NEWARK EDUCATORS’ COMMUNITY CHARTER SCHOOL
嚜燒EWARK EDUCATORS*
COMMUNITY CHARTER SCHOOL
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
JUNE 30, 2020
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 ....................................................................................................... 1-5
Organizational Chart ......................................................................................................... 6
Roster of Officials .............................................................................................................. 7
Consultants and Advisors ................................................................................................. 8
FINANCIAL SECTION
Independent Auditor*s Report ...................................................................................... 9-11
Required Supplementary Information 每 Part I
Management*s Discussion and Analysis .................................................................... 12-17
Basic Financial Statements
A. Charter School-Wide Financial Statements:
A-1 Statement of Net Position ......................................................................................... 18
A-2 Statement of Activities .............................................................................................. 19
B. Fund Financial Statements:
Governmental Funds:
B-1 Balance Sheet .......................................................................................................... 20
B-2 Statement of Revenues, Expenditures and Changes in Fund Balances .................. 21
B-3 Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities ................................................................................ 22
Proprietary Funds:
B-4 Statement of Net Position ......................................................................................... 23
B-5 Statement of Revenues, Expenses and Changes in Fund Net Position .................. 24
B-6 Statement of Cash Flows ......................................................................................... 25
Fiduciary Funds:
B-7 Statement of Fiduciary Net Position ......................................................................... 26
B-8 Statement of Changes in Fiduciary Net Position ...................................................... 27
Notes to the Basic Financial Statements ..................................................................... 28-63
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................................................ 64-65
C-2 Budgetary Comparison Schedule-Special Revenue Fund ....................................... 66
Notes to the Required Supplementary Information 每 Part II
C-3 Budget-to-GAAP Reconciliation ............................................................................... 67
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 ........................................................... 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 每 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 每 Budgetary Basis ........................................................... 73
E-2 Schedule(s) of Preschool Education Aid Expenditures Preschool 每 All Programs 每 Budgetary Basis....................................................... 74
F. Capital Projects Fund .................................................................................................... N/A
NEWARK EDUCATORS* COMMUNITY CHARTER SCHOOL
(COUNTY OF ESSEX, NEW JERSEY)
TABLE OF CONTENTS
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 ....................................................... N/A
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 ...................................................................................... 82
J-2 Changes in Net Position............................................................................................ 83
J-3 Fund Balances 每 Governmental Funds..................................................................... 84
J-4 Changes in Fund Balances 每 Governmental Funds ................................................. 85
J-5 General Fund 每 Other Local Revenue by Source ..................................................... 86
Revenue Capacity
J-6 每 J-9 ........................................................................................................................ N/A
Debt Capacity
J-10 Ratios of Outstanding Debt by Type ....................................................................... 87
J11 每 J-13 ..................................................................................................................... N/A
Demographic and Economic Information
J-14 Demographic and Economic Statistics.................................................................... 88
J-15 Principal Employers ................................................................................................ 89
NEWARK EDUCATORS* COMMUNITY CHARTER SCHOOL
(COUNTY OF ESSEX, NEW JERSEY)
TABLE OF CONTENTS
PAGE NO.
Operating Information
J-16 Full-time Equivalent Charter School Employees by Function/Program .................. 90
J-17 Operating Statistics ................................................................................................. 91
J-18 School Building Information .................................................................................... 92
J-19 Schedule of Allowable Required Maintenance Expenditures by School Facility ... N/A
J-20 Insurance Schedule ................................................................................................ 93
J-21 Charter School Performance Framework, Financial Performance,
Fiscal Ratios ......................................................................................................... 94
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 ............................................. 95-96
K-2
Independent Auditor*s Report on Compliance for Each Major State
Program and on Internal Control Over Compliance in Accordance with
New Jersey OMB Circular Letter 15-08 ............................................................. 97-99
K-3
Schedule of Expenditures of Federal Awards, Schedule A ..................................... 100
K-4
Schedule of Expenditures of State Financial Assistance, Schedule B .................... 101
K-5
Notes to the Schedules of Expenditures of Federal Awards and
State Financial Assistance ............................................................................ 102-103
K-6
Schedule of Findings and Questioned Costs Summary of Auditor*s Results ....................................................................... 104-105
K-7
Schedule of Findings and Questioned Costs 每 Schedule of
Financial Statement Findings and Schedule of Federal and
State Award Findings and Questioned Costs ...................................................... 106
K-8
Summary Schedule of Prior Year Audit Findings .................................................... 107
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