Newark Educators’ Community Charter School - Government of New Jersey
嚜澧OMPREHENSIVE ANNUAL
FINANCIAL REPORT
JUNE 30, 2017
Newark Educators*
Community Charter School
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 每 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 ..................................................................... 29-61
NEWARK EDUCATORS* COMMUNITY CHARTER SCHOOL
(COUNTY OF ESSEX, NEW JERSEY)
TABLE OF CONTENTS
PAGE NO.
Required Supplementary Information 每 Part II
C. Budgetary Comparison Schedules:
C-1 Budgetary Comparison Schedule每General Fund................................................ 62-63
C-2 Budgetary Comparison Schedule-Special Revenue Fund ....................................... 64
Notes to the Required Supplementary Information 每 Part II
C-3 Budget-to-GAAP Reconciliation ............................................................................... 65
Required Supplementary Information 每 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 ........................................................... 66
L-2 Schedule of Charter School Contributions - PERS ................................................... 67
L-3 Schedule of the Charter School*s Proportionate
Share of the Net Pension Liability - TPAF ............................................................ 68
Notes to the Required Supplementary Information 每 Part III .......................................... 69
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 每 Budgetary Basis ........................................................... 70
E-2 Schedule(s) of Preschool Education Aid Expenditures Preschool 每 All Programs 每 Budgetary Basis....................................................... 71
F. Capital Projects Fund .................................................................................................... N/A
G. Proprietary Funds:
Enterprise Fund:
G-1 Combining Schedule of Net Position........................................................................ 72
G-2 Combining Schedule of Revenues, Expenses and
Changes in Fund Net Position ............................................................................. 73
G-3 Combining Schedule of Cash Flows ........................................................................ 74
NEWARK EDUCATORS* COMMUNITY CHARTER SCHOOL
(COUNTY OF ESSEX, NEW JERSEY)
TABLE OF CONTENTS
PAGE NO.
H. Fiduciary Funds
H-1 Combining Statement of Fiduciary Net Position ....................................................... 75
H-2 Combining Statement of Changes in Fiduciary Net Position.................................... 76
H-3 Student Activity Agency Fund Schedule of Receipts and Disbursements .............. 77
H-4 Payroll Agency Fund Schedule of Receipts and Disbursements ............................. 78
I.
Long-Term Debt
I-1 Schedule of Serial Bonds ....................................................................................... N/A
I-2 Schedule of Obligations under Capital Leases ......................................................... 79
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 ...................................................................................... 80
J-2 Changes in Net Position............................................................................................ 81
J-3 Fund Balances 每 Governmental Funds..................................................................... 82
J-4 Changes in Fund Balances 每 Governmental Funds ................................................. 83
J-5 General Fund 每 Other Local Revenue by Source ..................................................... 84
Revenue Capacity
J-6 每 J-9 ........................................................................................................................ N/A
Debt Capacity
J-10 Ratios of Outstanding Debt by Type ....................................................................... 85
J11 每 J-13 ..................................................................................................................... N/A
Demographic and Economic Information
J-14 Demographic and Economic Statistics.................................................................... 86
J-15 Principal Employers ................................................................................................ 87
Operating Information
J-16 Full-time Equivalent Charter School Employees by Function/Program .................. 88
J-17 Operating Statistics ................................................................................................. 89
J-18 School Building Information .................................................................................... 90
J-19 Schedule of Allowable Required Maintenance Expenditures by School Facility ... N/A
J-20 Insurance Schedule ................................................................................................ 91
J-21 Charter School Performance Framework, Financial Performance,
Fiscal Ratios ......................................................................................................... 92
NEWARK EDUCATORS* COMMUNITY CHARTER SCHOOL
(COUNTY OF ESSEX, NEW JERSEY)
TABLE OF CONTENTS
PAGE NO.
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 ............................................. 93-94
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 ............................................................. 95-97
K-3
Schedule of Expenditures of Federal Awards, Schedule A ....................................... 98
K-4
Schedule of Expenditures of State Financial Assistance, Schedule B ...................... 99
K-5
Notes to the Schedules of Expenditures of Federal Awards and
State Financial Assistance ............................................................................ 100-101
K-6
Schedule of Findings and Questioned Costs ................................................... 102-105
K-7
Summary Schedule of Prior Year Audit Findings .................................................... 106
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