COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES
FINANCIAL STATEMENTS
For the Year Ended June 30, 2015
TABLE OF CONTENTS
Page
No.
Independent Auditors’ Report ................................................................................................................................ 1
Independent Auditor’s Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards ............................................................................................... 4
Independent Auditor’s Report on Compliance for Each Major Program and on
Internal Control over Compliance Required by OMB Circular A-133 .................................................................. 6
BASIC FINANCIAL STATEMENTS
Statement of Assets, Liabilities and Fund Balance Arising from Cash Transactions – Regulatory Basis .............. 8
Statement of Revenues Received, Expenditures Disbursed, Other Financing
Sources (Uses) and Changes in Fund Balance - All Funds Except Agency Funds ............................................... 9
Statement of Revenues Received – All Funds Except Agency Funds .................................................................. 10
Statement of Expenditures Disbursed (and Comparison with Budget):
Educational Fund ............................................................................................................................................... 12
Operations and Maintenance Fund .................................................................................................................... 17
Debt Service Fund ............................................................................................................................................. 18
Transportation Fund........................................................................................................................................... 19
Municipal Retirement/Social Security Fund ...................................................................................................... 20
Fire Prevention and Safety Fund ........................................................................................................................ 21
Notes to Financial Statements ............................................................................................................................. 22
OTHER SUPPLEMENTARY INFORMATION
Schedule of Funding Progress ............................................................................................................................. 40
Schedule of the Employer’s Proportionate Share of the Net Pension Liability.................................................... 41
Schedule of Employer Contributions ................................................................................................................... 41
SUPPLEMENTAL FINANCIAL INFORMATION
Combining Statement of Changes in Assets and Liabilities – Activity Funds ..................................................... 42
Detailed Statement of Individual Accounts - Charleston High School Activity Funds ....................................... 43
Detailed Statement of Individual Accounts - Charleston Middle School Activity Funds .................................... 45
Detailed Statement of Individual Accounts - Ashmore Activity Funds ............................................................... 46
Detailed Statement of Individual Accounts - Jefferson Activity Funds ............................................................... 47
Detailed Statement of Individual Accounts - Mark Twain Activity Funds .......................................................... 48
Detailed Statement of Individual Accounts - Carl Sandburg Activity Funds ...................................................... 49
Operating Disbursements Per Pupil ..................................................................................................................... 50
Per Capita Tuition Charge ................................................................................................................................... 51
Comparative Financial Statistics ......................................................................................................................... 52
FEDERAL FINANCIAL COMPLIANCE SECTION
Schedule of Expenditures of Federal Awards...................................................................................................... 53
Schedule of Findings and Questioned Costs ....................................................................................................... 55
Summary Schedule of Prior Audit Findings ........................................................................................................ 59
Corrective Action Plan for Current Year Audit Findings .................................................................................... 60
Notes to Schedule of Federal Awards.................................................................................................................. 64
Summary of Findings and Questioned Costs ....................................................................................................... 68
GILBERT, METZGER & MADIGAN, LLP
CERTIFIED PUBLIC ACCOUNTANTS
Michael J. Metzger, CPA
Joyce A. Madigan, CPA
Kelsey D. Swing, CPA
6029 Park Drive, Suite A
P.O. Box 677
Charleston, Illinois 61920
phone (217) 345-2128
fax
(217) 345-2315
website gmmcpa.com
Cleve Karch, CPA, Principal
INDEPENDENT AUDITORS’ REPORT
To the Board of Education
Community Unit School District No. 1
Coles and Cumberland Counties
Charleston, Illinois
We have audited the accompanying financial statements of Community Unit School District No. 1, as of and for the
year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the District’s
financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
accounting practices prescribed or permitted by the Illinois State Board of Education and with the cash basis of
accounting described in Note A; this includes determining that the financial reporting provisions of the Illinois State
Board of Education and the cash basis of accounting are acceptable basis for the preparation of the financial statements
in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in
accordance with auditing standards generally accepted in the United States of America and the standards applicable to
financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
1
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note A, the financial statements are prepared by Community Unit School District No. 1 in accordance
with accounting practices prescribed or permitted by the Illinois State Board of Education, which is a basis of
accounting other than accounting principles generally accepted in the United States of America. Also, as described in
Note A, the District prepares its financial statements on the cash basis of accounting, which is a comprehensive basis of
accounting other than accounting principles generally accepted in the United States of America.
The effects on the financial statements of the variances between the regulatory basis of accounting described in Note A
and accounting principles generally accepted in the United States of America, although not reasonably determinable,
are presumed to be material.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally
Accepted Accounting Principles” paragraph, the financial statements referred to in the first paragraph do not present
fairly, in accordance with accounting principles generally accepted in the United States of America, the financial
position of Community Unit School District No. 1, as of June 30, 2015, or changes in financial position for the fiscal
year then ended.
Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to in the first paragraph present fairly, in all material respects, the
assets and liabilities arising from cash transactions of Community Unit School District No. 1 as of June 30, 2015, and
its revenue received and expenditures disbursed during the fiscal year then ended, in accordance with the accounting
practices prescribed or permitted by the Illinois State Board of Education as described in Note A.
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements taken as a whole. The
schedules listed in the table of contents as “Supplemental Financial Information” are presented for the purposes of
additional analysis and are not a required part of the basic financial statements. The accompanying schedule of
expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of
Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is
also not a required part of the basic financial statements of Community Unit School District No. 1. The “Supplemental
Information” and schedule of expenditures of federal awards are the responsibility of management and were derived
from and relate directly to the underlying accounting and other records used to prepare the basic financial statements.
The information, except for the average daily attendance figure, included in the computation of operating expense per
pupil and per capita tuition charge, has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such information directly
to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial
statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the
United States of America. In our opinion, the information is fairly stated in all material respects in relation to the
financial statements taken as a whole.
The schedules listed in the table of contents as “Other Supplementary Information” have not been subjected to the
auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an
opinion or provide any assurance on them.
The 2014 information in the Schedule of Expenditures of Federal Awards was subjected to the auditing procedures
applied by us and our report dated October 7, 2014 expressed an unqualified opinion that such information was fairly
stated in all material respects in relation to the 2014 financial statements taken as a whole.
2
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued a report dated October 6, 2015, on our
consideration of Community Unit School District No. 1’s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance
and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering Community Unit School District No. 1’s internal control over financial reporting and compliance.
Gilbert, Metzger & Madigan, LLP
October 6, 2015
3
GILBERT, METZGER & MADIGAN, LLP
CERTIFIED PUBLIC ACCOUNTANTS
Michael J. Metzger, CPA
Joyce A. Madigan, CPA
Kelsey D. Swing, CPA
6029 Park Drive, Suite A
P.O. Box 677
Charleston, Illinois 61920
phone (217) 345-2128
fax
(217) 345-2315
website gmmcpa.com
Cleve Karch, CPA, Principal
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN
AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
To the Board of Education
Community Unit School District No. 1
Coles and Cumberland Counties
Charleston, Illinois
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States, the financial statements of Community Unit School District No. 1, as of and for the year
ended June 30, 2015, and the related notes to the financial statements, and have issued our report thereon dated
October 6, 2015. Our opinion was adverse because the financial statements are not prepared in accordance with
generally accepted accounting principles. However, the financial statements were found to be fairly stated on the cash
basis of accounting, in accordance with regulatory reporting requirements established by the Illinois State Board of
Education, which is a comprehensive basis of accounting other than generally accepted accounting principles.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered Community Unit School
District No. 1’s internal control over financial reporting (internal control) to determine the audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the
purpose of expressing an opinion of the effectiveness of Community Unit School District No. 1’s internal control.
Accordingly, we do not express an opinion of the effectiveness of Community Unit School District No. 1’s internal
control.
Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not
designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and
therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described in
the accompanying schedule of findings and questioned costs, we identified certain deficiencies in internal control that
we considered to be a material weakness.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements
on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control such that
there is a reasonable possibility that a material misstatement of Community Unit School District No. 1’s financial
statements will not be prevented or detected and corrected on a timely basis. We consider the deficiency described in
the accompanying schedule of findings and questioned costs, finding number 1 on page 55, to be a material weakness.
4
Compliance and Other Matters
As part of obtaining reasonable assurance about whether Community Unit School District No. 1’s financial statements
are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination
of financial statement amounts. However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed instances
of noncompliance or other matters that are required to be reported under Government Auditing Standards and which
are described in the accompanying schedule of findings and questioned costs as finding numbers 2, 3 and 4 on pages
56, 57, and 58, respectively.
Community Unit School District No. 1 Response to Findings
Community Unit School District No. 1’s responses to the findings identified in our audit are described in the
accompanying schedule of findings and questioned costs. Community Unit School District No. 1’s responses were not
subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no
opinion on them.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards
in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
Gilbert, Metzger & Madigan, LLP
October 6, 2015
5
GILBERT, METZGER & MADIGAN, LLP
CERTIFIED PUBLIC ACCOUNTANTS
6029 Park Drive, Suite A
P.O. Box 677
Charleston, Illinois 61920
Michael J. Metzger, CPA
Joyce A. Madigan, CPA
Kelsey D. Swing, CPA
phone (217) 345-2128
fax
(217) 345-2315
website gmmcpa.com
Cleve Karch, CPA, Principal
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR
EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER
COMPLIANCE REQUIRED BY OMB CIRCULAR A-133
To the Board of Education
Community Unit School District No. 1
Coles and Cumberland Counties
Charleston, Illinois
Report on Compliance for Each Major Federal Program
We have audited Community Unit School District No. 1’s compliance with the types of compliance requirements
described in the OMB Circular A-133 Compliance Supplement that could have a direct and material effect on each of
Community Unit School District No. 1’s major federal programs for the year ended June 30, 2015. Community Unit
School District No. 1’s major federal programs are identified in the summary of auditor's results section of the
accompanying schedule of findings and questioned costs.
Management’s Responsibility
Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable
to its federal programs.
Auditor’s Responsibility
Our responsibility is to express an opinion on compliance for each of Community Unit School District No. 1’s major
federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit
of compliance in accordance with auditing standards generally accepted in the United States of America; the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the
United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those
standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about
whether noncompliance with the types of compliance requirements referred to above that could have a direct and
material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about
Community Unit School District No. 1’s compliance with those requirements and performing such other procedures as
we considered necessary in the circumstances.
We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program.
However, our audit does not provide a legal determination of Community Unit School District No. 1’s compliance.
6
Opinion on Each Major Federal Program
In our opinion, Community Unit School District No. 1 complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on each of its major federal programs for the
year ended June 30, 2015.
Report on Internal Control Over Compliance
Management of Community Unit School District No. 1 is responsible for establishing and maintaining effective
internal control over compliance with the types of compliance requirements referred to above. In planning and
performing our audit of compliance, we considered Community Unit School District No. 1’s internal control over
compliance with the types of requirements that could have a direct and material effect on each major federal program to
determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on
compliance for each major federal program and to test and report on internal control over compliance in accordance
with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, we do not express an opinion on the effectiveness of Community Unit School District
No. 1’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does
not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect
and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material
weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance
requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant
deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over
compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in
internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control over compliance that might be material
weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we
consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal
control over compliance and the results of that testing based on the requirements of OMB Circular A-133.
Accordingly, this report is not suitable for any other purpose.
Gilbert, Metzger & Madigan, LLP
October 6, 2015
7
BASIC FINANCIAL STATEMENTS
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE
ARISING FROM CASH TRANSACTIONS - REGULATORY BASIS
June 30, 2015
Educational
Operations
and
Maintenance
Municipal
Retirement/
Social
Transportation
Security
Debt
Services
Fire
Prevention
and
Safety
Working
Cash
Agency
Fund
General
Fixed
Assets
General
Long-Term
Debt
Total
(Memorandum
Only)
ASSETS
Cash and cash deposits
Interfund receivables
Other receivables
Land
Buildings and building improvements
Site improvements and infrastructure
Capitalized equipment
Construction in progress
Amount to be provided for payment on bonds and notes
Total Assets
$ 2,724,791
120
-
$
803,958
-
$
-
$
-
$
175,812
81
-
$ 1,769,513
211,000
-
$
199,114
-
$
178,951
-
$
966,869
38,859,609
6,024,278
4,456,657
18,122
-
$
197,533
$ 5,852,139
211,000
201
966,869
38,859,609
6,024,278
4,456,657
18,122
197,533
$ 2,724,911
$
803,958
$
-
$
-
$
175,893
$ 1,980,513
$
199,114
$
178,951
$ 50,325,535
$
197,533
$ 56,586,408
$
$
4,051
4,051
$
-
$
211,000
9,027
220,027
$
-
$
$
-
$
178,951
178,951
$
197,533
197,533
$
-
LIABILITIES
Interfund payables
Other payables
Payroll deductions and withholdings
Due to activity fund organizations
Equipment note payable
Total liabilities
9
9
-
211,000
13,078
9
178,951
197,533
600,571
FUND BALANCE
Investments in general fixed assets
Fund balance:
Reserved
Unreserved
Total fund balance (deficit)
Total Liabilities and Fund Balance
-
-
-
19,386
2,705,516
2,724,902
799,907
799,907
-
$ 2,724,911
$
803,958
The accompanying notes are an integral part of these financial statements.
8
$
-
(220,027)
(220,027)
$
-
$
-
-
-
-
50,325,535
-
50,325,535
175,893
175,893
1,980,513
1,980,513
199,114
199,114
-
50,325,535
-
19,386
5,640,916
55,985,837
175,893
$ 1,980,513
178,951
$ 50,325,535
197,533
$ 56,586,408
$
199,114
$
$
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF REVENUES RECEIVED, EXPENDITURES DISBURSED,
OTHER FINANCING SOURCES (USES) AND CHANGES IN FUND BALANCE
ALL FUNDS EXCEPT AGENCY FUNDS
For the Year Ended June 30, 2015
Educational
Revenues Received:
Local sources
State sources
Federal sources
Total direct revenues received
$ 9,387,608
6,779,445
1,570,657
17,737,710
Operations
and
Maintenance
Transportation
1,523,672
42,822
1,566,494
$ 1,728,257
76,766
1,805,023
3,621,191
21,358,901
1,566,494
1,805,023
1,383,859
610,948
13,507,052
6,005,720
1,377,070
20,889,842
2,310,911
2,310,911
2,278,116
2,278,116
1,929,157
1,929,157
"On behalf of" payments
Total expenditures disbursed
3,621,191
24,511,033
2,310,911
2,278,116
1,929,157
Excess of revenues received over (under)
expenditures disbursed
(3,152,132)
"On behalf of" receipts
Total revenues received
Expenditures Disbursed:
Instruction
Supporting services
Payments to other districts and governmental units
Debt services
Total direct expenditures disbursed
Other Sources (Uses) of Funds:
Sale of fixed assets
Transfer to pay principal
$
Debt
Service
(744,417)
250
(197,516)
Excess of revenues received and other financing sources
over (under) expenditures disbursed and other uses
Fund balance, beginning of year
$ 2,724,902
1,544,324
$
799,907
The accompanying notes are an integral part of these financial statements.
9
$
545,649
838,210
1,383,859
$
(545,298)
197,516
(744,417)
6,074,300
Fund Balance (Deficit), End of Year
(473,093)
-
(3,349,398)
$
Municipal
Retirement/
Social
Security
-
610,948
610,948
Fire
Prevention
and
Safety
Working
Cash
119,300
119,300
$ 14,043,293
7,737,243
1,570,657
23,351,193
127,859
119,300
3,621,191
26,972,384
302,859
327,568
630,427
-
147,769
1,289
149,058
13,809,911
10,721,125
1,378,359
2,278,116
28,187,511
630,427
-
149,058
3,621,191
31,808,702
(29,758)
(4,836,318)
(19,479)
-
$
127,859
127,859
127,859
-
(275,577)
(545,298)
(19,479)
275,577
325,271
195,372
1,852,654
175,893
$ 1,980,513
-
$
(220,027) $
$
Total
(Memorandum
Only)
-
127,859
$
250
-
(29,758)
(4,836,068)
228,872
10,496,370
199,114
$
5,660,302
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF REVENUES RECEIVED - ALL FUNDS EXCEPT AGENCY FUNDS
For the Year Ended June 30, 2015
Revenues Received:
From local sources:
Ad valorem taxes levied:
Designated purposes levies
Leasing purposes levy
Special education purposes levy
FICA/Medicare only purposes levies
Payments in lieu of taxes:
Mobile home privilege tax
Corporate personal property replacement tax
Tuition:
Regular tuition from pupils or parents (in state)
Summer school tuition from pupils or parents (in state)
Adult tuition from other sources (in state)
Transportation fees:
Regular transportation fees from co-curricular activities
Interest on investments
Food service:
Sales to pupils-lunch
Sales to pupils-ala carte
Sales to adults
District/school activity income:
Admissions-athletic
Fees
Textbooks:
Rentals-regular
Rentals-continuing education
Rentals
Contributions and donations from private sources
Services provided other districts
Refund of prior year's expenditures
Payments of surplus moneys from TIF Districts
Drivers' education fees
Other local revenues
Total revenue from local sources
10
Municipal
Retirement/
Social
Transportation
Security
Educational
Operations
and
Maintenance
Debt
Service
$ 7,242,571
132,994
106,383
-
$ 1,364,510
-
$ 1,727,441
-
853,016
23,173
-
29
-
-
48,472
1,400
4,650
399,246
-
-
-
9,729
3,643
787
248,027
31,416
9,053
-
105,193
40,025
90,870
16,089
47,128
4,076
5,041
16,789
6,600
17,312
9,387,608
$
544,218
-
$
252,360
309,324
Fire
Prevention
and
Safety
Working
Cash
$
123,491
-
$
Total
(Memorandum
Only)
119,056
-
$ 11,373,647
132,994
106,383
309,324
-
-
23,202
901,488
-
-
-
1,400
4,650
399,246
1,097
334
792
4,368
244
1,097
19,897
-
-
-
-
-
248,027
31,416
9,053
-
-
-
-
-
-
105,193
40,025
10,120
60,382
200
61,644
1,523,672
1,728,257
545,649
610,948
127,859
119,300
90,870
16,089
10,120
107,510
4,076
5,241
16,789
6,600
78,956
14,043,293
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF REVENUES RECEIVED - ALL FUNDS EXCEPT AGENCY FUNDS
For the Year Ended June 30, 2015
From state sources:
Unrestricted grants-in-aid:
General state aid
Restricted grants-in-aid:
Special education:
Private facility tuition
Extraordinary
Personnel
Orphanage
Summer school
Career and technical education:
Secondary program improvement
Agriculture education
Bilingual education-downstate-TPI
State free lunch and breakfast
Drivers education
Transportation - regular
Transportation - special education
Other restricted revenue from state sources
Total revenue from state sources
From federal sources:
Restricted grants-in-aid received from the
federal government through the state:
Title VI - Rural education initiative
National school lunch program
School breakfast program
Title I - low income
Fed - Spec Education - IDEA - Room & Board
Title II - Teacher Quality
Medicaid matching funds - administrative outreach
Medicaid matching funds - fee for service
Total revenue from federal sources
Total Direct Revenues Received
Fire
Prevention
and
Safety
Educational
5,711,386
-
76,766
-
-
-
-
5,788,152
63,980
261,045
522,690
17,208
1,524
-
-
-
-
-
-
63,980
261,045
522,690
17,208
1,524
11,765
1,775
3,823
6,100
45,094
133,055
6,779,445
42,822
42,822
76,766
397,103
441,107
838,210
-
-
-
11,765
1,775
3,823
6,100
45,094
397,103
441,107
175,877
7,737,243
44,855
481,275
128,126
607,348
81,580
100,119
78,268
49,086
1,570,657
-
-
-
-
-
-
44,855
481,275
128,126
607,348
81,580
100,119
78,268
49,086
1,570,657
$ 17,737,710
$ 1,566,494
$ 1,805,023
$ 1,383,859
119,300
$ 23,351,193
The accompanying notes are an integral part of these financial statements.
11
Municipal
Retirement/
Social
Transportation
Security
Operations
and
Maintenance
Debt
Service
$
610,948
Working
Cash
$
127,859
$
Total
(Memorandum
Only)
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
EDUCATIONAL FUND
For the Year Ended June 30, 2015
Expenditures Disbursed:
Instruction:
Regular programs:
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Special Education Programs:
Salaries
Employee benefits
Purchased services
Supplies and materials
Remedial and Supplemental Programs K-12:
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Adult / Continuing Education Programs:
Purchased services
CTE Programs:
Salaries
Employee benefits
Supplies and materials
Capital outlay
Interscholastic Programs:
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other
12
Unexpended
(Overexpended)
Budget
Actual
Budget
$ 5,910,519
1,760,787
2,622
241,630
2,791
7,918,349
$ 6,108,422
1,404,254
3,500
228,772
10,173
7,755,121
2,653,972
1,161,374
2,988
3,818,334
3,034,175
1,181,607
16,000
23,356
4,255,138
380,209
214,722
14,139
16,877
27,602
653,549
-
(380,209)
(214,722)
(14,139)
(16,877)
(27,602)
(653,549)
336,029
225,000
(111,029)
239,294
70,199
10,076
319,569
240,718
62,406
9,700
2,500
315,324
1,424
(7,793)
(376)
2,500
(4,245)
225,534
15,783
97,299
46,654
15,701
1,910
402,881
247,643
19,957
108,200
54,344
6,500
1,400
438,044
22,109
4,174
10,901
7,690
(9,201)
(510)
35,163
$
197,903
(356,533)
878
(12,858)
7,382
(163,228)
380,203
20,233
16,000
20,368
436,804
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
EDUCATIONAL FUND
For the Year Ended June 30, 2015
Actual
Summer School Programs:
Salaries
Employee benefits
Purchased services
Supplies and materials
Gifted Programs:
Salaries
Employee benefits
Purchased services
Supplies and materials
Driver's Education Programs:
Purchased services
Bilingual Programs:
Salaries
Supplies and materials
Total instruction
Support Services:
Support Services - Pupils:
Attendance and Social Work Services:
Salaries
Employee benefits
Guidance Services:
Salaries
Employee benefits
Health Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
13
Unexpended
(Overexpended)
Budget
Budget
7,850
425
700
302
9,277
8,000
1,346
3,500
12,846
150
921
(700)
3,198
3,569
26,874
11,490
250
3,280
41,894
32,249
10,396
3,000
45,645
5,375
(1,094)
(250)
(280)
3,751
1,100
-
(1,100)
6,070
6,070
20,000
100
20,100
13,507,052
13,067,218
(439,834)
184,702
50,058
234,760
181,707
46,669
228,376
(2,995)
(3,389)
(6,384)
265,857
65,791
331,648
268,593
59,028
327,621
2,736
(6,763)
(4,027)
132,845
38,173
2,425
9,890
183,333
126,000
28,312
3,500
9,500
4,600
171,912
(6,845)
(9,861)
1,075
(390)
4,600
(11,421)
13,930
100
14,030
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
EDUCATIONAL FUND
For the Year Ended June 30, 2015
Actual
Psychological Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Speech Pathology and Audiology Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Total support services - pupils
Support Services - Instructional Staff:
Improvement of Instruction Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other
Educational Media Services:
Supplies and materials
Total support services - instructional staff
Support Services - General Administration:
Board of Education Services:
Purchased services
Supplies and materials
Other
Executive Administration Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Other
14
Budget
Unexpended
(Overexpended)
Budget
91,825
29,065
30,300
602
151,792
78,733
42,565
50,000
500
171,798
(13,092)
13,500
19,700
(102)
20,006
339,080
91,616
22,548
1,275
454,519
329,687
88,553
50,000
1,327
469,567
(9,393)
(3,063)
27,452
52
15,048
1,356,052
1,369,274
13,222
235,680
307,229
146,712
39,616
229,063
958,300
250,894
313,215
213,732
63,415
328,533
500
1,170,289
15,214
5,986
67,020
23,799
99,470
500
211,989
1,983
2,500
517
960,283
1,172,789
212,506
357,894
1,661
17,936
377,491
537,500
3,000
25,500
566,000
179,606
1,339
7,564
188,509
385,838
74,630
1,488
4,442
2,232
468,630
400,996
62,207
2,200
5,000
2,850
473,253
15,158
(12,423)
712
558
618
4,623
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
EDUCATIONAL FUND
For the Year Ended June 30, 2015
Actual
Service Area Administrative Services:
Salaries
Employee benefits
Total support services - general administration
Support Services - School Administration:
Office of the Principal Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other
Total support services - school administration
Support Services - Business:
Direction of Business Support Services:
Salaries
Fiscal Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Other
Food Services:
Purchased services
Supplies and materials
Capital outlay
Internal Services:
Purchased services
Supplies and materials
Total support services - business
15
Budget
Unexpended
(Overexpended)
Budget
41,024
41,024
42,000
400
42,400
976
400
1,376
887,145
1,081,653
194,508
1,096,403
301,789
211,398
81,277
5,201
4,286
1,700,354
1,023,417
222,249
238,455
82,546
3,500
1,570,167
(72,986)
(79,540)
27,057
1,269
(5,201)
(786)
(130,187)
46,478
51,000
4,522
100,407
20,962
18,671
2,473
670
143,183
105,000
14,000
14,900
3,400
400
137,700
4,593
(6,962)
(3,771)
927
(270)
(5,483)
765,654
27,500
14,471
807,625
803,600
34,500
15,000
853,100
37,946
7,000
529
45,475
-
1,500
15,000
16,500
1,500
15,000
16,500
997,286
1,058,300
61,014
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
EDUCATIONAL FUND
For the Year Ended June 30, 2015
Actual
Support Services - Central:
Director of Central Support Services:
Salaries
Employee benefits
Information Services:
Purchased services
Data Processing Services:
Salaries
Total support services - central
Total support services
Payments to Other Government Units:
Special Education Programs:
Purchased services
Other In-State Government Payments
Payments for Special Education Programs - Tuition:
Other
Total payments to other government units
Total Expenditures Disbursed
Budget
82,655
18,591
101,246
82,655
15,265
97,920
3,354
4,200
846
-
15,675
15,675
104,600
117,795
13,195
6,005,720
6,369,978
364,258
900,604
949,500
48,896
436
901,040
8,000
957,500
7,564
56,460
476,030
524,685
48,655
1,377,070
1,482,185
105,115
$ 20,889,842
$ 20,919,381
The accompanying notes are an integral part of these financial statements.
16
Unexpended
(Overexpended)
Budget
(3,326)
(3,326)
$
29,539
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
OPERATIONS AND MAINTENANCE FUND
For the Year Ended June 30, 2015
Actual
Expenditures Disbursed:
Support Services - Business:
Facilities Acquisition and Construction Services:
Purchased services
Capital outlay
Other
$
Operation and Maintenance of Plant Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
Capital outlay
Other
Total Expenditures Disbursed
6,724
209,351
2,080
218,155
Budget
$
141,800
16,000
5,000
162,800
823,898
207,904
396,455
616,754
33,727
14,018
2,092,756
837,067
149,500
422,942
708,000
40,000
20,000
2,177,509
$ 2,310,911
$ 2,340,309
The accompanying notes are an integral part of these financial statements.
17
Unexpended
(Overexpended)
Budget
$
135,076
(193,351)
2,920
(55,355)
13,169
(58,404)
26,487
91,246
6,273
5,982
84,753
$
29,398
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
DEBT SERVICE FUND
For the Year Ended June 30, 2015
Expenditures Disbursed:
Debt Service:
Interest
Service fees
Bonds retired
Principal - equipment note
Total Expenditures Disbursed
Actual
Budget
$ 1,245,005
600
834,995
197,516
$ 1,245,005
600
834,995
-
$
(197,516)
$ 2,278,116
$ 2,080,600
$
(197,516)
The accompanying notes are an integral part of these financial statements.
18
Unexpended
(Overexpended)
Budget
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
TRANSPORTATION FUND
For the Year Ended June 30, 2015
Actual
Expenditures Disbursed:
Support Services - Business:
Pupil Transportation Services:
Salaries
Employee benefits
Purchased services
Supplies and materials
$
Total Expenditures Disbursed
11,234
2,021
1,710,295
205,607
$ 1,929,157
Budget
$
1,707,732
340,700
$
(11,234)
(2,021)
(2,563)
135,093
$ 2,048,432
$
119,275
The accompanying notes are an integral part of these financial statements.
19
Unexpended
(Overexpended)
Budget
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
MUNICIPAL RETIREMENT/SOCIAL SECURITY FUND
For the Year Ended June 30, 2015
Actual
Expenditures Disbursed:
Instruction - Employee Benefits:
Regular programs
Special education programs
Remedial and supplemental programs - K-12
CTE programs
Interscholastic programs
Summer school
Gifted programs
Bilingual programs
Total instruction - employee benefits
$
Support Services - Employee Benefits:
Support services - pupils
Support services - instructional staff
Support services - general administration
Support services - school administration
Support services - business
Support services - central
Total support services - employee benefits
78,663
197,296
13,520
3,208
8,607
711
390
464
302,859
Budget
$
33,993
22,995
27,272
79,008
163,244
1,056
327,568
Total Expenditures Disbursed
$
630,427
84,649
248,148
3,221
9,628
536
1,159
347,341
$
35,231
21,804
31,023
86,117
176,976
1,095
352,246
$
699,587
The accompanying notes are an integral part of these financial statements.
20
Unexpended
(Overexpended)
Budget
5,986
50,852
(13,520)
13
1,021
(175)
(390)
695
44,482
1,238
(1,191)
3,751
7,109
13,732
39
24,678
$
69,160
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
STATEMENT OF EXPENDITURES DISBURSED
(AND COMPARISON WITH BUDGET)
FIRE PREVENTION AND SAFETY FUND
For the Year Ended June 30, 2015
Actual
Expenditures Disbursed:
Support Services - Business:
Facilities Acquisition and Construction Services:
Purchased services
Capital outlay
$
Operation and Maintenance of Plant Services:
Purchased services
Supplies and materials
Capital outlay
Other In-State Government Payments
Total Expenditures Disbursed
$
1,404
124,133
125,537
Budget
$
19,000
19,000
$
17,596
(124,133)
(106,537)
911
1,482
19,839
22,232
190,000
190,000
189,089
(1,482)
(19,839)
167,768
1,289
-
(1,289)
149,058
$
209,000
The accompanying notes are an integral part of these financial statements.
21
Unexpended
(Overexpended)
Budget
$
59,942
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The District's accounting policies conform to the cash basis of accounting as defined by the Illinois State Board of
Education and the Illinois Administrative Code, which is a basis of accounting other than accounting principles
generally accepted in the United States of America.
a) Principles Used to Determine Scope of Reporting Entity:
The District's reporting entity includes the District's governing board and all related organizations for which the
District exercises oversight responsibility.
The District has developed criteria to determine whether outside agencies with activities which benefit the
citizens of the District, including joint agreements which serve pupils from numerous districts, should be
included within its financial reporting entity. The criteria includes, but is not limited to, whether the District
exercises oversight responsibility (which includes financial interdependency, selection of governing authority,
designation of management, ability to significantly influence operations, and accountability for fiscal matters),
scope of public service and special financing relationships.
The District has determined that no outside agency meets the criteria and, therefore, no agency has been
included as a component unit in the District's financial statements. In addition, the District is not aware of any
entity which would exercise such oversight which would result in the District being considered a component
unit of the entity.
b) Basis of Presentation - Fund Accounting:
The accounts of the District are organized on the basis of funds and account groups, each of which is
considered a separate accounting entity. The operations of each fund are accounted for with a separate set of
self-balancing accounts that comprise its assets and liabilities (arising from cash transactions), fund balance,
revenue received and expenditures disbursed. The District maintains individual funds required by the State of
Illinois. These funds are grouped as required for reports filed with the Illinois State Board of Education.
District resources are allocated to and accounted for in individual funds based upon the purposes for which
they are to be spent and the means by which spending activities are controlled. The following funds and
account groups are used by the District:
Governmental Fund Types:
Governmental funds are those through which most governmental functions of the District are financed. The
acquisition, use and balances of the District’s expendable financial resources and the related liabilities
(arising from cash transactions) are accounted for through governmental funds.
The Educational Fund and the Operations and Maintenance Fund are the general operating funds of the
District. They are used to account for all financial resources except those required to be accounted for in
another fund. Self Insured Health Insurance is included in these two funds. Special Education is included
in the Educational Fund.
The Transportation Fund and the Municipal Retirement/Social Security Fund are used to account for cash
received from specific sources (other than those accounted for in the Debt Services Fund, Capital Projects
Fund, Fire Prevention and Safety Fund, or Fiduciary Funds) that are legally restricted to cash disbursements
for specified purposes.
22
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
The Debt Services Fund accounts for the accumulation of resources for, and the payment of, general longterm debt principal, interest and related costs.
The Fire Prevention and Safety Fund accounts for financial resources to be used for fire prevention, safety,
energy conservation or school security purposes.
Fiduciary Fund Types:
Fiduciary funds are used to account for assets held by the District in a trustee capacity or as an agent for
individuals, private organizations, other governments or other funds.
The Working Cash Fund accounts for financial resources held by the District to be used for temporary
interfund loans to any fund for which taxes are levied.
The Agency Funds (Activity Funds) include student activity accounts. They account for assets held by the
District as an agent for the students and teachers. These funds are custodial in nature and do not involve the
measurement of the results of operations. The amounts due to the activity fund organizations are equal to
the assets.
Governmental Funds and Working Cash Fund - Measurement Focus:
The financial statements of all governmental funds and the Working Cash Fund focus on the measurement
of spending or "financial flow" and the determination of changes in financial position rather than upon net
income determination. This means that only current assets and current liabilities are generally included on
their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available
spendable resources." Governmental fund operating statements present increases (cash receipts and other
financing sources) and decreases (cash disbursements and other financing uses) in net current assets.
Accordingly, they are said to present a summary of sources and uses of "available spendable resources"
during a period.
General Fixed Assets and General Long-Term Debt Account Group:
The accounting and reporting treatment applied to the fixed assets and long-term liabilities associated with a
fund are determined by its measurement focus. Fixed assets used in governmental fund type operations are
accounted for in the General Fixed Assets Account Group rather than in governmental funds. Under the
regulatory basis, depreciation on fixed assets is not recorded. Long-term liabilities expected to be financed
from governmental funds are accounted for in the General Long-Term Debt Account Group, not in the
governmental funds.
The two account groups are not "funds." They are concerned only with the measurement of financial
position. They are not involved with measurement of results of operations.
c) Basis of Accounting:
Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the
accounts and how they are reported on the financial statements. The District maintains its accounting
records for all funds and account groups on the cash basis of accounting under guidelines prescribed by the
Illinois State Board of Education. Accordingly, revenues are recognized and recorded in the accounts when
cash is received. In the same manner, expenditures are recognized and recorded upon the disbursement of
cash. Assets of a fund are only recorded when a right to receive cash exists which arises from a previous
cash transaction. Liabilities of a fund, similarly, result from previous cash transactions.
23
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Cash basis financial statements omit recognition of receivables and payables and other accrued and deferred
items that do not arise from previous cash transactions.
Proceeds from the sale of bonds are included as other financing sources in the appropriate fund on the date
received. Related bond principal payable in the future is recorded at the same time in the General LongTerm Debt Account Group.
If the District utilized accounting principles generally accepted in the United States of America, the basic
financial statements would be replaced with government-wide financial statements and fund financial
statements. The fund financial statements would use the modified basis of accounting. The governmentwide statements would be presented on the accrual basis of accounting.
d) Budgets and Budgetary Accounting:
The budget for all Governmental Fund Types and for the Working Cash Fund is prepared on the cash basis
of accounting which is the same basis that is used in financial reporting. This allows for comparability
between budget and actual amounts. This is an acceptable method in accordance with Chapter 105, Section
5/17-1 of the Illinois Compiled Statutes (ILCS). The budget, as originally filed, was passed on September
17, 2014.
For each fund, total fund expenditures disbursed may not legally exceed the budgeted amounts. The budget
lapses at the end of each fiscal year.
The District follows these procedures in establishing the budgetary data reflected in the financial statements.
1.
Prior to July 1, the superintendent submits to the Board of Education a proposed operating budget for
the fiscal year commencing on that date. The operating budget includes proposed expenditures and the
means of financing them.
2.
A public hearing is conducted to obtain taxpayer comments.
3.
Prior to October 1, the budget is legally adopted through passage of a resolution.
4.
Formal budgetary integration is employed as a management control device during the year.
5.
The Board of Education may make transfers between the various items in any fund not exceeding in
the aggregate 10% of the total of such fund as set forth in the budget.
6.
The Board of Education may amend the budget (in other ways) by the same procedures required of its
original adoption.
7.
All appropriations lapse at fiscal year end.
e) Cash and Cash Deposits:
Cash and cash deposits are stated at cost which approximates market. Cash and cash deposits of the
different funds are co-mingled for deposit purposes and interest earnings are prorated back to the various
funds when recognized as revenue. The District has adopted a formal written investment and cash
management policy. The policy requires collateralization for investments in federally insured institutions in
excess of FDIC coverage limits. The District’s cash and cash deposits were fully collateralized during the
year. The institutions in which deposits are made must be approved by the Board of Education.
24
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
f) General Fixed Assets:
General fixed assets have been acquired for general governmental purposes. At the time of purchase, assets
are recorded as expenditures disbursed in the governmental funds and capitalized at cost in the general fixed
assets account group.
The capitalization threshold for all assets is $500. Depreciation accounting is not considered applicable
except to determine the per capita tuition charge. Depreciation was calculated on the straight line basis for
the per capita tuition charge.
Buildings and improvements acquired or constructed prior to June 30, 1950, are valued using an alternative
method. The valuation is based on average costs per square foot for school construction as supplied to the
Illinois State Board of Education by authoritative sources in the architectural and appraisal professions.
Buildings and improvements acquired or constructed after June 30, 1950, are valued at cost. Equipment
other than transportation equipment is valued by using an alternative method, as provided by the Illinois
State Board of Education. Transportation equipment is valued at cost. The estimated useful lives are as
follows:
Land
Permanent buildings and improvements
Temporary buildings and improvements
Improvements other than buildings (infrastructure)
Equipment (3-year schedule)
Equipment (5-year schedule)
Equipment (10-year schedule)
N/A
50
20
20
3
5
10
g) Total Memorandum Only:
The “Total Memorandum Only” column represents the aggregation (by addition) of the line-item amounts
reported for each fund type and account group. No consolidations or other eliminations were made in
arriving at the totals; thus, they do not present consolidated information.
These totals are presented only to facilitate financial analysis and are not intended to reflect the financial
position or results of operations of the District as a whole.
h) Estimates:
The preparation of financial statements in conformity with the cash basis of accounting requires
management to make estimates and assumptions that affect certain reported amounts and disclosures.
Accordingly, actual results could differ from those estimates.
i) Joint Agreements:
The District is a member of Eastern Illinois Area of Special Education, along with other area school
districts. The District’s pupils benefit from programs administered under this joint agreement, and the
District benefits from jointly administered grants and programming. The District does not have an equity
interest in this joint agreement. The joint agreement is separately audited and is not included in these
financial statements. Financial information may be obtained directly from Eastern Illinois Area of Special
Education at 5837 Park Drive, Charleston, IL 61920.
25
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
NOTE B - PROPERTY TAXES
The District's property tax is levied each year on all taxable real property located in the District on or before the last
Tuesday in December. The 2014 levy was passed by the Board on December 17, 2014. Property taxes attach as an
enforceable lien on property as of January 1 and are payable in two installments in July and September. Taxes
recorded in these financial statements are from the 2013 and prior tax levies.
Assessed valuations and property tax rates, extensions and collections for levy years 2012 through 2014 are as
follows:
Levy Years
2014
2013
2012
Assessed Valuation
Tax Rates:
Educational fund
Special education
Lease/technology
Operations and maintenance fund
Debt service fund
Transportation fund
Working cash
Municipal retirement fund
Social security
Fire prevention and safety
$ 308,239,985
$ 303,412,671
2.89324
.04251
.05313
.54473
.00000
.21741
.04870
.10082
.12358
.04757
2.87429
.04222
.05278
.54152
.68554
.21598
.04901
.10015
.12276
.04725
2.79979
.04103
.05129
.52634
1.03092
.20992
.04958
.08752
.11658
.05188
4.07169
4.73150
4.96485
Total Tax Rates
Levy Years
2013
2014
Taxes Extended:
Educational fund (includes special
education and leasing/technology)
Operations and maintenance fund
Debt service fund
Transportation fund
Working cash
Municipal retirement/
social security fund
Fire prevention and safety
$
$ 302,642,939
9,212,923
1,679,076
670,145
150,113
$
9,009,202
1,643,040
2,080,015
655,311
148,703
2012
$
8,737,262
1,590,103
3,114,480
634,196
149,778
691,690
146,630
676,337
143,362
616,593
156,740
Total Taxes Extended
$
12,550,577
$ 14,355,970
$ 14,999,152
Total Taxes Collected
(includes back taxes)
$
-
$ 14,255,318
$ 14,746,751
0.00%
99.30%
98.32%
Percentage of Extensions Collected
26
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
NOTE C - COMMON BANK ACCOUNT
Separate bank accounts are not maintained for all District funds; instead, certain funds maintain their uninvested
cash balances in a common checking account, with accounting records being maintained to show the portion of the
common bank account balance attributable to each participating fund. Occasionally, certain funds participating in
the common bank account will incur overdrafts (deficits) in the account. The overdrafts result from expenditures
that have been approved by the Board.
NOTE D - CASH AND CASH DEPOSITS
As of June 30, 2015, the District had the following cash and cash deposits:
Cash deposits with local financial institutions
Money market account with local financial institutions
Certificate of deposits with local financial institutions
Liquid funds management account, savings deposit account
and certificate of deposits with Illinois School
District Liquid Asset Fund Plus (ISDLAF)
Total Cash and Cash Deposits
$ 1,240,387
19,386
1,829,000
2,763,366
$ 5,852,139
Investments Authorized by Illinois Compiled Statutes and the District’s Investment Policy:
The District is allowed to invest in securities as authorized by Chapter 30 Section ILCS 235/2, 235/5 and 105
ILCS 5/8-7 of the Illinois Compiled Statutes. The District’s investment policy is consistent with the Illinois
Compiled Statutes.
Disclosures Relating to Interest Rate Risk:
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Generally, the longer the investment maturity, the greater the sensitivity of its fair value to changes
in market interest rates. One of the ways the District manages its exposure to interest rate risk is by limiting its
purchases of long term investments. At June 30, 2015, the District’s investments were deposits in financial
institutions and the Illinois School District Liquid Asset Fund. All deposits are demand or term deposits, or
government security investments with maturities twelve months or less.
Disclosures Relating to Credit Risk:
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the
investment. This is measured by the assignment of a rating by a nationally recognized statistical rating
organization. As of June 30, 2015, the District’s investment in the Illinois School District Liquid Asset Fund
earned an AAAm rating from Standard & Poor’s. The District’s deposits with financial institutions are not
subject to credit risk rating.
Concentration of Credit Risk:
The investment policy of the District contains no limitations on the amount that can be invested in any one
issuer. Deposits with financial institutions and the Illinois School District Liquid Asset Fund are exempt from
the 5% investment in any one issuer disclosure.
27
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Custodial Credit Risk:
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution,
a government will not be able to recover its deposits or will not be able to recover collateral securities that are
in the possession of an outside party. Illinois Compiled Statutes do not contain requirements that would limit
the exposure to custodial credit risk for deposits. However, the District’s investment policy requires that all
amounts deposited or invested with financial institutions in excess of any insurance limit be collateralized by
securities held by the District in the District’s name.
The District’s deposits with financial institutions were fully collateralized during the year.
The District is a voluntary participant in the Illinois School District Liquid Asset Fund (ISDLAF). The
ISDLAF is an Illinois common law trust that provides investment opportunities for Illinois school districts.
Investments are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency.
Foreign Currency Risk:
Foreign currency risk is the risk that changes in foreign exchange rates will adversely affect the fair values of
an investment or deposit. None of the District’s investments are directly subject to foreign currency risk.
NOTE E - CHANGES IN GENERAL FIXED ASSETS
A summary of changes in general fixed assets follows:
Land
Building and improvements
Site improvements
Equipment
Transportation equipment
Construction in progress
Balance
July 1, 2014
Additions
$
$
966,869
38,500,577
6,005,653
4,233,726
215,902
44,193
$ 49,966,920
Deletions
Balance
June 30, 2015
359,032
18,625
296,153
27,405
-
$
293,049
23,480
26,071
$
966,869
38,859,609
6,024,278
4,236,830
219,827
18,122
$ 701,215
$
342,600
$ 50,325,535
NOTE F – FUND BALANCE REPORTING
According to Government Accounting Standards, fund balances are to be classified into five major classifications;
Nonspendable, Restricted, Committed, Assigned, and Unassigned. The Regulatory Model, followed by the District,
only reports Reserved and Unreserved Fund Balances. Below are definitions of the differences and a reconciliation of
how these balances are reported.
1. Nonspendable - The nonspendable fund balance classification includes amounts that cannot be spent because
they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact. The
“not in spendable form” criterion includes items that are not expected to be converted to cash, for example
inventories and prepaid amounts. Due to the cash basis nature of the District all such items are expensed at
the time of purchase, so there is nothing to report for this classification.
28
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
2. Restricted - The restricted fund balance classification refers to amounts that are subject to outside restrictions,
not controlled by the entity. Things such as restrictions imposed by creditors, grantors, contributors, laws and
regulations of other governments, or imposed by law through constitutional provisions or enabling legislation.
Special Revenue Funds are, by definition, restricted for those specified purposes. The District has several
revenue sources received within different funds that also fall into these categories:
a. Special Education - Cash receipts and the related cash disbursements of this restricted tax levy are
accounted for in the Educational Fund. Expenditures disbursed exceeded revenues received for this
purpose, resulting in no restricted fund balance.
b. Leasing Levy - Cash disbursed and the related cash receipts of this restricted tax levy are accounted
for in the Educational Fund. Expenditures disbursed exceeded revenues received for this purpose,
resulting in no restricted fund balance.
c. State Grants - Proceeds from state grants and the related expenditures have been included in the
Educational, Operations and Maintenance, and Transportation Funds. Expenditures disbursed
exceeded revenues received from state grants, resulting in no restricted balances.
d. Federal Grants - Proceeds from federal grants and the related expenditures have been included in the
Educational Fund. Expenditures disbursed exceeded revenues received from federal grants, resulting
in no restricted balance.
e. Social Security - Cash disbursed and the related cash receipts of this restricted tax levy are accounted
for in the Municipal Retirement/Social Security Fund. Expenditures disbursed have exceeded
revenues received for this purpose, resulting in no restricted fund balance.
3. Committed - The committed fund balance classification refers to amounts that can only be used for specific
purposes pursuant to constraints imposed by formal action of the government’s highest level of decision
making authority (the School Board). Those committed amounts cannot be used for any other purpose unless
the government removes or changes the specified use by taking the same type of formal action it employed to
previously commit those amounts.
The School Board commits fund balance by making motions or passing resolutions to adopt policy or to
approve contracts. Committed fund balance also incorporates contractual obligations to the extent that
existing resources in the fund have been specifically committed for use in satisfying those contractual
requirements.
As disclosed in Note I, the District is committed to partially self-insure its employee health insurance. It has
established a separate bank account for the health insurance activities. At June 30, 2015, the funds reserved
in the health insurance account amounted to $15,335 and is shown as a reserved fund balance in the
Educational Fund of $19,386 and a liability in the Operations and Maintenance Fund of $4,051.
Employee contracts for services rendered during the school year for employees electing twelve month pay
schedules are recorded as disbursements in the fiscal year when such checks are drawn. At June 30, 2015, the
total amount of unpaid contracts for services performed during the fiscal year ended June 30, 2015 amounted
to $1,550,542. This amount is shown as Unreserved in the Educational Fund.
4. Assigned - The assigned fund balance classification refers to amounts that are constrained by the
government’s intent to be used for a specific purpose, but are neither restricted or committed. Intent may
be expressed by (a) the School Board itself or (b) the finance committee or by the Superintendent when the
School Board has delegated the authority to assign amounts to be used for specific purposes. At
June 30, 2015, the District had no fund balances under the assigned fund balance definition.
29
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
5. Unassigned - The unassigned fund balance classification is the residual classification for amounts in the
General Operating Funds for amounts that have not been restricted, committed, or assigned to specific
purposes within the General Funds. Unassigned Fund Balance amounts are shown in the financial
statements as Unreserved Fund Balances in the Educational, Operation and Maintenance, and Working
Cash Funds.
Regulatory Fund Balance Definitions - Reserved Fund Balances are those balances that are reserved for a specified
purpose, other than the regular purpose of any given fund. Unreserved Fund Balances are all balances that are not
reserved for a specific purpose other than the specified purpose of a fund.
Reconciliation of Fund Balance Reporting - The first five columns of the following table represent Fund Balance
Reporting according to generally accepted accounting principles. The last two columns represent Fund Balance
Reporting under the regulatory basis of accounting utilized in preparation of the financial statements.
Generally Accepted Accounting Principles
Fund
Educational
Operations &
Maintenance
Debt Services
Transportation
Municipal
Retirement/
Social Security
Working Cash
Fire Prevention
and Safety
NonSpendable
$
-
Restricted
$
-
Committed
$1,569,928
Assigned
$ -
-
-
-
-
-
(220,027)
-
-
-
175,893
-
-
199,114
Unassigned
$1,154,974
799,907
Regulatory Basis
Financial
Financial
Statements Statements
Reserved Unreserved
$ 19,386 $2,705,516
-
799,907
-
-
(220,027)
-
-
-
175,893
-
-
1,980,513
-
1,980,513
-
-
-
-
199,114
Expenditures of Fund Balance - Unless specifically identified, expenditures act to reduce restricted balances first,
then committed balances, next assigned balances, and finally act to reduce unassigned balances. Expenditures for a
specifically identified purpose will act to reduce the specific classification of fund balance that is identified.
NOTE G - RETIREMENT FUND COMMITMENTS
a) Illinois Teacher's Retirement System:
The employer participates in the Teachers’ Retirement System of the State of Illinois (TRS). TRS is a costsharing multiple-employer defined benefit pension plan that was created by the Illinois legislature for the
benefit of Illinois public school teachers employed outside the city of Chicago. TRS members include all
active non-annuitants who are employed by a TRS-covered employer to provide services for which teacher
licensure is required. The Illinois Pension Code outlines the benefit provisions of TRS, and amendments to
the plan can be made only by legislative action with the Governor’s approval. The TRS Board of Trustees is
responsible for the System’s administration.
TRS issues a publicly available financial report that can be obtained at http://trs.illinois.gov/pubs/cafr; by
writing to TRS at 2815 W. Washington, PO Box 19253, Springfield, IL 62794; or by
calling (888) 877-0890, option 2.
30
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Benefits provided:
TRS provides retirement, disability, and death benefits. Tier I members have TRS or reciprocal system
service prior to January 1, 2011. Tier I members qualify for retirement benefits at age 62 with five years of
service, at age 60 with 10 years, or age 55 with 20 years. The benefit is determined by the average of the
four highest years of creditable earnings within the last 10 years of creditable service and the percentage of
average salary to which the member is entitled. Most members retire under a formula that provides 2.2
percent of final average salary up to a maximum of 75 percent with 34 years of service. Disability and death
benefits are also provided.
Tier II members qualify for retirement benefits at age 67 with 10 years of service, or a discounted annuity
can be paid at age 62 with 10 years of service. Creditable earnings for retirement purposes are capped and
the final average salary is based on the highest consecutive eight years of creditable service rather than the
last four. Disability provisions for Tier II are identical to those of Tier I. Death benefits are payable under a
formula that is different from Tier I.
PAGE 5
Essentially all Tier I retirees receive an annual 3 percent increase in the current retirement benefit beginning
January 1 following the attainment of age 61 or on January 1 following the member’s first anniversary in
retirement, whichever is later. Tier II annual increases will be the lesser of three percent of the original
benefit or one-half percent of the rate of inflation beginning January 1 following attainment of age 67 or on
January 1 following the member’s first anniversary in retirement, whichever is later.
Contributions:
The state of Illinois maintains the primary responsibility for funding TRS. The Illinois Pension Code, as
amended by Public Act 88-0593 and subsequent acts, provides that for years 2010 through 2045, the
minimum contribution to the System for each fiscal year shall be an amount determined to be sufficient to
bring the total assets of the System up to 90 percent of the total actuarial liabilities of the System by the end
of fiscal year 2045.
Contributions from active members and TRS contributing employers are also required by the Illinois
Pension Code. The contribution rates are specified in the pension code. The active member contribution rate
for the year ended June 30, 2015, was 9.4 percent of creditable earnings. The member contribution, which
may be paid on behalf of employees by the employer, is submitted to TRS by the employer.
On behalf contributions to TRS - The state of Illinois makes employer pension contributions on behalf of
the employer. For the year ended June 30, 2015, state of Illinois contributions recognized by the employer
were based on the state’s proportionate share of the collective net pension liability associated with the
employer, and the employer recognized revenue and expenditures of $3,512,619 in pension contributions
from the state of Illinois.
2.2 formula contributions - Employers contribute 0.58 percent of total creditable earnings for the 2.2
formula change. The contribution rate is specified by statute. Contributions for the year ended June 30,
2015, were $64,064.
31
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Federal and special trust fund contributions - When TRS members are paid from federal and special trust
funds administered by the employer, there is a statutory requirement for the employer to pay an employer
pension contribution from those funds. Under a policy adopted by the TRS Board of Trustees that has been
in effect since the fiscal year ended June 30, 2006, employer contributions for employees paid from federal
and special trust funds will be the same as the state contribution rate to TRS. Public Act 98-0674 now
requires the two rates to be the same.
For the year ended June 30, 2015, the employer pension contribution was 33.00 percent of salaries paid
from federal and special trust funds. For the year ended June 30, 2015, salaries totaling $398,628 were paid
from federal and special trust funds that required employer contributions of $131,547.
Employer retirement cost contributions - Under GASB Statement No. 68, contributions that an employer
is required to pay because of a TRS member retiring are categorized as specific liability payments. The
employer is required to make a one-time contribution to TRS for members retiring under the Early
Retirement Option (ERO). The payments vary depending on the member’s age and salary. The maximum
employer ERO contribution under the current program is 146.5 percent and applies when the member is
age 55 at retirement. For the year ended June 30, 2015, the employer paid $25,795 to TRS for employer
ERO contributions.
PAGE 6
The employer is also required to make a one-time contribution to TRS for members granted salary increases
over 6 percent if those salaries are used to calculate a retiree’s final average salary. A one-time contribution
is also required for members granted sick leave days in excess of the normal annual allotment if those days
are used as TRS service credit. For the year ended June 30, 2015, the employer paid $0 to TRS for
employer contributions due on salary increases in excess of 6 percent and $9,649 for sick leave days granted
in excess of the normal annual allotment.
Pension Liabilities and Pension Expense:
At June 30, 2015, the District’s proportionate share of the net pension liability (first amount shown below)
reflects a reduction for state pension support provided to the District. The District’s net pension liability
and state’s support and total, as shown below, are for disclosure purposes only.
Employer’s proportionate share of the net pension liability
State’s proportionate share of the net pension liability
associated with the employer
$ 3,008,326
Total
$72,620,360
69,612,034
The net pension liability was measured as of June 30, 2014, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of June 30, 2013, and rolled forward to
June 30, 2014. The District’s proportion of the net pension liability was based on the District’s share of
contributions to TRS for the measurement year ended June 30, 2014, relative to the projected contributions
of all participating TRS employers and the state during that period. At June 30, 2014, the District’s
proportion was 0.0049 percent.
The net pension liability as of the beginning of this first measurement period under GASB Statement No. 68
was measured as of June 30, 2013, and the total pension liability was based on the June 30, 2013, actuarial
valuation without any roll-up. The District’s proportion of the net pension liability as of June 30, 2013, was
based on the District’s share of contributions to TRS for the measurement year ended June 30, 2013,
relative to the projected contributions of all participating TRS employers and the state during that period.
At June 30, 2013, the District’s proportion was 0.0057 percent.
32
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Actuarial assumptions - The total pension liability in the June 30, 2014 actuarial valuation was determined
using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation
Salary increases
Investment rate of return
3.00 percent
5.75 percent, average, including inflation
7.50 percent, net of pension plan investment expense, including inflation
Mortality rates were based on the RP-2000 White Collar Table with projections using scale AA that vary by
member group.
For GASB disclosure purposes, the actuarial assumptions for the years ended June 30, 2014 and 2013 were
assumed to be the same. However, for funding purposes, the actuarial valuations for those two years were
different. The actuarial assumptions used in the June 30, 2014 valuation were based on updates to
economic assumptions adopted in 2014 which lowered the investment return assumption from 8.0 percent
to 7.5 percent. The salary increase and inflation assumptions were also lowered. The actuarial assumptions
used in the June 30, 2013 valuation were based on the 2012 actuarial experience analysis and first adopted
in the June 30, 2012 valuation. The investment return assumption was lowered from 8.5 percent to 8.0
percent and the salary increase and inflation assumptions were also lowered. Mortality assumptions were
adjusted to anticipate continued improvement in mortality.
The long-term expected rate of return on pension plan investments was determined using a building-block
method in which best-estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset class. These ranges are
combined to produce the long-term expected rate of return by weighting the expected future real rates of
return by the target asset allocation percentage and by adding expected inflation. The target allocation and
best estimates of arithmetic real rates of return for each major asset class that were used by the actuary are
summarized in the following table:
Asset Class
U.S. large cap
Global equity excluding U.S
Aggregate bonds
U.S. TIPS
NCREIF
Opportunistic real estate
ARS
Risk parity
Diversified inflation strategy
Private equity
Total
Target
Allocation
Long-Term Expected
Real Rate of Return
18%
18
16
2
11
4
8
8
1
14
100%
8.23%
8.58
2.27
3.52
5.81
9.79
3.27
5.57
3.96
13.03
Discount rate - The discount rate used to measure the total pension liability was 7.50 percent. The
projection of cash flows used to determine the discount rate assumed that employee contributions, District
contributions, and state contributions will be made at the current statutorily-required rates.
33
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Based on those assumptions, TRS’s fiduciary net position was projected to be available to make all
projected future benefit payments of current active and inactive members and all benefit recipients. Tier I’s
liability is partially-funded by Tier II members, as the Tier II member contribution is higher than the cost of
Tier II benefits. Due to this subsidy, contributions from future members in excess of the service cost are
also included in the determination of the discount rate. Therefore, the long-term expected rate of return on
TRS investments was applied to all periods of projected benefit payments to determine the total pension
liability.
Sensitivity of the District’s proportionate share of the net pension liability to changes in the discount rate The following presents the District’s proportionate share of the net pension liability calculated using the
discount rate of 7.5 percent, as well as what the District’s proportionate share of the net pension liability
would be if it were calculated using a discount rate that is 1-percentage-point lower (6.5 percent) or 1percentage-point higher (8.5 percent) than the current rate.
Employer’s proportionate share
of the net pension liability
1% Decrease
(6.5%)
Current Discount Rate
(7.5%)
1% Increase
(8.5%)
$3,715,135
$3,008,326
$2,423,008
TRS fiduciary net position - Detailed information about the TRS’s fiduciary net position as of June 30,
2014 is available in the separately issued TRS Comprehensive Annual Financial Report.
b) Illinois Teacher's Health Insurance Security (THIS) Fund:
The employer participates in the Teacher Health Insurance Security (THIS) Fund, a cost-sharing, multipleemployer defined benefit post-employment healthcare plan that was established by the Illinois legislature for
the benefit of retired Illinois public school teachers employed outside the city of Chicago. The THIS Fund
provides medical, prescription, and behavioral health benefits, but it does not provide vision, dental, or life
insurance benefits to annuitants of the Teachers’ Retirement System (TRS). Annuitants not enrolled in
Medicare may participate in the state-administered participating provider option plan or choose from several
managed care options. Annuitants who are enrolled in Medicare Parts A and B may be eligible to enroll in a
Medicare Advantage plan.
The State Employees Group Insurance Act of 1971 (5 ILCS 375) outlines the benefit provisions of the
THIS Fund and amendments to the plan can be made only by legislative action with the Governor’s
approval. Effective July 1, 2012, in accordance with Executive Order 12-01, the plan is administered by the
Illinois Department of Central Management Services (CMS) with the cooperation of TRS. Section 6.6 of
the State Employees Group Insurance Act of 1971 requires all active contributors to TRS who are not
employees of the state to make a contribution to the THIS Fund.
The percentage of employer required contributions in the future will not exceed 105 percent of the
percentage of salary actually required to be paid in the previous fiscal year.
On behalf contributions to the THIS Fund - The state of Illinois makes employer retiree health insurance
contributions on behalf of the employer. State contributions are intended to match contributions to the THIS
Fund from active members which were 1.02 percent of pay during the year ended June 30, 2015. State of
Illinois contributions were $108,572, and the employer recognized revenue and expenditures of this amount
during the year.
34
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Employer contributions to the THIS Fund - The employer also makes contributions to the THIS Fund. The
employer THIS Fund contribution was 0.76 percent during the year ended June 30, 2015. For the year
ended June 30, 2015, the employer paid $83,926 to the THIS Fund, which was 100 percent of the required
contribution.
The publicly available financial report of the THIS Fund may be found on the website of the Illinois
Auditor General: http://www.auditor.illinois.gov/Audit-Reports/ABC-List.asp. The current reports are listed
under “Central Management Services.” Prior reports are available under “Healthcare and Family Services.”
c) Illinois Municipal Retirement Fund:
Plan Description:
The District’s defined benefit pension plan for Regular employees provides retirement and disability
benefits, post retirement increases and death benefits to plan members and beneficiaries. The District’s
plan is affiliated with the Illinois Municipal Retirement Fund (IMRF), an agent-multiple employer plan.
Benefit provisions are established by statute and may only be changed by the General Assembly of the
State of Illinois. IMRF issues a publicly available financial report that includes financial statements and
required supplementary information (RSI). That report may be obtained on-line at www.imrf.org.
Funding Policy:
As set by statute, the District’s Regular plan members are required to contribute 4.50 percent of their
annual covered salary. The statute requires employers to contribute the amount necessary, in addition to
member contributions, to finance the retirement coverage of its own employees. The District’s
contribution rate for calendar year 2014 was 9.83 percent and its annual required contribution rate for
calendar year 2015 is 9.17 percent. The District also contributes for disability benefits, death benefits and
supplemental retirement benefits, all of which are pooled at the IMRF level. Contribution rates for
disability and death benefits are set by the IMRF Board of Trustees, while the supplemental retirement
benefits rate is set by statute.
Annual Pension Cost:
For fiscal year ending June 30, 2015, the District’s actual contributions for pension cost were $270,251.
The District’s required contribution for the fiscal year ending June 30, 2015 was $270,251.
THREE-YEAR TREND INFORMATION FOR THE REGULAR PLAN
Fiscal
Year Ending
Annual
Pension
Cost (APC)
Percentage
of APC
Contributed
6/30/15
6/30/14
6/30/13
$ 271,829
296,594
303,709
99%
99%
98%
35
Net Pension
Obligation
$
84,062
82,484
80,843
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
The required contribution for 2014 was determined as part of the December 31, 2012, actuarial valuation
using the entry age normal actuarial cost method. The actuarial assumptions at December 31, 2012,
included (a) 7.5 percent investment rate of return (net administrative and direct investment expenses),
(b) projected salary increases of 4.00% a year, attributable to inflation, (c) additional projected salary
increases ranging from 0.4% to 10% per year depending on age and service, attributable to
seniority/merit, and (d) post-retirement benefit increases of 3% annually. The actuarial value of the
District’s plan assets was determined using techniques that spread the effects of short-term volatility in
the market value of investments over a five-year period with a 20% corridor between the actuarial and
market value of assets. The District Regular plan’s unfunded actuarial accrued liability at December 31,
2012 is being amortized as a level percentage of projected payroll on an open 29 year basis.
Funded Status and Funding Progress:
As of December 31, 2014, the most recent actuarial valuation date, the Regular plan was 89.59 percent
funded. The actuarial accrued liability for benefits was $8,242,302 and the actuarial value of assets was
$7,384,152, resulting in an underfunded actuarial accrued liability (UAAL) of $858,150. The covered
payroll for calendar year 2014 (annual payroll of active employees covered by the plan) was $2,893,432
and the ratio of the UAAL to the covered payroll was 30 percent.
The schedule of funding progress, presented as other supplementary information (RSI) following the
notes to the financial statements, presents multiyear trend information about whether the actuarial value
of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits.
d) Social Security System:
Employees not qualifying for coverage under the Illinois Teacher's Retirement System or the Illinois
Municipal Retirement Fund are considered "non-participating employees." These employees and those
qualifying for coverage under the Illinois Municipal Retirement Fund are covered under Social Security.
The District paid $185,046, the total required contribution for the current fiscal year.
Public Law 99-272 signed by President Reagan April 7, 1986, extends Medicare-only coverage to state
and local governmental positions not currently covered under Social Security. This coverage is
mandatory for employees hired to fill such positions after March 31, 1986. The District paid $175,397,
the total required contribution for the current fiscal year.
NOTE H - CHANGES IN GENERAL LONG-TERM DEBT
The following is a summary of long-term debt transactions of the District for the year ended June 30, 2015:
General Obligation:
School Bonds
Equipment Note
Balance
July 1, 2014
Proceeds
$
834,995
395,065
$
-
$ 834,995
197,532
$
197,533
$ 1,230,060
$
-
$ 1,032,527
$
197,533
Decreases
Balance
June 30, 2015
The School Bonds issued in 2000 for fire prevention and life safety were retired on November 19, 2014.
36
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
Lease/Purchase contracts and equipment notes consisted of the following at June 30, 2015:
On 7/1/13, the District entered into an agreement with Key Government Finance, Inc. to finance the purchase of
networking equipment. The equipment note is a non-interest bearing note for $592,597 and the agreement calls
for annual payments of $197,532 beginning August 1, 2013.
Annual requirements to amortize the equipment note are as follows:
Year Ending
June 30
Principal
2016
$ 197,533
Interest
$
Total
-
$
197,533
The Illinois School Code limits the amount of indebtedness to 13.8% of the most recent available equalized
assessed valuation of the District. Legal debt margin for tax levy years 2012 through 2014 are calculated as
follows:
2014
2013
2012
Assessed Valuation
$ 308,239,985
$ 303,412,671 $ 302,642,939
Debt limit – 13.8% of
assessed value
Less - outstanding long term debt
$
42,537,118
197,533
$
41,870,949 $
1,230,060
41,764,726
2,188,656
$ 42,339,585
$
40,640,889 $
39,576,070
Legal Debt Margin
NOTE I - RISK MANAGEMENT
Significant losses to the District are covered by commercial insurance for all major programs: general liability,
property casualty, workers compensation and public official liability. During the year ended June 30, 2015, there
were no significant reductions in insurance coverage. Also, there have been no settlement amounts that have
exceeded insurance coverage.
The District is insured under a retrospectively-rated policy for workers’ compensation coverage. Therefore, the
initial premium may be adjusted based on actual experience. Adjustments in premiums are recorded when paid.
During the year ended June 30, 2015 there were no significant adjustments in premiums based on actual experience.
Effective January 1, 1998 the District became partially self-insured for employee health insurance. The District
established the Health Insurance Fund to account for this activity where funds are transferred to the Health Insurance
Fund account to meet estimated insurance claims. Unexpended funds are recorded in the financial statements as a
reserved fund balance in the Educational Fund and Operations and Maintenance Fund. The District has contracted
with a third party administrator, Coventry Health Care of Illinois, Inc., to administer the employee health insurance
program and to review and process claims.
37
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
A reconciliation of claims paid for the fiscal year ending June 30, 2015 is as follows:
Health Insurance Fund Balance, June 30, 2014
Funds transferred to Insurance Account (premiums charged)
Funds transferred by District to supplement claims paid
Interest earned
Less claims and administrative charges paid
$
Health Insurance Fund Balance, June 30, 2015
$
227,851
2,407,451
750,000
10
(3,369,977)
15,335
NOTE J - VACATION, SICK PAY AND UNPAID TEACHERS' CONTRACTS
Vacation and sick pay are considered to be expenditures in the year paid. Vacation pay does not accumulate if not
used in the year earned. Accumulated sick pay benefits are available to all full-time employees to use in future
years. Unused sick pay is limited to a maximum of 200 days of pay. Upon termination, other than retirement, the
employee is not compensated for any unused sick days.
Unpaid teachers and educational support personnel contracts for services rendered during the school year for those
employees electing twelve month pay schedules are recorded in the fiscal year when such checks are drawn. At
June 30, 2015, the total amount of these unpaid services performed during the year ended June 30, 2015 was
approximately $1,550,542.
NOTE K - INTERFUND LOAN
On March 11, 2015 and June 17, 2015, the District adopted resolutions transferring $146,000 and $65,000,
respectively from the Working Cash Fund to the Transportation Fund.
NOTE L – EXCESS OF EXPENDITURES OVER APPROPRIATIONS
Expenditures disbursed during the year ended June 30, 2015 exceeded budgeted amounts in the following fund:
Actual
Debt Services Fund
$
38
2,278,116
Budget
$
2,080,600
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO FINANCIAL STATEMENTS
NOTE M – OTHER POST-EMPLOYMENT BENEFITS
Plan Description
In addition to providing pension benefits described in Note G, the District provides post-employment health care
insurance benefits (OPEB). The Charleston Community Unit School District No. 1 Group Health Benefit Plan (the
Plan) is a self insured, single employer plan. The District has contracted with a third party administrator, Coventry
Health Care of Illinois, Inc., to administer the Plan and to review and process claims. The Plan provides medical
and dental benefits to active and retired employees of the District. Active employees are eligible on the first day of
full-time employment provided they have properly completed the enrollment form for the Plan. Non-certified
retirees who were covered under the plan prior to the date of their retirement, may elect to continue coverage at
retirement, at their own expense. Coverage remains in effect until the Retiree attains age sixty-five (65) or is eligible
for Medicare, whichever occurs first.
The District pays 100% of the participating employee’s cost. Retirees and employees with dependent coverage are
required to pay 100% of the contribution for coverage.
NOTE N - DEFICIT FUND BALANCE
A deficit fund balance of $220,027 exists in the Transportation Fund. The deficit results from incurring
expenditures prior to the receipts from anticipated real estate taxes distributions and state transportation funding.
The final state transportation payment of $270,912, for the 2015 project year, was not processed by the state and
remitted to the District until after June 30, 2015.
NOTE O – SUBSEQUENT EVENT
The School Board on June 17, 2015 approved a resolution authorizing the issuance of, not to exceed $4,000,000,
Taxable Tax Anticipation Warrants in anticipation of the collection of taxes from the 2014 tax levy. On August 10,
2015 tax anticipation warrants were issued for $2,000,000, with a coupon interest rate at 0 .750%. These warrants
mature on November 1, 2015 with interest due of $3,375.
39
OTHER SUPPLEMENTARY INFORMATION
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
OTHER SUPPLEMENTARY INFORMATION
Year Ended June 30, 2015
The following information was provided by the Illinois Municipal Retirement Fund as it pertains to the District's
retirement plan:
SCHEDULE OF FUNDING PROGRESS
Actuarial
Valuation
Date
Actuarial
Value of
Assets
(a)
12/31/14 $ 7,384,152
12/31/13 7,748,176
12/31/12 7,740,760
Actuarial Accrued
Liability (AAL)
--Entry Age
(b)
$
8,242,302
8,265,215
8,561,830
Unfunded
AAL
(UAAL)
(b-a)
$
858,150
517,039
821,070
Funded
Ratio
(a/b)
Covered
Payroll
(c)
89.59% $ 2,893,432
93.74%
2,893,608
90.41%
2,750,189
UAAL as a
Percentage of
Covered Payroll
((b-a)/c)
29.66%
17.87%
29.86%
On a market value basis, the actuarial value of assets as of December 31, 2014 is $8,887,453. On a market
basis, the funded ratio would be 107.83%.
The actuarial value of assets and accrued liability cover active and inactive members who have service credit with
Community Unit School District No. 1. They do not include amounts for retirees. The actuarial accrued liability
for retirees is 100% funded.
40
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
OTHER SUPPLEMENTARY INFORMATION
Year Ended June 30, 2015
The following information was provided by the Teachers' Retirement System as it pertains to the District's
retirement plan:
SCHEDULE OF THE EMPLOYER'S PROPORTIONATE SHARE OF THE NET PENSION LIABILTY
Fiscal Year 2015*
District's proportion of the net pension liability
District's proportionate share of the net pension liability
State's proportionate share of the net pension liabiliity associated with the employer
Total
District's covered-employee payroll
District's proportionate share of the net pension liability as a percentage of its
covered-employee payroll
Plan fiduciary net position as a percentage of the total pension liability
$
$
$
0.0049431667%
3,008,326
69,612,034
72,620,360
11,042,929
27.24%
43.00%
*The amounts presented were determined as of the prior fiscal-year end.
SCHEDULE OF EMPLOYER CONTRIBUTIONS
Fiscal Year 2015
Contractually-required contribution
Contributions in relation to the contractually-required contribution
Contribution deficiency (excess)
$
District's covered-employee payroll
Contributions as a percentage of covered-employee payroll
$
$
1,233,632
1,235,285
(1,653)
11,042,929
11.17%
Notes to Other Supplementary Information
Changes of assumptions:
Amounts reported in 2014 reflect an investment rate of return of 7.5 percent, an inflation rate of 3.0 percent
and real return of 4.5 percent, and a salary increase assumption of 5.75 percent. In 2013, assumptions
used were an investment rate of return of 8.0 percent, an inflation rate of 3.25 percent and real return
of 4.75 percent, and salary increases of 6.0 percent. However, the total pension liability at the
beginning and end of the year was calculated using the same assumptions, so the difference due to
actuarial assumptions was not calculated or allocated.
41
SUPPLEMENTAL FINANCIAL INFORMATION
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
COMBINING STATEMENT OF CHANGES IN ASSETS
AND LIABILITIES - ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Receipts
$ 173,797.51
$ 349,367.70
$
344,214.57
$ 178,950.64
$ 84,119.82
30,707.00
5,952.19
26,283.34
5,006.87
21,728.29
$ 230,049.02
70,010.34
3,387.61
14,144.97
3,837.89
27,937.87
$
221,024.89
68,498.01
3,394.51
17,872.18
4,318.45
29,106.53
$ 93,143.95
32,219.33
5,945.29
22,556.13
4,526.31
20,559.63
$ 173,797.51
$ 349,367.70
$
344,214.57
$ 178,950.64
Disbursements
Balance
June 30, 2015
ASSETS
Cash
LIABILITIES
Amounts Due to Activity Fund Organizations:
High School
Middle School
Ashmore
Jefferson
Mark Twain
Carl Sandburg
Total Activity Funds
42
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
DETAILED STATEMENT OF INDIVIDUAL ACCOUNTS
CHARLESTON HIGH SCHOOL ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Apollo Conference Funds
Art Club
Athletic
Band
Baseball
Basketball Boys
Basketball Girls
Bill Fleming Memorial
"C" Club
Cheerleaders
Choral Music
CHS CMS Baseball Field Improvements
CHS Flag Corp
CHS Food Pantry
CHS Press
CHS Prom
CHS Winter Guard
Cross Country
E.M.H. Special Olympics
FBLA
F.F.A.
F.F.A. Ag Plot
Football
Freedom Writers Club
French Club
French National Honor Society
General
Golf Team
Green Earth Society
Home Ec. Co-op
Home Ec. Club
Interact Club
Library Fund
Manufacturing 1A
National Honor Society
Performing Arts
Recognition
Recorder
Science
Senior Class Breakfast
$
8,099.21
388.83
642.84
5,129.11
1,023.00
1,034.62
2,374.61
33.18
3,794.73
878.60
4,169.92
71.77
2,700.54
22.15
372.81
190.86
1,554.90
10,737.95
12.00
52.82
3,807.45
257.34
2,979.66
34.77
136.06
19.96
851.49
652.41
785.59
975.82
10,162.01
1,743.55
5,715.77
7.41
658.89
43
Receipts
$
6,098.34
5,557.25
6,338.05
27,707.18
1,819.06
559.50
8,529.37
19,234.88
3,488.75
3,679.23
5,615.34
6,315.10
460.00
480.00
12,635.16
1,300.00
3,471.75
595.39
7,462.75
5,207.26
10,323.26
888.29
829.36
430.00
18,639.02
263.37
9,701.40
422.00
1,744.71
Disbursements
$
7,596.11
5,712.09
5,280.68
22,726.62
2,178.72
559.50
8,569.17
20,934.96
3,041.75
3,600.52
4,271.50
5,674.94
22.15
448.08
344.50
12,722.75
1,607.92
1,295.60
3,524.57
681.75
131.00
6,582.31
15.83
4,501.92
7,633.78
31.84
733.00
514.11
22,363.99
263.14
11,282.39
420.00
1,326.03
Balance
June 30, 2015
$
6,601.44
233.99
1,700.21
10,109.67
663.34
994.82
2,374.61
33.18
2,094.65
447.00
878.60
78.71
5,513.76
71.77
3,340.70
11.92
508.31
190.86
1,467.31
9,130.03
16.40
3,721.09
126.34
3,860.10
18.94
136.06
725.30
3,540.97
856.45
748.77
785.59
891.71
6,437.04
1,743.78
4,134.78
9.41
1,077.57
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
DETAILED STATEMENT OF INDIVIDUAL ACCOUNTS
CHARLESTON HIGH SCHOOL ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Soccer
Softball
Spanish Club
Spanish Honor Society
Special Ed. Materials
Specialized Voc. Ed. Program
Speech & Drama
Student Council
Student Services
Swimming
Teacher's Lounge
Tennis
Track Girls
Trojan News Video Brd. Club
Trojets
Volleyball
Wrestling
Totals
Receipts
926.12
23.24
1,182.96
86.83
1,887.19
56.67
948.93
2,795.05
1,347.49
802.26
1,185.26
1.36
12.50
788.33
3.00
251.00
5,828.35
7,010.99
8,932.10
893.00
1,056.90
215.00
23,075.10
12,990.81
-
$ 84,119.82
$ 230,049.02
44
Disbursements
Balance
June 30, 2015
1,022.60
17.45
4,949.77
6,824.10
4,054.42
663.94
869.95
214.32
22,621.26
13,193.86
-
926.12
23.24
160.36
86.83
2,138.19
39.22
1,827.51
2,981.94
6,225.17
1,031.32
1,372.21
1.36
0.68
12.50
453.84
585.28
3.00
221,024.89
$ 93,143.95
$
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
DETAILED STATEMENT OF INDIVIDUAL ACCOUNTS
CHARLESTON MIDDLE SCHOOL ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Art Fund
Band Fund
Baseball
Black Team
Box Tops
Boys Basketball
"C" Club
Cheerleading
Chorus
General Activity
Girls Basketball
Gold Team
KOC- Lynn
KOC- Mayhall
KOC- McMillan
KOC- Beals
Library Fund
Orange Team
Pom-Dance Team
Reading Club
Red Team
Science
Social Studies Club
Softball
South Central
Student Council
Student Pictures
Track
Veterans Day
Volleyball
Helping Hands
John Whisnand Trust
Total
$
Receipts
75.20 $
92.25
1,381.38
152.92
329.41
1,471.00
292.05
1,153.62
3,333.71
1,460.30
627.00
215.00
1,947.85
10,610.37
1,479.66
2,932.09
7,703.70
9,730.00
(512.48)
2,462.86
284.91
1,967.50
552.97
2,738.07
6.77
175.87
563.00
475.77
763.40
712.31
(387.69)
1,194.33
531.32
785.04
1,382.11
3,371.37
1,487.72
283.08
559.63
3,102.98
1,041.58
1,001.99
176.30
416.74
14,450.32
1,281.02
300.00
1,390.03
4,225.19
1,349.18
674.85
703.49
1,012.00
764.80
304.92
210.29
2,416.08
772.33
705.15
23.75
8.98
$ 30,707.00
45
$ 70,010.34
Disbursements
Balance
June 30, 2015
$
95.32
421.70
966.00
1,040.99
3,117.91
50.00
10,511.82
3,999.01
8,841.03
2,427.67
1,610.61
2,857.38
393.38
419.09
1,252.81
1,206.50
2,847.10
1,367.63
2,899.11
749.98
13,555.16
823.65
2,125.29
1,553.28
616.68
396.59
2,055.98
296.34
-
$
72.13
1,112.60
834.41
404.68
1,676.10
792.00
2,046.40
412.74
8,592.67
(477.29)
641.80
433.66
6.77
175.87
645.39
1,056.62
(446.17)
109.86
1,906.38
403.17
763.50
1,293.59
176.30
1,311.90
757.37
3,489.93
470.75
1,098.81
673.13
570.39
1,181.14
32.73
$
68,498.01
$ 32,219.33
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
DETAILED STATEMENT OF INDIVIDUAL ACCOUNTS
ASHMORE ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Book Orders
General
Library
Student Council
Recycling
Helping Hands
Total
Receipts
Disbursements
Balance
June 30, 2015
$
31.95
1,669.99
2,451.89
422.88
788.45
587.03
$
16.00
1,296.20
1,795.69
6.52
173.20
100.00
$
16.00
1,352.87
2,025.08
0.56
-
$
31.95
1,613.32
2,222.50
428.84
961.65
687.03
$
5,952.19
$
3,387.61
$
3,394.51
$
5,945.29
46
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
DETAILED STATEMENT OF INDIVIDUAL ACCOUNTS
JEFFERSON ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Art
Band
Book Orders
Chorus
Cross Cat Martinez
Fifth Grade
Fourth Grade Fund
General
Gifted
Gosselin/KOC
Library
DOW/KOC
Morgan/KOC
Music
Student Council
Helping Hands
Wendling
Total
$
Receipts
2,891.51 $
454.36
(115.14)
57.32
293.69
3,022.24
403.82
11,643.30
616.08
3,130.21
200.29
4.80
100.89
2,794.72
696.29
88.96
$ 26,283.34
47
Disbursements
3,997.00
80.80
1,480.00
908.79
4,306.62
190.95
262.00
1,865.66
295.90
223.25
420.00
114.00
$
4,211.48
369.12
1,516.56
3,281.53
140.00
5,545.90
140.00
509.17
1,234.40
167.89
294.75
325.78
135.60
-
$ 14,144.97
$
17,872.18
Balance
June 30, 2015
$
2,677.03
166.04
(115.14)
20.76
293.69
649.50
263.82
10,404.02
50.95
368.91
3,761.47
32.40
4.80
102.04
2,692.19
980.69
202.96
$ 22,556.13
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
DETAILED STATEMENT OF INDIVIDUAL ACCOUNTS
MARK TWAIN ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Book Orders
General
KOC Denler
KOC Gentry
KOC Jackson
KOC Schultz
KOC Spainhour
Library
School Supplies
Helping Hands
Total
Receipts
Disbursements
Balance
June 30, 2015
$
(40.76) $
1,618.90
24.33
104.36
143.65
27.38
76.54
1,466.72
9.72
1,576.03
6.00
826.70
310.00
220.00
1,000.19
1,475.00
$
6.00
1,231.38
236.72
344.39
33.98
1,327.75
1,138.23
$
(40.76)
1,214.22
24.33
177.64
19.26
27.38
42.56
1,139.16
9.72
1,912.80
$
5,006.87
3,837.89
$
4,318.45
$
4,526.31
48
$
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
DETAILED STATEMENT OF INDIVIDUAL ACCOUNTS
CARL SANDBURG ACTIVITY FUNDS
Year Ended June 30, 2015
Balance
June 30, 2014
Book Orders
Fine Arts - Art
Fine Arts - Music
General
Library
Helping Hands Fund
Social Committee
Student Council
Total
$
1,621.53
5,882.34
9,221.33
3,398.51
1,007.10
548.78
48.70
$ 21,728.29
49
Receipts
$
Disbursements
Balance
June 30, 2015
4,132.00
605.00
3,029.00
15,139.44
2,428.84
1,152.50
1,451.09
-
$
4,120.00
594.15
3,356.00
15,300.25
2,933.59
1,325.36
1,477.18
-
$
12.00
1,632.38
5,555.34
9,060.52
2,893.76
834.24
522.69
48.70
$ 27,937.87
$
29,106.53
$ 20,559.63
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
OPERATING DISBURSEMENTS PER PUPIL
June 30, 2015
Total Direct Expenditures:
Educational Fund
Operations and Maintenance Fund
Debt Service Fund
Transportation Fund
Municipal Retirement/Social Security Fund
$ 20,889,842
2,310,911
2,278,116
1,929,157
630,427
28,038,453
Less Disbursements not Applicable to K-12 Program:
Educational Fund:
Adult/Continuing education programs
Summer school
Total payments to other districts and government units
Capital outlay
336,029
9,277
1,377,070
294,829
Operations and Maintenance Fund:
Capital outlay
243,078
Debt Service Fund:
Payments of principal on long-term debt
1,032,511
Municipal Retirement/Social Security Fund:
Summer school
711
3,293,505
NET OPERATING DISBURSEMENTS
$ 24,744,948
AVERAGE DAILY ATTENDANCE
2,470.17
OPERATING DISBURSEMENTS PER PUPIL
$ 10,017.51
50
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
PER CAPITA TUITION CHARGE
June 30, 2015
Net Operating Disbursements
$ 24,744,948
Less Offsetting Receipts of all or Part of the Disbursements of a Special Activity:
Educational Fund:
Special education
Bilingual education
State school lunch & breakfast
Driver education
Fed - spec education - IDEA - room & board
School lunch & breakfast program
Career and technical education
Title VI
Title I
Title II
Food services
District/School activity income
Textbooks
Services provided other districts
Other restricted revenue from state sources
Medicaid matching funds
$
Operations and Maintenance Fund:
Rentals
866,447
3,823
6,100
45,094
81,580
609,401
13,540
44,855
607,348
100,119
288,496
145,218
90,870
4,076
175,877
127,354
3,210,198
10,120
Transportation Fund:
Transportation fees - co-curricular
State transportation aid
1,097
838,210
839,307
20,685,323
Net operating disbursements for tuition computation
Add Depreciation Allowance:
Buildings
Improvements other than buildings
Other equipment
Transportation equipment
676,402
277,801
428,546
15,459
1,398,208
TOTAL ALLOWANCE FOR TUITION COMPUTATION
$ 22,083,531
AVERAGE DAILY ATTENDANCE
2,470.17
PER CAPITA TUITION CHARGE
$
51
8,940.09
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
COMPARATIVE FINANCIAL STATISTICS
2015
Direct Disbursements Per Pupil:
Educational Fund:
Instructional
Supporting services
Payments to other districts and government units
Debt services
$
5,468.07
2,431.30
557.48
8,456.84
2014
$
5,412.14
2,334.95
543.56
0.01
8,290.66
2013
$
5,123.90
2,343.92
524.20
0.28
7,992.30
Operations and Maintenance Fund:
Supporting services
935.53
924.56
917.23
Debt Service Fund:
Debt services
922.25
1,327.75
1,224.65
Transportation Fund:
Supporting services
780.98
757.77
768.42
122.61
132.61
255.22
129.68
133.84
263.52
130.91
135.00
265.91
$ 11,350.82
$ 11,564.26
$ 11,168.51
2,470
2,499
2,475
Municipal Retirement/Social Security Fund:
Instruction
Supporting services
Total
Average daily attendance as determined for
per capita tuition charge
The foregoing summary of disbursements per pupil is presented on the basis of average daily
attendance figures taken from the District's records. The correctness of the average daily
attendance figures was not investigated by the auditors.
52
FEDERAL FINANCIAL COMPLIANCE SECTION
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO SCHEDULE OF FEDERAL AWARDS
June 30, 2015
NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs
of Community Unit School District No. 1. The District’s reporting entity is defined in Note A to the District’s
basic financial statements. Federal awards passed through other government agencies are included on the
schedule.
Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards is presented using the cash basis of accounting,
which is described in Note A to the District’s basic financial statements.
Relationship to Basic Financial Statements
Federal awards received are reflected in the District’s basic financial statements within the Educational Fund as
receipts from federal sources.
Relationship to Program Financial Reports
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported
in the Program Financial Reports for programs which have filed final reports at June 30, 2015 with the Illinois
State Board of Education.
NOTE B – FEDERAL LOANS
The District had no federal loans or loan guarantees outstanding during the year.
NOTE C – SUBRECIPIENTS
The District provided no federal awards to subrecipients.
NOTE D – INSURANCE IN FORCE
The District had the following insurance policies in force at June 30, 2015:
Safety National Casualty Corporation
Period 7/1/14-7/1/15
Worker’s Compensation
Coverage limits:
Bodily injury by accident
Bodily injury by disease – policy limit
Bodily injury by disease – each employee
Secured self-insurance program
Aggregate excess limit
$
64
2,000,000
2,000,000
2,000,000
450,000
5,000,000
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO SCHEDULE OF FEDERAL AWARDS
June 30, 2015
Lexington Insurance Company
Period 7/1/14-7/1/15
Excess Liability
Limits of insurance:
General liability and employee benefits liability
(per occurrence & aggregate per District)
Sexual abuse & molestation (per occurrence & aggregate per District)
Employment practices liability (per occurrence & aggregate per District)
Automobile liability (per occurrence & aggregate per District)
School Board legal liability (per occurrence & aggregate per District)
Underwriters at Lloyd’s of London
Period 7/1/14-7/1/15
Auto Insurance Policy
Coverage limits:
Liability
Auto medical payments (per person)
Uninsured/underinsured motorists (per occurrence)
Non-owned & hired auto liability
Self-insured retention – auto liability
$
14,000,000
14,000,000
14,000,000
14,000,000
14,000,000
$
2,000,000
5,000
1,000,000
1,000,000
75,000
Deductible
1,000
Commercial Property
Limits of insurance:
Real and personal property
Flood aggregate
Earthquake aggregate
Builders risk
$
Deductible
1,000,000
1,000,000
1,000,000
1,000,000
1,000
Travelers Indemnity Company
Period 7/1/14-7/1/15
Excess Property
Limits of insurance:
Per occurrence excess of $1,000,000, excess of $45,000 SIR
Flood
Earthquake – sub-limit in high hazard counties
Earthquake – sub-limit in moderate hazard counties
65
$
500,000,000
25,000,000
2,000,000
10,000,000
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO SCHEDULE OF FEDERAL AWARDS
June 30, 2015
Chubb Group
Period 7/1/14-7/1/15
Boiler and Machinery
Limits of insurance:
CSL property damage
$
Deductible (per occurrence)
150,000,000
5,000
Underwriters at Lloyd’s of London
Period 7/1/14-7/1/15
Commercial General Liability
Limits of insurance:
Each occurrence limit
Self-insurance retention
Sexual abuse/harassment liability (per occurrence)
Sexual abuse/harassment liability (aggregate)
Fire damage
General aggregate limit
Ironshore Specialty Insurance Company
Period 7/1/14-7/1/15
Pollution Incident Legal Liability
Limits of insurance:
Coverages A, B, C:
Each incident
Coverage aggregate
Policy aggregate
Coverage D – 90 days
Coverage E:
Each incident
Coverage aggregate
$
2,000,000
75,000
2,000,000
4,000,000
500,000
4,000,000
$
1,000,000
15,000,000
15,000,000
5,000,000
500,000
500,000
Deductible – each incident
Deductible – each incident for mold & legionella
25,000
50,000
RSUI Indemnity
Period 7/1/14-7/1/15
School Board Legal Liability
Limits of insurance:
Per claim and aggregate for each policy year per District
$
IEP hearing aggregate per District
Integration/desegregation aggregate per District
Defense expenses for personal injury wrongful acts aggregate limit per District
Wage and hour claims aggregate limit per District
Deductible – each wrongful act
Deductible – each IEP hearing and employment practice violation
66
1,000,000
250,000
100,000
150,000
100,000
10,000
15,000
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
NOTES TO SCHEDULE OF FEDERAL AWARDS
June 30, 2015
Chubb Group
Period 7/1/14-7/1/15
Fiduciary Liability
Limits of insurance:
Maximum aggregate limit of liability for all claims each policy year
Insuring clause 1 – fiduciary liability coverage
Additional defense coverage inside the policy limit
Illinois Union Insurance Company
Period 7/1/14-7/1/15
Cyber Liability
Limits of insurance:
Privacy liability – per claim/aggregate limit
Privacy liability – pool aggregate
Data breach fund – each claim
Data breach fund – aggregate
Data breach fund – pool aggregate
Network security liability – each claim/aggregate
Network security liability – pool aggregate
Gerber Life Insurance Company
Period 7/1/14-7/1/15
Student Accident Insurance
Limits of insurance:
Mandatory coverage – limit per claim
Catastrophic coverage – limit excess of $25,000 mandatory coverage
Underwriters at Lloyd’s of London
Period 7/1/14-7/1/15
Treasurer’s Bond
Limits of insurance
67
$
1,000,000
1,500
1,000,000
$
1,000,000
5,000,000
50,000
175,000
2,500,000
1,000,000
5,000,000
$
25,000
5,000,000
$
9,641,906
COMMUNITY UNIT SCHOOL DISTRICT NO. 1
COLES-CUMBERLAND COUNTIES, ILLINOIS
SUMMARY OF FINDINGS AND QUESTIONED COSTS
Year Ended June 30, 2015
SUMMARY OF AUDIT RESULTS
1.
The auditor’s report expresses an adverse opinion on the financial statements of Community Unit
School District No. 1 due to the financial statements being prepared in accordance with financial
reporting provisions of the Illinois State Board of Education and the cash basis of accounting. The
reporting under these provisions is a comprehensive basis of accounting other than U.S. generally
accepted accounting principles.
2.
There was one significant deficiency disclosed during the audit of the financial statements as reported
in the Schedule of Findings and Questioned Costs and this deficiency in internal control is considered
to be a material weakness.
3.
Our audit disclosed instances of noncompliance which are material to the financial statements of
Community Unit School District No. 1.
4.
No significant deficiencies in internal control over the major federal programs were disclosed during
the audit.
5.
The auditor’s report on compliance for the major federal programs for Community Unit School
District No. 1 expresses an unmodified opinion on all major federal programs.
6.
Our audit disclosed no findings relative to major federal programs for Community Unit School District
No. 1.
7.
The programs tested as major programs were: Title 1, Part A Cluster, CFDA #84.010; Special
Education – IDEA Cluster, CFDA #84.027; School Breakfast Program, CFDA #10.553 and National
School Lunch Program, CFDA #10.555.
8.
The threshold for distinguishing Types A and B programs was $300,000.
9.
Community Unit School District No. 1 was determined not to be a low-risk auditee.
68