HomeMy WebLinkAbout99-00263
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~_I'lduclory !~~~~Typcs_._..
. "roprl.lory ~~t..'!!~~J..ucy _. A.culinl Ornllps
_llun0..re_ Nun. neneml Oenetol 'I'olllls
"nlorprlse Exp,,,,dllhle Fixed l.ong.Tcrm (Mclllurllndulll
C.lotorio Trusts Agen.y As,e" Ileht Ollly)
$ 1.1,4116 $ '.6'1) $ 44 1. '171 $ $ $ 626,187
",242 Ill,llllll 1S,790,(l77
)5S,)61
432 447,291 .
216,872
18,l,m
'),663
2),2(1) 2),2(1)
'1.396 ",396
37,602,469 37,6(12,469
89,0(19 ',324,907 5,413,916
IH,Ii4'I,'811 IH,049,'HO
m,6Hll '35,680
.'~----'----~
$ 126,618 $ 6.1,)(,7 $ 451,'171 $ 42,978.772 $ 18,m,260 S 79,)49,2'2
4
SlIIPPENSbllMn AIU:A SCIIOOl, D1Sl'MIC'"
COMBINEIl OAI,ANn: snn:T. UL .-LINIl nPI:s ANIl ACC:OIINT ClMO/IPS
June JO, 1998
--_.,.._~----,.,.,-~.__.~_._.-._~.~-....-~~_.-
(l\)\'cfllmcnlnl Fund T),J)u~
'~-~-----'--~,pccll1fK~----
CII(llIul
l~lJ~er\'('
Cllpllul('mJec\
I.IA.'II,I'I'11:S ANIl FIINIl I:Q/lI'I'\'
._.,._-~--~._---.- -..._._~-
(,luhUHle,
Clcncrul
Alhlellc
Con'lrucllon
----'-.-
Due In uther ltlllds
Inlcrnm'crumcl1ull
Accuunts Pllynhlc
(Jeterrcd rC\'CIlIIC
Accrued expenses
Slllurics lIIul hcncl11s
I'uyrollullhholdlng,
ArnuunluvlIllllhlc 'tlr sltldcnlllclivjlics
Bond, plIYllhle
CuntpclIsllh:d nhscnccs pnYllhlc
CUflilullcllSC nhliglllloll
1'ololll.blllllo,
$ 425.43 ( $ $ '189 $
J22,IIS(. 1,913,7M
.1911,637
626,.163
325,9'lS
2,11'111.482
......---.--
989
(,913,76S
-_.-.......~-,
Fuud hlully
('ulllrihUlcd cllpitnl
Investment JII gcncrull1xcd assels
Unreserved rClillncd dcliclt
Fund nulllnce'
Reserved for
Alhlcllc
Copllnl reserve
(~ollslruclj(m
R"'"l1ng
Ntll1'c'~I1Cllduhl\' lrllsls
lJnrcscrvcd
Tot.' lund h.l.nee,
.'
55,826
429,S03
.I,OIl
9,785, /07
U64,57.l
~,Hh7,586
5S,H2h -'-429,SO.i-~- 9,785,101
'1'01.( lund o'Iully
2,H67,S86
5~,82(1
4211.50.1
9, 78S, 11I7
_._~-----------
l'ot.I lI.blllllo, ond
(und eqully
s
4,9SH,068 $
,\5,H26 S
4.111,4'12 S 11.(.98,872
See Notes to Finllnclnl Stntcmcnts.
5
SIIIPPI:NSntlllll AIU:A SClIII(lI, IIInllWI'
S'I'An;~U;NT m' CASII n,ows, PIIOI'IUn',\R\' nlNll n'PI: ANII NON.I:XPI:NllAnu; TIIIIST I'lIND
Yo.r I:nd... ,'uno 30. 1998
l~IISh ~l;;~v~-i:r~n;-'{)i'~~-~l'lirlg'^~li\~jli~s . .__.__.~._, '---.-."
()pcl'IIlillg loss
Adjustments:
IJcprcl:lillj(1I1
IISI)^ lltlllulcd cI11llmndilics
('IHlnges Inllsscls and liahilitles:
(Increllse) decrease ill:
Invcslmcflls
Rccci"lIbks
Inventories
(lkcrclIsc) increase in:
PiI)'llhlcs
No' ,a.h u.od In op.ratlng .,II~III..
ClIsh l'lows Fmlll Nnncllpiull Financing Activities
l:cdernllll1d slllIe subsidies
S~lchll security suhsilly
Rctlturncnl suhsidy
('tllllrihulinns
No' ,..h pro~ld.d by non,apllal
nnanolnR .,II~III..
eush rlows Frumlnvcstirl!! Aclivilics
Purchases of properly IIml cquipll1l.!llt
Interest
N.l ,..h pro~ld.d by (u..d In)
In~..lIng .,1"'111..
N.llnor.... (d.......) In ,a.h
c",,,. July I, 1'1'17
c",,, . June )(I, 1 'I'JK
See Noles to Financial Slntel11enls.
1'r!)prlcllll)'
_~~l~~,l_l~,~!_'~!~~___
'-:Illcrprisc
('llfclcrill
!"jducillr>'
._I'l'll~]Jl'"._hh IUlul,
Ntlll.Expcndllhlc (McmOrltndutn
..~I!,,,I~_hh~'_ Ouly) _~..
~ (m,M~1 ~
(J,2IHI) ~
(2'IO.K4S)
2K,Oh4
)3,021
2K.06,'
)),021
(7.102) (7,102)
(270) (270)
6.S2K 6.~2K
(I) 2,700 2,1.9'1
-'--rn<i~im) (7,K72) (227,90S1
---
201,K41 2nl,K41
10,6,13 10,6))
'1,363 9,36.1
9.1112 9,n12
W,K37 9,012 2.10,K4'j
---............---------
(S,3(,1) (~,.1('''
1,633 3,679 S,312
----------.-
(.1,72K) 3.679 (491
(I ,nil 4,KI'1 2,K9~
16,,].10 K70l 17,204
$
.
14,406 $
~.6'1J $
20.0'j'l
-
II
s,upr':NSIIlJRO ARI:A SUIIIOI, IIISTRIC'I'
NU'I'I:S TO l'INANeIA.. STA'I'I:~lI:NTS
--,.------,.,.- '" ... ~_._-_.-.._,,-........._.._..._._~-_._.__...........--.--
Note 2. CHsh Hnd Investments (Contlnuod)
l.J.J.tl:!.IJlliWl:!
Certain of Ihe Dislricl's inveslmcnts which may be classificd (undcr standards set by the Governmental
Accounling Stnudards Board) are cither insured, registered. or securities which arc held by the District's
agenl inlhc Districl's name, Accordingly. all such items arc c1assit1ed in Catcgory I, Investmenls may
nlso bc ciltcgorizcd liS Category 2. which is defincd as uninsured or unrcgistered inveslments for which
the securities urc held by Ihc brokcr's or dealcr's trust deparlment or agent in the District's name, and
Calegory J, which is dcfined as uninsured or unrcgistcred investments for which the securities arc held
by the broker 01' denlcl' or by its trust department 01' agent but not in the District's name. The District has
no investmcnts which would be classit1ed in Category 2, Howe vcr. Ihe District docs have investments
which arc not in any of thl' thl'ec det1ned categories beclluse sccurilies arc nOI used as evidence of the
investment.
Thc District's investments lire calegorized below to give an indication of the Icvel of risk assumed at
June JO, 1998 (bnsed on bank balances):
Category Non-
2 J Categorized
U, S, Government Securities $ 4.024.952 $ $ $
Mulual Funds 11.697.882
$ 4,024,952 $ $ $ 11,697.882
Note 3. Property Taxes
Property laxcs are levied on July I. Taxes arc collected al 1\ discount until August J I, al their face
amount from Septcmber I until October 31, and inclllde a penalty thereafter, The taxes are billed and
collected by elected lax collectors, Thc County Tax Bureaus collect delinquenl real cstate laxes for the
School District.
18
S/IIPP.:NSlltJR(; "R['\ SCIIOOL (1ISTRICT
NOTES 1'0 .'IN"NCI"" SH'fE~n:NTS
------~_._--_._~-----,....---..-------~
Note 4. Taxes Receivable and Ileforred Revenue
A ,mmmary of the taxes receivable nnd rclnted nccounts are as follows:
Uncollected taxes. real estate
Uncollected taxes. personal
Amount
$ ---
358.574
(3.213)
$ m.361
$ 46,750
340.020
(31.409)
$ 355.361
Taxes Receivable. Nct
Taxes to be collected within 60 days
Deferred revenue. delinquent taxes
Allowance for uncollectible taxes
Taxes Receivable. Net
Deferred Revenuo
Delinquent taxes
,Grants
Donated commodities. Cafeteria Fund
$
340,020
50.617
10,542
401.179
$
Note 5. Accrued Salarics and Benents
Accrued salaries and benefits at June 30,1998 consist of the following:
Accrued salaries
Retirement
Social security
Workers' compensation
$
Amount
547.223
33,173
41.~63
4.104
626.363
$
Accrued salaries represent teachers' salaries earned during the 1997.98 school year which will be paid
subsequent to June W, 1998, Accrued retirement represents the public school employees' retirement
board contribution for the second qUUl1er of calendar year 1998. including thc portion pertaining to
accrued salaries at Jnne 30. 1998, Accrued social security represents the District's liability arising from
accrued sularies at Jnne 30. 1998,
19
SIIIPI'I:NSIIIIIlG il.RI:A SCIIC/OI,llISTlUC'I'
N()'I'I:S'r()f'N.~;\/oj('~,\I, .~~r ,\'rl:~II.:NI's"
."_.'~__n_._._....,_~_~___.~,
---~~'-~~
Note 8. (;encrld Lonll- Term Obllllallon.
A summllry of thc rcporting cntity's gllllcrlll long-term ohligations liS of June 30. 1998, IInd transactions
during thc YCllr tl",n ended j(,llows:
BlIlnnce BlIlanee
July I, 1997 Increasc Decrell~e June 30, 1998
----'-----~-----~~-~.
Generull..ong-Term Obligations:
General Ohl igat ion Bonds.
Scries of 1996 $ 4.995.000 $ $ 5,000 $ 4,990,000
Gencral Ohligation Note-
Series of 1997 2,739,000 920,000 1,819.000
Gencral Ohligation Bonds-
Series of 1997 11,080.000 11,080,000
Signet Leasing - computer system 234,881 74,301 160,580
Compcnsated absences payable 553,375 17.695 535,680
$ 8.522,256 $ 11.080,000 $ 1,016,996 $ 18,585,260
General Ohligation Bonds - Series of 1996 - On July 15, 1996, the School District issued General
Obligation Bonds in the principal amount of $4,995,000, The bonds bear annual interest rutes runging
from 4,60% to 5,25%, Interest is payable semi.annually on November 15 and May 15, IInd the bonds
mature serially in amounts ranging from $5,000 to $825.000 through November 15, 2006,
Generul Obligation Note - Series of 1997 .. On January 16, 1997, the School District issued a General
Obligation Note in the principal amount 01'$2,739,000, The notc hears an annual interest rate 01'4,21%,
Interest is payable semi-annually on Septembcr I and March I, and the notc mntures serially from
$880,000 to $939.000 through MlIrch I, 2000,
Gencral Ohligation Bonds - Scries of 1997 . On Dccemhcr 3. 1997, thc School District issucd Gcneral
Ohligation Bonds in thc principal amounl of $11 ,OSO.OOO, The honds hear annual intcrcst rates runging
from 4,00% to 5,10%, Intercst is payable scmi.annually on Novcmbcr 15 and May 15, and the bonds
mature serially in amounts ranging from $100.000 to $1,645,000 through Novembcr IS, 2012,
Signct Lcasiug - computer systcm - On August 3 I, 1995. the School District entcrcd into a capital lease
for ccrtain computcr equipment having a cost of $373,288 and includcd in the General Fixed Asset
Account Group, The lellse bcars au IInnual intercst rate of 5,28%, Equal annual payments of $86,703,
including intercst.lIre due through August 3 1,1999,
21
SIIIPPENSDIJRG ARM SCIIOOl, DISTRICl'
NOTES TO nNANClU Sl'A'l'EMI:NTS
'_.-..--_-.._-----------...._--~-
Note 8, Generul Long-Term Ohligatiuns (Cuntinued)
The following is a s~hedule of principal and interest to service long-term bond, note, olld capital lease
obligations of the School District:
Yenr Principal Interest Total
_.,---._._-~-_.. ---- _._~_.~---_.
1998-1999 $ 1.022.225 $ 840,494 $ 1,862,719
1999.2000 1.067,355 795,844 1.863.199
2000-200 I 970.000 749,446 1,719.446
2001-2002 1.015,000 704,961 1,719,961
2002-2003 1,Q65,OOO 657.048 1,722,048
Thereafter 12,910,000 3,220,083 16,130,08.1
$ 18,049,580 $ 6.967,876 $ 25,017,456
Nute 9, Compensated Absences
Upon retirement, employees arc paid for unused sick days at rates varying with length of service and job
classification subject to vurious muximums, These umounls arc recordcd as expcnditures in the period
taken or in the year of separation, The amount presented in the generullong-term debtuceount group is
un estimate,
All teachers and administrators retiring with ut least 25 years of service in the Pennsylvania Public
School Employees' Retirement System (PSERS) and 15 years of service in the District, arc paid by the
District for 40% of their accumulated unused sick days (to a mnximum of 100 days) at the rute of $50 per
day,
Support stafT with at least 15 years of service with Ihe PSERS and thc District will receive payment for
100% of their accumulated unused sick days nt $50 per day, up to a maximum of $4.500, Support staff
supervisors with at least 25 years of scrviee with the PSERS and 15 yenrs of service with the District
receive payment for 100% of their unused sick dnys at a rale of $50 per day up to a maximum of $5,500,
For the year ended June 30. 1998, benefits attributed to employees retiring during the 1997-98 year
amounted to $25,540 for 9 participants.
22
SIIIPPt:NSDIIRG ^RM SCIIOOI.IIISTIlICT
m:Nt:Il^I, tllNIl. SCllt:IlIIU: m' t:XI't:NIII'I'IIRt:S
Veor Endeel,'u.e 30, 1998
Expo.dUu;o,
Instructiul1111
Regular pro~rtllns
Sulurics
Empluyoo houdll'
Purchased services
Profcssionl.lllllld IcchniclIl
Propert)'
01110'
Suppllo,
Properly,
.011'0' "*,,"
Total rcgulur programs
Special programs
Salllrlcs
Employo" bonelli'
PUrChllSlJd services
IJrofcsslolUlI
Property
Ollie,
Sll~plies
Property
Total spechtl programs
VoclIlionnl cduell'ion programs
SRllIrlcs
Emflluyee benelll'
Purchased services
Property
01110'
Supplio,
P,operty
Total \'oc[ulonal cducnllon progrums
(Conllnllcd)
27
~
$ 6,386.929
1,563,m
29,63~
7,1,859
171,622
239,013
63,706
1,580
8,529,574
1.159,347
320,250
771,285
3,723
32,996
27,377
6,0,19
2,321,017
308,636
73,387
547
540,100
8,801
1.551
933,022
SlIIPPENSBllllG ARM SCIIOOL IIISTRICT
SPECIAL R.:VliNIII: HINIIS. COMHININ(; ST An:~U:NT ot' Rt:\'.:NlJE. EXI'I:NIII1'lJRES
AND CIIANm:S IN .'IINII HALANn:S
Y... .:.d.d Jun. 30, 1998
Junlur IllMh Scnlor IIlgh
0\1I11ctlo Fund Athlctlc ",",,1 Tutll'
-R~~---~----~---"-~---'-_.~"~-~--'----'~-~~-_._--~--_.--~______
I.ucol SI"Ir.CS $ U72 $ 44,f,M3 $ $3,0$$
Expendilures
()perutlun ut'nnn.inslr\l\;lilllllll services 2b,1.15 H$,$b3 IIIMH
Denclency of revenue over expend'h.res (17,7b,l) ( 40,MRO) ---(j8,643)
(Hher Fil1ltncing SOllr1,;CS
(lrwruling trunsfcrs;11 20,01J1 57/>$8 77,149
i:X('f!J of revenue And other nnIH'f.inK
50Url.'e!l over eXI)endltul'es 2,328 Ib,77R 11J,10b
Fund lIulll".cs . Jllly I. '1J1J1 12,RRC, 23,RJ4 36,720
-----
Fllnd Uolonces . June 3U, IIJIJR $ 1$,214 $ , 40,(,12 $ $$,826
-
J4
SIIIPP.;IIISBIIIIG AII.:A SC:II00l,IlISTlUCT
SPECIAl. R.:V.:NI/.: .'IINIIS ,C()~III1NINC; STA....:~n:Nl' ot'IIEV.:NIIF., E1iPENIIITlJRES
ANII c:lIANm:S IN .'I/NII 1I,\I,ANn:s -III/11m:'!' ANI) AC'I'IIAI,
v... .:nll.1I ,llIn. ,10, 1998
,-.--------.........--".------....-..-..---
Rc\'cl1\lC
l.ocKI sout.,:cs
Jllnllll' IlIgh Alhlelle Fllnll
----------------v;iiiunc-;,--
F,vllrulll,
_______~~~__~el"~~~__ (Unfnvllfjllll.,
$
5,770 $
R,m $
2,602
EXpfllHlilUnJS
Operatlun of llon..II1~lrucllulllll services
2S,R61
26,135
(274)
Ueficlency of re~cmUe over
..ponllltlll'"
(20,091) (17,763) 2,32R
20,091 20,091
---------.-..,--
$ (20,091) 2.32R $ 22,419
12,RRC.
.$ 15,214
Olher Flnnncing Sllurcc;;
Orcrlltlng lrunsfcfs in
f:..." (d.nolenoy) of rovenu. and olh.r
nnlRl:lnl sources our ellJendUureJ
"unll Ilalllnccs 'July I, 19'17
"und IInlnnees . Ju". )0, 1 '}9R
35
Seo'o, IIlgh Athletic 1'11011 TOIIII
---... --~
Varhll1cc Vo,lan..
I'avomhle 1'1Ivo".hl.
Ilullgel Aelual IlInravorahle} Iludgel A.IUlll (lIl1rllvorohl~)
~---~
$ 31,900 $ 44,6R3 $ 12,7R.1 $ 37MII $ 53,055 $ 15,m
100.449 R5,563 14,R86 12(',310 111,69R 14,612
(68,549) , (40,8RO) 27,669 (8R,64Il) (58,643) 29,997
57.1>58 57.658 77,749 77. 749
.__H~_.
$ (68,549) 16,178 $ 85,327 $ (88,640) 19,1116 $ 107,746
2.1,834 36,720
-----
$ 41l,612 $ 55,826
- .. -
J(,
SIIIPPt:NSBIIRG ARM sellOUL DISTRICT
NON.EXPENDABLE l'RIIS1' t'l1I>jIlS.. COMBlNIN<l BAI,ANCE SIIt;ET
Jun. 30, 1998
Clussnr CI"" or Elhcl DlIVldR,
193(, 19~0 Clever l..ndll, Jr,
ASSETS--~"~'''--------''--
ClI.,h $ 7110 $ 3,973 $ $ "0
Investments 6,5(,0 30,1100 1lI,4J4
Rccelvohlcs ~ due fl'mn olhl.lr runds 432
Totol ouoh $ 7,21>0 $ .1.1,973 S 432 $ 10,944
-
LIABILITIES ANn HINIJ t:QIIITY
l.Ioblllllcs
Account" J'lllyublcs $ 2lXl $ 2,0011 $ $ ~OO
Fund hnhmCll 7,060 31,973 432 10,444
l'olollloblllll.. and
lund oquity $ 7,260 $ 33,973 $ 432 $ 10,944
38
Travis 1\,
'Griffith Total
$ 'Ill $ ~,693
11I.~4R S7,242
432
$ 1O.7SR $ 63,367
$
SOO $
3,200
1O,2SR
60;167
$
1O,7~R
63,367
JCj
SIIIPPI:NSBIIRG ARM SCIIOOL /lISTRICT
!\/ON-EXI't:NIIABl.I: 1'RIIS'I' t'lINIIS - COMBINING S'I'ATt:Mt:Nl' Of Rt:VENUF., EXPt:NSt:s AND
CIIANm:S IN nlNII BALANct:
V... t:.d.d ,Ju.. JO, 1998
------~..,--~-_._---,.._~---._..,~.~~_.-
()p,:rutlng Espcllscs
Indirecl CO'll..
1'ot.1 op.nU.M ..p.....
$
l'lllss of' ct." III'
I 'He. 1'150
200 $ 2,000 $
200 2,(100
Iilhol O.vld k,
Clovor Landi" Ir,
$
'00
'00
-'---~_.__.
-~----'~'-
NOOllpcnlling J(c\!cmu.'
Interest
Cunlrlbutions
'l'ot.1 no.op...ti.g
rtlv.,nue
J,IO
6,9.10
2,022
1.423
432
'69
m
7,2/,0
3.447
432
N4
-.-.-----------...
N.t 1..01..
7,060
1,447
4n
294
Fllnd 1I.10llcc 'Iuly I, 1997
30,'26
10,1'0
Fund 1I010llcc - )lIno 30, 1'19~
$
7,060 $
31,973 $
432 , $
10,444
40
Travl, E,
Griffith '1'01111
$ SOO $ ),200
S()(J ),200
----.-......~--
,75K ),679
1),012
m 12,691
2,K 9.491
, 10,000 50,676
-----
S tlI,2SK S 60,167
41
SIIIPPt:NSlllJIIG AlitA SCIlO!)I, IlIS'I'IIIe'1'
AGENCV FIINIlS. COMBINING BAI,ANCF, sm;t:'!'
,Iu.o JO, 1998
ASSETS
Cush
Student
Acllvily I'""d
$
4~,118 $
Inveslmollls
10,1100
T-~-~s.1I K $
'1'01.1 ....11
42
"lIl'mll f\llrlll\d Incolllu
I'lIl1d I'll.' hind '1'01111
.-..--........,--.. --
I Jh,KC,C, $ 25C),I)l)] $ 441,977
10,000
Ij(;,KC,C, --'S-'--2~i),99J -$--4:, 1,977
---'~--~--- ---
._--------,------..--.......-'-..-- S 1.I\I~.11~
111~,11q
111,'ib~
ll,~l~'
~~\
~.:..-'--
,'{,\,. \I,'1'l\1
.. ,\\1'lt',ll \!olfO~\\'
~L\t'1'l"l\l' t.'\
, '\I ,,!ollll' ,\\\11 \11\\\\\1\\\\"'" '
, l' ,\\1\1 \\\,n,\\'"
\\' ,..,\I,lw'\"1'l\' 0\ \""~
....f t',~d.\1 ,Iun' ~11.
Il"\
. \\t'" \\l'lIllll\' \l\\lI\\
\\\\\I'\'t~1'l\\\\II\\I.'\ ,
--~--- .......--
_--"-----;"":..r~\~
r\\~\\ \\\;I.:\,; \ \ 'C\,\\l.:c\\~"\'"
\: ~n\CI..\ ,\\CO\\\e \\""
,~ \'S.l:o\\ed'l'\\'"
oce\\\'I.\\\O\\ \1. " I\" \\\\"c~\\\\~'\\~ .
I~\.I.'\ 111.1" '''''~''''', ",I lcll"b""""".""
. \'" \\\Cl1\\\C. \\\' \
~\~Cc\\I.\\W"\ " \1,1'
''\'o\~\ c"" "te'
o
II" I'"
, .\ 1.\\\\\\1':\ \\\\l\ \. ~ 1 C.
, ,\ \)\...\)"I<;C\1\C\\'<; " \1'\t\\'l\\\~l\\l1 \\\\,\\\\;- \'
l,\'l!\ \ " '\1\\CI:\\\1'\':\\ ':\
\ . ,\\C \\\'\ I,; I
\:,\\",\CI..\ ,\1,;\1 '^ '1Il'l1\ \l\~\t c\
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B<NEB & RITTEH
(;I'ItI'll'11'.I1 PI'''!.\( A':(:IIl',"'iLVII!-i
INU.~t't;Nllt:NT Al1ll1TOR'S RF.I'ORT ON COMI'L1ANCE ANIl
ON INn:RNAI. CONTROl, OVt:R FINANCIAL RF.PORTING
IIAsm ON AN AIJlllT 0.. GIINt:RAI,I'l1RPOSt: t'INANCIAL STATEMt:NTS
PERFORMF.IlIN ACCORUANn: WITII (iOVERNMENT AUDITING STANDARDS
Board of School Dircctors
Shipl'ensburg Arell School District
Shipplll1sburg, l'cnnsylvllnin
We hnvc nudited the genei'll I purpose linancinl statcmcnts of the Shippcnsburg Area School District as of
ami Illr the yenr ended June )(), I <N8, nnd hnve issued our report thercon dated October 22, 1998, In our
report, our opinion was lJualified becausc the School District hns recorded Gcneral FiKed Assets at values
as detf.rmined by nn Industrial Appraisal Compnny Report. Under generally accepted accounting
principles, Gcneml Fixed Assets should he recorded at cost, We condncted our audit in accordance with
generully accepted nuditing stnndnrds nnd the standards npplicahle to linancinl audits contnined in
(Joverl/lllelll AI/till/ilK S/t/lII/ard.v, issued hy the Comptroller Gencral of the United Stntes,
C(Jnllllinnee
As pnrt of obtnining reasonahle assurunce about whether the Shippensburg Aren School District's general
purpose financial statcments arc free of material misstatement, wc performed tests of its compliance with
certain provisions of laws, regulntions. eontrncts lmd grunts, noncompliance with which could have a
directnnd material effl:ct on the determination of financinl stntcmentamoUllls, However, providing an
opinion on compliance with those provisions was not an n~iective of our audit, and accordingly, we do
not eKpress such an opinion, The results of our tests disclosed no inMnnces of noncompliance that are
relJuired to be reported under (J""('/'I/11/eIlC AI/dl/IIII( S/(/I/(/a/''/'v,
I.n!.ernal Control Over Financial Reportinu
In plnnning IInd performing our lIudit, we considcrcd the Shippensburg Area School District's internal
control over finllncial reporting in order to determine our auditing procedures fl'f the purpose of
eKpressing our opinion on the general purpose finnneilll statements nnd not to provide nssul'llnce on the
inlernal control over finnncial reporting, Our considerntion of the intemal control over finllneial
reporting would not necessarily disclose 1111 malleI'S in the inlernal control over financial repOrting that
might be materinl weaknesses, A mllterial weakness is a condition in whici1the design 01' operation of
one 01' more of the intel'lllll control components docs nol reduce In a rellltively low level the risk that
misstatements in amounts that would he material in relalion to Ihe gerll'ml purpose financilll sta~ements
being audited may occur and not be delected within 1I timely period by employees in the normal course
of performing their n,signed functions, We noted no matters involving the inlernal control over financial
reporting and ils operation that we consider 10 be material weaknesses,
45
SIIIPPENSBIIKG "RE" SClIlIO/, IIIS1'RIC1'
snn:III1U: ot' I:XI'I:NIIITIIRI,:S 01' n:III:RAI," W "RIlS
Vu, I:nll.d Jnn. 30, 1998
1111~S
I'odernl Thruu8h
Sourco C,F,IM, Ol'"fllnrts O'om
OrnntllT l-n.gnllTl Tille Codo Numh., Numb., I'e,'od
~~.~---~.~~ _._.._~_._.-
II, S, /)eparlmenl or Edn,ollon
Imp"et Aid D 84.04\ N/A 97.98
I'nsscd IhwlIgh the Pcnll'iylvllnill Dcpllrlmunt of
Educntlnn:
.Tltlc I Low Incull1c 84,010 \3.7387 96.97
flUte I 1,0\",,' Incollle 84,010 13.8.187 97.98
Tille VI SDlIlr 84,298 11.7.187 96.91
Thle VI SIl/IlI 84,298 11-8.187 97.98
Tille II . Eisenhower Moth IInd Sei.".e fla,le
Ellucation 84,281 20.7.187 96.97
Title II . Eiscnltnwcr Math nn~l Science Busic
Educlulon 84,281 20.8.187 97.98
Passed lhwugh the l,incoln Intcrmcdllllt:
lInit Cunsorlhllll
Drug.F,ce Sehoob 84.\86 100.7812 96.97
DrugaFrcc Schouls 84.186 \00.88\2 97.98
I'o,,,d Ih,ollgh Ihe COl'IIal A,ea
InlcrOlcdilllc Unit
Ooal, 2000 84,276 40-6515 96.97
:DEA 84,027 62.980" 97.'18
IDEA 84,021 62.9801S 97,'18
TOlollI, S, lIellorlmenl or I:du,ollon
II. S, Ileporlmenl oUleaUb ond IInmon Se..I..,
Jlnsscd through Ihe l'clIllsyl\'lInllll)cplIrlllltJlllllf'
Educullun
Medienl AsslsllllICI: l'rngnun 93.718 44.7.187 96.97
Mcdkltl AssIsIllllCC IJrnprum 93.178 44-R387 97.98
Tlllalll, s. Deporlmenl or 1I.0Uh
ond IInmon S.rvl.e,
51
Tntlll ^t;cnl~d Accrued
. l'marlll1l Received (IJ~f~rr~dl (IM~rr"d)
or Anno. I (1t~I\lIId~d) In ","""11110 lit ",cwnuc Ru\'onucul
AWlIrd 1'1,,,,,1 YIl'" 1.1I1.~7 It~~ognl,,~d I':~rllndllur'" (,.311.98
--,_.._-,~.--------
$ 19,5/1l $ IH,'III'! $ $ 19,563 $ 19,'63 $ H'6
$ 32 I, 19' 53,m 45,339 H,193 H.193
$ 3311,8HI 110,321 3H.734 325,134 21MII1
$ 9.499 I,SKl I,SKl
$ IO,H45 1,2JII 9,H08 9,8118 2.518
$ 11,2111 1.51l (2,582) 10,095 10,Ol)'
$ 12,1K'J 1.1" 11,702 11.102 . 3.94$
$
$
1J,733
16,m
901
9,r.06
901
1l,06(,
901
lM66
3,260
$ 1.64' (1.64') I,64S 1.64S
$ 24,564 2064 24,S64 ' 24,564
$ 2,327 2.327 2,321 2,327
24 1,920 42,695 427.l98 421.5911 n8,m
27,324
581 581
15,m 15,242 .._J",501l
-~----.--
1l,823 1l,823 (11,501)
$
$
581
26.743
581
26,743
52