REPORT OF AUDIT
BOROUGH OF MADISON SCHOOL DISTRICT
COUNTY OF MORRIS
YEAR ENDED JUNE 30, 2009
SUMMARY
BOROUGH OF MADISON SCHOOL DISTRICT
BALANCE SHEET
GOVERNMENTAL FUNDS
SUMMARY
JUNE 30, 2009
Special
Revenue
Fund
General
Fund
ASSETS
Cash and Cash Equivalents
Interfund Receivable
Receivables from Other Governments
Other Receivables
$ 1,122,427
63,818
267,283
282,594
Total Assets
$ 1,736,122
LIABILITIES AND FUND BALANCES
Liabilities:
Interfund Payable
Accounts Payable - Vendors
Payable to Federal Government
Payable to State Government
Deposits Payable
Deferred Revenue
$
$
115,664
13,864
$
129,528
$
63,818
13,311
1,379
33,674
670,379
20,000
1,000
17,346
Total Liabilities
691,379
129,528
Fund Balances:
Reserved for:
Excess Surplus - Designated for
Subsequent Year's Expenditures
Unreserved, Reported in:
General Fund
Designated for Subsequent Year's Expenditures
643,502
Total Fund Balances
Total Liabilities and Fund Balances
Capital
Projects
Fund
Total
Governmental
Funds
$ 1,547,169
$
2,669,596
63,818
382,947
296,458
$ 1,547,169
$
3,412,819
$
63,818
683,690
1,379
33,674
20,000
18,346
$
-0-
820,907
643,502
401,241
1,044,743
$ 1,736,122
-0$
129,528
1,547,169
401,241
1,547,169
1,547,169
2,591,912
$ 1,547,169
$
3,412,819
BOROUGH OF MADISON SCHOOL DISTRICT
STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
SUMMARY
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
Special
Revenue
Fund
General
Fund
REVENUES
Local Sources:
Local Tax Levy
Tuition
Miscellaneous
Total - Local Sources
State Sources
Federal Sources
Total Revenues
EXPENDITURES
Current:
Regular Instruction
Special Education Instruction
Other Special Instruction
Other Instruction
Support Services and Undistributed Costs:
Tuition
Student & Instruction Related Services
General Administrative Services
School Administrative Services
Central Services
Administration Information Technology
Plant Operations and Maintenance
Pupil Transportation
Unallocated Benefits
$ 29,719,423
1,472,300
404,029
31,595,752
4,167,886
Capital
Projects
Fund
Debt
Service
Fund
$
35,273
35,273
135,226
644,380
2,574,213
2,121,587
35,763,638
814,879
4,695,800
11,739,918
2,153,438
604,001
1,154,983
78,768
502,635
1,538,856
3,865,917
1,094,438
1,404,507
513,479
200,196
3,350,216
1,173,316
7,842,969
$
2,574,213
228,206
Total
Governmental
Funds
$ 32,293,636
1,472,300
439,302
34,205,238
6,424,699
644,380
41,274,317
11,818,686
2,656,073
604,001
1,154,983
1,538,856
4,094,123
1,094,438
1,404,507
513,479
200,196
3,350,216
1,173,316
7,842,969
BOROUGH OF MADISON SCHOOL DISTRICT
STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
SUMMARY
FOR THE FISCAL YEAR ENDED JUNE 30, 2009
(Continued)
Special
Revenue
Fund
General
Fund
EXPENDITURES
Debt Service:
Principal
Interest and Other Charges
Capital Outlay
Debt
Service
Fund
$
$
Total Expenditures
42,081
$
36,678,315
Excess/(Deficiency) of Revenues Over/(Under) Expenditures
5,270
$
814,879
(89,971)
Total Other Financing Sources/(Uses)
(89,971)
2,495,000
2,200,800
Total
Governmental
Funds
$
9,758,654
9,758,654
(914,677)
OTHER FINANCING SOURCES/(USES)
Transfers In
Transfers Out
4,695,800
(9,758,654)
(10,673,331)
(9,668,683)
2,049,391
$
1,044,743
89,971
(89,971)
89,971
(1,004,648)
Fund Balance—July 1
2,495,000
2,200,800
9,806,005
51,947,648
89,971
Net Change in Fund Balances
Fund Balance—June 30
Capital
Projects
Fund
-0$
-0-
(10,673,331)
11,215,852
$
1,547,169
-0$
-0-
13,265,243
$
2,591,912
BOROUGH OF MADISON SCHOOL DISTRICT
SUMMARY
JULY 1, 2008 THROUGH JUNE 30, 2009
(Continued)
It is recommended that:
1.
Administrative Practices and Procedures
None
2.
Financial Planning, Accounting and Reporting
None
3.
School Purchasing Program
None
4.
School Food Service
None
5.
Student Body Activities
Athletic Activities gate receipts be deposited promptly.
6.
Application for State School Aid
None
7.
Pupil Transportation
None
8.
Facilities and Capital Assets
None
9.
Status of Prior Year’s Findings/Recommendations
The prior year audit findings and recommendations, with the exception of the one with
regard to Athletic Activities gate receipts, were resolved.