Nexus Academy Of Toledo - Ohio Auditor
Nexus Academy of ToledoLucas County, OhioAudited Financial StatementsFor the Fiscal Year EndedJune 30, 2016
Board of TrusteesNexus Academy of Toledo600 Jefferson AvenueToledo, Ohio 43604We have reviewed the Independent Auditor’s Report of the Nexus Academy of Toledo, LucasCounty, prepared by Rea & Associates, Inc., for the audit period July 1, 2015 through June 30,2016. Based upon this review, we have accepted these reports in lieu of the audit required bySection 117.11, Revised Code. The Auditor of State did not audit the accompanying financialstatements and, accordingly, we are unable to express, and do not express an opinion on them.Our review was made in reference to the applicable sections of legislative criteria, as reflected bythe Ohio Constitution, and the Revised Code, policies, procedures and guidelines of the Auditorof State, regulations and grant requirements. The Nexus Academy of Toledo is responsible forcompliance with these laws and regulations.Dave YostAuditor of StateMay 4, 201788 East Broad Street, Fifth Floor, Columbus, Ohio 43215-3506Phone: 614-466-3340 or 800-282-0370Fax: 614-728-7398www.ohioauditor.gov
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NEXUS ACADEMY OF TOLEDOLUCAS COUNTYTABLE OF CONTENTSTITLEPAGEIndependent Auditor’s Report1Management’s Discussion and Analysis3Basic Financial Statements9Notes to the Basic Financial Statements12Required Supplementary Information:Schedule of the Academy’s Proportionate Share of the Net Pension Liability34Schedule of Academy Contributions36Independent Auditor’s Report on Internal Control over Financial Reporting and onCompliance and other Matters Based on an Audit of Financial StatementsPerformed in Accordance with Government Auditing Standards38
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February 28, 2017To the Board of TrusteesNexus Academy of ToledoLucas County, Ohio600 Jefferson AvenueToledo, Ohio 43604INDEPENDENT AUDITOR'S REPORTReport on the Financial StatementsWe have audited the accompanying financial statements of the Nexus Academy of Toledo, Lucas County,Ohio, (the “Academy”) as of and for the year ended June 30, 2016, and the related notes to the financialstatements, which collectively comprise the Academy’s basic financial statements as listed in the table ofcontents.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 an opinion on these financial statements based on our audit. Weconducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are free from materialmisstatement.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 Academy’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 Academy’s internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of significantaccounting 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 opinion.1
Nexus Academy of ToledoIndependent Auditor’s ReportPage 2 of 2OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of the Academy as of June 30, 2016, and the changes in financial position and the cashflows for the year then ended in accordance with accounting principles generally accepted in the UnitedStates of America.Other MattersRequired Supplementary InformationAccounting principles generally accepted in the United States of America require that the Management’sDiscussion and Analysis and the Schedule of the Academy's Proportionate Share of the Net PensionLiability, and Schedule of Academy Contributions on pages 3-8, 34-35, and 36-37, respectively, bepresented to supplement the basic financial statements. Such information, although not a part of the basicfinancial statements, is required by the Governmental Accounting Standards Board who considers it to bean essential 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 Reporting Required by Government Auditing StandardsIn accordance with Government Auditing Standards, we have also issued our report dated February 28,2017 on our consideration of the Academy’s internal control over financial reporting and on our tests ofits compliance with certain provisions of laws, regulations, contracts, and grant agreements and othermatters. The purpose of that report is to describe the scope of our testing of internal control over financialreporting and compliance and the results of that testing, and not to provide an opinion on internal controlover financial reporting or on compliance. That report is an integral part of an audit performed inaccordance with Government Auditing Standards in considering the Academy’s internal control overfinancial reporting and compliance.Lima, Ohio2
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOMANAGEMENT’S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2016(UNAUDITED)The discussion and analysis of the financial performance of the Nexus Academy of Toledo,Lucas County, Ohio (the Academy), provides an overview of the Academy’s financial activitiesfor the fiscal year ended June 30, 2016. The intent of this discussion and analysis is to look atthe Academy’s financial performance as a whole; readers should also review the notes to thebasic financial statements and financial statements to enhance their understanding of theAcademy’s financial performance.Financial Highlights For fiscal year 2016, total assets and deferred outflows of resources were 569,938. For fiscal year 2016, total liabilities and deferred inflows of resources were 1,336,654. For fiscal year 2016, total net position deficit was 766,716.USING THIS ANNUAL REPORTThis annual report consists of a series of financial statements. These statements are organized sothe reader can understand the financial position of the Academy. Enterprise accounting uses aflow of economic resources measurement focus. With this measurement focus, all assets anddeferred outflows and all liabilities and deferred inflows are included on the statement of netposition. The statement of net position represents the basic statement of position for theAcademy. The statement of revenues, expenses, and changes in net position presents increases(e.g., revenues) and decreases (e.g., expenses) in net total assets. The statement of cash flowsreflects how the Academy finances and meets its cash flow needs. Finally, the notes to the basicfinancial statements provide additional information that is essential to a full understanding of thedata provided on the basic financial statements.REPORTING THE ACADEMY AS A WHOLEThe view of the Academy as a whole looks at all financial transactions and asks, “How did wedo financially during 2016?” The statement of net position and the statement of revenues,expenses, and change in net position answer this question. These statements include all assetsand deferred outflows and liabilities and deferred inflows using the accrual basis of accountingsimilar to the accounting used by most private-sector companies. This basis of accountingconsiders all of the current year’s revenues and expenses regardless of when cash is received orpaid.3
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOMANAGEMENT’S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2016(UNAUDITED)These two statements report the Academy’s net position and change in position. This change innet position is important because it tells the reader that, for the Academy as a whole, thefinancial position of the Academy has improved or diminished. The cause may be the result ofmany factors, some financial, some not. Non-financial factors include the current laws in Ohiorestricting revenue growth, facility conditions, required educational programs and other factors.FINANCIAL ANALYSISThe Academy is not required to present government-wide financial statements as the Academy isengaged in only business-type activities. Therefore, no condensed financial information derivedfrom government-wide financial statements is included in the discussion and analysis.The following tables represent the Academy’s condensed financial information derived from thestatement of net position and the statement of revenues, expenses, and changes in net position.Table 1 provides a summary of the Academy’s net position for fiscal years 2016 and 2015:Table 1Net PositionAssetsCurrent assetsNon-current assetsTotal assetsDeferred Outflows of ResourcesLiabilitiesCurrent liabilitiesLong Term LiabilitiesTotal LiabilitiesDeferred Inflows of ResourcesNet PositionInvested in capital assetsUnrestrictedTotal net position20162015 224,48517,739242,224 84,455) (766,716)424,974(783,707) (758,733)
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOMANAGEMENT’S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2016(UNAUDITED)During 2015, the Academy adopted GASB Statement 68, “Accounting and Financial Reportingfor Pensions—an Amendment of GASB Statement 27,” which significantly revises accountingfor pension costs and liabilities. For reasons discussed below, many end users of this financialstatement will gain a clearer understanding of the Academy’s actual financial condition byadding deferred inflows related to pension and the net pension liability to the reported netposition and subtracting deferred outflows related to pension.Governmental Accounting Standards Board standards are national and apply to all governmentfinancial reports prepared in accordance with generally accepted accounting principles. Whenaccounting for pension costs, GASB 27 focused on a funding approach.This approachlimited pension costs to contributions annually required by law, which may or may not besufficient to fully fund each plan’s net pension liability. GASB 68 takes an earnings approach topension accounting; however, the nature of Ohio’s statewide pension systems and state lawgoverning those systems requires additional explanation in order to properly understand theinformation presented in these statements.Under the new standards required by GASB 68, the net pension liability equals the Academy’sproportionate share of each plan’s collective:1.2.Present value of estimated future pension benefits attributable to active and inactiveemployees’ past serviceMinus plan assets available to pay these benefitsGASB notes that pension obligations, whether funded or unfunded, are part of the “employmentexchange” – that is, the employee is trading his or her labor in exchange for wages, benefits, andthe promise of a future pension. GASB noted that the unfunded portion of this pension promiseis a present obligation of the government, part of a bargained-for benefit to the employee, andshould accordingly be reported by the government as a liability since they received the benefit ofthe exchange. However, the Academy is not responsible for certain key factors affecting thebalance of this liability. In Ohio, the employee shares the obligation of funding pension benefitswith the employer. Both employer and employee contribution rates are capped by State statute.A change in these caps requires action of both Houses of the General Assembly and approval ofthe Governor. Benefit provisions are also determined by State statute. The employee enters theemployment exchange with the knowledge that the employer’s promise is limited not by contractbut by law. The employer enters the exchange also knowing that there is a specific, legal limit toits contribution to the pension system. In Ohio, there is no legal means to enforce the unfundedliability of the pension system as against the public employer. State law operates tomitigate/lessen the moral obligation of the public employer to the employee, because all partiesenter the employment exchange with notice as to the law. The pension system is responsible forthe administration of the plan.5
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOMANAGEMENT’S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2016(UNAUDITED)Most long-term liabilities have set repayment schedules or, in the case of compensated absences(i.e. sick and vacation leave), are satisfied through paid time-off or termination payments. Thereis no repayment schedule for the net pension liability. As explained above, changes in pensionbenefits, contribution rates, and return on investments affect the balance of the net pensionliability, but are outside the control of the local government. In the event that contributions,investment returns, and other changes are insufficient to keep up with required pensionpayments, State statute does not assign/identify the responsible party for the unfunded portion.Due to the unique nature of how the net pension liability is satisfied, this liability is separatelyidentified within the long-term liability section of the statement of net position.In accordance with GASB 68, the Academy’s statements prepared on an accrual basis ofaccounting include an annual pension expense for their proportionate share of each plan’s changein net pension liability not accounted for as deferred inflows/outflows.As a result of implementing GASB 68, the Academy is reporting a net pension liability anddeferred inflows/outflows of resources related to pension on the accrual basis of accounting.Current assets increased 92,041. This is mostly due to increase in cash and cash equivalentsfrom operations. Current liabilities increased 85,177. This is mostly due to an increase incontracts payable for monies owed to the management company at June 30. Changes in longterm liabilities, deferred outflows and deferred inflows are due to changes in accruals related toGASB 68/71.6
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOMANAGEMENT’S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2016(UNAUDITED)Table 2 shows the changes in net position for fiscal years 2016 and 2015:Table 2Change in Net Position2016Operating revenuesFoundation payments - RegularFoundation payments - Special educationTotal operating revenues Operating expensesPurchased servicesPension expenseDepreciationTotal operating expensesOperating lossNon-operating revenuesFederal subsidiesManagement company creditsOther revenueTotal non-operating revenuesChange in net positionNet Position, Beginning of the YearNet Position, End of Year 800,846146,057946,9032015 1,087,512(7,983)(758,733)(766,716) 22,916(781,649)(758,733)The Academy operates as a one business-type enterprise fund; therefore, analysis of balances andtransactions of individual funds are not included in the discussion and analysis. Results of fiscalyears 2016 and 2015 operations indicate ending net position deficit of 766,716 and 758,733,respectively.7
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOMANAGEMENT’S DISCUSSION AND ANALYSISFOR THE FISCAL YEAR ENDED JUNE 30, 2016(UNAUDITED)BUDGETPursuant to Ohio Revised Code Chapter 5705.391, the Academy prepares and adopts an annualbudget which includes estimated revenues and expenditures for the fiscal year and a five yearforecast of revenues and expenditures. The Academy will from time to time adopt budgetrevisions as necessary.CAPITAL ASSETS AND DEBT ADMINISTRATIONThe Academy used Grant funds to purchase computers and equipment. This represents the onlycapital assets owned by the Academy. Capital asset information is summarized in Note 4 to thebasic financial statements. The Academy has not issued any debt.OTHER INFORMATIONManagement is currently unaware of any known facts, decisions, or conditions that are expectedto have a significant effect on financial position or results of operations.CONTACTING THE ACADEMY’S FINANCIAL MANAGEMENTThe financial report is designated to provide our citizens, taxpayers, investors, and creditors witha general overview of the Academy’s finances and to demonstrate accountability for the money itreceives. If you have any questions about this report or need additional information contactDavid Massa, CPA, of Massa Financial Solutions, LLC, 600 Jefferson Avenue, Toledo, Ohio43604 or email at dave@massasolutionsllc.com.8
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOSTATEMENT OF NET POSITIONAS OF JUNE 30, 2016Assets:2016Current Assets:Cash and Cash EquivalentsIntergovernmental ReceivablePrepaidsAccounts ReceivableTotal Current Assets Non-Current AssetsCapital Assets (Net ofAccumulated Total Assets242,224Deferred Outflows of Resources327,714Liabilities:Current Liabilities:Contracts PayableAccounts PayableTotal Current Liabilities163,20268,892232,094Long Term Liabilities:Net Pension Liability1,062,783Total Liabilities1,294,877Deferred Inflows of Resources41,777Net Position:Invested in Capital AssetsUnrestrictedTotal Net Position See the Accompanying Notes to the Basic Financial Statements.917,739(784,455)(766,716)
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOSTATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITIONFOR THE YEAR ENDED JUNE 30, 20162016Operating Revenues:Foundation Payments - RegularFoundation Payments - Special Education Total Operating Revenues800,846146,057946,903Operating Expenses:Purchased ServicesPension ExpenseDepreciation Expense2,027,89173,1367,235Total Operating Expenses2,108,262Operating Loss(1,161,359)Non-Operating Revenues:Federal GrantsManagement Company CreditsOther RevenueTotal Non-Operating Revenues116,8601,006,00030,5161,153,376Change in Net Position(7,983)Net Position Beginning of YearNet Position End of Year See the Accompanying Notes to the Basic Financial Statements.10(758,733)(766,716)
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIOSTATEMENT OF CASH FLOWSFOR THE FISCAL YEAR ENDED JUNE 30, 20162016Cash Flows from Operating Activities:Cash Received for School Foundation PaymentsCash Payments to Suppliers for Goods and Services 946,903(991,860)Net Cash Provided Used for Operating Activities(44,957)Cash Flows from Noncapital Financing Activities:Federal SubsidiesOther85,23130,516Net Cash Provided by Noncapital Financing Activities115,747Net Increase in Cash and Cash Equivalents70,790Cash and Cash Equivalents at Beginning of Year75,199 Cash and Cash Equivalents at End of Year145,989Reconciliation of Operating Income to Net CashUsed for Operating Activities:Operating Loss (1,161,359)Adjustments to Reconcile Operating Loss to NetCash Used in Operating ActivitiesDepreciation ExpenseManagement Company Service Credit7,2351,006,000Changes in Assets, Liabilities, Deferred Outflows and Inflows of Resources:Other ReceivablesDeferred Outflows of ResourcesContracts PayableAccounts PayableNet Pension LiabilityDeferred Inflows of ResourcesTotal 78)1,116,402(44,957)Net Cash Used by Operating ActivitiesNon Cash Note: The Management Company issued Service Credits to the Academy totaling 1,006,000.See the Accompanying Notes to the Basic Financial Statements.11
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIONOTES TO THE FINANCIAL STATEMENTSFOR THE FISCAL YEAR ENDED JUNE 30, 2016NOTE 1 – DESCRIPTION OF THE SCHOOL AND REPORTING ENTITYNexus Academy of Toledo (the Academy) is a nonprofit corporation established pursuant to OhioRevised Code Chapters 3314 and 1702. The Academy's mission is to provide top-qualitypersonalized education for students and their families through internet- or computer-basedlearning outside of the traditional classroom. The Academy will maintain a commitment toexcellence in curriculum, instruction, accountability and communication for internet- or computerbased schools and will ensure that its programs follow the principles of parental involvement,individualized instruction and high-quality teaching.The Academy was approved for operation under a contract with The Ohio Council of CommunitySchools, the Sponsor. The Sponsor is responsible for evaluating the performance of the Academyand has the authority to deny renewal of the contract at its expiration.The Academy operates under the direction of a five-member Board of Directors (the Board). TheBoard of Directors may not be fewer than five nor more than eleven members. At least threeDirectors will be as follows:(a)(b)(c)At least one Director shall be the parent of one or more students enrolled in theAcademy,At least one Director shall be a generally recognized community leader in the areaserved by the Academy, andAt least one Director shall be an educator or have experience in education.Additionally, the Academy entered into a five-year contract on June 30 2012, with ConnectionsAcademy of Ohio, LLC (“CA”) for curriculum, school management services, instruction,technology and other services, with an expiration date of June 30, 2017. (See Note 9).NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe financial statements of the Academy have been prepared in conformity with generallyaccepted accounting principles (GAAP) as applied to governmental nonprofit organizations. TheGovernmental Accounting Standards Board (GASB) is the accepted standard-setting body forestablishing governmental accounting and financial reporting principles. The more significant ofthe Academy’s accounting policies are described below.12
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIONOTES TO THE FINANCIAL STATEMENTSFOR THE FISCAL YEAR ENDED JUNE 30, 2016NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)A. Basis of PresentationEnterprise AccountingThe Academy’s basic financial statements consist of a statement of net position; a statement ofrevenues, expenses, and changes in net position; and a statement of cash flows.The Academy uses enterprise accounting to track and report on its financial activities. TheAcademy uses enterprise accounting to maintain its financial records during the fiscal year.Enterpriseaccounting focuses on the determination of operating income, changes in net position, financialposition, and cash flows. Enterprise accounting may be used to account for any activity for whicha fee is charged to external users for goods or services.B. Measurement Focus and Basis of AccountingEnterprise accounting uses a flow of economic resources measurement focus. With thismeasurement focus, all assets and deferred outflows of resources and all liabilities and deferredinflows of resources are included on the statement of net position. The statement of revenues,expenses, and changes in net position presents increases (e.g., revenues) and decreases (e.g.,expenses) in net total assets. The statement of cash flows reflects how the Academy finances andmeets its cash flow needs.Basis of accounting determines when transactions are recorded in the financial records andreported on the financial statements. The Academy’s financial statements are prepared using theaccrual basis of accounting. Revenues resulting from exchange transactions, in which each partygives and receives essentially equal value, are recorded when the exchange takes place. Revenuesresulting from non-exchange transactions, in which the Academy receives value without directlygiving equal value in return, such as grants and entitlements, are recognized in the fiscal year inwhich all eligibility requirements have been satisfied. Eligibility requirements include timingrequirements, which specify the fiscal year when the resources are required to be used or the fiscalyear when use is first permitted; matching requirements, in which the Academy must provide localresources to be used for a specified purpose; and expenditure requirements, in which the resourcesare provided to the Academy on a reimbursement basis. Expenses are recognized at the time theyare incurred.C. Budgetary ProcessThe contract between the Academy and its Sponsor prescribes an annual budget requirement inaddition to preparing a 5-year forecast, which is to be updated on an annual basis. Chapter5705.39 of the Ohio Revised Code also requires the Academy to prepare a 5-year forecast, updateit annually and submit it to the superintendent of Public Instruction at the Ohio Department ofEducation.13
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIONOTES TO THE FINANCIAL STATEMENTSFOR THE FISCAL YEAR ENDED JUNE 30, 2016NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)D. Cash and InvestmentsCash held by the Academy is reflected as “Cash and Cash Equivalents” on the statement of netposition. Unless otherwise noted, all monies received by the Academy are pooled and depositedin a central bank account as demand deposits. Investments with an initial maturity of more than 3months are reported as investments. During the fiscal year ended June 30, 2016 the Academy hadno investments.E. Intergovernmental RevenuesThe Academy currently participates in the State Foundation Program and the State SpecialEducation Program. Foundation and Special Education payments are recognized as operatingrevenues in the accompanying financial statements. Other grants awarded and received in fiscalyear 2016 totaled 30,516. Grants and entitlements are recognized as non-operating revenues inthe accounting period in which all eligibility requirements have been met. When both restrictedand unrestricted resources are available for use, it is the Academy’s policy to use restrictedresources first, then unrestricted resources as they are needed.F. Contribution RevenueContribution revenue consists primarily of contributed products and services from ConnectionsAcademy of Ohio, LLC (“CA”) as described in the contract between the Academy and CA. (SeeNote 9)G. Capital AssetsCapital assets are capitalized at cost and updated for additions and reductions during the fiscalyear. The Academy maintains a capitalization threshold of 1,000 dollars. The Academy does nothave any infrastructure. The costs of normal maintenance and repairs that do not add to the valueof the asset or materially extend an asset’s life are not capitalized.All capital assets are depreciated. Improvements are depreciated over the remaining useful livesof the related capital assets. Depreciation is computed using the straight-line method over thefollowing useful lives:EquipmentComputers5 years3 years14
NEXUS ACADEMY OF TOLEDOLUCAS COUNTY, OHIONOTES TO THE FINANCIAL STATEMENTSFOR THE FISCAL YEAR ENDED JUNE 30, 2016NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)H. Net PositionNet position represents the difference between assets and deferred outflows of resources andliabilities and deferred inflows of resources. Net position is reported as restricted when there arelimitations imposed on their use either through the enabling legislation adopted by the Academyor through external restrictions imposed by creditors, grantors, or laws or regulations of othergovernments. Net position invested in capital assets consist of capital assets, net of accumulateddepreciation, reduced by the outstanding balances of any borrowings used for the acquisition,construction, or improvement of those assets. The Academy did not have any restricted netposition in fiscal year 2016.I. Operating Revenues and ExpensesOperating revenues are those revenues that are generated directly from the primary activity of theAcademy. Operating expenses are necessary costs incurred to provide the service that is theprimary activity of the Academy. All revenues and expenses not meeting this definition arereported as non-operating.J.Deferred Inflows and Deferred Outflows of ResourcesIn addition to assets, the statements of financial position will sometimes report a separate sectionfor deferred outflows of resources. Deferred outflows of resources represent a consumption of netposition that applies to a future period and will not be recognized as an outflow of resources(expense/expenditur
Nexus Academy of Toledo Lucas County, Ohio Audited Financial Statements For the Fiscal Year Ended June 30, 2016 . 88 East Broad Street, Fifth Floor, Columbus, Ohio 43215-3506 Phone: 614-466 -3340 or 800 -282 -0370 Fax: 614-728 -7398 www.ohioauditor.gov. Board of Trustees . Nexus Academy of Toledo .
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