NEWARK EDUCATORS’ COMMUNITY CHARTER SCHOOL - Government of New Jersey

NEWARK EDUCATORS¡¯

COMMUNITY CHARTER SCHOOL

COMPREHENSIVE ANNUAL

FINANCIAL REPORT

JUNE 30, 2018

PREPARED BY

Newark Educators¡¯ Community Charter School

NEWARK EDUCATORS¡¯ COMMUNITY CHARTER SCHOOL

(COUNTY OF ESSEX, NEW JERSEY)

TABLE OF CONTENTS

PAGE NO.

INTRODUCTORY SECTION

Letter of Transmittal ....................................................................................................... 1-6

Organizational Chart ......................................................................................................... 7

Roster of Officials .............................................................................................................. 8

Consultants and Advisors ................................................................................................. 9

FINANCIAL SECTION

Independent Auditors¡¯ Report .................................................................................... 10-12

Required Supplementary Information ¨C Part I

Management¡¯s Discussion and Analysis .................................................................... 13-18

Basic Financial Statements

A. Charter School-Wide Financial Statements:

A-1 Statement of Net Position ......................................................................................... 19

A-2 Statement of Activities .............................................................................................. 20

B. Fund Financial Statements:

Governmental Funds:

B-1 Balance Sheet .......................................................................................................... 21

B-2 Statement of Revenues, Expenditures and Changes in Fund Balances .................. 22

B-3 Reconciliation of the Statement of Revenues, Expenditures

and Changes in Fund Balances of Governmental Funds

to the Statement of Activities ................................................................................ 23

Proprietary Funds:

B-4 Statement of Net Position ......................................................................................... 24

B-5 Statement of Revenues, Expenses and Changes in Fund Net Position .................. 25

B-6 Statement of Cash Flows ......................................................................................... 26

Fiduciary Funds:

B-7 Statement of Fiduciary Net Position ......................................................................... 27

B-8 Statement of Changes in Fiduciary Net Position ...................................................... 28

Notes to the Basic Financial Statements ..................................................................... 29-63

NEWARK EDUCATORS¡¯ COMMUNITY CHARTER SCHOOL

(COUNTY OF ESSEX, NEW JERSEY)

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Required Supplementary Information ¨C Part II

C. Budgetary Comparison Schedules:

C-1 Budgetary Comparison Schedule¨CGeneral Fund................................................ 64-65

C-2 Budgetary Comparison Schedule-Special Revenue Fund ....................................... 66

Notes to the Required Supplementary Information ¨C Part II

C-3 Budget-to-GAAP Reconciliation ............................................................................... 67

Required Supplementary Information ¨C Part III

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

L-1 Schedule of the Charter School¡¯s Proportionate

Share of the Net Pension Liability - PERS ........................................................... 68

L-2 Schedule of Charter School Contributions - PERS ................................................... 69

L-3 Schedule of the Charter School¡¯s Proportionate

Share of the Net Pension Liability - TPAF ............................................................ 70

M. Schedules Related to Accounting and Reporting for OPEB (GASB 75)

M-1 Schedule of the Changes in the Charter School¡¯s Total OPEB

Liability and Related Ratios .................................................................................. 71

Notes to the Required Supplementary Information ¨C Part III .......................................... 72

Other Supplementary Information

D. School Based Budget Schedules .................................................................................. N/A

E. Special Revenue Fund:

E-1 Combining Schedule of Program Revenues and Expenditures

Special Revenue Fund ¨C Budgetary Basis ........................................................... 73

E-2 Schedule(s) of Preschool Education Aid Expenditures Preschool ¨C All Programs ¨C Budgetary Basis....................................................... 74

F. Capital Projects Fund .................................................................................................... N/A

NEWARK EDUCATORS¡¯ COMMUNITY CHARTER SCHOOL

(COUNTY OF ESSEX, NEW JERSEY)

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PAGE NO.

G. Proprietary Funds:

Enterprise Fund:

G-1 Combining Schedule of Net Position........................................................................ 75

G-2 Combining Schedule of Revenues, Expenses and

Changes in Fund Net Position ............................................................................. 76

G-3 Combining Schedule of Cash Flows ........................................................................ 77

H. Fiduciary Funds

H-1 Combining Statement of Fiduciary Net Position ....................................................... 78

H-2 Combining Statement of Changes in Fiduciary Net Position.................................... 79

H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements .............. 80

H-4 Payroll Agency Fund Schedule of Receipts and Disbursements ............................. 81

I.

Long-Term Debt

I-1 Schedule of Serial Bonds ....................................................................................... N/A

I-2 Schedule of Obligations under Capital Leases ......................................................... 82

I-3 Debt Service Fund Budgetary Comparison Schedule ............................................ N/A

STATISTICAL SECTION (Unaudited)

Introduction to the Statistical Section

Financial Trends

J-1 Net Position by Component ...................................................................................... 83

J-2 Changes in Net Position............................................................................................ 84

J-3 Fund Balances ¨C Governmental Funds..................................................................... 85

J-4 Changes in Fund Balances ¨C Governmental Funds ................................................. 86

J-5 General Fund ¨C Other Local Revenue by Source ..................................................... 87

Revenue Capacity

J-6 ¨C J-9 ........................................................................................................................ N/A

Debt Capacity

J-10 Ratios of Outstanding Debt by Type ....................................................................... 88

J11 ¨C J-13 ..................................................................................................................... N/A

Demographic and Economic Information

J-14 Demographic and Economic Statistics.................................................................... 89

J-15 Principal Employers ................................................................................................ 90

NEWARK EDUCATORS¡¯ COMMUNITY CHARTER SCHOOL

(COUNTY OF ESSEX, NEW JERSEY)

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PAGE NO.

Operating Information

J-16 Full-time Equivalent Charter School Employees by Function/Program .................. 91

J-17 Operating Statistics ................................................................................................. 92

J-18 School Building Information .................................................................................... 93

J-19 Schedule of Allowable Required Maintenance Expenditures by School Facility ... N/A

J-20 Insurance Schedule ................................................................................................ 94

J-21 Charter School Performance Framework, Financial Performance,

Fiscal Ratios ......................................................................................................... 95

SINGLE AUDIT SECTION

K-1

Independent Auditors¡¯ 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 ............................................. 96-97

K-2

Independent Auditors¡¯ Report on Compliance for Each Major State

Program and on Internal Control Over Compliance in Accordance with

New Jersey OMB Circular Letter 15-08 ........................................................... 98-100

K-3

Schedule of Expenditures of Federal Awards, Schedule A ..................................... 101

K-4

Schedule of Expenditures of State Financial Assistance, Schedule B .................... 102

K-5

Notes to the Schedules of Expenditures of Federal Awards and

State Financial Assistance ............................................................................ 103-104

K-6

Schedule of Findings and Questioned Costs Summary of Auditors¡¯ Results ....................................................................... 105-106

K-7

Schedule of Findings and Questioned Costs ¨C Schedule of

Financial Statement Findings and Schedule of Federal and

State Award Findings and Questioned Costs ...................................................... 107

K-8

Summary Schedule of Prior Year Audit Findings .................................................... 108

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