Beruflich Dokumente
Kultur Dokumente
Table of Contents
Page
Management's Discussion and Analysis
8
9
10
11
12
13
14
24
25
27
2014
2013
Increase
(Decrease)
Assets
Current Assets
Capital Assets, net
Total Assets
$ 773,720
120,102
$ 893,822
$ 563,420
117,171
$ 680,591
$ 210,300
2,931
$ 213,231
Liabilities
Current Liabilities
$ 48,529
$ 31,604
$ 16,925
$ 120,102
725,191
$ 845,293
$ 114,617
534,370
$ 648,987
Net Position
Invested in Capital Assets
Unrestricted
5,485
190,821
$ 196,306
The increase in current assets is related to an increased cash balance resulting from operations during
the fiscal year. Unrestricted net position increased as a direct result of the increase in cash related to
current year revenues exceeding expenditures.
Revenues
Federal Sources
State and Local Sources
Other Revenues
Total Revenues
2013
$ 133,439
1,484,757
1,308
1,619,504
$ 125,336
1,113,351
536
1,239,223
573,946
5,513
70,017
326,950
14,170
97,462
16,855
318,285
507,065
19,353
53,635
239,403
11,573
4,656
19,385
272,160
66,881
(13,840)
16,382
87,547
2,597
92,806
(2,530)
46,125
1,423,198
1,127,230
295,968
$ 196,306
$ 111,993
Expenditures
Instruction
Board
General Administration
School Administration
Fiscal Services
Food Services
Pupil Transportation services
Operation of Plant
Total Expenditures
Change in Net Position
Increase
(Decrease)
2014
8,103
371,406
772
380,281
84,313
The increase in instruction, school administration, and operation of plant expenses is primarily due to
the increase of students in the current year in comparison to the prior year. The increase in the food
services is due to a new contract with an outside company implemented in the current year that was not
in effect in the prior year. The net change has been consistent from year to year due to careful fiscal
oversight of expenses throughout the year by the Board of Directors and administration of the school.
FINANCIAL ANALYSIS OF THE SCHOOLS FUNDS
The focus of the Schools governmental funds is to provide information on near term inflows, outflows,
and balances of usable resources. This information is useful in assessing the Schools financing
requirements. Specifically, unrestricted fund balance is a useful measure of a governments net
resources available for spending at the end of the fiscal year.
At the completion of the Schools fiscal year, its governmental funds reported a combined fund balance
of $725,191.
4
Governmental Activities
Gross Capital Assets
2014
Capital Assets
Leasehold improvements
Furniture and equipment
Vehicle
32,479
69,956
27,284
91,372
221,091
2013
$
32,479
60,812
27,284
63,918
184,493
Increase
(Decrease)
$
9,144
27,454
36,598
There were no major capital asset additions during the year ended June 30, 2014. Depreciation expense
of $33,667 was allocated to the operation of plant function in the Statement of Activities. More detailed
information about the Schools capital assets is presented in Note B to the Basic Financial Statements.
Long Term Debt
As of June 30, 2013, long term debt consisted of a note on the Schools vehicle with an original maturity
of November 29, 2016. During fiscal year 2014, the School paid the debt in full.
CONTACTING THE SCHOOLS FINANCIAL MANAGEMENT
This financial report is designed to provide interested parties with a general overview of the Schools
finances and to demonstrate the Schools accountability for the funding it receives. Should additional
information be required, please contact the Schools administrative offices at 2768 Hiawassee Road,
Orlando, Florida 32818.
5
We have audited the accompanying financial statements of the governmental activities and each major
fund of Innovations Middle Charter School (the School), a charter school and component unit of the
District School Board of Orange County, Florida, as of and for the year ended June 30, 2014, and the
related notes to the financial statements, which collectively comprise the Schools basic financial
statements as listed in the table of contents.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
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.
Auditors 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 of
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 auditors 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 entitys
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 entitys internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting polices 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 opinion.
Opinion
In our opinion, the financial statements referred to previously present fairly, in all material respects, the
respective financial position of the governmental activities, and each major fund of the School, as of
June 30, 2014, and the respective changes in financial position thereof for the year then ended in
conformity with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the managements
discussion and analysis and budgetary comparison information be presented to supplement the basic
financial statement (see pages 1-5 and 24). Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with managements responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic
financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or
provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated September
29, 2014, on our consideration of the Schools internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, 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
internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Governmental Auditing Standards in considering the Schools internal
control over financial reporting and compliance.
Governmental
Activities
ASSETS
Cash and cash equivalents
Accounts receivable
Prepaid expenses
Total Current Assets
Capital assets:
Leasehold improvements
Furniture and equipment
Vehicle
Computer and computer software
Less: accumulated depreciation
Total capital assets, net
Total assets
LIABILITIES
Accounts payable and accrued expenses
32,479
69,956
27,284
91,372
(100,989)
120,102
$
893,822
48,529
Total liabilities
48,529
NET POSITION
Invested in capital assets, net of related debt
Unrestricted
120,102
725,191
760,675
3,644
9,401
773,720
845,293
$
893,822
The accompanying notes to financial statements are an integral part of this statement
8
Expenses
Governmental Activities:
Instruction
Board
General administration
School administration
Fiscal services
Food services
Pupil transportation services
Operation of plant
573,946
5,513
70,017
326,950
14,170
97,462
16,855
318,285
$ 1,423,198
Charges
for
Services
Operating
Grants and
Contributions
Capital
Grants and
Contributions
Governmental
Activities
133,439
133,439
68,123
68,123
General revenues:
State and local sources
Other contributions
Interest earnings
(440,507)
(5,513)
(70,017)
(326,950)
(14,170)
(97,462)
(16,855)
(250,162)
(1,221,636)
1,416,634
1,308
(440,507)
(5,513)
(70,017)
(326,950)
(14,170)
(97,462)
(16,855)
(250,162)
$ (1,221,636)
1,416,634
1,308
1,417,942
1,417,942
196,306
648,987
196,306
648,987
Total
The accompanying notes to financial statements are an integral part of this statement
9
845,293
845,293
General
Fund
ASSETS
Cash and cash equivalents
Accounts receivable
Prepaid and other assets
Total assets
760,675
3,644
9,401
773,720
48,529
LIABILITIES
Accounts payable and accrued expenses
Total liabilities
48,529
FUND BALANCE
Nonspendable:
Prepaid and other assets
Spendable:
g
Unassigned
,
715,790
725,191
9,401
773,720
The accompanying notes to financial statements are an integral part of this statement
10
725,191
120,102
845,293
The accompanying notes to financial statements are an integral part of this statement
11
General
Fund
REVENUES
State and local sources
Federal sources
Contributions and other revenue
$ 1,416,634
1,308
Total revenue
EXPENDITURES
Current
Instruction
Board
General administration
School administration
Fiscal services
Food services
Pupil transportation
Operation of plant
Total expenditures
Excess (deficiency) of revenues
over expenditures
Net change in fund balances
Fund balances at beginning of year as restated
Fund balances at end of year
Other
Governmental
Fund
Capital Projects
133,439
-
Total
Governmental
Funds
68,123
-
$ 1,484,757
133,439
1,308
1,417,942
133,439
68,123
1,619,504
477,105
5,513
70,017
329,504
14,170
97,462
16,855
216,495
133,439
-
68,123
610,544
5,513
70,017
329,504
14,170
97,462
16,855
284,618
1,227,121
133,439
68,123
1,428,683
190,821
190,821
190,821
534,370
190,821
534,370
725,191
The accompanying notes to financial statements are an integral part of this statement
12
725,191
190,821
2,931
2,554
$
196,306
The accompanying notes to financial statements are an integral part of this statement
13
15
15
7
3
17
18
Use of estimates
In preparing the financial statements in conformity with accounting principles generally accepted in the
United States, management is required to make estimates and assumptions that affect the reported
amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the
period presented. Actual results could differ significantly from those estimates.
19
Additions
32,479
60,812
9,144
63,918
27,284
27,454
-
$ 184,493
$ 36,598
(4,722)
(13,936)
(5,847)
$ (2,165)
(9,481)
(3,898)
(42,817)
$ (67,322)
(18,123)
$ (33,667)
Disposals
$
Ending
Balance
$
32,479
69,956
91,372
27,284
$ 221,091
(6,887)
(23,417)
(9,745)
(60,940)
$(100,989)
Depreciation expense of $33,667 was allocated and charged to the school administration function in the
accompanying statement of activities.
NOTE C - DEBT
On October 15, 2011 the School financed the purchase of a vehicle over a five year period. The note is
secured by the vehicle. The total amount financed was $25,284. Principal and interest payments of $461
are due monthly at an interest rate of 5.22%. During the year ended June 30, 2014, the School paid the
note in full. The balance outstanding at June 30, 2014 amounted to $0.
20
$ 2,554)
-)
(2,554)
$
-)
820,218)
196,837)
100,817)
68,810)
2,006)
46,454)
17,328)
55,333)
39,465)
7,701)
4,818)
35,640)
728)
19,380)
3,294)
2,211)
( 701)
(3,705)
$ 1,416,634)
The administrative fee paid to the School District during the year ended June 30, 2014 totaled $70,017,
and is reflected as a general administration expense in the accompanying statement of activities and
statement of revenues, expenditures and changes in fund balances governmental funds.
21
81,304
$ 198,994
22
23
Budgeted Amounts
Original
Final
REVENUES
State and local sources
Contributions and other revenue
Variance
$ 1,391,447
-
$ 1,391,447
-
$ 1,484,757
1,308
1,391,447
1,391,447
1,486,065
590,400
69,572
207,585
16,800
120,000
72,000
148,800
600,400
15,000
69,572
327,585
16,800
120,000
22,000
198,800
610,544
5,513
70,017
329,504
14,170
97,462
16,855
216,495
1,225,157
1,370,157
1,360,560
9,597
166,290
21,290
125,505
104,215
534,370
534,370
534,370
Total revenues
EXPENDITURES
Current:
Instruction
Board
General administration
School administration
Fiscal services
Food service
Pupil transportation services
Operation of plant
Total expenditures
Excess of expenditures over
revenues
Fund balances at the beginning of year
Fund balances at end of year
Actual
700,660
24
555,660
659,875
93,310
1,308
94,618
(10,144)
9,487
(445)
(1,919)
2,630
22,538
5,145
(17,695)
$ 104,215
25
Orlando, Florida
September 29, 2014
26
27
Section 10.854(1)(e)5., Rules of the Auditor General, requires the name or official title of the
school. The official title of the School is Innovations Middle Charter School.
Pursuant to Sections 10.854(1)(e)6.a and 10.855(11), Rules of the Auditor General, we applied
financial condition assessment procedures. It is managements responsibility to monitor the
Schools financial condition, and our financial conditional assessment was based in part on
representations made by management and the review of the financial information provided by
the same.
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and Florida House of Representative, the Florida Auditor
General and applicable management and is not intended to be and should not be used by anyone
other than these specific parties.
Orlando, Florida
September 29, 2014
28