GREENFIELD EXEMPTED VILLAGE SCHOOL DISTRICT
GREENFIELD EXEMPTED VILLAGE SCHOOL DISTRICTHIGHLAND COUNTYSINGLE AUDITFOR THE YEAR ENDED JUNE 30, 2012
GREENFIELD EXEMPTED VILLAGE SCHOOL DISTRICTHIGHLAND COUNTYTABLE OF CONTENTSTITLEPAGEIndependent Accountants’ Report. 1Management’s Discussion and Analysis. 3Basic Financial Statements:Government-wide Financial Statements:Statement of Net Assets as of June 30, 2012 . 9Statement of Activities - For the Fiscal Year Ended June 30, 2012 . 10Fund Financial Statements:Balance Sheet – Governmental Funds . 11Reconciliation of Total Governmental Fund Balances toNet Assets of Governmental Activities . 12Statement of Revenues, Expenditures, and ChangesIn Fund Balances – Governmental Funds . 13Reconciliation of the Statement of Revenues, Expenditures and Change in Fund Balance ofGovernmental Funds to the Statement of Activities . 14Statement of Revenues, Expenditures and Changes in FundBalance – Budget and Actual (Budgetary Basis) – General Fund . 15Statement of Revenues, Expenditures, and Changes in FundBalance – Budget and Actual (Budgetary Basis) – Title I Fund . 16Statement of Fund Net Assets – Internal Service Fund. 17Statement of Revenue, Expenses and Changesin Fund Net Assets – Internal Service Fund . 18Statement of Cash Flows – Internal Service Fund . 19Statement of Fiduciary Net Assets – Fiduciary Fund. 20Statement of Changes in Fiduciary Net Assets – Fiduciary Fund . 21Notes to the Basic Financial Statements . 23Schedule of Federal Awards Receipts and Expenditures. 47Notes to the Federal Awards Receipts and Expenditures Schedule . 48Independent Accountants’ Report on Internal Control Over Financial Reporting and onCompliance and Other Matters Required by Government Auditing Standards . 49Independent Accountants’ Report on Compliance with requirementsApplicable to Major Federal Programs and Internal Control OverCompliance in Accordance with OMB Circular A-133 . 51
GREENFIELD EXEMPTED VILLAGE SCHOOL DISTRICTHIGHLAND COUNTYTABLE OF CONTENTS(Continued)TITLEPAGESchedule of Findings. 53Schedule of Prior Years Findings . 55Corrective Action Plan. 57
INDEPENDENT ACCOUNTANTS’ REPORTGreenfield Exempted Village School DistrictHighland County200 North Fifth StreetGreenfield, Ohio 45123To the Board of Education:We have audited the accompanying financial statements of the governmental activities, each major fund,and the aggregate remaining fund information of Greenfield Exempted Village School District, HighlandCounty, Ohio (the District), as of and for the year ended June 30, 2012, which collectively comprise theDistrict’s basic financial statements as listed in the table of contents. These financial statements are theresponsibility of the District’s management. Our responsibility is to express opinions on these financialstatements based on our audit.We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in the Comptroller General of theUnited States’ Government Auditing Standards. Those standards require that we plan and perform theaudit to reasonably assure whether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statement presentation. We believe ouraudit provides a reasonable basis for our opinions.In our opinion, the financial statements referred to above present fairly, in all material respects, therespective financial position of the governmental activities, each major fund, and the aggregate remainingfund information of Greenfield Exempted Village School District, Highland County, Ohio, as of June 30,2012, and the respective changes in financial position and where applicable, cash flows, thereof and therespective budgetary comparisons for the General and Title 1 funds for the year then ended in conformitywith accounting principles generally accepted in the United States of America.In accordance with Government Auditing Standards, we have also issued our report dated February 1,2013, on our consideration of the District’s internal control over financial reporting and our tests of itscompliance with certain provisions of laws, regulations, contracts and grant agreements and othermatters. While we did not opine on the internal control over financial reporting or on compliance, thatreport describes the scope of our testing of internal control over financial reporting and compliance andthe results of that testing. That report is an integral part of an audit performed in accordance withGovernment Auditing Standards. You should read it in conjunction with this report in assessing theresults of our audit.Corporate Centre of Blue Ash, 11117 Kenwood Road, Blue Ash, Ohio 45242Phone: 513‐361‐8550 or 800‐368‐7419Fax: 513‐361‐8577www.ohioauditor.gov1
Greenfield Exempted Village School DistrictHighland CountyIndependent Accountants’ ReportPage 2Accounting principles generally accepted in the United States of America require this presentation toinclude Management’s discussion and analysis, as listed in the table of contents, to supplement the basicfinancial statements. Although this information is not part of the basic financial statements, theGovernmental Accounting Standards Board considers it essential for placing the basic financialstatements in an appropriate operational, economic, or historical context. We have applied certain limitedprocedures to the required supplementary information in accordance with auditing standards generallyaccepted in the United States of America, which consisted of inquiries of management about the methodsof preparing the information and comparing the information for consistency with management’s responsesto our inquiries, the basic financial statements, and other knowledge we obtained during our audit of thebasic financial statements. We do not express an opinion or provide any assurance on the informationbecause the limited procedures do not provide us with sufficient evidence to express an opinion orprovide any other assurance.We conducted our audit to opine on the financial statements that collectively comprise the District’s basicfinancial statements taken as a whole. The federal awards receipts and expenditures schedule providesadditional information required by the U.S. Office of Management and Budget Circular A-133, Audits ofStates, Local Governments, and Non-Profit Organizations, and is not a required part of the basic financialstatements. The federal awards receipts and expenditures schedule is management’s responsibility, andwas derived from and relates directly to the underlying accounting and other records used to prepare thebasic financial statements. This schedule was subject to the auditing procedures we applied to the basicfinancial statements. We also applied certain additional procedures, including comparing and reconcilingthis information directly to the underlying accounting and other records used to prepare the basic financialstatements or to the basic financial statements themselves, in accordance with auditing standardsgenerally accepted in the United States of America. In our opinion, this information is fairly stated in allmaterial respects in relation to the basic financial statements taken as a whole.Dave YostAuditor of StateFebruary 1, 20132
Greenfield Exempted Village School DistrictManagement’s Discussion and AnalysisFor the Fiscal Year Ended June 30, 2012(Unaudited)MANAGEMENT’S DISCUSSION AND ANALYSISThe Greenfield Exempted Village Schools (the “School District”) discussion and analysis of the annual financialreport provides a review of the financial performance for the fiscal year ended June 30, 2012. The intent of thisdiscussion and analysis is to look at the School District’s financial performance as a whole; readers should alsoreview the notes to the basic financial statements and the basic financial statements to enhance theirunderstanding of the School District’s financial performance.FINANCIAL HIGHLIGHTS The School District’s assets exceeded its liabilities at June 30, 2012 by 32,546,755. The School District’s net assets of governmental activities increased 1,950,434. General revenues accounted for 18,616,396 in revenue or 83 percent of all revenues. Program specificrevenues in the form of charges for services and sales and operating grants and contributions accountedfor 3,735,986 or 17 percent of total revenues of 22,352,382. The School District had 20,401,948 in expenses related to governmental activities; 3,735,986 of theseexpenses was offset by program specific charges for services and sales and operating grants andcontributions.USING THIS ANNUAL FINANCIAL REPORTThis annual report consists of a series of financial statements. These statements are presented so that the readercan understand the Greenfield Exempted Village Schools’ financial situation as a whole and also give a detailedview of the School District’s financial activities.The Statement of Net Assets and Statement of Activities provide information about the activities of the SchoolDistrict as a whole and present a longer-term view of the School District’s finances. Fund financial statementsprovide the next level of detail. For governmental funds, these statements tell how services were financed in theshort-term as well as the amount of funds available for future spending. The fund financial statements also lookat the School District’s most significant funds with all other non-major funds presented in total in one column.REPORTING THE SCHOOL DISTRICT AS A WHOLEThe analysis of the School District as a whole begins with the Statement of Net Assets and the Statement ofActivities. These reports provide information that will help the reader to determine whether the School Districtis financially improving or declining as a result of the year’s financial activities. These statements include allassets and liabilities using the accrual basis of accounting similar to the accounting used by private sectorcompanies. All current year revenues and expenses are taken into account regardless of when cash is received orpaid.In evaluating the overall financial health, the user of these financial statements needs to take into account nonfinancial factors that also impact the School District’s financial well-being. Some of these factors include thecondition of capital assets, and required educational support services to be provided.In the Statement of Net Assets and the Statement of Activities, the School District has only one kind of activity. Governmental Activities. Most of the School District’s programs and services are reportedhere including instruction and support services.3
Greenfield Exempted Village School DistrictManagement’s Discussion and AnalysisFor the Fiscal Year Ended June 30, 2012(Unaudited)REPORTING THE SCHOOL DISTRICT’S MOST SIGNIFICANT FUNDSFund Financial StatementsThe analysis of the School District’s funds begins on page 7. Fund financial statements provide detailedinformation about the School District’s major funds – not the School District as a whole. Some funds arerequired by State law and bond covenants. Other funds may be established by the Treasurer with approval fromthe Board to help control, manage and report money received for a particular purpose or to show that the SchoolDistrict is meeting legal responsibilities for use of grants. The School District’s major funds are the GeneralFund and the Title I Special Revenue Fund.Governmental Funds. Most of the School District’s activities are reported in governmental funds, which focuson how money flows into and out of those funds and the balances left at year-end available for spending in futureperiods. These funds are reported using the modified accrual basis of accounting, which measures cash and allother financial assets that can be readily converted to cash. The governmental fund statements provide a detailedshort-term view of the School District’s general government operations and the basic services it provides.Governmental fund information helps to determine whether there are more or fewer financial resources that canbe spent in the near future to finance educational support services. The relationship (or difference) betweengovernmental activities (reported in the Statement of Net Assets and the Statement of Activities) andgovernmental funds is reconciled in the financial statements.Proprietary Funds. The School District’s only proprietary fund is an internal service fund. Since the internalservice fund operates on a break-even, cost-reimbursement basis, the School District reports it as a proprietaryfund using the full accrual basis of accounting. Since the internal fund exclusively benefits governmentalfunctions, it has been included with governmental activities in the government-wide financial statements.Fiduciary Funds. Fiduciary fund reporting focuses on net assets and changes in net assets. The fiduciary fundcategory is split into four classifications: pension trust funds, investment trust funds, private purpose trust funds,and agency funds. Trust funds are used to account for assets held by the School District under a trust agreementfor individuals, private organizations, or other governments and are therefore not available to support the SchoolDistrict’s own programs. Agency funds are custodial in nature (assets equal liabilities) and do not involvemeasurement of results of operations. In accordance with GASB 34, fiduciary funds are not included in thegovernment-wide statements.The School District’s fiduciary funds are agency funds which are used to maintain financial activity of theSchool District’s Student Managed Activities, and private purpose trust funds which are used to maintain thefinancial activity of the School District’s Scholarship Funds.4
Greenfield Exempted Village School DistrictManagement’s Discussion and AnalysisFor the Fiscal Year Ended June 30, 2012(Unaudited)THE SCHOOL DISTRICT AS A WHOLEAs stated previously, the Statement of Net Assets provides the perspective of the School District as a whole.Table 1 provides a summary of the School District’s net assets for 2012 compared to 2011.Table 1Net AssetsGovernmental Activities20122011Assets:Current and Other AssetsCapital Assets, Net 18,760,54722,682,270 s:Current and Other LiabilitiesLong-Term al 591,61121,148,5122,767,9066,679,903 32,546,755 30,596,321Total AssetsNet Assets:Invested in Capital Assets, Net of Related DebtRestrictedUnrestrictedTotal Net AssetsTotal net assets of the School District as a whole increased 1,950,434. The primary reasons for the increase incurrent assets were due to an increase of equity in pooled cash and cash equivalents and taxes receivable whichwere partially offset by a decrease in intergovernmental receivables. The decrease in capital assets was primarilydue to current year depreciation expense, which was partially offset by current year additions. Long-termliabilities decreased slightly primarily due to principle payments made during the year.5
Greenfield Exempted Village School DistrictManagement’s Discussion and AnalysisFor the Fiscal Year Ended June 30, 2012(Unaudited)Table 2 shows the changes in net assets for 2012 compared to 2011.Table 2Change in Net AssetsGovernmental Activities20122011RevenueProgram Revenues:Charges for Services and SalesOperating Grants and ContributionsTotal Program Revenues General Revenue:Income TaxesGrants and Entitlements, Not Restricted for Specific ProgramsInvestment EarningsMiscellaneousProperty TaxesTotal General Revenues852,4772,883,5093,735,986 57,908701,309409,229103,997Total Expenses20,401,94820,114,460Increase in Net AssetsNet Assets at Beginning of YearNet Assets at End of 7930,596,321Total RevenuesProgram pport ServicesPupilsInstructional StaffBoard of EducationAdministrationFiscalOperation and Maintenance of PlantPupil TransportationCentralOperation of Non-Instructional ServicesExtracurricular ActivitiesInterest and Fiscal Charges Governmental ActivitiesCharges for services and sales comprised 4 percent of revenue for governmental activities, while operatinggrants and contributions comprised 13 percent of revenue for governmental activities of the School District forfiscal year 2012. Income tax revenue comprised 8 percent of revenue for governmental activities. Property taxrevenue comprised 16 percent of revenue for governmental activities for fiscal year 2012. Grants andentitlements, not restricted for specific programs, comprised 59 percent of revenue for governmental activities.6
Greenfield Exempted Village School DistrictManagement’s Discussion and AnalysisFor the Fiscal Year Ended June 30, 2012(Unaudited)General revenues increased primarily due to an increase in property tax revenue due to increased receipts fromthe payment of delinquencies. Income Tax receipts increased primarily due to the reopening of a local plant.Operating Grants and Contributions decreased due to fewer receipts for the State Fiscal Stabilization Grantwhich was partially offset by increased receipts in the Education Jobs Program. Grants and Entitlements notrestricted for specific purposes increased primarily due to an increase in open enrollment. As indicated bygovernmental program expenses, instruction is emphasized. Regular Instruction comprised 46 percent ofgovernmental program expenses. Regular instruction increased due to coding changes from the prior year.Special instruction decreased due to the loss of Title I ARRA grant monies received. Pupils increased due to theincreased receipts of Race to the Top grant monies. Operation and maintenance of plant decreased primarily dueto decreased State Fiscal Stabilization monies received.The Statement of Activities shows the cost of program services and the charges for services, sales and grantsoffsetting those services. Table 3 shows, for governmental activities, the total cost of services and the net cost ofservices. That is, it identifies the cost of these services supported by unrestricted State entitlements and othergeneral revenues.Table 3Governmental ActivitiesTotal Costof Services2012Program upport Services:PupilsInstructional StaffBoard of EducationAdministrationFiscalOperation and Maintenance of PlantPupil TransportationCentralOperation of Non-Instructional ServicesExtracurricular ActivitiesInterest and Fiscal ChargesTotal 8414,06595,516 20,401,948Net Costof Services2012 36)131,95686,922 16,665,962Total Costof Services2011 9409,229103,997 20,114,460Net Costof Services2011 39)155,960103,851 16,054,290THE SCHOOL DISTRICT’S FUNDSGovernmental funds are accounted for using the modified accrual basis of accounting. All governmental fundshad total revenues and other financing sources of 22,488,414 and expenditures and other financing uses of 20,228,125. The net change in fund balance for the year was most significant in the General Fund.The fund balance of the General Fund increased by 1,820,157. This increase is due mainly to revenuesexceeding current year expenditures.The fund balance of the Title I Fund increased 4,296. The Title I Fund had revenues in the amount of 611,658and expenditures in the amount of 607,362.7
Greenfield Exempted Village School DistrictManagement’s Discussion and AnalysisFor the Fiscal Year Ended June 30, 2012(Unaudited)General Fund Budgeting HighlightsThe School District’s budget is prepared according to Ohio law and is based on accounting for certaintransactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fundis the General Fund.During 2012, there were several revisions to the General Fund budget. In part, these revisions decreasedestimated resources by 1,190,641 and decreased appropriations by 1,053,897. The General fund’s endingunobligated cash balance was 4,874,320. The decrease in final budgeted expenditures is due mainly to adecrease in advances out. The decrease in estimated resources is due mainly to the decrease in advances in. Thevariance between final budgeted and actual expenditures is due mainly to conservative budgeting by the SchoolDistrict.CAPITAL ASSETS AND DEBT ADMINISTRATIONCapital AssetsAt the end of fiscal year 2012, the School District had 22,682,270 invested in its capital assets. Table 4 showsthe fiscal year 2012 balances compared to 2011.Table 4Capital Assets(Net of Depreciation)LandLand ImprovementsBuildings and ImprovementsFurniture and EquipmentVehiclesGovernmental Activities20122011 42,231 701899,325796,787Totals 22,682,270 23,433,370Changes in capital assets from the prior year resulted from the addition of building improvements, furniture andequipment, vehicles and depreciation expense. See Note 7 to the basic financial statements for more detailedinformation related to capital assets.DebtAt June 30, 2012, the School District had an outstanding General Obligation Bond in the amount of 585,000,which was issued for the purpose of improvements. The School District also had Refunding Bonds consisting of 1,060,000 in current interest bonds and 354,998 of capital appreciation bonds. See Note 13 to the basicfinancial statements for more detailed information relating to debt.CONTACTING THE SCHOOL DISTRICT’S FINANCIAL MANAGEMENTThis financial report is designed to provide our citizens, taxpayers, creditors, and investors with a generaloverview of the School District’s financial condition and to show the School District’s accountability for themoney it receives. If you have any questions about this report or need additional financial information, contactJoe Smith, Treasurer, Greenfield Exempted Village Schools, 200 North Fifth Street, Greenfield, Ohio 45123.8
Greenfield Exempted Village School DistrictStatement of Net AssetsJune 30, 2012GovernmentalActivitiesASSETS:Current Assets:Equity in Pooled Cash and Cash EquivalentsIntergovernmental ReceivableTaxes ReceivableNoncurrent Assets:Unamortized Financing CostsNon-Depreciable Capital AssetsDepreciable Capital Assets, net tal Assets41,442,817LIABILITIES:Current Liabilities:Accounts PayableAccrued Wages and BenefitsIntergovernmental PayableAccrued Interest PayableDeferred RevenueClaims PayableNoncurrent Liabilities:Long-Term Liabilities:Due Within One YearDue in More Than One Year316,4033,520,424Total 274,96621,300NET ASSETS:Invested in Capital Assets, Net of Related DebtRestricted for Debt ServiceRestricted for Capital OutlayRestricted for Other PurposesRestricted for Classroom Facilities 85,847769,0688,591,611Total Net Assets The notes to the basic financial statements are an integral part of this statement.932,546,755
Greenfield Exempted Village School DistrictStatement of ActivitiesFor the Fiscal Year Ended June 30, 2012Net (Expense)Revenue andChanges inNet AssetsProgram RevenuesExpensesGovernmental erSupport Services:PupilsInstructional StaffBoard of EducationAdministrationFiscalOperation and Maintenance of PlantPupil TransportationCentralOperation of Non-Instructional ServicesExtracurricular ActivitiesInterest and Fiscal ChargesTotal Governmental Activities 9,427,8981,373,978444,9921,281,314Charges forServices and SalesOperating Grantsand Contributions ,70564,430687,178414,06595,516 5751,83513,00051,17238,5982,085177,741138,3918,594 852,477 1,220,158286,736-Governmental Activities 509(16,665,962)General Revenues:Taxes Levied for:General PurposesDebt ServiceClassroom FacilitiesIncome TaxesGrants and Entitlements, Not Restricted to Specific ProgramsGifts and Donations, Not Restricted to Specific ProgramsInvestment 6413,140,00412,30832,337178,452Total General Revenues18,616,396Change in Net Assets1,950,434Net Assets Beginning of YearNet Assets End of Year30,596,321 The notes to the basic financial statements are an integral part of this statement.1032,546,755
Greenfield Exempted Village School DistrictBalance SheetGovernmental FundsJune 30, 2012GeneralASSETS:Equity in Pooled Cash and Cash EquivalentsInterfund ReceivableIntergovernmental ReceivableTaxes ReceivableTotal AssetsLIABILITIES:Accounts PayableAccrued Wages and BenefitsInterfund PayableIntergovernmental PayableDeferred Revenue All OtherGovernmentalFundsTitle I6,108,9193,644,1113,905,134 1,110,963402,986- 4,471,289401,175420,344 11,691,1713,644,111804,1614,325,478 13,658,164 1,513,949 5,292,808 20,464,921 1,468,35545,594 12,55837,1451,615,7563,684421,894 82,500330,3233,143,575Total Liabilities4,844,8191,513,949FUND 378806,4417,647,526Total Fund Balances8,813,345Total Liabilities and Fund BalancesTotalGovernmentalFunds 13,658,164The notes to the basic financial statements are an integral part of this statement.11 78806,4417,622,484-3,201,77112,015,1161,513,949 5,292,808 20,464,921
Greenfield Exempted Village School DistrictReconciliation of Total Governmental Fund Balances toNet Assets of Governmental ActivitiesJune 30, 2012Total Governmental Fund Balances 12,015,116Amounts reported for governmental activities in thestatement of net assets are different because:Capital assets used in governmental activities are not financialresources and therefore are not reported in the funds.22,682,270Other long-term assets are not available to pay for current periodexpenditures and therefore are deferred in the funds.TaxesIntergovernmentalUnamortized Financing CostsTotal259,15976,93838,413374,510An internal service fund is used by management to charge the costof insurance to individuals. The assets and liabilities of the internal servicefund are included in governmental activities in the statement of net assets.1,320,024Interest payable is not recorded in the governmental funds, but is recordedin the statement of net assets.(8,338)Long-term liabilities, including bonds, capital lease obligations and thelong-term portion of compensated absences are not due and payablein the current period and therefore are not reported in the funds.Compensated AbsencesGeneral Obligation BondsRefunding Bonds:Current Interest BondsCapital Appreciation BondsAccretion on Capital Appreciation BondsUnamortized Loss on Refunding BondsUnamortized Premium on Refunding BondsTotal(1,751,609)(585,000)(1,060,000)
Greenfield Exempted Village School District Highland County 200 North Fifth Street Greenfield, Ohio 45123 To the Board of Education: We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Greenfield Exempted Village School District, Highland
The Greenfield Exempted Village School District believes success in school is directly related to attendance and has . 4 adopted policies to encourage and reward good attendance. Ensuring good attendance will require a strong partnership between the district and the parent(s).
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