CHERRY HILL TOWNSHIP SCHOOL DISTRICT Cherry Hill, New .
CHERRY HILL TOWNSHIP SCHOOL DISTRICTCherry Hill, New JerseyCounty of CamdenCOMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2019
COMPREHENSIVE ANNUAL FINANCIAL REPORTOF THECHERRY HILL TOWNSHIP SCHOOL DISTRICTCHERRY HILL, NEW JERSEYFOR THE FISCAL YEAR ENDED JUNE 30, 2019Prepared byCherry Hill Township School DistrictBusiness Office
OUTLINE OF CAFR - GASB #34PAGEINTRODUCTORY SECTIONLetter of TransmittalOrganizational ChartRoster of OfficialsConsultants and Advisors1579FINANCIAL SECTIONIndependent Auditors' Report13REQUIRED SUPPLEMENTARY INFORMATION - PART IManagement's Discussion & Analysis19BASIC FINANCIAL STATEMENTSA. Government-Wide Financial Statements:A-1 Statement of Net PositionA-2 Statement of ActivitiesB. Fund Financial Statements:Governmental Funds:B-1 Balance SheetB-2 Statement of Revenues, Expenditures & Changes in Fund BalanceB-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in FundBalance of Governmental Funds to the Statement of ActivitiesProprietary Funds:B-4 Statement of Net PositionB-5 Statement of Revenues, Expenditures & Changes in Fund Net PositionB-6 Statement of Cash FlowsFiduciary Funds:B-7 Statement of Fiduciary Net PositionB-8 Combining Statement of Changes in Fiduciary Net PositionNotes to Financial Statements3132373839434445495053REQUIRED SUPPLEMENTARY INFORMATION - PART IIC. Budgetary Comparison Schedules:C-1 Budgetary Comparison Schedule - General FundC-1a Combining Schedule of Revenue, Expenditures & Changes in Fund Balance Budget & ActualC-2 Budgetary Comparison Schedule - Special Revenue FundNotes to the Required Supplementary Information - Part IIC-3 Budget-to-GAAP Reconciliation95N/A103107
REQUIRED SUPPLEMENTARY INFORMATION - PART IIIL. Schedules Related to Accounting and Reporting for Pensions (GASB 68):L-1 Schedule of the District's Proportionate Share of the Net PensionLiability - PERSL-2 Schedule of District Contributions - PERSL-3 Schedule of the District's Proportionate Share of the Net PensionLiability - TPAFL-4 Teachers Pension and Annuity Fund (TPAF)M. Schedules Related to Accounting and Reporting for Other Post-Employment Benefits (GASB 75):M-1 Schedule of the Change in the Net OPEB Liability and Related Ratios - OPEBNotes to the Required Supplementary Information - Part III113114115116119123OTHER SUPPLEMENTARY INFORMATIOND. School Based Budget Schedules Fund:D-1 Combining Balance SheetD-2 Blended Resource Fund - Schedule of Expenditures Allocated by ResourceType - ActualD-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget & ActualN/AN/AE. Special Revenue Fund:E-1 Combining Schedule of Revenues & Expenditures - Special Revenue Fund Budgetary BasisE-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis131N/AF. Capital Projects Fund:F-1 Summary Statement of Project ExpendituresF-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance Budgetary BasisF-2a-ad Schedule of Revenues, Expenditures, Project Balance & Project Status Budgetary BasisG. Proprietary Funds:Enterprise Funds:G-1 Combining Statement of Net PositionG-2 Combining Statement of Revenues, Expenses & Changes in Fund Net PositionG-3 Combining Statement of Cash FlowsInternal Service Funds:G-4 Combining Statement of Net PositionG-5 Combining Statement of Revenues, Expenses & Changes in Fund Net PositionG-6 Combining Statement of Cash FlowsN/A137138139-168N/AN/AN/AN/AN/AN/AH. Fiduciary Funds:H-1 Combining Statement of Fiduciary Net PositionH-2 Combining Statement of Changes in Fiduciary Net PositionH-3 Student Activity Agency Fund Schedule of Receipts & DisbursementsH-4 Payroll Agency Fund Schedule of Receipts & Disbursements177178179179I. Long-Term Debt:I-1 Schedule of Serial BondsI-2 Schedule of Obligations Under Capital LeasesI-3 Debt Service Fund Budgetary Comparison Schedule183N/A184
STATISTICAL SECTION (unaudited)Financial Trends:J-1 Net Position by ComponentJ-2 Changes in Net PositionJ-3 Fund Balances - Governmental FundsJ-4 Changes in Fund Balance - Governmental FundsJ-5 Other Local Revenue by Source - General FundRevenue Capacity:J-6 Assessed Value & Estimated Actual Value of Taxable PropertyJ-7 Direct & Overlapping Property Tax RatesJ-8 Principal Property TaxpayersJ-9 Property Tax Levies & CollectionsDebt Capacity:J-10 Ratios of Outstanding Debt by TypeJ-11 Ratios of General Bonded Debt OutstandingJ-12 Direct & Overlapping Governmental Activities DebtJ-13 Legal Debt Margin InformationDemographic & Economic Information:J-14 Demographic & Economic StatisticsJ-15 Principal EmployersOperating Information:J-16 Full-Time Equivalent District Employees by Function/ProgramJ-17 Operating StatisticsJ-18 School Building InformationJ-19 Schedule of Required MaintenanceJ-20 Insurance 204205206207208209SINGLE AUDIT SECTIONK-1 Independent Auditors' Report on Internal Control Over Financial Reporting and onCompliance and Other Matters Based on an Audit of Financial Statements Performed inAccordance with Government Auditing StandardsK-2 Independent Auditors' Report on Compliance for Each Major Program andon Internal Control Over Compliance Required by The Uniform GuidanceNew Jersey OMB Circular 15-08K-3 Schedule of Expenditures of Federal Awards, Schedule AK-4 Schedule of Expenditures of State Financial Assistance, Schedule BK-5 Notes to Schedules of Awards and Financial AssistanceK-6 Schedule of Findings & Questioned Costs Section IK-7 Schedule of Findings & Questioned Costs Section II & Section IIIK-8 Summary Schedule of Prior Audit Findings213215217218219221223225
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INTRODUCTORY SECTION
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5PrincipalEvaluationTitle IXPrint ShopJHC – 10/19/18Assistant Superintendent: NCLB, non publicDirector of Curriculum: Professional Development, ELL, TAG,Business Administrator: Budget, School NutritionDirector of Pupil Services: IDEA, Homebound# - Superintendent’s CouncilAdditional taryMiddle and HighSchoolsSupervisors ofC&IResearch &AssessmentMr. Don BartMr. Mike BeiraoDr. Farrah MahanCH2020Director ofOperationsDirector ofAthleticsDirector ofCurriculum #AssistantSuperintendent*#Eff. On or before11/15/18Dr. Justin SmithMr. GregMcCartyDirector ofFacilities2018-2019TimekeeperMessengerFacilities UseTransportationFood tary*#Mrs. Lynn ShugarsAccounting /GrantsPayrollAccounts PayableSupervisorPurchasingManagerMrs. Lisa RidgwayAssistant BusinessAdministratorSuperintendent of Schools *– Dr. Joseph MelocheBoard of EducationHIBSACCAffirmativeActionBarclay EarlyChildhoodCenterSpecialEducationDirector ofPupil Services#Ms. LaCoyyaWeathingtonPublicInformationOfficer #Mrs. BarbaraWilson*Committee LiaisonsCurriculum and Instruction – Dr. Mahan, Mrs. WeathingtonBusiness and Facilities – Mrs. ShugarsPolicy and Legislation – Dr. SmithHuman Resources – Ms. AdrianStrategic Planning – Mrs. Shugars, Dr. MelocheRegistrationOfficeHealthServices504 OfficerSACMrs. BonnieMinginSupervisor ofPupil ServicesDirector ofHumanResources*#Ms. NancyAdrianDirector ofSafety &SecurityMr. TonySaporito
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CHERRY HILL TOWNSHIP SCHOOL DISTRICTCHERRY HILL, NEW JERSEYROSTER OF OFFICIALSJUNE 30, 2019TERM EXPIRESMEMBERS OF THE BOARD OF EDUCATIONEric Goodwin - President2020Lisa Saidel - Vice President2020Corrien Elmore-Stratton2019Carol A. Matlack2020Sally Tong2021Jane Scarpellino2019Ruth Schultz2019Ben Ovadia2019Laurie Neary2021Other OfficialsDr. Joseph Meloche, SuperintendentDr. Justin Smith, Assistant SuperintendentLynn E. Shugars, Assistant Superintendent, Business/Board SecretaryLisa Ridgway, Assistant Business Administrator/Assistant Board SecretaryDebra DiMattia, Treasurer of School MoniesPaul Green, Esq., Solicitor7
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CHERRY HILL TOWNSHIP SCHOOL DISTRICTCHERRY HILL, NEW JERSEYCONSULTANTS AND ADVISORSARCHITECTSBecica Associates, LLC500. S Kings HighwayCherry Hill, NJ 08034AUDIT FIRMHFA, P.C.618 Stokes RoadMedford, NJ 08055ATTORNEYSchenck, Price, Smith & King, LLP220 Park AvenueFlorham Park, NJ 07932OFFICIAL DEPOSITORYRepublic Bank399 Route 70Cherry Hill, NJ 080349
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FINANCIAL SECTION11
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INDEPENDENT AUDITOR’S REPORTHonorable President and Membersof the Board of EducationCherry Hill Township School DistrictCounty of CamdenCherry Hill, New JerseyReport on the Financial StatementsWe have audited the accompanying financial statements of the governmental activities, the business-typeactivities, each major fund and the aggregate remaining fund information of the Cherry Hill TownshipSchool District, County of Camden, State of New Jersey, as of and for the fiscal year ended June 30,2019, and the related notes to the financial statements, which collectively comprise the School District’sbasic financial statements as listed in the table of contents.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror.Auditor’s ResponsibilityOur responsibility is to express opinions on these financial statements based on our audit. We conductedour audit in accordance with auditing standards generally accepted in the United States of America; thestandards applicable to financial audits contained in Governmental Auditing Standards, issued by theComptroller General of the United States; and audit requirements as prescribed by the, Office of SchoolFinance, Department of Education, State of New Jersey. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor’s judgment, including theassessment 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 District’spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness ofthe District’s internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of significant13
accounting estimates made by management, as well as evaluating the overall presentation of the financialstatements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinions.OpinionsIn our opinion, the financial statements referred to above present fairly, in all material respects, therespective financial position of the governmental activities, the business-type activities, each major fundand the aggregate remaining fund information of the Cherry Hill Township School District, County ofCamden, State of New Jersey, as of June 30, 2019, and the respective changes in financial position and,where applicable, cash flows thereof for the year then ended in accordance with accounting principlesgenerally accepted in the United States of America.Other MattersRequired Supplementary InformationAccounting principles generally accepted in the United States of America require that the management’sdiscussion and analysis, budgetary comparison information, and the schedules related to accounting andreporting for pensions and other post-employment benefits, as listed in the table of contents be presentedto supplement the basic financial statements. Such information, although not a part of the basic financialstatements, is required by the Governmental Accounting Standards Board who considers it to be anessential part of financial reporting for placing the basic financial statements in an appropriateoperational, economic, or historical context. We have applied certain limited procedures to the requiredsupplementary information in accordance with auditing standards generally accepted in the United Statesof America, which consisted of inquiries of management about the methods of preparing the informationand comparing the information for consistency with management’s responses to our inquiries, the basicfinancial 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 proceduresdo not provide us with sufficient evidence to express an opinion or provide any assurance.Other InformationOur audit was conducted for the purpose of forming opinions on the financial statements that collectivelycomprise the Cherry Hill Township School District’s basic financial statements. The introductorysection, combining statements and related major fund supporting statements and schedules, and statisticalsection are presented for purposes of additional analysis, as required by the Division of Administrationand Finance, Department of Education, State of New Jersey, and are not a required part of the basicfinancial statements. The accompanying schedules of expenditures of federal awards and state financialassistance, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and NewJersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants andState Aid are also presented for purposes of additional analysis and are not a required part of the basicfinancial statements.The accompanying combining statements and related major fund supporting statements and schedules,and the schedules of expenditures of federal awards and state financial assistance are the responsibility ofmanagement and were derived from and relates directly to the underlying accounting and other records14
used to prepare the basic financial statements. Such information has been subjected to the auditingprocedures 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 recordsused to prepare the basic financial statements or to the basic financial statements themselves, and otheradditional procedures in accordance with auditing standards generally accepted in the United States ofAmerica. In our opinion, the accompanying combining statements and related major fund supportingstatements and schedules and schedules of expenditures of federal awards and state financial assistanceare fairly stated, in all material respects, in relation to the basic financial statements as a whole.The introductory section and statistical section listed in the table of contents have not been subjected tothe auditing procedures applied in the audit of the basic financial statements and, accordingly, we do notexpress an opinion or provide any assurance on them.Other Reporting Required by Government Auditing StandardsIn accordance with Government Auditing Standards, we have also issued our report dated December 4,2019 on our consideration of the School District’s internal control over financial reporting and on ourtests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements andother matters. The purpose of that report is to describe the scope of our testing of internal control overfinancial reporting and compliance and the results of that testing, and not to provide an opinion oninternal control over financial reporting or on compliance. That report is an integral part of an auditperformed in accordance with Government Auditing Standards in considering the School District’sinternal control over financial reporting and compliance.Respectfully Submitted,HOLMAN FRENIA ALLISON, P.C.Michael HoltCertified Public AccountantPublic School Accountant, No. 1148Medford, New JerseyDecember 4, 201915
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REQUIRED SUPPLEMENTARY INFORMATION - PART I17
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CHERRY HILL TOWNSHIP SCHOOL DISTRICTManagement’s Discussion and AnalysisFor the Fiscal Year Ended June 30, 2019(Unaudited)As management of the Cherry Hill Township School District, New Jersey (School District), we offer readersof the School District’s financial statements this narrative overview and analysis of the School District forthe fiscal year ended June 30, 2019. We encourage readers to consider the information presented inconjunction with additional information that we have furnished in our letter of transmittal, which can befound in the introductory section of this report.Overview of the Basic Financial StatementsThis discussion and analysis is intended to serve as an introduction to the School District’s basic financialstatements. Comparison to the prior year’s activity is provided in this document. The basic financialstatements are comprised of three components:1) Government-Wide financial statements, 2) Fund financial statements, and 3) Notes to the basicfinancial statements. This report also contains other supplementary information in addition to thebasic financial statements themselves.Government-Wide Financial StatementsThe government-wide financial statements are designed to provide the reader with a broad overview of thefinancial activities in a manner similar to a private-sector business. The government-wide financialstatements include the statement of net position and the statement of net activities.The statement of net position presents information about all of the School District’s assets and liabilities.The difference between the assets plus deferred outflows or resources and liabilities plus deferred inflowsof resources is reported as net position. Over time, changes in net position may serve as a useful indicatorof whether the financial position of the School District is improving or deteriorating.The statement of activities presents information showing how the net position of the School District changedduring the current fiscal year. Changes in net position are recorded in the statement of activities when theunderlying event occurs, regardless of the timing of related cash flows. Thus, revenues and expendituresare reported in this statement even though the resulting cash flows may be recorded in a future period.Both of the government-wide financial statements distinguish functions of the School District that aresupported from taxes and intergovernmental revenues (governmental activities) and other functions that areintended to recover most of their costs from user fees and charges (business-type activities). Governmentalactivities consolidate governmental funds including the General Fund, Special Revenue Fund, CapitalProjects Fund, Debt Service Fund and Internal Service Fund. Business-type activities reflect the FoodService Fund and School Age Child Care Fund.Fund Financial StatementsFund financial statements are designed to demonstrate compliance with financial-related requirements. Afund is a grouping of related accounts that is used to maintain control over resources that have beensegregated for specific objectives. All of the funds of the School District are divided into three categories:governmental funds, proprietary funds and fiduciary funds.19 pag
Cherry Hill, NJ 08034 220 Park Avenue CHERRY HILL TOWNSHIP SCHOOL DISTRICT CHERRY HILL, NEW JERSEY CONSULTANTS AND ADVISORS AUDIT FIRM HFA, P.C. 618 Stokes Road Medford, NJ 08055 ATTORNEY Schenck, Price, Smith & King, LLP ARCHITECTS Becica Associates, LLC 500. S Kings Highway Cherry Hill, NJ 08034 9
CHERRY HILL PUBLIC SCHOOL INFORMATION Cherry Hill East Cherry Hill West 1750 Kresson Rd. 2101 Chapel Ave. Cherry Hill, N.J. 08003 Cherry Hill, N.J. 08002 (856) 424-2222 (856) 663-8006 SUPERINTENDENT : Dr. Joseph Meloche Malberg Administration Bldg. 45 Ranoldo Terrace
3 Cherry Hill 1. Demographics Neighborhood: Cherry Hill at a Glance Total population in Baltimore City in 2010 616,802 Total population in Cherry Hill in 2010 8,202 Age The age distribution of Cherry Hill compared to Baltimore City overall (2010). Cherry Hill Baltimore City 0-17 years 35.7% 21.6% 18-24 years 12.1% 12.5%
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education for the children of Cherry Hill Township School District is their mutual aim, and WHEREAS, the Board of Education has an obligation pursuant to Chapter 123, P.L. 1974, to negotiate with the Cherry Hill Education Association as the representative of certain employees of said Board as herein after defined, and
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