Financial Statements June 30, 2014 University Schools

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1 Financial Statements University Schools

2 Table of Contents Independent Auditor s Report... 1 Management s Discussion and Analysis... 3 Financial Statements Government-Wide Financial Statements Statement of Net Position... 9 Statement of Activities Fund Financial Statements Balance Sheet Governmental Funds Reconciliation of the Balance Sheet Governmental Funds to the Statement of Net Position Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds to the Statement of Activities Statement of Fiduciary Net Position Statement of Changes in Fiduciary Net Position Notes to Financial Statements Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual General Fund Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual Union Colony Building Corporation Budget and Actual Union Colony Building Corporation Notes to Required Supplementary Information Supplemental Information Combining Balance Sheet General Fund Combining Statement of Revenues, Expenditures and Changes in Fund Balance General Fund... 36

3 Independent Auditor s Report To the Board of Governors of University Schools Greeley, Colorado Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of University Schools, a component unit of Weld County School District 6, as of and for the year ended, which collectively comprise University Schools basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities, each major fund, and the aggregate remaining fund information of University Schools as of, and the changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America E. Horsetooth Rd. Bldg Fort Collins, CO TF T F EOE

4 Emphasis of Matters Correction of an Error As described in Note 2 to the financial statements, an error resulting in overstatement of accrued interest payable in the governmental funds statement was identified during the year. Accordingly, amounts reported for accrued interest payable and fund balance have been restated as of June 30, 2013, and an adjustment has been made to fund balance as of June 30, 2013 to correct the error. Our opinions are not modified with respect to this matter. Reclassification of Deferred Outflows As described in Note 1 to the financial statements, the School has implemented GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, which clarifies the use of deferred outflows of resources and deferred inflows of resources to ensure consistency in financial reporting. As a result of implementing this statement, the School changed the classification of certain assets to deferred outflows of resources. Our opinions are not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management s Discussion and Analysis on pages 3 through 8 and budgetary comparison information on pages 31 through 32 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board (GASB) who considers it to be an essential part of the reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise University School s basic financial statements. The combining financial statements included on pages 33 through 34 are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining financial statements are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining financial statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Fort Collins, Colorado November 10,

5 An authorized charter school of Weld County School District 6 Management s Discussion and Analysis For the Fiscal Year Ended This section of the report provides readers with a narrative overview and analysis of the financial activities of University Schools (the School) for the year ended. We encourage readers to consider the information presented here in conjunction with the basic financial statements to enhance their understanding of the School's financial performance. Financial Highlights University Schools assets exceeded liabilities by $1,084,617 at. The General Fund balance was $1,264,761 as of. Of this amount, $304,123 is reserved for emergencies. The General Fund balance is $402,961 more than the previous year. The total General Fund balance is 12% of 2014 General Fund operating expenditures. The University Lab School Building Corporation 1 has a fund balance of $1,719,245. All of this balance is a required debt service and repair and replacement reserve. The University Lab School Building Corporation 2 has a fund balance of $352,231. All of this balance is a required debt service and repair and replacement reserve. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the School s basic financial statements. The basic financial statements contain four components: (1) governmentwide financial statements, (2) fund financial statements, (3) notes to the financial statements, and (4) other supplementary information. Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the School s finances in a manner similar to a private sector business. The statement of net position presents information on all of the School s assets, deferred outflow of resources, and liabilities with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the School s financial position is improving or deteriorating. 3

6 The statement of activities presents information showing how the government s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in the statement for some items that will only result in cash flows in future fiscal periods (e.g. uncollected fees). Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. University Schools, like other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of University Schools can be divided into two categories: governmental funds and fiduciary funds. Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government s near-term financing requirements. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. University Schools maintains four individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, University Lab Schools Building Corporation 1, University Lab Schools Building Corporation 2 and Foundation Fund. All but the Foundation Fund are considered to be major funds. The basic governmental fund financial statements can be found on pages 11 through 14 of this report. Fiduciary funds. Fiduciary funds are used to account for resources held for student activities. Fiduciary funds are not included in the government-wide financial statements because the resources of these funds are not available to support University Schools own operations. The basic fiduciary fund financial statement can be found on page 15 of this report. Notes to the Financial Statements. The Notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The Notes to the financial statements can be found on pages 17 through 30 of this report. 4

7 Budgetary Comparisons. University Schools adopts an annual appropriated budget for the General Fund. A budgetary comparison schedule has been provided for the General Fund on page 31 of this report. Government-Wide Financial Analysis Net Position. As Noted earlier, net position may serve over time as a useful indicator of a government s financial position. As of, assets exceeded liabilities by $1,084,617. The following table provides a summary of the School s net position for 2014 and 2013: Assets: Current assets $ 2,112,158 $ 1,542,112 Noncurrent assets 25,331,042 25,911,547 Deferred outflows of resources 1,862,716 1,972,287 Total assets and deferred outflows of resources 29,305,916 29,425,946 Liabilities: Current liabilities 835, ,228 Noncurrent liabilities 27,386,234 27,897,878 ` 28,221,299 28,606,106 Net position: Net investment in capital assets (2,263,952) (5,693,846) Restricted 2,375,599 5,803,525 Unrestricted 972, ,161 Total net position $ 1,084,617 $ 819,840 A portion of University Schools net position represents unrestricted net position of $972,970 which may be used to meet the School s ongoing obligations to students and creditors. Another significant portion of the School s net position reflects its investment in capital assets. These assets include land, buildings, and equipment. These capital assets are used to provide services to students; consequently, they are not available for future spending. Although the investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources since the capital assets themselves cannot be used to liquidate these liabilities. The only long-term debts are the bonds issued for construction of the school building. University Schools has no other long-term debt. 5

8 An additional $304,123 of the School s net position represents resources that are subject to external restrictions on how they may be used. Included in this category are the Taxpayer s Bill of Rights (TABOR) emergency reserves. The remaining restricted net position is restricted for debt service and construction. The following table is a condensed statement of activities: Program revenues: Charges for services $ 281,258 $ 233,297 Operating grants and contributions 94,258 62,318 Capital grants and contributions 162, ,006 General revenues: Per pupil funding 11,458,084 8,098,559 Interest income 76,390 80,946 Other income 450, ,671 Total revenues 12,522,917 8,906,797 Expenses: Instruction 7,782,104 5,296,703 Support services 2,932,192 2,463,548 Debt issuance costs - 230,850 Interest on long-term debt 1,543,844 1,184,118 Total expenses 12,258,140 9,175,219 Change in net position 264,777 (268,422) Net position - beginning 819,840 1,088,262 Net position - ending $ 1,084,617 $ 819,840 Governmental-wide activities increased University Schools net position by $264,777 in Key elements of this increase are as follows: The capital construction grant income increased over the prior year due to increased funding and increased student enrollment. Per-pupil funding (PPF) revenue increased due to an increase in student enrollment and an increase in funding rate. The School s other income increased due to fees associated with increased enrollment and other increased support. Debt issuance costs for the 2012 Series bonds issued during the prior year were another factor in the School s improvement reflected in its statement of activities. 6

9 Financial Analysis of the School s Funds As noted earlier, University Schools uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. As of, the total fund balances of the School s governmental funds were $3,442,494. Approximately 28% of this consists of unassigned fund balance, which is available as working capital and for current spending in accordance with the purposes of the specific funds. The remainder of fund balance is restricted to indicate that it is not available for new spending because it is reserved for the following purposes: (1) a state-constitution mandated emergency reserve ($304,123) and (2) debt service ($2,071,476). The School has three major governmental funds. These are the General Fund, the University Lab School Building Corporation Fund 1, and University Lab School Building Corporation Fund General Fund. This is the primary operating fund of the University Schools. It accounts for the School s core services, such as instruction and student services. The General Fund s fund balance was $1,260,761 as of. The 2014 fund balance is $402,961 more than the previous year. 2. University Lab School Building Corporation Fund 1. The University Lab School Building Corporation Fund 1 accounts for the resources accumulated and payments for principal and interest on long-term debt. The fund balance did not change significantly during the year. 3. University Lab School Building Corporation Fund 2. The University Lab School Building Corporation Fund 2 accounts for the resources accumulated and payments for principal and interest on long-term debt. Bonds were issued on December 17, 2012 for the construction and furnishing of a second building on the School s campus. Proceeds of the bond issue were distributed to UMB, as Trustee. Construction of the new building began in January 2013 and was completed in August General Fund Budgetary Highlights The School s budget is prepared according to Colorado statutes. The most significant budgeted fund is the General Fund. The revenue excess is primarily a result of increased student enrollment due to the expansion of the school and a small increase in the state PPF and the capital construction grant. Although leasing income from the building decreased, the space being leased accommodated the increase in enrollment for the increased student population. Expenditures were less than anticipated due to management s ability to control costs even with the increase in staff/faculty salaries and benefits attributable to the expansion. 7

10 Capital Asset and Debt Administration Capital Assets. University Schools investment in capital assets for its governmental type activities as of totals $23,259,566 (net of accumulated depreciation). This investment includes all land, buildings, and equipment. The increase in capital assets in the current year was the result of the construction of a second building and related furniture and equipment on the School s campus. The School uses the straight-line depreciation method under GASB 34 for its capital assets, except for land which is not depreciated. Additional information on the School s capital assets can be found in Note 4 of this report. Long-term Debt. At, University Schools had $27,260,000 of bonds payable, repayment will be funded from Per Pupil Revenue. Additional information on University Schools debt can be found in Note 5. Requests for Information This financial report is designed to provide a general overview of University Schools finances for all those with an interest in the Schools finances. Questions concerning any of the information provided should be addressed to University Schools, 6525 West 18 th Street, Greeley, Colorado

11 Statement of Net Position Assets: Cash $ 2,052,391 Restricted cash and investments 2,071,476 Accounts receivable 59,767 Capital assets not being depreciated 2,163,231 Capital assets, net 21,096,335 Total assets 27,443,200 Deferred outflows of resources: Deferred charges on bond refunding 1,862,716 Total assets and deferred outflows of resources 29,305,916 Liabilities: Accounts payable 25,257 Accrued salaries and benefits 715,883 Accrued interest payable 93,925 Noncurrent liabilities: Due within one year 525,000 Due in more than one year 26,861,234 Total liabilities 28,221,299 Net position: Net investment in capital assets (2,263,952) Restricted for: Emergencies 304,123 Debt service 2,071,476 Unrestricted 972,970 Total net position $ 1,084,617 See Notes to Financial Statements 9

12 Statement of Activities Year Ended Program Revenues Net (Expense) Charges Operating Capital Revenue & for Grants and Grants and Changes in Expenses Services Contributions Contributions Net Position Governmental Activities Instruction $ 7,782,104 $ 281,258 $ 94,258 $ - $ (7,406,588) Support services 2,932, ,872 (2,769,320) Interest on long-term debt 1,543, (1,543,844) Total school activities 12,258, ,258 94, ,872 (11,719,752) General revenues: Per pupil funding 11,458,084 Interest income 76,390 Other income 450,055 Total general revenues 11,984,529 Change in net position 264,777 Net position - beginning 819,840 Net position - ending $ 1,084,617 See Notes to Financial Statements 10

13 Balance Sheet Governmental Funds (nonmajor) University University University Lab School Lab School Lab General Building Building School Fund Corporation 1 Corporation 2 Foundation Total Assets: Cash $ 1,954,034 $ - $ - $ 98,357 $ 2,052,391 Restricted cash and investments - 1,719, ,231-2,071,476 Accounts receivable 51, ,900 59,767 Total assets $ 2,005,901 $ 1,719,245 $ 352,231 $ 106,257 $ 4,183,634 Liabilities: Accounts payable $ 25,257 $ - $ - $ - $ 25,257 Accrued salaries and benefits 715, ,883 Total liabilities 741, ,140 Fund Balance: Restricted fund balance 304,123 1,719, , ,257 2,481,856 Unassigned fund balance 960, ,638 Total fund balance 1,264,761 1,719, , ,257 3,442,494 Total liabilities and fund balance $ 2,005,901 $ 1,719,245 $ 352,231 $ 106,257 $ 4,183,634 See Notes to Financial Statements 11

14 Reconciliation of the Balance Sheet Governmental Funds to the Statement of Net Position Amounts reported for governmental activities in the statement of net position are different because: Total fund balance - governmental fund $ 3,442,494 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the fund. The cost of the assets is $27,843,950 and the accumulated depreciation is $4,584,383 23,259,566 Deferred charges on bond refunding 1,862,716 Long-term liabilities, including bonds payable, are not due and payable in the current period, and therefore, are not reported as liabilities in the funds. Long-term liabilities at year end consist of: Bonds payable (27,260,000) Bond premium, net of accumulated amortization (126,234) Interest accrued (93,925) (27,480,159) Total net position $ 1,084,617 See Notes to Financial Statements 12

15 Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds Year Ended University University University Lab School Lab School Lab General Building Building School Fund Corporation 1 Corporation 2 Foundation Total Revenue: Local sources $ 62,516 $ - $ - $ 82,080 $ 144,596 State sources 11,620, ,620,956 Federal sources 31, ,742 Exchange program 7, ,150 Student fees 274, ,108 Interest income 74, ,390 Rent and other 367, ,975 Total revenue 12,439, ,080 12,522,917 Expenditures: Current: Instruction 7,782, ,782,104 Supporting services 2,305, ,410 2,348,753 Debt service - 1,354, ,720-1,951,715 Capital outlay 50,000-3,557,040-3,607,040 Total expenditures 10,137,447 1,354,995 4,153,760 43,410 15,689,612 Revenue over (under) expenditures 2,301,607 (1,354,193) (4,152,779) 38,670 (3,166,695) Other financing (uses) sources Transfers (out) in (1,898,646) 1,355, , Net change in fund balance 402,961 1,491 (3,609,817) 38,670 (3,166,695) Fund balance - beginning restated 861,800 1,717,754 3,962,048 67,587 6,609,189 Fund balance - ending $ 1,264,761 $ 1,719,245 $ 352,231 $ 106,257 $ 3,442,494 See Notes to Financial Statements 13

16 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds to the Statement of Activities Year Ended Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balance - governmental fund $ (3,166,695) Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of these assets are allocated over their estimated useful lives and reported as deprecation expense. This is the amount by which capital outlay exceeded depreciation expense. 3,027,821 Deferred charge on bond refunding amortization (109,571) Repayment of bond principal is an expenditure in the governmental funds, but it reduces long-term debt in the statement of net position. 505,000 Governmental funds report the effect of premiums and other deferred charges when the debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. This amount is the net effect of premiums and amortization of deferred charge on bond refunding. Premium amortization $ 6,644 Interest expense due to change in accrued interest 1,578 8,222 Change in net position $ 264,777 See Notes to Financial Statements 14

17 Statement of Fiduciary Net Position Agency Fund Assets: Cash and investments $ 113,198 Liabilities: Due to student groups $ 113,198 See Notes to Financial Statements 15

18 Statement of Changes in Fiduciary Net Position Balance Balance July 1, 2013 Additions Reductions Assets: Cash and investments $ 105,611 $ 346,724 $ 339,137 $ 113,198 Liabilities: Due to student groups $ 105,611 $ 346,724 $ 339,137 $ 113,198 See Notes to Financial Statements 16

19 Notes to Financial Statements Note 1 Summary of Significant Accounting Policies The accounting policies of University Schools (the School) conform to accounting principles generally accepted in the United States of America. The following is a summary of the School s significant accounting policies: Reporting Entity Within a year of its founding, the University of Northern Colorado (UNC) established a model school to provide a classroom setting to train Normal School teachers and to provide a laboratory for faculty to experiment with curriculum and classroom teaching methods. The model school was renamed the Training School in 1899, with the first high school commencement held in College High was adopted in the 1920s and was changed to University High in 1970 with the change to University status for UNC. On September 30, 1998, the University Schools were chartered by the University of Northern Colorado pursuant to the Charter Schools Act (Colorado Revised Statutes ) with funding through Weld County School District 6 (the District). In 2000, the University relinquished the charter and a nonprofit group began operating the school effective July 1, The Charter Schools Act permits school districts to contract with individuals and organizations for the operation of schools within the district. The statutes define these contracted schools as charter schools. Charter schools are financed from a portion of the school district s School Finance Act revenues and from revenues generated by the charter schools within limits established by the Charter School Act. Charter schools have separate governing boards; however, the school district s board of education must approve all charter school applications and budgets. The School is funded based on the level of per pupil operating revenue (PPOR) as defined by the State of Colorado Legislature and the number of full-time equivalent (FTE) students. As of the designated count day (October 1, 2013), there were 1,706 FTE students enrolled. The PPR rate for the fiscal year ended, was approximately $6,300. The accompanying financial statements present the School and its blended component units, entities for which the School is considered to be financially accountable. Blended component units, although legally separate entities, are, in substance, part of the School s operations. The University Lab School Building Corporation 1 (the Building Corporation 1) was formed in 2001 for the purposes of purchasing, leasing, or otherwise acquiring certain real property and to construct a school building. The entity does not issue separate financial statements. 17

20 Notes to Financial Statements The University Lab School Building Corporation 2 (the Building Corporation 2) was formed in 2012 for the purposes of purchasing, leasing, or otherwise acquiring certain real property and to construct a school building. The Entity does not issue separate financial statements. The University Schools Foundation was formed for the purpose of receiving, maintaining, and administering funds received as gifts for the benefit of the School. The entity does not issue separate financial statements. The School is a component unit of the District and is included in the District s Comprehensive Annual Financial Report. Government-wide and Fund Financial Statements The government-wide financial statements (the statement of net position and the statement of activities) report information on all of the nonfiduciary activities of the primary government and its component units. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to students or individuals who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not included among program revenues are reported instead as general revenues. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter are excluded from the School s government-wide statements. Major individual funds are reported in separate columns in the fund financial statements. Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Revenue from per pupil operating revenue is recognized in the fiscal year for which the funding is provided. Revenue from grants is recognized in the fiscal year in which all eligibility requirements have been satisfied. Revenue from donations is recognized when the funds are pledged to the School. Charges for services are considered revenue once the service is rendered, and as such are considered susceptible to accrual. All other revenue items are considered to be measurable and available only when cash is received by the government. 18

21 Notes to Financial Statements Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Measurable means that the amount of the transaction can be determined. Available means collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the School considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are generally recorded when a liability is incurred, as under accrual accounting. Charges for services are considered revenue once the service is rendered, and as such are considered susceptible to accrual. All other revenue items are considered to be measurable and available only when cash is received by the government. When both restricted and unrestricted resources are available for use, it is the School s policy to use restricted resources first, then unrestricted resources as they are needed. The accounts of the School are organized on the basis of funds, each of which is considered to be a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures, or expenses as appropriate. Resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The major funds presented in the accompanying basic financial statements are as follows: Major Governmental Funds General Fund: The General Fund is the School s primary operating fund. It accounts for all financial resources of the School, except those required legally or by sound financial management to be accounted for in another fund. Special Revenue University Lab Schools Building Corporation 1 and 2: Special revenue funds are used to account for the proceeds of specific revenue sources that are restricted to expenditure for specified purposes. The School reports two special revenue funds for the Building Corporations. 19

22 Notes to Financial Statements The School reports the following nonmajor funds: Agency Fund Student Activity Fund: The Agency Fund consists of funds held by the School as custodian for students and student organizations. Special Revenue University Laboratory School Foundation: Special revenue funds are used to account for the proceeds of specific revenue sources that are restricted to expenditure for specified purposes. The School reports one special revenue fund for the Foundation. Interfund Transfers Interfund transfers are generally made between the general fund and the Building Corporation funds in accordance with the terms of the building lease (NOTE 6). Transfers between the Foundation and general fund are made for discretionary spending. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions. The estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from these estimates. Cash and Investments Cash and investments include cash on hand, demand deposits, savings accounts and pooled investment funds. Investments are carried at fair value. Capital Assets Capital assets purchased by the Building Corporations, which include land, buildings, building improvements, and equipment are reported in the government-wide financial statements. All capital assets are valued at historical cost or estimated historical cost if actual historical cost is not available. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. All reported capital assets, except for land, are depreciated. Depreciation on all assets is provided using the straight-line method over the following estimated useful lives: Buildings and building improvements Equipment 50 years 3-10 years 20

23 Notes to Financial Statements Deferred Outflows of Resources For the year ended June 30, 2013, the School implemented GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, which clarifies the use of deferred outflows of resources and deferred inflows of resources to ensure consistency in financial reporting. As a result of implementing this statement, the School changed the classification of certain assets to deferred outflows of resources. For current refundings and advance refundings resulting in defeasance of debt, the difference between the reacquisition price and the net carrying amount of the old debt is reported as a deferred outflow (or inflow) of resources. Those amounts are amortized over the life of the old debt or the life of the new debt, whichever is shorter. Accrued Salaries and Benefits Salaries of teachers and certain other employees are paid over a 12-month period ending July 31. However, most salaries are earned over the traditional school year of September through May. The difference between salary and related benefit amounts earned from July 1 through June 30 and the corresponding amounts paid during this period is shown as a liability for accrued salaries and benefits in the amount of $715,883. Full-time salaried employees receive eight days of discretionary leave each school year. Administrative employees also receive vacation leave. Accumulated compensated absences are not material to the financial statements and are not presented. Long-Term Debt Long-term debt is reported as liabilities in the statement of net position. Bond premiums and discounts are amortized over the life debt using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are recognized as an outflow of resources in the reporting period in which they are incurred. Net Position/Fund Balance In the government-wide financial statements, net position is restricted when constraints placed on the net position are externally imposed. Net position invested in capital assets, net of related debt, consist of capital assets, net of accumulated depreciation, reduced by the outstanding balances of any borrowings used for the acquisition, construction, or improvements of those assets. In the fund financial statements, fund equity of the School s governmental funds is classified as nonspendable, restricted, committed, assigned or unassigned. A governmental fund may not have all five components of fund balance. Nonspendable fund balances indicate amounts that cannot be spent either a) due to form; for example, inventories and prepaid amounts or b) due to legal or contractual requirements to be maintained intact. 21

24 Notes to Financial Statements Restricted fund balances in the School s general fund indicate amounts constrained for a specific purpose by external parties, constitutional provision or enabling legislation. Restrictions on the School s fund balance are described in Note 9. Committed fund balances indicate amounts constrained for a specific purpose by a government using its highest level of decision-making authority. It would require an ordinance by the School s board to remove or change the constraints placed on the resources. This action must occur prior to year-end; however, the amount can be determined in the subsequent period. Assigned fund balances indicate amounts for governmental funds, other than the general fund, any remaining positive amounts not classified in the above categories. For the general fund, amounts constrained for the intent to be used for a specific purpose has been delegated to the Business Manager. Unassigned fund balances indicate amounts in the general fund that are not classified as nonspendable, restricted, committed or assigned. The general fund is the only fund that would report a positive amount in unassigned fund balance. When both unassigned and committed or assigned resources are available for use, it is the School s policy to use committed or assigned resources first, then unassigned resources as needed. Self Insurance The School is partially self-insured for employee medical costs. Self-insurance liabilities are determined based on claims filed and estimates for claims incurred but not reported. The School purchases insurance for significant claims incurred. The School s stop loss limit under this policy is $30,000 per person and approximately $225,000 of total claims. Total costs for selfinsurance during the fiscal year ended, were $128,000. The liability for selfinsurance is reported within accrued expenses at. Recent Accounting Pronouncements The Governmental Accounting Standards Board (GASB) has issued GASB Statement 68, Accounting and Financial Reporting for Pension which revised and establishes new financial reporting requirements for most governments that provide their employees with pension benefits. The School provides its employees with pension benefits through a multiple employer costsharing defined benefit retirement program, the Public Employees Retirement Association of Colorado (PERA), as further discussed in Note 7. 22

25 Notes to Financial Statements Statement 68 requires employers participating in the PERA program to record their proportionate share of PERA s unfunded pension liability. The School has no legal obligation to fund this shortfall nor does it have any ability to affect funding benefits, investment, or annual contribution decisions made by PERA. The requirements of GASB Statement 68 will have a negative impact on the net position of the School after the provisions of the statement are implemented. GASB Statement 68 is effective for fiscal years beginning after December 15, At this time, the School is unable to estimate the magnitude of the impact of this statement. Information regarding PERA s unfunded obligations can be obtained from the PERA website or its Comprehensive Annual Financial Report. Note 2 Restatement Correction of an Error University Schools reflected accrued interest payable and related interest expense pertaining to the University Lab School Building Corporations 1 and 2 in its previously issued governmental funds statements. Accrual of interest for recurring budgeted charges is not required in the fund statements. The fund balance of the University Lab School Building Corporations 1 as of June 30, 2013 has been increased from $1,645,956 to $1,717,754 to reflect the correction of the error. The fund balance of University Lab School Building Corporation 2 as of June 30, 2013 has been increased from $3,937,343 to $3,962,048 to reflect the correction of the error. Note 3 Cash and Investments Colorado statutes govern the School s deposits of cash and investments. The Colorado Public Deposit Protection Act (PDPA) requires that all units of a local government deposit cash in eligible public depositories; eligibility is determined by state regulators. Amounts on deposit in excess of federal insurance levels must be collateralized. The eligible collateral is determined by the PDPA. PDPA allows the institution to create a single collateral pool for all public funds. The pool is to be maintained by another institution or held in trust for all the uninsured public deposits as a group. The market value of the collateral must be at least equal to one hundred and two percent of the uninsured deposits. At, the School s carrying amount of deposits was $2,165,589 and the bank balance was $2,181,314. These amounts include fiduciary funds cash of $113,198 with bank balances of $116,

26 Notes to Financial Statements The bonds require the Building Corporations to maintain certain cash and investment reserve accounts. These accounts are held by a trustee. Monthly rent payments from the School (Note 6) are deposited in the accounts and the semi-annual bond payments are made from the accounts. At, $1,636,940 is held in reserve accounts required by the bond agreements which is to be used for the payment of principal and interest on the bonds in the event that sufficient funds are not available to make such payments when due. Approximately $184,500 is held in reserve accounts required by the bond agreements which are to be used for the current principal and interest payments on the bonds. In addition, at, approximately $250,000 is held in a repair and replacement fund. A $25,000 annual deposit into this fund is required until the fund equals or exceeds $250,000. Withdrawals from the fund are allowed for repair and replacement of the school facility. State statutes authorize the School to invest in obligations of the U.S. Treasury and U.S. agencies, obligations of the state of Colorado or of any country, school district, and certain towns and cities therein, Notes or bonds secured by insured mortgages or trust deeds, obligations of national mortgage associations, and certain repurchase agreements. The School does not have an investment policy beyond the restrictions in State statute. Credit Risk - The School does not hold investments. The cash and investment reserve accounts owned by the Building Corporations are in the custody of the Trustee, these funds are used primarily to make bond principal and interest payments. These funds are invested by the Trustee as directed by the Building Corporation; investments are limited to investments as allowed by the State of Colorado. The statutes define the permissible rating, maturity, custodial and concentration risk criteria in which local governments may invest to include: Obligations of the United States and certain U.S. government agency securities General obligation and revenue bonds of U.S. local government entities Bankers acceptance of certain banks Corporate Securities Local government investment pools Written repurchase agreements collateralized by certain authorized securities Certain money market funds Guaranteed investment contracts At, the Building Corporation s investments consisted of cash and money market accounts. The money market accounts are not rated for credit risk. Interest rate risk- The Trustee is required to maintain liquidity of the investment funds held so as to meet cash requirements of the principal and interest requirements of the bonds on a semiannual basis. 24

27 Notes to Financial Statements Note 4 Capital Assets Capital asset activity for the year ended, was as follows: Beginning Balance Increases Transfers Ending Balance Capital assets, not being depreciated: Land $ 2,157,778 $ 5,453 $ - $ 2,163,231 Construction in Process 6,089,998 - (6,089,998) - Total capital assets, not being depreciated 8,247,776 5,453 (6,089,998) 2,163,231 Capital assets, being depreciated: Land improvements 793, ,819 Buildings and building improvements 14,295,475 3,015,002 6,089,998 23,400,475 Furniture and equipment 899, ,585-1,436,425 Vehicles - 50,000-50,000 Total capital assets, being depreciated 15,989,134 3,601,587 6,089,998 25,680,719 Less accumulated depreciation: Land improvements (142,490) (15,876) - (158,366) Buildings and building improvements (3,029,070) (437,660) - (3,466,730) Furniture and equipment (833,605) (124,641) - (958,246) Vehicles - (1,042) - (1,042) Total accumulated depreciation (4,005,165) (579,219) - (4,584,384) Total capital assets being depreciated, net 11,983,969 3,022,368 6,089,998 21,096,335 Capital assets, net $ 20,231,745 $ 3,027,821 $ - $ 23,259,566 Depreciation expense of $579,219 was charged to support services for the year ended June 30,

28 Notes to Financial Statements Note 5 Bonds Payable The Colorado Educational and Cultural Facilities Authority (the Authority) has issued its Charter School Revenue Bonds as the University Lab School Project Series 2004 and Series The bonds were issued for the University Lab Schools Building Corporation s use in acquiring the land and building that are the school facility. The Authority and the Building Corporation have entered into a loan agreement wherein the proceeds of the Authority bonds have been loaned to the Building Corporation. The bonds are payable solely from the loan rights pledged to the Authority under the loan agreement, pledges of funds and revenue by the Trustee to the Authority, and the assignment of the Authority s mortgage on the facility and the security interest in the pledged revenues of the Building Corporation. The bonds do not constitute a debt of the Authority and are considered the obligation of the Building Corporation. The Building Corporation has granted the Authority a mortgage lien on the real estate and a security interest in the lease revenues from the School. The Authority s rights under the agreement have been assigned to the Trustee. The lease revenues which are the basis of the pledged revenues are described in Note 6. The lease revenue over the term of the agreement is equal to the expected principal and interest payments to be made over the life of the 2004 bonds, approximately $25,500,000. Lease revenues pledged on the 2012 bonds aggregate approximately $2,500, % of the lease revenues have been pledged under the agreements. Lease revenue was approximately equal to the debt service requirements of the bonds for the year ended, $1,915,

29 Notes to Financial Statements Bonds payable consisted of the following at : Colorado Educational and Cultural Facilities Authority Charter School Revenue Refunding and Improvements Bond, Series 2004, payable in semi-annual payments of principal and interest at 3.0% %, effective rate of 5.0%, maturity in 2033, collateralized by property. principal and interest. $ 16,280,000 Colorado Educational and Cultural Facilities Authority Charter School Revenue Bond, Series 2012, payable in installments of $80,000 to $85,000 through December 2016 with a balloon payment of $10,815,000 due December 2017; interest rate is 5.4% and interest is payable semi-annually on December 15 and June 15. The bonds are callable December 15, 2014 at par. 10,980,000 27,260,000 Less current portion (525,000) Plus bond premium 126,234 Total $ 26,861,234 The following schedule represents the School s debt service requirements to maturity for outstanding revenue bonds at : Year Ending Principal Interest Total June 30, 2015 $ 525,000 $ 1,423,558 $ 1,948,558 June 30, ,000 1,395,995 2,025,995 June 30, ,000 1,362,800 2,027,800 June 30, ,425,000 1,327,760 12,752,760 June 30, , ,725 1,351,725 June 30, ,750,000 3,017,087 6,767,087 June 30, ,820,000 1,947,500 6,767,500 June 30, ,805, ,250 5,420,250 Total $ 27,260,000 $ 11,801,675 $ 39,061,675 27

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