LANCASTER COUNTY SCHOOL DISTRICT .k12.sc.us

LANCASTER COUNTY SCHOOL DISTRICT

Lancaster, South Carolina

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2020

Issued By: Jonathan Phipps, PhD. Superintendent Lancaster County School District Prepared By: Finance Department Lancaster County School District

LANCASTER COUNTY SCHOOL DISTRICT LANCASTER, SOUTH CAROLINA

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2020

TABLE OF CONTENTS

Title Page

Table of Contents

INTRODUCTORY SECTION:

Letter of Transmittal Organizational Chart School District Officials Certificate of Achievement for Excellence in Financial Reporting

FINANCIAL SECTION:

Independent Auditors' Report Management's Discussion and Analysis

Basic Financial Statements: Statement of Net Position Statement of Activities Balance Sheet - Governmental Funds Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities Statement of Net Position - Proprietary Fund Statement of Revenues, Expenses and Changes in Net Position - Proprietary Fund Statement of Cash Flows - Proprietary Fund Type - Food Service Fund Statement of Fiduciary Assets & Liabilities ? Pupil Activity Notes to Financial Statements

Required Supplementary Information: Budgetary Comparison Schedule - General Fund Schedule of District's Proportionate Share of the Net Pension Liability - SCRS and PORS Schedule of District Contributions ? SCRS and PORS Schedule of District's Proportionate Share of the Net OPEB Liability? SCRHIT Schedule of District Contributions ? SCRHITF

PAGE

1-4 5 6 7

8-10 11-19

20 19 21 23 24 25 26 27 28 29 30-62

63 64 65 66 67

LANCASTER COUNTY SCHOOL DISTRICT LANCASTER, SOUTH CAROLINA

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2020

TABLE OF CONTENTS

Combining and Individual Fund Schedules:

General Fund: Balance Sheet Schedule of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual

PAGE

68 69-74

Special Revenue Fund: Balance Sheet - Special Projects Fund Special Revenue Fund - Special Projects Fund (Includes Public Charter School) Combining Schedule of Revenues, Expenditures and Changes in Fund Balances Special Revenue Fund - Special Projects Fund Summary Schedule for Designated State Restricted Grants Balance Sheet - Education Improvement Act Special Revenue Fund - Education Improvement Act Combining Schedule of Revenues, Expenditures and Changes in Fund Balance Special Revenue Fund - Education Improvement Act - Summary Schedule by Program

Debt Service Fund: Debt Service Fund - District - Balance Sheet Debt Service Fund - District - Schedule of Revenues, Expenditures and Changes in Fund Balance Debt Service Fund - LEAP - Schedule of Revenues, Expenditures and Changes in Fund Balance

Capital Projects Fund: Capital Projects Fund - District - Balance Sheet Capital Projects Fund - District - Schedule of Revenues, Expenditures and Changes in Fund Balance

Proprietary Fund: Food Service Fund - Balance Sheet Food Service Fund - Schedule of Revenues, Expenditures and Changes in Net Position

Fiduciary Fund: Pupil Activity Fund - Schedule of Fiduciary Assets and Liabilities Pupil Activity Fund - Schedule of Receipts, Disbursements and Changes in Amounts Due to School Organizations Pupil Activity Fund - Statement of Changes in Assets and Liabilities

75 76-82

83 84 85-89 90

91 92-93

94

95 96-97

98 99-100

101 102-103

104

LANCASTER COUNTY SCHOOL DISTRICT LANCASTER, SOUTH CAROLINA

COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED JUNE 30, 2020

TABLE OF CONTENTS

Additional Schedules Required by the South Carolina Department of Education: Detailed Schedule of Due to State Department of Education/Federal Government Location Reconciliation Schedule Special Revenue Fund - Special Projects Fund - Schedule of Subfund Listings

STATISTICAL SECTION: Net Position (Deficit) by Component Expenses, Program Revenues, and Net (Expenses)/Revenues General Revenues and Total Change in Net Position Fund Balances, Governmental Funds Governmental Funds Revenues, Expenditures, Debt Service Ratios and Other Financing Sources and Uses and Net Change in Fund Balances Assessed Value and Estimated Actual Value of Taxable Property Direct and Overlapping Property Tax Rates Principal Property Taxpayers Property Tax Levies and Collections Ratios of Outstanding Debt by Type Ratio of General Bonded Debt Outstanding Direct and Overlapping Governmental Activities Debt Legal Debt Margin Information Demographic and Economic Statistics Principal Employers Full-time Equivalent School District Employees by Function/Program Operating Statistics Teacher Base Salaries School Building Information

SINGLE AUDIT SECTION: 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 Independent Auditor's Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by the Uniform Guidance Schedule of Expenditures of Federal Awards Notes to the Schedule of Expenditures of Federal Awards Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings Corrective Action

PAGE

105 106 107

108 109 110 111

112 113 114 115 116 117 118 119 120 121 122 123 124 125 126-129

130-131

132-133 134-135

136 137-138

139 140

INTRODUCTORY SECTION

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