LAFAYETTE COUNCIL ON AGING, INC.

[Pages:57]LAFAYETTE COUNCIL ON AGING, INC.

Financial Report

Year Ended June 30, 2003

TABLE OF CONTENTS

INDEPENDENT AUDITOR'S REPORT

GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS - OVERVIEW) Combined Balance Sheet - All Fund Types And Account Groups Combined Statement Of Revenues, Expenditures, And Changes

In Fund Balances - All Governmental Fund Types Combined Statement Of Revenues, Expenditures, And Changes

In Fund Balances - Budget (GAAP Basis) And Actual - All Governmental Fund Types Combined Statement Of Revenues, Expenditures And Changes In Retained Earnings - All Proprietary Fund Types Combined Statement Of Cash Flows - All Proprietary Fund Types Notes To Financial Statements

SUPPLEMENTARY INFORMATION

SCHEDULES OF INDIVIDUAL FUNDS

Combining Statement Of Program Revenues, Expenditures, And Changes In Fund Balance - General Fund

Combining Statement Of Revenues, Expenditures, And Changes In Fund Balances - All Special Revenue Funds

Combining Statement of Revenues, Expenditures, And Changes In Retained Earnings - All Proprietary Fund Types

Combining Statement of Cash Flows - All Proprietary Fund Types Statement Of Expenditures And Other Financing Uses - Budget And Actual -

Contracts And Grants Provided Through The Louisiana Governor's Office Of Elderly Affairs (GOEA)

INTERNAL CONTROL, COMPLIANCE, AND OTHER GRANT INFORMATION

Independent Auditor's Report On Compliance And On Internal Control Over Financial Reporting Based On An Audit Of General Purpose Financial Statements Performed In Accordance With Government Auditing Standards

Independent Auditor's Report On Compliance With Requirements Applicable To Each Major Program And Internal Control Over Compliance In Accordance With OMB Circular A-133

Schedule Of Expenditures Of Federal Awards

OTHER SUPPLEMENTARY INFORMATION

Schedule Of Changes In General Fixed Assets

Schedule Of Disbursements To Board Members

Summary Schedule Of Prior Year Findings

Schedule of Findings And Questioned Costs

Management's Corrective Action Plan For Current Year Findings

Page No. 1-2

4 5 6 7 8 9-29

32-33 34-37

38 39 40-41

43-44

45-46 47

49 50 51 52-54 55

(A Corporation of Certified Public Accountants)

INDEPENDENT AUDITOR'S REPORT The Board of Directors Lafayette Council on Aging, Inc. Lafayette, Louisiana

Eugene H. Darnall, CPA, Retired 1990 Paula D. Bihm, CPA, Deceased 2002

E. Larry Sikes, CPA, CVA, CFP Danny P. Frederick, CPA

Clayton E. Darnall, CPA,CVA Eugene H. Darnall, III, CPA

Stephanie M. Higginbotham, CPA John P. Armato, CPA

Jennifer S. Ziegler, CPA, CFP Chris A. Miller, CPA,CVA

Stephen R. Dischler, MBA, CPA Steven G. Moosa, CPA

Erich G. Loewer, Jr. CPA, CVA

Kathleen T. Darnall, CPA Erich G. Loewer, III, MTX, CPA

Tamera T. Landry, CPA Raegan D. Maggio, CPA Julie Templet DeVillier, CPA

Barbara A. Clark, CPA Lauren F. Verrett, CPA Michelle B. Borrello, CPA Jeremy C. Meaux, CPA Kevin S. Young, CPA

Other Locations:

1231 E. Laurel Avenue Eunice, LA 70535 337.457.4146

1201 Brashear Avenue Suite 301

Morgan City, LA 70380 985.384.6264

404 Pere Megret Abbeville, LA 70510

337.893.5470

We have audited the accompanying general purpose financial statements of the Lafayette Council on Aging, Inc., as of and for the year ended June 30, 2003, as listed in the table of contents. These general purpose financial statements are the responsibility of the Council's management. Our responsibility is to express an opinion on these general purpose 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; and Office of Management and Budget (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 the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, the financial position of the Lafayette Council on Aging, Inc. as of June 30, 2003, and the results of its operations and cash flows of its proprietary fund type for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued a report dated October 22, 2003, on our consideration of the Lafayette Council on Aging, Inc.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants.

1

Member of:

American Institute of Certified Public Accountants

Society of Louisiana Certified Public Accountants

Our audit was conducted for the purpose of forming an opinion on the general purpose financial statements of the Lafayette Council on Aging, Inc. taken as a whole. The accompanying Schedule of Expenditures of Federal Awards as required by U.S. Office of Management and Budget Circular A-133, "Audits of States, Local Governments, and Non-Profit Organizations," and the supplemental information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole.

Darnall, Sikes & Frederick

A Corporation of Certified Public Accountants Lafayette, Louisiana October 22, 2003

2

GENERAL PURPOSE FINANCIAL STATEMENTS (COMBINED STATEMENTS ? OVERVIEW)

3

LAFAYETTE COUNCIL ON AGING, INC.

Combined Balance Sheet - All Fund Types and Account Groups June 30, 2003

ASSETS Cash Cash-restricted deposits Prepaid expenditures Due from other funds Accounts receivable Deposit Fixed assets Amount to be provided for

retirement of general long-term debt Total assets

LIABILITIES AND EQUITY Liabilities:

Accounts payable Tenant's deposits - payable

from restricted cash Accrued payroll and

related benefits Due to other funds Long-term debt -

Note payable Accumulated unpaid

vacation Total liabilities

Fund equity: Contributed capital Investment in fixed assets Retained earnings-unreserved Fund balances: Unreserved, undesignated Unreserved, designated Reserved Total fund balances Total fund equity Total liabilities and fund equity

Governmental Fund Types

General

Special Revenue

Proprietary Fund Type

Enterprise

Account Groups

General General

Total

Fixed Long-Term (Memorandum

Assets

Debt

Only)

$ 47,301 $ 71,325 $ 584,959 $

-$

-

-

22,052

-

8,079

-

674

-

5,860 116,824

590

-

49,727

26,374

2,408

-

7,600

-

-

-

-

- 4,157,682 970,986

- $ 703,585

-

22,052

-

8,753

-

123,274

-

78,509

-

7,600

- 5,128,668

-

-

-

-

36,759

36,759

$ 118,567 $ 214,523 $ 4,768,365 $ 970,986 $ 36,759 $ 6,109,200

$ 5,202 $ 5,064 $ 8,590 $

-

-

22,052

6,309 102,936

23,042 5,860

14,478

-

-

699,234

114,447

33,966

744,354

-$

- $ 18,856

-

-

22,052

-

-

29,351

-

-

123,274

-

20,538

719,772

-

16,221

-

36,759

16,221 929,526

-

- 3,389,000

-

-

3,389,000

-

-

- 970,986

-

970,986

-

-

635,011

-

-

635,011

(35,532) 5,158 34,494 4,120 4,120

180,557 -

180,557 180,557

4,024,011

970,986

-

145,025

-

5,158

-

34,494

-

184,677

-

5,179,674

$ 118,567 $ 214,523 $ 4,768,365 $ 970,986 $ 36,759 $ 6,109,200

The accompanying notes are an integral part of this statement. 4

LAFAYETTE COUNCIL ON AGING, INC.

Combined Statement Of Revenues, Expenditures, And Changes In Fund Balances - All Governmental Fund Types

Year Ended June 30, 2003

Revenues: Intergovernmental Program Local and miscellaneous In-kind Total revenues

Expenditures: Current Salaries Fringe Travel Operating services Operating supplies Other costs Capital outlay Debt Service Principal Interest In-kind Total expenditures

Excess (deficiency) of revenues over expenditures

Other financing sources (uses): Operating transfers in Operating transfers out Total other financing sources (uses)

Excess (deficiency) of revenues and other sources over expenditures and other uses

Fund balances, beginning of year

Fund balances, end of year

General

Special Revenue

Total (Memorandum

Only)

$ 31,993 -

234,849 -

266,842

$ 1,361,328 69,784

252,002 92,450 1,775,564

$ 1,393,321 69,784

486,851 92,450 2,042,406

40,361 5,307 1,329

84,036 24,127 67,186

-

222,346

1,038,702 121,154 73,939 156,563 35,823 283,670 8,076

968 1,644 92,450 1,812,989

1,079,063 126,461 75,268 240,599 59,950 350,856 8,076

968 1,644 92,450 2,035,335

44,496

(37,425)

7,071

1,912 (83,049) (81,137)

273,404 (192,267)

81,137

275,316 (275,316)

-

(36,641)

43,712

40,761

136,845

$ 4,120 $ 180,557

7,071 177,606 $ 184,677

The accompanying notes are an integral part of this statement. 5

LAFAYETTE COUNCIL ON AGING, INC.

Combined Statement Of Revenues, Expenditures And Changes In Fund Balances - Budget (GAAP Basis) And Actual - All Governmental Fund Types

Year Ended June 30, 2003

Revenues: Intergovernmental Program Local and miscellaneous In-kind Total revenues

Budgeted

General Fund Actual

Variance Favorable (Unfavorable)

Special Revenue Funds

Variance -

Favorable

Budgeted

Actual

(Unfavorable)

$ 31,993 $ 31,993 $

-

-

207,563

234,849

-

-

239,556

266,842

- $ 1,259,601 $ 1,361,328 $ 101,727

-

62,876

69,784

6,908

27,286

264,293

252,002

(12,291)

-

54,567

92,450

37,883

27,286

1,641,337

1,775,564

134,227

Expenditures: Current Salaries Fringe Travel Operating services Operating supplies Other costs Capital outlay Debt Service Principal Interest In-kind Total expenditures

40,347 5,135 1,300 85,129

23,099 62,440

-

217,450

40,361 5,307 1,329

84,036 24,127 67,186

-

222,346

(14) (172)

(29) 1,093 (1,028) (4,746)

-

(4,896)

962,670 94,818 76,033

200,991 39,174

338,500 7,132

1,719,318

1,038,702 121,154 73,939 156,563 35,823 283,670 8,076

968 1,644 92,450 1,812,989

(76,032) (26,336)

2,094 44,428

3,351 54,830

(944)

(968) (1,644) (92,450) (93,671)

Excess (deficiency) of revenues over expenditures

22,106

44,496

22,390

(77,981)

(37,425)

40,556

Other financing sources (uses): Operating transfer in Operating transfer out Total other financing sources (uses)

500 (36,933)

(36,433)

1,912 (83,049)

(81,137)

1,412 (46,116)

(44,704)

278,974 (68,822)

210,152

273,404 (192,267)

81,137

(5,570) (123,445)

(129,015)

Excess (deficiency) of revenues and other sources over expenditures and other uses

(14,327)

(36,641)

(22,314)

132,171

43,712

(88,459)

Fund balances, beginning of year

Fund balances, end of year

40,761

40,761

-

136,845

$ 26,434 $ 4,120 $ (22,314) $ 269,016 $

136,845

-

180,557 $ (88,459)

The accompanying notes are an integral part of this statement. 6

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download