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NEWARK PREP CHARTER SCHOOL

COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED JUNE 30, 2016

PREPARED BY NEWARK PREP CHARTER SCHOOL

NEWARK PREP CHARTER SCHOOL

Table of Contents

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Introductory Section

Letter of Transmittal .................................................................................................................... 1-9 Organizational Chart ......................................................................................................................10 Roster of Officials..........................................................................................................................11 Consultants and Advisors ..............................................................................................................12

Financial Section

Report of Independent Auditors............................................................................................... 14-16

Required Supplementary Information ? Part I

Management's Discussion and Analysis ................................................................................. 18-25

Basic Financial Statements

A Charter School-wide Financial Statements:

A-1 Statement of Net Position .......................................................................................................28 A-2 Statement of Activities ...........................................................................................................29

B Fund Financial Statements:

Governmental Funds: B-1 Balance Sheet..........................................................................................................................32 B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances .................................33 B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes in

Fund Balances of Governmental Funds to the Statement of Activities ...............................34

Proprietary Funds: B-4 Statement of Net Position .......................................................................................................36 B-5 Statement of Revenues, Expenses, and Changes in Fund Net Position..................................37 B-6 Statement of Cash Flows ........................................................................................................38

NEWARK PREP CHARTER SCHOOL

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Fiduciary Funds: B-7 Statement of Fiduciary Net Position .......................................................................................40 B-8 Statement of Changes in Fiduciary Net Position ....................................................................41

Notes to the Basic Financial Statements .................................................................................. 43-76

Required Supplementary Information ? Part II

C. Budgetary Comparison Schedules:

C-1 Budgetary Comparison Schedule ? General Fund..................................................................77 C-2 Budgetary Comparison Schedule ? Special Revenue Fund....................................................78

Notes to the Required Supplementary Information

C-3 Budget-to-GAAP Reconciliation ............................................................................................80

Required Supplementary Information ? Part III

L. Schedules Related to Accounting and Reporting for Pensions (GASB 68):

L-1 Schedule of the Charter School Proportionate Share of the Net Pension Liability - PERS ....................................................................................81

L-2 Schedule of Charter School Contributions - PERS.................................................................82 L-3 Schedule of the Charter School Proportionate Share

of the Net Pension Liability - TPAF ....................................................................................83 L-4 Note to Required Supplementary Information ? Pension Schedules ......................................84

Other Supplementary Information

D. Schedule of Charter School Contributions - PERS.......................................... Not Applicable

E. Special Revenue Fund:

E-1 Combining Schedule of Program Revenues and Expenditures Budgetary Basis ...................88

F. Capital Projects Fund........................................................................................ Not Applicable

NEWARK PREP CHARTER SCHOOL Table of Contents

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G. Proprietary Funds:

Enterprise Fund:

G-1 Combining Statement of Net Position ....................................................................................91 G-2 Combining Statement of Revenues, Expenses and

Changes in Fund Net Position..............................................................................................92 G-3 Combining Statement of Cash Flows .....................................................................................93

H. Fiduciary Fund:

H-1 Combining Statement of Fiduciary Net Position....................................................................95 H-2 Combining Statement of Revenues, Expenses and

Combining Statement of Changes in Fiduciary Net Position ..............................................96 H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements .............................97 H-4 Payroll Agency Fund Schedule of Receipts and Disbursements............................................98

I. Long - Term Debt:

I-1 Schedule of Mortgage Obligations.........................................................................................100 I-2 Schedule of Obligations Under Capital Leases..................................................Not Applicable I-3 Debt Service Fund Budgetary Comparison Schedule ........................................Not Applicable

J. Introduction to the Statistical Section (Unaudited)

Financial Trends J-1 Net Position by Component ...................................................................................................102 J-2 Changes in Net Position.........................................................................................................103 J-3 Fund Balances ? Governmental Funds ..................................................................................104 J-4 Changes in Fund Balances ? Governmental Funds ...............................................................105 J-5 General Fund Other Local Revenue by Source .....................................................................106

Revenue Capacity J-6 to J-9...................................................................................................................Not Applicable

Debt Capacity J-10 Ratios of Outstanding Debts by Type ..................................................................................107 J-11 to J-13...............................................................................................................Not Applicable

NEWARK PREP CHARTER SCHOOL

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J. Introduction to the Statistical Section (Unaudited) - continued

Demographic and Economic Information J-14 Demographics and Economic Statistics...............................................................................108 J-15 Principal Employers .............................................................................................................119

Operating Information J-16 Full-time Equivalent Charter School Employees by Function/Program .............................110 J-17 Operating Statistics ..............................................................................................................111 J-18 School Building Information ...............................................................................................112 J-19 Schedule of Required Maintenance Expenditures by School Facility.................................113 J-20 Insurance Schedule ..............................................................................................................114

Charter School Performance Framework Financial Indicators J-21 Near Term Indicators ...........................................................................................................115 J-22 Sustainability Indicators.......................................................................................................116

K. Single Audit Section

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 Government Auditing Standards................................................................................... 118-119

K-2 Independent Auditor's Report on Compliance for Each Major State Program; Required by the State of New Jersey OMB's Circular Letter 15-08........................................................................................ 120-122

K-3 Schedule of Expenditures of Federal Awards, Schedule A ..................................................123 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B..................................124 K-5 Notes to the Schedules of Expenditures of Federal Awards

and State Financial Assistance...................................................................................... 125-126 K-6 Schedule of Findings and Questioned Costs ................................................................ 127-130 K-7 Summary Schedule of Prior Audit Findings.........................................................................131

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