Nj.gov
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
Page #
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
Table of Contents Page #
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
Page #
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
Table of Contents
Page #
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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