FLORIDA STATE COLLEGE AT JACKSONVILLE PATHWAYS ACADEMY. A Charter School and Restricted Fund of Florida State College at Jacksonville

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1 FLORIDA STATE COLLEGE AT JACKSONVILLE PATHWAYS ACADEMY A Charter School and Restricted Fund of Florida State College at Jacksonville FINANCIAL STATEMENTS AND OTHER REPORTS JUNE 30, 2013

2 FLORIDA STATE COLLEGE AT JACKSONVILLE PATHWAYS ACADEMY A Charter School and Restricted Fund of Florida State College at Jacksonville TABLE OF CONTENTS INDEPENDENT AUDITOR S REPORT...1 MANAGEMENT S DISCUSSION AND ANALYSIS...3 FINANCIAL SECTION Basic Financial Statements: Statement of Net Assets...9 Statement of Revenues, Expenses and Changes in Net Assets...10 Statement of Cash Flows...11 Notes to Financial Statements...12 COMPLIANCE SECTION 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...20 INDEPENDENT AUDITOR S MANAGEMENT LETTER...22

3 INDEPENDENT AUDITOR S REPORT September 24, 2013 To the District Board of Trustees of Florida State College at Jacksonville On Behalf of Florida State College at Jacksonville Pathways Academy Jacksonville, Florida We have audited the accompanying special purpose financial statements of Florida State College at Jacksonville Pathways Academy, a Charter School and Restricted Fund of Florida State College at Jacksonville (the Charter School ), as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise the Charter School s 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 opinions 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. -1-

4 Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Florida State College at Jacksonville Pathways Academy as of June 30, 2013, and the changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. 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 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, who considers it to be an essential part of financial 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 In accordance with Government Auditing Standards, we have also issued our report dated September 24, 2013, on our consideration of the Charter School s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. -2-

5 MANAGEMENT S DISCUSSION AND ANALYSIS

6 Pathways Academy A Charter School and Restricted Fund of Florida State College at Jacksonville Management s Discussion and Analysis Introduction The following discussion and analysis provides an overview of the financial position and activities of the Florida State College at Jacksonville Pathways Academy Charter High School for the year ended June 30, 2013, the seventh year of the school. Pathways Academy, a public charter high school authorized by the Board of Duval County Public Schools, is located on the Downtown Campus of Florida State College at Jacksonville in Duval County, Florida. Pathways Academy is a unique dropout retrieval high school that provides dropouts, ages 16 through 20, with the opportunity to return to school and simultaneously earn a secondary and post-secondary credential in preparation for a high-wage, highdemand job. The Pathways Academy charter school contract embodies legislative goals for charter schools and the College s commitment to improve student learning and academic achievement, increase learning opportunities for low-performing students, create new professional opportunities for teachers to develop and be innovative in the learning process, and affect and measure unsurpassed student learning outcomes. This discussion has been prepared by management and should be read in conjunction with the financial statements and related footnote disclosures that follow this section. Responsibility for the completeness and fairness of this information rests with the College. The discussion and analysis includes information relating to the financial position and activities of the School as a restricted fund of Florida State College at Jacksonville. Financial Highlights The School ended its seventh year of operations on June 30, 2013 with assets of $536,730 and liabilities of $968. Net assets, which represent the residual interest in the School s assets after liabilities are deducted, totaled $535,762 at June 30, 2013, an increase of 0.7% over the prior year. -3-

7 Pathways Academy A Charter High School and Restricted Fund of Florida State College at Jacksonville Management s Discussion and Analysis Using this Annual Report This report consists of three basic financial statements: the statement of net assets; the statement of revenues, expenditures and changes in net assets; and the statement of cash flows. These financial statements are prepared in accordance with Governmental Accounting Standards Board (GASB) principles, which establish standards for external financial reporting for public colleges and universities and require that financial statements be presented on a consolidated basis to focus on the School as a whole. Statement of Net Assets The statement of net assets presents the financial position of the School at the end of the fiscal year and includes all assets and liabilities of the School. The difference between total assets and total liabilities -- net assets -- is one indicator of the current financial condition of the School, while the change in net assets is an indicator of whether the overall financial condition has improved or worsened during the year. Assets and liabilities are generally measured using current values. One notable exception is capital assets, which are stated at historical cost less an allowance for depreciation. Current assets consist of amounts due from Florida State College at Jacksonville of $536,730. Capital Assets and Debt Administration The School maintains an inventory of all assets with a value of $1,000 and greater, which follows the College policies. The Florida College System has established capitalization guidelines for financial reporting purposes. These guidelines provide that for financial reporting purposes, furniture and equipment with a value less than $5,000, buildings and other structures valued less than $25,000, and all library books and computer software are expensed in the year of purchase. The School presently has no capital assets exceeding the capitalization threshold. The building, furniture and most equipment used by the School is the property of the College. The School has not incurred any debt. -4-

8 Pathways Academy A Charter School and Restricted Fund of Florida State College at Jacksonville Management s Discussion and Analysis Statement of Revenues, Expenditures and Changes in Net Assets The statement of revenues, expenditures and changes in net assets presents the School s results of operations. In accordance with GASB reporting principles, revenues and expenses are classified as either operating or non-operating. Year Ended June 30, Operating Revenues $ - $ - Operating Expenses Salaries 695, ,628 Payroll taxes and benefits 185, ,081 Materials, supplies and equipment 89,384 55,753 Contractual services 27,360 28,228 Other services and expenses 70,267 60,951 Total operating expenses 1,068, ,641 Operating loss (1,068,018) (969,641) Non-operating Revenues Duval County District School Board contract 875, ,403 Gateway to College grant 45, ,000 Appropriations from Florida State College at Jacksonville 150, ,177 Other income 1, Total non-operating revenues 1,071,693 1,226,225 Increase in net assets 3, ,584 Net assets, beginning of year 532, ,503 Net assets, end of year $ 535,762 $ 532,087 The School s revenues and expenditures for the fiscal year ended June 30, 2013 are shown on the following charts: -5-

9 Pathways Academy A Charter High School & Restricted Fund of Florida State College at Jacksonville Management s Discussion and Analysis Below is a graphical presentation of the School s non-operating revenues for the fiscal year. Below is a graphical presentation of the School s expenditures for the fiscal year. -6-

10 Pathways Academy A Charter High School & Restricted Fund of Florida State College at Jacksonville Management s Discussion and Analysis Statement of Cash Flows The statement of cash flows provides additional information about the School s financial results by reporting the major sources and uses of cash. Its primary purpose is to provide relevant information about the cash receipts and cash payments of an entity during a period. The statement of cash flows also helps users assess: An entity s ability to generate future net cash flows Its ability to meet its obligations as they come due Its need for external financing A summary of the School s cash flows is presented as follows: Cash provided by (used for): Operating activities $(1,067,162) Noncapital financing activities 1,067,162 Net increase (decrease) in cash and cash equivalents $ - Because the School does not have its own bank account, its cash flows can be measured in terms of the increase or decrease in the Due from Florida State College at Jacksonville balances. Economic Factors That Will Affect the Future The economic position of Florida State College at Jacksonville Pathways Academy Charter High School continues to be closely correlated to that of the state of Florida and Duval County School District. Funding received through the Florida Education Finance Program (FEFP) is based on student enrollment which may vary from year to year and student support services are dependent on obtaining new grants for funding. While there has been declining enrollment, the School is in sound fiscal condition and plans are in place to reverse the enrollment trend. It is expected that the School will continue to maintain its present level of services and financial health. -7-

11 Other Matters The Pathways Academy has been in operation for seven years. During this period, the school has made tremendous strides in serving dropouts in Duval County. Additionally, Pathways received SACS accreditation with three commendations. In 2009, a quality review team from Duval County Public Schools visited the school to review its instructional practices, policies, procedures and student retention and success rates. The school system review team determined that Pathways was successfully meeting the needs of students and recommended to the Duval County School Board that the College receive a 10-year contract to continue the exceptional work of the College s charter high school. Request for Information Questions concerning information provided in the Management s Discussion and Analysis, and financial statements and notes thereto, or requests for additional information should be addressed to the Controller, Florida State College at Jacksonville, 501 W. State Street, Jacksonville, Florida

12 FINANCIAL SECTION

13 FLORIDA STATE COLLEGE AT JACKSONVILLE PATHWAYS ACADEMY A Charter School and Restricted Fund of Florida State College at Jacksonville STATEMENT OF NET ASSETS June 30, 2013 ASSETS Current assets: Due from Florida State College at Jacksonville $536,730 Total current assets 536,730 Capital assets, net of depreciation - TOTAL ASSETS $536,730 LIABILITIES AND NET ASSETS Current liabilities: Accounts payable $ 968 Total current liabilities 968 Net assets: Unrestricted net assets 535,762 TOTAL LIABILITIES AND NET ASSETS $536,730 See Accompanying Notes to Financial Statements and Independent Auditor s Report. -9-

14 FLORIDA STATE COLLEGE AT JACKSONVILLE PATHWAYS ACADEMY A Charter School and Restricted Fund of Florida State College at Jacksonville STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Year Ended June 30, 2013 Revenues Operating revenues $ - Expenses Operating expenses: Salaries $695,537 Payroll taxes and benefits 185,470 Materials, supplies and equipment 89,384 Contractual services 27,360 Other services and expenses 70,267 Total operating expenses 1,068,018 Operating loss (1,068,018) Nonoperating Revenues State appropriations from county school district 875,471 Grant from Gateway to College National Network 45,000 Appropriations from Florida State College at Jacksonville 150,000 Other nonoperating revenues 1,222 Total nonoperating revenues 1,071,693 Increase in net assets 3,675 Net assets, beginning of year 532,087 Net assets, end of year $ 535,762 See Accompanying Notes to Financial Statements and Independent Auditor s Report. -10-

15 FLORIDA STATE COLLEGE AT JACKSONVILLE PATHWAYS ACADEMY A Charter School and Restricted Fund of Florida State College at Jacksonville STATEMENT OF CASH FLOWS Year Ended June 30, 2013 Cash flows from operating activities: Payments to suppliers for goods and services $ (186,155) Payments to employees for salaries and benefits (881,007) Net cash used for operating activities (1,067,162) Cash flows from noncapital financing activities: State appropriations from county 875,471 Grant from Gateway to College National Network 45,000 Appropriations from Florida State College at Jacksonville 150,000 Due from Florida State College at Jacksonville (4,531) Other nonoperating receipts 1,222 Net cash provided by noncapital financing activities 1,067,162 Cash flows from capital and related financing activities: Net cash used for capital and related financing activities - Net increase (decrease) in cash and cash equivalents - Cash and cash equivalents, beginning of year - Cash and cash equivalents, end of year $ - Reconciliation of operating loss to net cash used for operating activities: Operating loss $(1,068,018) Adjustments to reconcile operating loss to net cash used for operating activities: Increase in accounts payable 856 Net cash used for operating activities $(1,067,162) See Accompanying Notes to Financial Statements and Independent Auditor s Report. -11-

16 FLORIDA STATE COLLEGE AT JACKSONVILLE PATHWAYS ACADEMY A Charter School and Restricted Fund of Florida State College at Jacksonville NOTES TO FINANCIAL STATEMENTS Year Ended June 30, 2013 Note 1 - Nature of Activities and Summary of Significant Accounting Policies Reporting Entity and Nature of Activities The Florida State College at Jacksonville Pathways Academy (the School ) is a restricted fund of Florida State College at Jacksonville (the College ). The School is organized pursuant to Section , Florida Statutes, and is governed by the Board of Trustees of the College who are appointed by the Governor of the State of Florida. The general operating authority of the School is contained in Section , Florida Statutes. The School operates under a charter of the sponsoring school district, the Duval County School Board (the Sponsor ). The original charter became effective on April 28, 2006 for a three-year fiscal term beginning July 1, 2006 and ending June 30, Effective July 1, 2009, the College signed a new contract with the Sponsor to operate the charter school for an additional ten-year period ending June 30, At the end of the term of the charter, the Sponsor may choose not to renew the charter under grounds specified in the charter, in which case, the Sponsor is required to notify the School in writing at least 90 days prior to the charter s expiration. During the term of the charter, the Sponsor may also terminate the charter if good cause is shown. The School shall notify the Sponsor in writing at least 90 days prior to the expiration of the charter as to its intent to renew or not renew. The accompanying financial statements present the School s primary government and component units over which the School exercises significant influence. Significant influence or accountability is based primarily on operational or financial relationships with the School (as distinct from legal relationships). The School does not exert significant influence over any legally separate entities, nor are there any entities for which financial relationships with the School are significant. As a result, the financial reporting entity does not include or exclude any component units. See Independent Auditor s Report. -12-

17 Basis of Presentation The records of the School are maintained as a restricted fund on the books of the College, and accordingly, follow the same basis of presentation. The School s accounting policies conform to accounting principles generally accepted in the United States of America applicable to colleges and universities, as prescribed by the Governmental Accounting Standards Board (GASB). The National Association of College and University Business Officers (NACUBO) also provides the School with recommendations prescribed in accordance with generally accepted accounting principles promulgated by GASB and the Financial Accounting Standards Board (FASB), such as GASB Statement No. 35, Basic Financial Statements and Management s Discussion and Analysis for Public Colleges and Universities. GASB Statement 35 includes public colleges and universities within the reporting guidelines of GASB Statement No. 34, Basic Financial Statements and Management Discussion and Analysis for State and Local Governments. GASB Statement No. 35 allows public colleges and universities the option of reporting as a special-purpose government either engaged in only businesstype activities, or engaged in both governmental and business-type activities. The College elected to report as an entity engaged in only business-type activities; therefore, these special-purpose financial statements are presented accordingly. Basis of Accounting Basis of accounting refers to when revenues, expenses, and related assets and liabilities are recognized in the accounts and reported in the financial statements. Specifically, it relates to the timing of the measurements made, regardless of the measurement focus applied. The School s financial statements are presented using the economic resources measurement focus and the accrual basis of accounting. Revenues, expenses, gains, losses, assets and liabilities resulting from exchange and exchange-like activities are recognized when the exchange takes place. Revenues, expenses, gains, losses, assets and liabilities resulting from non-exchange activities are generally recognized when all applicable eligibility requirements, including time requirements, have been met. The School follows Financial Accounting Standards Board statements and interpretations issued after November 30, 1989, unless those pronouncements conflict with GASB pronouncements. The School s principal operating activity is instruction. Operating revenues and expenses include all fiscal transactions related to instruction as well as administration, academic support, student services and depreciation of capital assets. Nonoperating revenues include state appropriations from the county school district, and other state and federal grants and appropriations. Due from Florida State College at Jacksonville The School does not have its own bank accounts and, therefore, the amount of $536,730 reported as Due from Florida State College at Jacksonville represents the School s equity in the College s current resources. Because the College s current resources are invested in a variety of different types of assets, this balance is not reported as cash and cash equivalents. See Independent Auditor s Report. -13-

18 Capital Assets Capital assets may include land, buildings and improvements, and furniture and equipment. These assets are capitalized and recorded at cost at the date of acquisition if purchased or at estimated fair value at the date received in the case of gifts or donated property. The School follows the policies of the College for capitalization and depreciation. The College has a capitalization threshold of $5,000 for tangible personal property and $25,000 for improvements other than buildings. Depreciation is computed on the straight-line basis over the estimated useful lives of the assets as follows: buildings - 40 years; other structures and improvements - 10 years; computer equipment - 3 years; vehicles, office machinery and educational equipment - 5 years; furniture - 7 years; and assets under capital leases - 5 years. The building, furniture and most equipment used by the School is the property of the College. As of June 30, 2013, the School had no capital assets that met the capitalization threshold. Compensated Absences The School s employees may accrue annual vacation and sick leave based upon length of service, subject to certain limitations regarding the amount that will be paid upon termination. The College reports a liability for the accrued leave; however, State appropriations fund only the portion of accrued leave that is paid in the current fiscal year. Although the College expects the liability to be funded primarily from future appropriations, generally accepted accounting principles do not permit the recording of a receivable in anticipation of future appropriations. Consequently, the recording of a liability for compensated absences, without the corresponding recognition of such future resources, results in a reduction of current year net assets. At June 30, 2013, the School has not reported a liability for compensated absences since these costs are funded by the College. Revenue Sources Revenue for current operations is received primarily from the School Board of Duval County, Florida pursuant to the funding provisions included in the School s charter. In accordance with the funding provisions of the charter and Section (18), Florida Statutes, the School reports the number of full-time equivalent (FTE) students and related enrollment data to the District. Under the provisions of Section , Florida Statutes, the District reports the number of FTE students and related data to the Florida Department of Education (FDOE) for funding through the Florida Education Finance Program. Funding for the School is adjusted during the year to reflect the revised calculations by the FDOE under the Florida Education Finance Program and the actual weighted full-time equivalent students reported by the School during the designated full-time equivalent student survey periods. The School Board receives a 5% administrative fee ($46,012 for the year ended June 30, 2013) from the School, which is reflected as a reduction of the county school district appropriations revenue in the accompanying statement of revenues, expenses and changes in net assets. State appropriations and grant funding are classified as nonoperating revenue. The level of the School s operations and program services may be impacted or discontinued if funding is not renewed. See Independent Auditor s Report. -14-

19 The School may receive federal, state or private grants for the enhancement of various educational programs. This assistance is generally received based on applications submitted to and approved by various granting agencies. For awards in which a claim to the grant proceeds is based on incurring eligible expenditures, revenue is recognized to the extent that eligible expenditures have been incurred. During the year ended June 30, 2012, the School entered into a grant agreement with Gateway to College National Network ( Gateway to College ), a national nonprofit organization that partners with colleges and school districts around the United States. Through the Gateway to College program, students complete their high school diploma requirements while simultaneously earning college credits toward an associate s degree or certificate. Under the terms of the grant, the School will receive total funding of $325,000 from Gateway to College from July 1, 2011, through the fall semester of During the year ended June 30, 2013, revenues earned under the grant totaled $45,000. Net Assets Equity is classified as net assets and displayed in three components: a. Invested in capital assets, net of related debt - Consists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. b. Restricted net assets - Consists of net assets with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation. c. Unrestricted net assets - All other net assets that do not meet the definition of restricted or invested in capital assets, net of related debt. When both restricted and unrestricted resources are available to fund specific programs, it is the School s policy to first apply restricted resources to such programs followed by the use of the unrestricted resources. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. See Independent Auditor s Report. -15-

20 Note 2 - Indirect Cost Allocation The School s operating expenses do not include any indirect operating costs of the College, such as facility rent, utilities, and finance, payroll and other administrative services performed by the College. These services are provided by the College at no cost to the School. Note 3 - Capital Assets As of June 30, 2013, the School had not purchased any capital assets which exceeded the College s capitalization threshold. Note 4 - State Retirement Programs Florida Retirement System Most employees working in regularly established positions of the College, including the charter school, are covered by the Florida Retirement System, a stateadministered, cost-sharing, multiple-employer, defined benefit retirement plan (the Plan ). All instructors and supporting staff of the School are employed by the College. Provisions are established by Chapter 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and Florida Retirement System Rules, Chapter 60S, Florida Administrative Code, wherein Plan eligibility, contributions and benefits are defined and described in detail. Essentially, all regular employees of participating employers are eligible and must enroll as members of the Plan. Benefits vest at specified ages or number of years of service depending upon the employee s classification. The Plan also includes an early retirement provision, but imposes a penalty for each year a member retires before the specified retirement age. The Plan provides retirement, disability and death benefits, and annual cost-of-living adjustments, as well as supplements for certain employees to cover social security benefits lost by virtue of retirement system membership. A Deferred Retirement Option Program ( DROP ), subject to provisions of Section , Florida Statutes, permits employees eligible for normal retirement under the Plan to defer receipt of monthly benefit payments while continuing employment with a Florida Retirement System employer. An employee may participate in DROP for a period not to exceed 60 months after electing to participate. During the period of DROP participation, deferred monthly benefits are held in the Florida Retirement System Trust Fund and accrue interest. See Independent Auditor s Report. -16-

21 The Plan s financial statements and other supplemental information are included in the state of Florida s Comprehensive Annual Financial Report, which may be obtained by contacting the Florida Department of Financial Services in Tallahassee, Florida. Also, an annual report on the Plan, which includes its financial statements, required supplemental information, actuarial report and other relevant information, may be obtained from the State of Florida, Department of Management Services, Division of Retirement in Tallahassee, Florida. The contribution rates for Plan members are established, and may be amended, by the state of Florida. Contribution rates for the year ended June 30, 2013 are presented in the following table: Percent of Gross Salary Class or Plan Employee Employer (a) Florida Retirement System, Regular % Florida Retirement System, Senior Management Service % Deferred Retirement Option Program - applicable to members from all of the above classes of Plan % Florida Retirement System, Re-employed Retiree (b) (b) Notes: (a) Employer rates include 1.1 percent for the post-employment health insurance subsidy and.03 percent for administrative costs. (b) Contribution rates are dependent upon retirement class or plan in which reemployed. The School s liability for participation in the Plan is limited to the payment of the required contribution at the rates and frequencies established by law on future payrolls of the School. The School s contributions to the Plan for the fiscal years ended June 30, 2013, 2012, and 2011 totaled $34,933, $29,647, and $71,895, respectively, which were equal to the required contributions for each fiscal year. State Community College System Optional Retirement Program Pursuant to Section , Florida Statutes, the Florida Legislature created the State Community College System Optional Retirement Program (the Program ) for eligible community college instructors and administrators. The Program is designed to aid the community college in recruiting employees by offering more portability to those employees who are not expected to remain in the Florida Retirement System for six or more years. See Independent Auditor s Report. -17-

22 The Program is a defined contribution plan, which provides full and immediate vesting of all contributions submitted to the participating companies on behalf of the participant. Employees in eligible positions are allowed to make an irrevocable election to participate in the Program, rather than the Florida Retirement System, and purchase retirement and death benefits through contracts provided by certain insurance carriers. The employing community college contributes on behalf of the participant 10.43% of the participant s salary. The contribution is invested in the company or companies selected by the participant to create a fund for the purchase of annuities at retirement. The participant may contribute, by salary reduction, an amount not to exceed the percentage contributed by the community college to the participant s annuity account. The School had no employees enrolled in the State Community College System Optional Retirement Program for the year ended June 30, Public Employee Optional Retirement Program Pursuant to Section , Florida Statutes, the Florida Legislature created a defined contribution program called the Public Employee Optional Retirement Program (the PEORP ). This program is an option to the Florida Retirement System and is selfdirected by the employee. A retirement account is established for each employee who selects this option and an employer contribution is directed to the individual account. Employees have the responsibility of selecting how their funds are invested within the approved set of investment choices and may take their funds when they leave the Florida Retirement System. The School had no participants in the PEORP at June 30, Note 5 - Risk Management The School is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The College provides the School coverage for these risks through a selfinsured program and commercially purchased insurance. Insurance coverage obtained includes fire and extended property, general and automobile liability, workers compensation and other liability coverage. Settled claims resulting from these risks have not exceeded coverage. Note 6 - Concentration of Revenue Sources Revenues for the School s current operations are received primarily from the Duval County District School Board contract which accounted for approximately 82% of total revenues for the year ended June 30, See Independent Auditor s Report. -18-

23 Note 7 - Commitments and Contingencies The School may participate in certain grant programs which are governed by various rules and regulations of the grantor agencies. Costs charged to the respective grant programs are subject to audit and adjustment by the grantor agencies; therefore, to the extent that the School has not complied with the rules and regulations governing the grants, refunds of any funds received may be required. In the opinion of the School, there are no significant liabilities relating to compliance with the rules and regulations governing the respective grants, and no provision has been recorded in the accompanying financial statements. The School is not involved in any pending or threatened legal actions. Note 8 - Subsequent Events Management has evaluated subsequent events through September 24, 2013, the date which the financial statements were available to be issued. There were no subsequent events which would require adjustment to or disclosure in the accompanying financial statements. See Independent Auditor s Report. -19-

24 COMPLIANCE SECTION

25 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 September 24, 2013 To the District Board of Trustees of Florida State College at Jacksonville On Behalf of Florida State College at Jacksonville Pathways Academy Jacksonville, Florida We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the financial statements of the Florida State College at Jacksonville Pathways Academy, a Charter School and Restricted Fund of Florida State College at Jacksonville, as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise Florida State College at Jacksonville Pathways Academy s basic financial statements, and have issued our report thereon dated September 24, Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered Florida State College at Jacksonville Pathways Academy s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of Florida State College at Jacksonville Pathways Academy s internal control. Accordingly, we do not express an opinion on the effectiveness of Florida State College at Jacksonville Pathways Academy s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. -20-

26 Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether Florida State College at Jacksonville Pathways Academy s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. We noted certain other matters that we reported to management of Florida State College at Jacksonville Pathways Academy in a separate letter dated September 24, Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. -21-

27 MANAGEMENT LETTER

28 INDEPENDENT AUDITOR S MANAGEMENT LETTER September 24, 2013 To the District Board of Trustees of Florida State College at Jacksonville On Behalf of Florida State College at Jacksonville Pathways Academy Jacksonville, Florida We have audited the special purpose financial statements of Florida State College at Jacksonville Pathways Academy as of and for the fiscal year ended June 30, 2013, and have issued our report thereon dated September 24, We conducted our audit in accordance with auditing standards generally accepted in the United States of America, and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. We have issued our Independent Auditor s Report on Internal Control over Financial Reporting and Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards. Disclosures in those reports, which are dated September 24, 2013, should be considered in conjunction with this management letter. Additionally, our audit was conducted in accordance with Chapter , Rules of the Auditor General, which governs the conduct of charter school and similar entity audits performed in the State of Florida. This letter includes the following information, which is not included in the aforementioned auditor s reports: Section (1)(e)1., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings or recommendations made in the preceding June 30, 2012 financial audit report. Section (1)(e)2., Rules of the Auditor General, requires a statement be included as to whether or not the charter school has met one or more of the conditions described in Section (1), Florida Statutes, and identification of the specific conditions met. In connection with our audit, we determined that the Florida State College at Jacksonville Pathways Academy did not meet any of the conditions described in Section (1), Florida Statutes. -22-

29 Section (1)(e)3., Rules of the Auditor General, requires that we address in the management letter any recommendations to improve financial management. In connection with our audit, we noted the following matter that has been reported to management: Current Year Finding During our testing of student eligibility and admission requirements, we noted that three students selected did not meet the minimum Test of Adult Basic Education (TABE) test score requirements, but were granted admission into the School. Based on discussions with the principal, it is the School s policy that students may be granted a provisional waiver for admission despite not achieving the minimum TABE scores if the principal believes that the student can achieve success in the charter school program. When granted a provisional waiver, the student is generally placed in an intensive reading and/or math program in order to improve their TABE scores to the required minimum upon re-examination at a subsequent date. Upon subsequently meeting the required TABE score requirement, the updated test scores are appropriately placed in the student files to indicate compliance. As an additional control procedure related to provisional TABE test waivers, we also recommend that a signed authorization form by the School s principal supporting the waiver for admission to Pathways Academy be documented and maintained within the student s file. Auditee s Plan for Corrective Action As suggested, a letter to provisional enrollees has been created and will be provided to the provisional students upon their acceptance. The students will be placed in intensive reading and/or intensive math to provide extra skills practice and will retake the TABE assessment at the end of his/her initial semester. If at the end of the initial semester the student is no longer enrolled due to withdrawal, transfer, or graduation, a retest will not be given. Section (1)(e)4., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not have any such findings. Section (1)(e)5., Rules of the Auditor General, requires the name or official title of the entity. The official title of the entity is Florida State College at Jacksonville Pathways Academy. -23-

30 Pursuant to Sections (1)(e)6.a. and Section (11), Rules of the Auditor General, we applied financial condition assessment procedures. It is management s responsibility to monitor the Florida State College at Jacksonville Pathways Academy s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, granting agencies, the District Board of Trustees of Florida State College at Jacksonville, and applicable management of Florida State College at Jacksonville Pathways Academy, and is not intended to be and should not be used by anyone other than these specified parties. -24-

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