78

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9

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port

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vice

s:

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uiti

on2,

546,

942

2,27

6,33

5

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1,18

3

1,85

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7

1,51

8,18

3

1,54

5,68

8

1,39

4,98

5

1,49

3,24

4

1,24

9,38

6

1,12

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9

Stu

dent

& I

nstr

ucti

on R

elat

ed S

ervi

ces

2,47

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5

2,

339,

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2,

156,

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983,

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h S

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24

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22

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22

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21

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19

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518,

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17

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19

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ons

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aint

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2,50

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8,08

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2,88

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2,72

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Pu p

il T

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port

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n2,

695,

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2,69

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2,41

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3

2,28

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3

2,37

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Em

ploy

ee B

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its

8,28

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9

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6,

955,

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6,

305,

315

6,

300,

479

6,

160,

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426,

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188,

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237,

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4,

702,

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S

peci

al S

choo

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66,3

83

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82,7

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111,

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ustm

ent t

o C

apit

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sset

s-

(2,5

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(1

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(1,2

02,6

90)

88

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3

15

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-

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nter

est o

n L

ong-

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m D

ebt

1,07

1,87

5

1,

049,

503

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5,94

6

1,

397,

228

1,

218,

307

1,

266,

312

1,

351,

969

1,

404,

224

1,

450,

636

1,

501,

397

C

a pit

al O

utla

y-

-

-

-

-

-

-

3,

490

67

,457

-

Una

lloc

ated

De p

reci

atio

n1,

870,

974

1,85

5,71

9

1,82

3,70

2

1,81

2,10

1

1,84

7,43

7

1,46

3,03

7

503,

386

546,

698

553,

358

1,04

7,24

0

Am

orti

zati

on o

f D

ebt I

ssua

nce

Cos

ts-

20,1

78

20,1

77

20,1

77

38,6

78

38,6

77

-

-

-

-

Red

ucti

on o

f C

apit

al L

ease

s-

-

-

(66,

649)

(101

,638

)

(2

17,6

34)

-

-

-

-

Una

lloc

ated

Com

pens

ated

Abs

ence

s-

(18,

267)

25,3

09

(38,

973)

(40,

642)

(162

,703

)

-

-

-

-

T

otal

Gov

ernm

enta

l Act

ivit

ies

Exp

ense

s39

,117

,007

38

,193

,920

35,7

44,1

60

33

,601

,428

36,0

87,3

74

33

,048

,244

33

,377

,916

31,1

00,3

54

29

,318

,581

27,3

68,0

43

Bus

ines

s-T

ype

Act

ivit

ies:

F

ood

Ser

vice

865,

226

83

6,90

3

89

1,20

1

85

2,81

3

92

0,21

2

86

9,87

1

91

9,37

0

79

1,01

8

80

8,06

7

79

6,55

9

Oth

er A

ctiv

itie

s64

,683

73,3

59

73,7

91

80,2

12

78,5

07

91,9

63

39,8

51

28,2

73

20,1

39

23,2

95

Tot

al B

usin

ess-

Typ

e A

ctiv

itie

s E

xpen

se92

9,90

9

910,

262

964,

992

933,

025

998,

719

961,

834

959,

221

819,

291

828,

206

819,

854

T

otal

Dis

tric

t Exp

ense

s40

,046

,916

$

39

,104

,182

$

36

,709

,152

$

34

,534

,453

$

37

,086

,093

$

34

,010

,078

$

34

,337

,137

$

31

,919

,645

$

30

,146

,787

$

28

,187

,897

$

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

CH

AN

GE

S I

N N

ET

PO

SIT

ION

- (

AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)L

AS

T T

EN

FIS

CA

L Y

EA

RS

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

146

EX

HIB

IT J

-2(P

age

2 of

3)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Pro

gram

Rev

enue

s: G

over

nmen

tal A

ctiv

itie

s :

Cha

rges

for

Ser

vice

s &

Ope

rati

ng G

rant

s

I

nstr

ucti

on (

Spe

cial

Edu

cati

on)

541,

080

$

49

5,43

0$

51

3,30

1$

68

3,17

7$

72

3,99

6$

44

2,58

9$

56

1,41

6$

37

7,01

4$

47

0,98

2$

42

6,77

2$

S

u ppo

rt S

ervi

ces:

Stu

dent

& I

nstr

ucti

on &

Rel

ated

Ser

vice

s28

6,60

4

265,

418

203,

473

206,

594

283,

751

222,

626

227,

289

208,

917

205,

251

141,

076

Pu p

il T

rans

port

atio

n1,

013,

188

1,04

6,37

7

1,07

2,56

9

998,

489

921,

909

809,

862

788,

872

843,

111

785,

507

840,

407

Em

ploy

ee B

enef

its

169,

132

14

1,81

1

13

3,72

2

13

0,39

4

12

9,50

4

13

5,26

2

15

6,36

7

13

8,58

3

13

0,04

8

17

,167

I

nter

est o

n L

ong-

Ter

m D

ebt

500,

117

52

2,11

3

54

5,63

7

56

9,69

9

63

3,75

9

60

6,18

5

-

-

-

-

C

a pit

al O

utla

y-

-

-

-

-

-

-

-

50,9

65

98,8

63

Tot

al G

over

nmen

tal A

ctiv

itie

s P

rogr

am

Rev

enue

s2,

510,

121

2,47

1,14

9

2,46

8,70

2

2,58

8,35

3

2,69

2,91

9

2,21

6,52

4

1,73

3,94

4

1,56

7,62

5

1,64

2,75

3

1,52

4,28

5

Bus

ines

s-T

ype

Act

ivit

ies:

Cha

rges

for

Ser

vice

s:

F

ood

Ser

vice

693,

841

66

7,26

5

68

3,16

9

68

8,13

2

68

3,64

4

70

1,13

4

73

5,87

2

71

5,89

6

66

5,79

0

65

9,76

3

S

choo

l Sto

re79

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97,0

37

79,7

94

100,

860

92,3

94

84,2

55

38,2

92

29,7

90

25,7

02

25,2

30

Ope

rati

ng G

rant

s &

Con

trib

utio

ns16

9,41

5

170,

016

160,

518

149,

496

165,

285

141,

561

124,

086

117,

122

104,

308

121,

731

Tot

al B

usin

ess

Typ

e A

ctiv

itie

s P

rogr

am

Rev

enue

s94

2,62

4

934,

318

923,

481

938,

488

941,

323

926,

950

898,

250

862,

808

795,

800

806,

724

Tot

al D

istr

ict P

rogr

am R

even

ues

3,45

2,74

5$

3,

405,

467

$

3,

392,

183

$

3,

526,

841

$

3,

634,

242

$

3,

143,

474

$

2,

632,

194

$

2,

430,

433

$

2,

438,

553

$

2,

331,

009

$

Net

/(E

xpen

se)/

Rev

enue

:

Gov

ernm

enta

l Act

ivit

ies

(36,

606,

886)

$

(3

5,72

2,77

1)$

(3

3,27

5,45

8)$

(3

1,01

3,07

5)$

(3

3,39

4,45

5)$

(3

0,83

1,72

0)$

(31,

643,

972)

$

(29,

532,

729)

$

(27,

675,

828)

$

(25,

843,

758)

$

B

usin

ess-

Typ

e A

ctiv

itie

s12

,715

24,0

56(4

1,51

1)5,

463

(57,

396)

(34,

884)

(60,

971)

43,5

17(3

2,40

6)(1

3,13

0)

T

otal

Dis

tric

t-W

ide

Net

Exp

ense

(36,

594,

171)

$

(3

5,69

8,71

5)$

(3

3,31

6,96

9)$

(3

1,00

7,61

2)$

(3

3,45

1,85

1)$

(3

0,86

6,60

4)$

(31,

704,

943)

$

(29,

489,

212)

$

(27,

708,

234)

$

(25,

856,

888)

$

LA

ST

TE

N F

ISC

AL

YE

AR

S

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

CH

AN

GE

S I

N N

ET

PO

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ION

- (

AC

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L B

AS

IS O

F A

CC

OU

NT

ING

)

147

EX

HIB

IT J

-2(P

age

3 of

3)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gen

eral

Rev

enue

s &

Oth

er C

han g

es in

Net

Pos

itio

n: G

over

nmen

tal A

ctiv

itie

s :

Pro

pert

y T

axes

Lev

ied

for

Gen

eral

Pur

pose

s, N

et16

,577

,579

$

15

,750

,227

$

15

,441

,399

$

15

,289

,560

$

14

,701

,500

$

14

,444

,883

$

14

,036

,426

$

13

,321

,073

$

11

,774

,979

$

10

,496

,234

$

Tax

es L

evie

d fo

r D

ebt S

ervi

c e2,

084,

598

2,09

6,71

5

2,08

3,04

5

2,16

6,80

7

2,17

5,36

4

2,17

6,41

2

2,06

8,82

5

1,94

6,68

6

1,97

9,04

9

1,96

0,05

2

U

nres

tric

ted

Gra

nts

& C

ontr

ibut

ions

17,6

85,7

96

17,7

86,4

46

16

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16,1

53,1

47

16

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,596

15,3

07,8

83

15,0

84,8

65

14

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13,7

08,8

02

13

,481

,754

T

uiti

on R

ecei

ved

367,

146

28

5,69

8

16

9,24

3

18

5,41

1

13

8,00

2

17

1,44

4

14

5,05

7

12

4,38

9

74

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19

,850

Tra

nspo

rtat

ion

Fee

s-

-

-

-

-

-

-

10

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25

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Inv

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n gs

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23

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11

0,04

0

75

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3,20

9

17

4,66

5

13

3,37

9

13

2,82

0

Mis

cell

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us I

ncom

e 23

8,28

8

218,

504

415,

504

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528

611,

493

226,

205

197,

865

180,

008

350,

585

164,

548

O

ther

-

-

-

-

-

-

(7

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)

-

-

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Tra

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(1

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)

(160

)

(1

50,0

00)

-

-

(19,

426)

(37,

050)

(35,

124)

T

otal

Gov

ernm

enta

l

A

ctiv

itie

s36

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36

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35,0

64,8

60

34

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33,7

68,9

95

32

,402

,596

31

,658

,257

30,3

41,6

88

28

,009

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26,2

79,2

19

Bus

ines

s-T

ype

Act

ivit

ies:

I

nves

tmen

t Ear

ning

s51

3

814

2,52

0

4,73

7

6,53

9

7,37

1

15

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21

,114

13

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6,

036

Tra

nsfe

rs/O

ther

-

-

-

16

0

52

2

-

-

19

,426

37

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35

,124

T

otal

Bus

ines

s-T

ype

Act

ivit

ies

513

81

4

2,

520

4,

897

7,

061

7,

371

15,4

97

40,5

40

50,1

46

41,1

60

Tot

al D

istr

ict-

Wid

e36

,965

,555

$

36

,161

,980

$

35

,067

,380

$

34

,717

,448

$

33

,776

,056

$

32

,409

,967

$

31

,673

,754

$

30

,382

,228

$

28

,059

,801

$

26

,320

,379

$

Cha

nge

in N

et P

osit

ion:

G

over

nmen

tal A

ctiv

itie

s35

8,15

6$

439,

104

$

1,78

9,40

2$

3,69

9,47

6$

374,

540

$

1,57

0,87

6$

14,2

85$

808,

959

$

333,

827

$

435,

461

$

B

usin

ess-

Typ

e A

ctiv

itie

s13

,228

24,8

70(3

8,99

1)10

,360

(50,

335)

(27,

513)

(45,

474)

84,0

5717

,740

28,0

30

T

otal

Dis

tric

t37

1,38

4$

463,

974

$

1,75

0,41

1$

3,70

9,83

6$

324,

205

$

1,54

3,36

3$

(31,

189)

$

89

3,01

6$

35

1,56

7$

46

3,49

1$

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

CH

AN

GE

S I

N N

ET

PO

SIT

ION

- (

AC

CR

UA

L B

AS

IS O

F A

CC

OU

NT

ING

)L

AS

T T

EN

FIS

CA

L Y

EA

RS

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

148

EX

HIB

IT J

-3

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gen

eral

Fun

d:

Res

tric

ted

4,69

1,22

7$

1,

833,

600

$

4,85

1,55

6$

3,

491,

912

$

2,83

8,74

2$

3,

342,

513

$

2,08

7,35

3$

1,

877,

038

$

1,22

6,60

7$

80

1,59

8$

U

nres

tric

ted

(354

,932

)2,

166,

620

(171

,032

)(5

25,7

13)

(772

,153

)(5

22,5

02)

54,2

4542

,822

13,4

5220

1,54

5

Tot

al G

ener

al F

und

4,33

6,29

5$

4,

000,

220

$

4,68

0,52

4$

2,

966,

199

$

2,06

6,58

9$

2,

820,

011

$

2,14

1,59

8$

1,

919,

860

$

1,24

0,05

9$

1,

003,

143

$

All

Oth

er G

over

nmen

tal F

unds

:

Res

tric

ted

138,

423

$

21

7,92

0$

-$

-$

195,

271

$

-

$

-

$

4,

858

$

87,9

04$

347,

396

$

Unr

estr

icte

d, R

epor

ted

in:

Cap

ital

Pro

ject

s F

und

-

-

223,

942

1,

436,

639

299,

514

12

6,21

4

239,

689

27

9,63

9

395,

151

1,

715,

083

Deb

t Ser

vice

Fun

d-

-

-

89

,641

1

1

-

1

3

4

Tot

al A

ll O

ther

Gov

ernm

enta

l

Fun

ds13

8,42

3$

217,

920

$

22

3,94

2$

1,52

6,28

0$

49

4,78

6$

126,

215

$

23

9,68

9$

284,

498

$

48

3,05

8$

2,06

2,48

3$

FIS

CA

L Y

EA

R E

ND

ING

JU

NE

30,

CL

EA

RV

IEW

RE

GIO

NA

L H

IGH

SC

HO

OL

DIS

TR

ICT

FU

ND

BA

LA

NC

ES

AN

D G

OV

ER

NM

EN

TA

L F

UN

DS

LA

ST

TE

N F

ISC

AL

YE

AR

S(M

odif

ied

Acc

rual

Bas

is o

f A

ccou

nti

ng)

149

EX

HIB

IT J

-4(P

age

1 of

2)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Rev

enue

s:

Tax

es L

ocal

18,6

62,1

77$

17

,846

,942

$

17,5

24,4

44$

17,4

56,3

67$

16,8

76,8

64$

16

,621

,295

$

16

,105

,251

$

15

,267

,759

$

13

,754

,028

$

12

,456

,286

$

T

uiti

on C

harg

es36

7,14

6

285,

698

16

9,24

3

185,

411

13

8,00

2

171,

444

14

5,05

7

124,

389

74

,400

19

,850

T

rans

port

atio

n4,

287

49

,739

44,4

75

31,4

48

22,9

15

8,

037

-

10

,637

25

,511

59

,085

I

nter

est E

arni

ngs

11,6

35

23

,576

40,8

64

81,2

58

110,

040

75

,769

133,

209

17

4,66

5

133,

379

13

2,82

0

M

isce

llan

eous

234,

001

16

8,76

5

371,

029

80

5,08

0

588,

578

21

8,16

8

197,

865

18

0,00

8

350,

585

16

4,54

8

S

tate

Sou

rces

18,3

09,6

21

18

,417

,919

17

,037

,663

16

,789

,952

14

,635

,581

15

,994

,794

15

,173

,779

14

,691

,318

13

,842

,691

13

,619

,227

Fed

eral

Sou

rces

703,

976

65

2,19

7

1,14

0,65

2

82

2,66

5

3,18

8,52

1

58

4,48

9

721,

075

51

9,18

7

610,

956

54

6,40

5

T

otal

Rev

enue

38,2

92,8

43

37

,444

,836

36

,328

,370

36

,172

,181

35

,560

,501

33

,673

,996

32

,476

,236

30

,967

,963

28

,791

,550

26

,998

,221

Exp

endi

ture

s: I

nstr

ucti

on:

R

egul

ar I

nstr

ucti

on10

,415

,660

10,3

96,5

48

10,1

49,9

28

9,91

5,99

7

10

,022

,303

9,

724,

632

9,57

3,75

5

8,

967,

748

8,66

1,55

1

8,

607,

890

S

peci

al E

duca

tion

Ins

truc

tion

2,61

6,83

9

2,

467,

266

2,46

9,00

7

2,

665,

925

2,68

0,00

0

2,

403,

481

2,50

6,88

5

2,

188,

428

2,00

4,96

0

1,

518,

323

O

ther

Spe

cial

Ins

truc

tion

-

-

-

-

-

-

-

-

30

,764

68

,090

O

ther

Ins

truc

tion

1,03

6,58

8

1,

043,

130

992,

280

94

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2013

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2012

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41

-

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7,26

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-

76,1

12

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17,2

64

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3,63

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2011

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0

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97

42

1,59

4

73,8

03

-

-

64,4

27

-

97

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23

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2010

3,21

8

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22,4

84

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57

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1

74,5

55

-

-

15,4

61

406,

819

173,

677

2009

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35

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33,8

85

-

23

,438

33

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3,

285

80,8

49

-

-

27,5

62

-

21

8,16

8

2008

2,74

6

-

21,9

81

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60

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-

91

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21

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197,

865

2013

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100,

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18

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2006

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46

6

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81

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99

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24

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34,8

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6,90

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N/A

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7,30

01,

336,

285,

500

3,72

4,47

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340,

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0.64

41,

416,

201,

622

2011

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162,

559,

600

32,7

33,2

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866,

800

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19,4

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300

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7,20

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646

1,44

4,10

6,77

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1336

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1,14

7,61

5,70

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2,05

4,90

092

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7,30

01,

318,

646,

900

4,53

8,57

41,

323,

185,

474

0.64

21,

514,

985,

628

2009

27,8

24,9

0072

8,28

0,00

018

,219

,200

2,15

2,60

042

,036

,700

N/A

4,53

1,50

082

3,04

4,90

02,

362,

052

825,

406,

952

1.03

01,

541,

193,

020

2008

27,4

51,4

0070

6,14

5,50

019

,247

,600

3,04

6,70

041

,229

,100

N/A

4,53

1,50

080

1,65

1,80

02,

338,

529

803,

990,

329

1.03

21,

509,

866,

503

2007

31,2

26,0

0066

4,20

2,70

019

,726

,300

3,19

3,00

040

,081

,600

N/A

4,53

1,50

076

2,96

1,10

02,

350,

519

765,

311,

619

1.03

61,

376,

957,

601

2006

34,5

89,8

0060

6,15

2,60

020

,890

,700

3,30

6,30

036

,465

,600

N/A

4,53

1,50

070

5,93

6,50

02,

540,

406

708,

476,

906

1.01

61,

134,

787,

600

2005

26,4

94,2

0056

1,06

5,40

019

,440

,600

3,39

9,80

029

,169

,500

N/A

4,53

2,90

064

4,10

2,40

03,

034,

864

647,

137,

264

1.01

092

8,99

2,65

4

Man

tua

2014

24,0

93,8

001,

098,

246,

900

25,2

39,0

001,

606,

900

169,

010,

200

11,0

86,2

002,

935,

200

1,33

2,21

8,20

02,

453,

312

1,33

4,67

1,51

20.

754

1,36

6,09

7,41

620

1322

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1,09

4,92

1,60

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2,18

2,70

017

1,41

2,30

011

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2,93

5,20

01,

331,

982,

800

3,11

2,02

01,

335,

094,

820

0.72

21,

375,

588,

970

2012

20,7

29,2

001,

097,

392,

800

26,7

28,6

001,

677,

400

185,

562,

100

13,9

42,4

002,

980,

000

1,34

9,01

2,50

03,

863,

440

1,35

2,87

5,94

00.

680

1,45

5,87

3,62

420

1112

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650,

155,

200

14,0

66,0

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209,

800

84,6

85,9

005,

612,

300

1,67

2,00

076

9,77

2,40

02,

126,

051

771,

898,

451

1.16

01,

519,

056,

575

2013

13,4

62,9

0064

6,07

9,80

014

,473

,400

1,23

0,90

083

,909

,100

5,84

5,30

01,

672,

000

766,

673,

400

2,26

1,46

976

8,93

4,86

91.

166

1,56

9,79

5,70

920

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079,

700

14,3

80,7

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225,

800

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78,4

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187,

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1,67

2,00

076

3,15

2,80

02,

246,

773

765,

399,

573

1.09

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819,

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2008

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154

EXHIBIT J-8

HARRISON TOWNSHIP% OF TOTAL % OF TOTAL

TAXABLE DISTRICT NET TAXABLE DISTRICT NETASSESSED ASSESSED ASSESSED ASSESSED

VALUE VALUATION VALUE VALUATION

AEW SCT Mullica Hill, LLC 14,000,000$ 1.02% -$ Mullica West Ltd. 6,224,000 0.46% 4,095,000 0.67%Mantec Associates 5,884,000 0.43% 3,105,200 0.51%Mullica Hill Commons, LLC 5,112,000 0.37% - Inspira Medical 4,740,000 0.35% - Madison/Canuso c/o Lisa Cheung 4,610,500 0.34% - Storage Quest 4,575,000 0.33% - Woodla nd Four, LLC 4,114,400 0.30% - Verizon 2,975,643 0.22% - Madison/Canuso Richwood Village 2,561,500 0.19% - Bell Atlantic Property Tax Dept. - 3,335,530 0.55%Mullica Hill Self Storage - 1,640,900 0.27%Mullica Hill Plaza Associates - 1,233,400 0.20%Mullica Associates CVS - 990,400 0.16%Group Ten Associates - 864,000 0.14%Tunlaw, Inc. - 827,800 0.14%Holding Smith, Inc. - 817,200 0.13%Farmers National Bank - 798,000 0.13%

Total 54,797,043$ 4.01% 17,707,430$ 2.90%

MANTUA TOWNSHIP% OF TOTAL % OF TOTAL

TAXABLE DISTRICT NET TAXABLE DISTRICT NETASSESSED ASSESSED ASSESSED ASSESSED

VALUE VALUATION VALUE VALUATION

Lowes Home Center, Inc. 14,623,700$ 1.10% -$ Home Depot, U.S.A. Inc. 11,302,900 0.85% 6,535,000 0.10%Target Corporation 14,676,900 1.10% - Kohl's Department Store 11,675,900 0.88% - Route 553 Retail, LLC 6,713,900 0.50% - Wilkins Industrial Park 6,646,900 0.50% - Timberline Plaza 6,388,200 0.48% - Belina Dev & Brooklawn Out Lot LLC 6,260,300 0.47% - Spirit Master Funding 6,022,400 0.45% - Bristol Development Corp - 6,259,700 0.09%Wilkins Industrial Park - 4,624,800 0.07%Verizon - 4,355,210 0.06%Mantua Partners, NJ - 4,188,400 0.06%Frezza LLC 4,922,500 0.37% 3,965,800 0.06%K-Tron - 3,327,500 0.05%Campbell's Auto Express - 2,432,100 0.04%Public Storage, Inc. - 1,826,800 0.03%Eagles Nest Golf Club LLC - 1,561,900 0.02%

Total 89,233,600$ 6.70% 39,077,210 0.57%

TAXPAYER

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTPRINCIPAL PROPERTY TAX PAYERS,

CURRENT YEAR AND NINE YEARS AGO

2014

TAXPAYER

2014 2005

2005

155

EXHIBIT J-9

HARRISON TOWNSHIPTAXES LEVIED COLLECTIONS

YEAR ENDED FOR THE PERCENT OF IN SUBSEQUENTDECEMBER 31 FISCAL YEAR AMOUNT LEVY YEAR

2014 $8,013,981 8,013,981 100.00% -2013 7,626,499 7,626,499 100.00% -2012 7,550,040 7,550,040 100.00% -2011 7,436,680 7,436,680 100.00% -2013 7,407,108 7,407,108 100.00% -2009 7,215,213 7,215,213 100.00% -2008 6,911,356 6,911,356 100.00% -2007 6,284,724 6,284,704 100.00% -2006 5,667,508 5,667,508 100.00% -2005 5,146,144 5,146,144 100.00% -

MANTUA TOWNSHIPTAXES LEVIED COLLECTIONS

YEAR ENDED FOR THE PERCENT OF IN SUBSEQUENTDECEMBER 31 FISCAL YEAR AMOUNT LEVY YEAR

2014 $8,563,598 8,563,598 100.00% -2013 8,123,728 8,123,728 100.00% -2012 7,891,359 7,891,359 100.00% -2011 7,852,880 7,852,880 100.00% -2013 7,294,392 7,294,392 100.00% -2009 7,229,670 7,229,670 100.00% -2008 7,125,070 7,125,070 100.00% -2007 7,036,349 7,036,349 100.00% -2006 6,788,778 6,788,778 100.00% -2005 6,184,449 6,184,449 100.00% -

Source: District records including the Certificate and Report of School Taxes (A4F Form).

COLLECTED WITH THE FISCAL YEAR

COLLECTED WITH THE FISCAL YEAR

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTPROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS

156

EXHIBIT J-10

BUSINESS-FISCAL BOND TYPE PERCENTAGEYEAR GENERAL CERTIFICATES ANTICIPATION ACTIVITIES OF

ENDED OBLIGATION OF CAPITAL NOTES CAPITAL TOTAL PER CAPITAJUNE 20, BONDS PARTICIPATION LEASES (BANs) LEASES DISTRICT INCOME

2014 $19,878,000 N/A N/A N/A N/A 19,878,000 N/A2013 19,923,000 N/A N/A N/A N/A 19,923,000 N/A2012 23,403,000 N/A N/A N/A N/A 23,403,000 N/A2011 25,153,000 N/A N/A N/A N/A 25,153,000 4.78%2013 27,255,000 N/A 66,649 N/A N/A 27,321,649 5.32%2009 27,537,000 N/A 168,287 N/A N/A 27,705,287 5.56%2008 29,027,000 N/A 385,922 N/A N/A 29,412,922 6.06%2007 30,372,000 N/A 685,491 N/A N/A 31,057,491 6.40%2006 31,502,000 N/A 734,824 N/A N/A 32,236,824 3.00%2005 32,637,000 N/A 880,137 N/A N/A 33,517,137 3.73%

Note: Details regarding the district's outstanding debt can be found in the notes to the financial statements

GOVERNMENTAL ACTIVITIES

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTRATIOS OF OUTSTANDING DEBT BY TYPE


157

EXHIBIT J-11

NET PERCENTAGEFISCAL GENERAL OF ACTUALYEAR GENERAL BONDED TAXABLE

ENDED OBLIGATION DEBT VALUE OFJUNE 30, BONDS DEDUCTIONS OUTSTANDING PROPERTY PER CAPITA

2014 $19,878,000 19,878,000 N/A N/A2013 19,923,000 19,923,000 N/A N/A2012 23,403,000 23,403,000 1.75% N/A2011 25,153,000 25,153,000 1.90% 2,0202013 27,255,000 27,255,000 2.06% 2,1652009 27,537,000 27,537,000 3.34% 2,1882008 29,027,000 29,027,000 3.52% 2,3382007 30,372,000 30,372,000 3.98% 2,4812006 31,502,000 31,502,000 4.46% 2,6682005 32,637,000 32,637,000 5.07% 2,903

GENERAL BONDED DEBT OUTSTANDING

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


158

EXHIBIT J-12

DEBT PERCENTAGE OVERLAPPINGOUTSTANDING APPLICABLE DEBT

HarrisonDebt Repaid With Property Taxes: Harrison Township $32,148,343 100.000% $32,148,343 Gloucester County General Obligation Debt 264,668,874 5.247% 13,888,280 Regional School Debt 19,878,000 48.422% 9,625,229

Total Direct & Overlapping Debt $55,661,852

MantuaDebt Repaid With Property Taxes: Mantua Township $11,392,996 100.000% $11,392,996 Gloucester County General Obligation Debt 265,668,874 5.256% 13,962,677 Regional School Debt 19,878,000 51.578% 10,252,771

Total Direct & Overlapping Debt $35,608,443

Sources: Assessed value data used to estimate applicable percentages provided by the Burlington County Board of Taxation.

Debt outstanding data provided by each governmental unit.

NOTE - Overlapping governments are those that coincide, at least in part, with the geographic boundariesof the District.

This schedule estimates the portion of the outstanding debt of those overlapping governments that is borneby the residents and businesses of the above Townships. This process recognizes that, when considering theDistrict's ability to issue and repay Long-Term debt, the entire debt burden borne by the residents and businessesshould be taken into account. However, this does not imply that every taxpayer is a resident, and thereforeresponsible for repaying the debt, of each overlapping payment.

a. For debt repaid with property taxes, the percentage of overlapping debt applicable is estimated using taxableassessed property values. Applicable percentages were estimated by determining the portion of anothergovernment unit's taxable value that is within the District's boundaries and dividing it by each unit's totaltaxable value.

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTRATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

AS OF JUNE 30, 2014

GOVERNMENTAL UNIT

159

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160

EXHIBIT J-14

PER CAPITAPERSONAL PERSONAL UNEMPLOYMENT

YEAR POPULATION (a) INCOME INCOME (c) RATE (d)

Harrison2014 N/A N/A N/A N/A2013 12,721 N/A N/A 6.4%2012 12,556 563,362,608 44,868 8.1%2011 * 12,453 525,865,284 42,228 7.9%2013 12,417 513,281,529 41,337 8.1%2009 12,587 498,331,917 39,591 7.6%2008 12,436 485,501,440 39,040 5.2%2007 12,230 456,558,130 37,331 4.0%2006 11,804 425,841,104 36,076 4.4%2005 11,237 385,530,233 34,309 4.1%

Mantua2014 N/A N/A N/A N/A2013 15,109 N/A N/A 6.8%2012 15,109 677,910,612 44,868 9.4%2011 * 15,259 644,357,052 42,228 9.2%2013 15,217 629,025,129 41,337 9.4%2009 15,216 602,416,656 39,591 8.9%2008 15,177 592,510,080 39,040 6.0%2007 15,201 567,468,531 37,331 4.7%2006 15,142 546,262,792 36,076 5.1%2005 14,920 511,890,280 34,309 4.7%

Source: a Population information provided by the NJ Dept of Labor and Workforce Development

b Personal incomec Per Capitad Unemployment data provided by the NJ Dept of Labor and Workforce Development* 2010 Census

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTDEMOGRAPHIC AND ECONOMIC STATISTICS


161

EXHIBIT J-15

PERCENTAGERANK OF TOTAL

EMPLOYER EMPLOYEES (OPTIONAL) EMPLOYMENT

Underwood Memorial Hospital 1,825 1 15.82%Kennedy Hospital 1,675 2 14.52%County of Gloucester 1,425 3 12.35%Washington Township School District 1,598 4 13.85%Rowan University 1,483 5 12.85%Missa Bay, LLC 950 6 8.23%Monroe Township School District 792 7 6.87%U.S. Food Services 725 8 6.28%Exxon Mobile Research & Development 540 9 4.68%LaBrea Bakery 525 10 4.55%

11,538 100.00%

Source: Information provided by the Gloucester County Office of Economic Development and Employer Directly.

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTPRINCIPAL EMPLOYERS

CURRENT YEAR AND NINE YEARS AGO

2014

2005

NOT AVAILABLE

162

EXHIBIT J-16

Function/Program 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Instruction: Regular 150.5 150.0 149.6 160.2 155.0 155.0 150.5 149.5 148.0 145.0 Special Education 35.7 37.1 37.9 26.5 36.0 36.0 40.5 39.5 37.0 35.0 Other Special Education Other Instruction 3.0 3.0 3.0 2.5 2.5 2.5 2.0 Adult/Continuing Education Program 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5Support Services: Attendance & Social Work 2.7 2.7 2.7 3.0 3.0 3.0 3.0 3.0 3.0 3.0 Health Services 4.3 4.3 4.4 4.2 4.2 4.2 3.7 3.7 3.7 3.7 Related Services 2.0 2.0 1.6 1.6 1.6 1.6 1.0 1.0 1.0 1.0 Extraordinary Services Guidance Services 14.8 15.1 14.2 14.0 14.0 14.0 11.7 11.7 11.5 11.0 Child Study Team 6.0 5.4 5.2 6.0 6.0 6.0 6.0 6.0 6.5 6.0 Improvement of Instruction 5.0 4.9 5.0 5.0 5.0 5.0 3.0 3.0 2.0 1.0 Media Services 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 4.0 4.0 Professional Development 0.5 0.5 0.5 0.5 1.0 1.0 1.0 General Administration 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 School Administration 15.9 15.5 15.5 15.5 16.0 16.0 14.5 14.5 14.0 14.0 Central Services 5.0 5.0 5.0 5.0 5.0 5.0 5.2 5.2 5.0 4.8 Administrative Information Technology 4.5 4.5 4.5 4.5 4.5 4.5 3.0 3.0 3.0 3.0 Plants Operations & Maintenance 27.1 26.8 26.8 29.0 28.0 28.0 22.5 22.5 21.5 20.0 Pupil Transportation 26.8 26.8 23.9 40.0 37.0 37.0 38.2 38.2 38.0 37.0 Other Support Services 3.0 3.0 3.0 3.5 3.5 3.5 0.5 0.4 0.4 0.4Food Service 20.0 20.0 20.0 20.0 21.0 22.0 22.0 22.0 23.0 22.0

Total 329.3 329.1 325.3 347.0 349.3 350.3 333.3 331.2 326.6 316.4

Source: District Personnel Records

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTFULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY FUNCTION/PROGRAM


163

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166

EXHIBIT J-20

COVERAGE DEDUCTIBLESchool Package Policy - Utica National Insurance Group Property - Blanket Building & Contents $75,520,475 1,000 Commercial General Liability General Aggregate Limit 3,000,000 None Products Completed Operations, Aggregate Limit 3,000,000 None Personal & Advertising Injury 1,000,000 None Fire Damage Limit Any One Fire 1,000,000 None Medical Expense - any One Person 10,000 None Commercial Automobile Liability Bodily Injury & Property Damage 1,000,000 1,000 Inland Marine Business Computers 675,893 250 Head of the Class Uni-Flex 100,000 500 Valuable Papers & Records 100,000 100 Signs 30,000 250 Musical Instruments & Related 500,000 250 Miscellaneous School Equipment 500,000 250 Educators Legal Liability 1,000,000 7,500 Umbrella General Liability 10,000,000 10,000 Excess Liability Policy - Fireman's Fund Indemnity Corp. 50,000,000 None Workmens' Compensation - Educational Risk Insurance Consortium South Bodily Injury - By Accident 2,000,000 None Bodily Injury - By Disease 2,000,000 None Student Accident - The Berkley LH&A Insurance Program Trust VariousPublic Employees' Faithful Performance Bonds - Selective Insurance Company of America Employee Bond - Esther R. Pennell, Business Administrator/Board Secretary 265,000 None

Source: District Records.

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICTINSURANCE SCHEDULE

JUNE 30, 2014

167


168

SINGLE AUDIT SECTION

169


170

EXHIBIT K-1

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

Honorable President and Members of the Board of Education Clearview Regional High School District County of Gloucester Mullica Hill, New Jersey 08062 We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the Clearview Regional High School District, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise Clearview Regional High School District’s basic financial statements, and have issued our report thereon dated October 23, 2014. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Clearview Regional High School District's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Clearview Regional High School District’s internal control. Accordingly, we do not express an opinion on the effectiveness of Clearview Regional High School District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

171

rchandran

Letterhead

Compliance and Other Matters As part of obtaining reasonable assurance about whether Clearview Regional High School District's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.



Michael Holt Public School Accountant Certified Public Accountant No. 1148


172

EXHIBIT K-2

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-

133 AND NEW JERSEY OMB CIRCULAR 04-04.

Honorable President and Members of the Board of Education Clearview Regional High School District County of Gloucester Mullica Hill, New Jersey 08062 Report on Compliance for Each Major Federal and State Program We have audited Clearview Regional High School District’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s major federal and state programs for the year ended June 30, 2014. Clearview Regional High School District’s major federal and state programs are identified in the Summary of Auditor’s Results section of the accompanying Schedule of Findings and Questioned Costs. Management’s Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs. Auditor’s Responsibility Our responsibility is to express an opinion on compliance for each of Clearview Regional High School District’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; the New Jersey State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB

173

rchandran

Letterhead

Circular A-133 and New Jersey OMB’s Circular 04-04, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about Clearview Regional High School District’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of Clearview Regional High School District’s compliance with those requirements. Opinion on Each Major Federal and State Program In our opinion, Clearview Regional High School District complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2014. Report on Internal Control Over Compliance Management of Clearview Regional High School District is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered Clearview Regional High School District’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of Clearview Regional High School District’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

174

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and New Jersey OMB’s Circular 04-04. Accordingly, this report is not suitable for any other purpose.



Michael Holt Public School Accountant Certified Public Accountant No. 1148


175


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178

EXHIBIT K-5 (Page 1 of 2)

CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE

JUNE 30, 2014 Note 1. General The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Board of Education, Clearview Regional High School District. The Board of Education is defined in Note 1 to the Board’s basic 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 basis of accounting are described in Note 1 to the Board’s basic financial statements. Note 3. Relationship to Basic Financial Statements The basic 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.18A: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.18A:22-4.2. The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(11,650) for the general fund and $(1,853) for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented as follows:

179


CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE

JUNE 30, 2014 Note 3. Relationship to Basic Financial Statements (continued): Federal State Total General Fund $ 541 $17,727,741 $17,728,282 Special Revenue Fund 703,435 81,763 785,198 Food Service Fund 163,837 5,578 169,415 Debt Service Fund 500,117 500,117 Total Financial Assistance $867,813 $18,315,199 $19,183,012 Note 4. Relationship to Federal and State Financial Reports Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports. Note 5. Other Revenues and expenditures reported under the Food Distribution Program represents current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of the District for the year ended June 30, 2014. TPAF Social Security Contributions represents the amount reimbursed by the state for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014. Note 6. Federal and State Loans Outstanding The Clearview Regional High School Board of Education had no loan balances outstanding at June 30, 2014.

180


CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

Section I – Summary of Auditor’s Results Financial Statements Type of auditor’s report issued: Unmodified Internal control over financial reporting: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Noncompliance material to basic financial Statements noted? None Reported Federal Awards Internal Control over major programs: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported Type of auditor’s report issued on compliance for major programs Unmodified Any audit findings disclosed that are required to be reported in accordance With Section .510(a) of Circular A-133? No Identification of major programs: CFDA Number(s) Name of Federal Program or Cluster

84.027 I.D.E.A. B, Regular 10.555 Nation School Lunch Program

Dollar threshold used to distinguish between type A and type B programs: $300,000 Auditee qualified as low-risk auditee? Yes

181


CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS


Section I – Summary of Auditor’s Results (continued): State Awards Dollar threshold used to distinguish between type A and type B programs: $550,136 Auditee qualified as low-risk auditee? Yes Type of auditor’s report issued on compliance for major programs Unmodified Internal Control over major programs: 1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered To be material weaknesses? None Reported Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04 None Reported Identification of major programs: GMIS Number(s) Name of State Program

14-495-034-5120-078 Equalization Aid 14-495-034-5120-084 Security Aid 14-495-034-5120-089 Special Educational Categorical Aid 14-495-034-5120-083 Educational Adequacy Aid 14-495-034-5120-075 Debt Service Aid Type II 14-495-034-5120-014 Transportation Aid

Section II – Financial Statement Findings This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit.

No Current Year Findings

182


CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT SCHEDULE OF FINDINGS & QUESTIONED COSTS (continued):


Section III – Federal Awards & State Financial Assistance Finding & Questioned Costs This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and New Jersey OMB’s Circular Letter 04-04.

No Current Year Findings

183

EXHIBIT K-7 CLEARVIEW REGIONAL HIGH SCHOOL DISTRICT SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS

AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT For the Fiscal Year Ended June 30, 2014

This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04-04.

No Prior Year Findings

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