UNION COUNTY TEAMS CHARTER SCHOOL PLAINFIELD, NEW …

UNION COUNTY TEAMS CHARTER SCHOOL PLAINFIELD, NEW JERSEY

COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED JUNE 30, 2018 REVISED MAY 6, 2019

UNION COUNTY TEAMS CHARTER SCHOOL

UNION COUNTY TEAMS CHARTER SCHOOL Board of Trustees

Plainfield, New Jersey Comprehensive Annual Financial Report For The Fiscal Year Ended June 30, 2018

COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE

UNION COUNTY TEAMS CHARTER SCHOOL PLAINFIELD, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2018

Prepared by UNION COUNTY TEAMS CHARTER SCHOOL

Finance Department And

Meshinsky & Associates LLC, CPAs

STATE BOARD OF EDUCATION

ARCELIO APONTE. ...................................................................Middlesex President KATHY A. GOLDENBERG ..........................................................Burlington Vice President MARY BETH BERRY..................................................................Hunterdon ELAINE BOBROVE.....................................................................Camden FATIMAH BURNAM-WATKINS......................................................Union RONALD K. BUTCHER ...............................................................Gloucester JACK FORNARO .......................................................................Warren ANDREW J. MULVIHILL ..............................................................Sussex ERNEST P. LEPORE ..................................................................Hudson JOSEPH RICCA, JR ....................................................................Morris MARY ELIZABETH GAZI .............................................................Somerset NEDD JAMES JOHNSON.............................................................Salem SYLVIA SYLVIA-CIOFFI...............................................................Monmouth

Dr. Lamont Repollet, Commissioner of Education Secretary, State Board of Education

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UNION COUNTY TEAMS CHARTER SCHOOL

TABLE OF CONTENTS

Page

INTRODUCTORY SECTION .................................................................................................. 1 Letter of Transmittal ............................................................................................................ 2 Organizational Chart ........................................................................................................... 7 Roster of Officials................................................................................................................ 8 Consultants and Advisors ................................................................................................... 9

FINANCIAL SECTION .......................................................................................................... 10 Independent Auditor's Report ........................................................................................... 11

REQUIRED SUPPLEMENTARY INFORMATION ? PART I ................................................ 14 Management's Discussion and Analysis ........................................................................... 15

BASIC FINANCIAL STATEMENTS...................................................................................... 21

SECTION A ? CHARTER SCHOOL?WIDE FINANCIAL STATEMENTS ............................ 22 A-1 Statement of Net Position....................................................................................... 23 A-2 Statement of Activities............................................................................................ 24

SECTION B ? FUND FINANCIAL STATEMENTS ............................................................... 25

GOVERNMENTAL FUNDS .................................................................................................. 26 B-1 Balance Sheet ........................................................................................................ 27 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balance ................. 28 B-3 Reconciliation of the Statements of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................................................................................................................. 29

PROPRIETARY FUNDS ....................................................................................................... 30 B-4 Statement of Fund Net Position ............................................................................. 31 B-5 Statement of Revenues, Expenses, and Changes in Net Position......................... 32 B-6 Statement of Cash Flows ....................................................................................... 33

FIDUCIARY FUNDS ............................................................................................................. 34 B-7 Statement of Fiduciary Net Position ....................................................................... 35

NOTES TO THE FINANCIAL STATEMENTS ...................................................................... 36

REQUIRED SUPPLEMENTARY INFORMATION ? PART II ............................................... 68

SECTION C ? BUDGETARY COMPARISON SCHEDULES ............................................... 69 C-1 Budgetary Comparison Schedule ? General Fund ................................................. 70 C-2 Budgetary Comparison Schedule ? Special Revenue Fund................................... 72

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION..................................... 73 C-3 Budget-To-GAAP Reconciliation ............................................................................ 74

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UNION COUNTY TEAMS CHARTER SCHOOL

TABLE OF CONTENTS

Page REQUIRED SUPPLEMENTARY INFORMATION ? PART III .............................................. 75

SCHEDULE L - SCHEDULES RELATED TO ACCOUNTING AND REPORTING FOR PENSIONS (GASB 68) ............................................................................................ 76

L-1 Schedules of the District's Proportionate Share of the Net Pension Liability - PERS ...................................................................................................... 77

L-2 Schedules of District Contributions - PERS............................................................ 78 L-3 Schedules of the District's Proportionate Share of the Net Pension

Liability - TPAF ..................................................................................................... N/A

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION III ......................................... 79 OTHER SUPPLEMENTARY INFORMATION ...................................................................... 81 SECTION E ? SPECIAL REVENUE FUND .......................................................................... 82

E-1 Combining Schedule of Revenues and Expenditures ? Budgetary Basis .............. 83

SECTION G ? PROPRIETARY FUNDS ............................................................................... 84

SECTION H ? FIDUCIARY FUNDS ...................................................................................... 85 H-1 Combining Statement of Fiduciary Net Position ..................................................... 86

H-4 Payroll Agency Fund Schedule of Receipts and Disbursements............................ 87

STATISTICAL SECTION (UNAUDITED).............................................................................. 88

INTRODUCTION TO THE STATISTICAL SECTION............................................................ 89

FINANCIAL TRENDS ........................................................................................................... 90

J-1 Net Assets/Position by Component ........................................................................ 91 J-2 Changes in Net Assets/Position ............................................................................. 92 J-3 Fund Balances ? Governmental Funds .................................................................. 93 J-4 Changes in Fund Balances ? Governmental Funds ............................................... 94 J-5 General Fund Other Local Revenue by Source (NJ).............................................. 95

OPERATING INFORMATION............................................................................................... 96

J-16 Full-Time Equivalent Charter School Employees by Function/Program ................. 97 J-17 Operating Statistics...................................................................................98 J-20 Insurance Schedule (NJ) ........................................................................................ 99 J-21 Charter School Performance Framework, Financial Performance, Fiscal

Ratios ................................................................................................................... 100

SINGLE AUDIT SECTION....................................................................................101

K-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 G o v e r n m e n t Auditing Standards ............................................................................................... 102

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UNION COUNTY TEAMS CHARTER SCHOOL

TABLE OF CONTENTS

Page K-2 Report on Compliance for Each Major State Program and Report on Internal

Control over Compliance in Accordance with Uniform Guidance and New Jersey Circular 15-08 OMB.......................................................................104 K-3 Schedule of Expenditures of Federal Awards ? Schedule A............................ 107 K-4 Schedule of Expenditures of State Financial Assistance ? Schedule B ............... 108 K-5 Notes to Schedules of Expenditures of Awards and Financial Assistance ........... 109 K-6 Schedule of Findings and Questioned Costs ....................................................... 112 K-7 Summary Schedule of Prior Audit Findings and Questioned Costs as Prepared by Management.........................................................................115

INTRODUCTORY SECTION

1

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