PALADIN CAREER & TECHNICAL HIGH SCHOOL CHARTER SCHOOL NO FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION YEAR ENDED JUNE 30, 2014

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1 PALADIN CAREER & TECHNICAL HIGH SCHOOL FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION YEAR ENDED JUNE 30, 2014

2 PALADIN CAREER & TECHNICAL HIGH SCHOOL TABLE OF CONTENTS JUNE 30, 2014 INTRODUCTORY SECTION SCHOOL BOARD AND ADMINISTRATION 1 FINANCIAL SECTION INDEPENDENT AUDITOR'S REPORT 3 REQUIRED SUPPLEMENTARY INFORMATION MANAGEMENT S DISCUSSION AND ANALYSIS 6 BASIC FINANCIAL STATEMENTS STATEMENT OF NET ASSETS 18 STATEMENT OF ACTIVITIES 19 BALANCE SHEET GOVERNMENTAL FUNDS 20 RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION GOVERNMENTAL FUNDS 21 STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE GOVERNMENTAL FUNDS 22 RECONCILIATION OF THE STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE GOVERNMENTAL FUNDS TO STATEMENT OF ACTIVITIES 23 STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL GENERAL FUND 24 NOTES TO BASIC FINANCIAL STATEMENTS 26 SUPPLEMENTAL INFORMATION GENERAL FUND BALANCE SHEET 39 STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE 40 UNIFORM FINANCIAL ACCOUNTING AND REPORTING STANDARDS COMPLIANCE TABLE 41 OTHER REQUIRED REPORTS REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 42 REPORT ON MINNESOTA LEGAL COMPLIANCE 44 SCHEDULE OF FINDINGS 45 MANAGEMENT LETTER 46

3 INTRODUCTORY SECTION

4 PALADIN CAREER & TECHNICAL HIGH SCHOOL SCHOOL BOARD AND ADMINISTRATION JUNE 30, 2014 SCHOOL BOARD NAME TERM ON BOARD BOARD POSITION Frank Stucki June 30, 2016 Chair Marlene Walberg Cross June 30, 2016 Parent John Burk June 30, 2015 Parent Linda Bladine-Hageseth June 30, 2016 Teacher Peter Savage June 30, 2014 Community ADMINISTRATION Leisa Irwin Rotimi Lamikanra District Offices Director Business Manager Paladin Career & Technical High School 308 Northtown Drive Blaine, MN

5 FINANCIAL SECTION

6 CHUCK RINKEY, LTD. CERTIFIED PUBLIC ACCOUNTANT 5775 WAYZATA BOULEVARD SUITE 990 MINNEAPOLIS, MN TELEPHONE (952) FAX (952) INDEPENDENT AUDITOR S REPORT Members of the Board of Education Charter School No Paladin Career & Technical High School I have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of Charter School No. 4104, Paladin Career & Technical High School as of and for the year ended June 30, 2014, which collectively comprise the School s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the School's management. 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. 3

7 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 opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of Learning for Leadership Charter School, Blaine, MN, as of June 30, 2014, and the respective changes in financial position and, where applicable, 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 and budgetary comparison information on pages 6 14 and page 24 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. CHUCK RINKEY, LTD. Minneapolis, Minnesota December 26,

8 REQUIRED SUPPLEMENTARY INFORMATION

9 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 This section of Paladin Academy Charter School No s annual financial report presents our discussion and analysis of the School s financial performance during the fiscal year that ended on June 30, Please read it in conjunction with the School s financial statements, which immediately follows this section. The Management s Discussion and Analysis (MD&A) is a new element of Required Supplementary Information specified in the Governmental Accounting Standard Board s (GASB) Statement No. 34 Basic Financial Statements and Management s Discussion and Analysis for State and Local Governments issued in June Certain comparative information between the current year ( ) and two prior years ( and ) is required to be presented in the MD&A. FINANCIAL HIGHLIGHTS Key financial highlights for the fiscal years include the following: Fund balance at the end of fiscal year 2014, in the general operating fund is $151,888. This is an increase of more than $107,000 over the prior year. In the 2013 fiscal year, the board of directors had utilized the accumulated fund balance to expand and upgrade the school s physical site, improve technology resources for students, and improve the overall physical climate. The board also approved a fund balance growth plan to replenish the funds utilized for the improvements in The increase of more than $107,000 exceeded the goal set by the board. Overall general fund revenues were $4,081,345 as compared to $3,973,708 of expenses. The $3.9 million in expenses includes a permanent fund balance transfer to the food service fund (fund 02) in the amount of $56,134 to cover the deficit accumulated over the past two fiscal years, and inclusive of the deficit in fiscal year Total net position at the end of the fiscal year is 217,509. This is an increase of over $130,000, and is primarily a component of the increase in fund balance. OVERVIEW OF THE FINANCIAL STATEMENTS The financial section of the annual report consists of four parts Independent Auditor s Report, required supplementary information which includes the management s discussion and analysis (this section), the basic financial statements, and supplemental information. The basic financial statements include two kinds of statements that present different views of the School: The first two statements are School-wide financial statements that provide both shortterm and long-term information about the School s overall financial status. The remaining statements are fund financial statements that focus on individual parts of the School, reporting the School s operations in more detail than the School-wide statements. The governmental funds statements tell how basic services such as regular and special education were financed in the short term as well as what remains for future spending. 6

10 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 The financial statements also include notes that explain some of the information in the statements and provide more detailed data. Figure A-1 shows how the various parts of this annual report are arranged and related to one another. Figure A-1 Annual Report Format 7

11 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 Figure A-2 summarizes the major features of the School s financial statements, including the portion of the School s activities they cover and the types of information they contain. The remainder of this overview section of management s discussion and analysis highlights the structure and contents of each of the statements. Figure A-2. Major Features of the District's Government-wide and Fund Financial Statements Type of Statements Government-wide Fund Statements Governmental Funds Proprietary Funds Fiduciary Funds Entire school (except fiduciary funds) The activities of the school that are not proprietary or Activities the school operates similar to private Instances in which the school is the trustee or and the school s component fiduciary businesses: self insurance agent for someone else's Scope units resources Required financial statements Accounting basis and measurement focus Type of asset/liability information Type of inflow/outflow information Statement of net assets Balance sheet Statement of net assets Statement of fiduciary net assets Statement of activities Statement of revenues, Statement of revenues, Statement of changes expenditures & changes expenses and changes in in fiduciary net assets in fund balances fund net assets Accrual accounting and economic resources focus All assets and liabilities, both financial and capital, short-term and long-term All revenues and expenses during year, regardless of when cash is received or paid Modified accrual accounting and current financial resources focus Only assets expected to be used up and liabilities that come due during the year or soon thereafter; no capital assets included Revenues for which cash is received during or soon after the end of the year; expenditures when goods or services have been received and payment is due during the year or soon thereafter Statement of cash flows Accrual accounting and economic resources focus All assets and liabilities, both financial and capital, and short-term and longterm All revenues and expenses during year, regardless of when cash is received or paid Accrual accounting and economic resources focus All assets and liabilities, both short-term and longterm; the Agency's funds do not currently contain capital assets, although they can All revenues and expenses during year, regardless of when cash is received or paid School-Wide Statements The School-wide statements report information about the School as a whole using accounting methods similar to those used by private-sector companies. The statement of net position includes all of the School s assets and liabilities. All of the current year s revenues and expenses are accounted for in the statement of activities regardless of when cash is received or paid. The two School-wide statements report the School s net position and how it has changed. Net position the difference between the School s assets and liabilities are one way to measure the School s financial health or position. Over time, increases or decreases in the School s net position is an indicator of whether its financial position is improving or deteriorating, respectively. To assess the overall health of the School you need to consider additional non-financial factors such as changes in the condition of school building and other facilities. 8

12 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 In the School-wide financial statements the School s activities are shown in one category: Governmental activities Most of the School s basic services are included here, such as regular and special education, administration, and food service. State and federal aids finance most of these activities. Fund Financial Statements The fund financial statements provide more detailed information about the School s funds focusing on its most significant or major funds not the School as a whole. Funds are accounting devices the School uses to keep track of specific sources of funding and spending on particular programs: Some funds are required by State law and by debt covenants. The School establishes other funds to control and manage money for particular purposes (e.g., repaying its long-term debts) or to show that it is properly using certain revenues (e.g., federal grants). The School has one fund type: Governmental funds Most of the School s basic services are included in governmental funds, which generally focus on (1) how cash and other financial assets that can readily be converted to cash flow in and out and (2) the balances left at year-end that are available for spending. Consequently, the governmental funds statements provide a detailed short-term view that helps to determine whether there are more or fewer financial resources that can be spent in the near future to finance the School s programs. Because this information does not encompass the additional long-term focus of the School-wide statements, we provide additional information at the bottom of the governmental funds statements that explains the relationship (or differences) between them. 9

13 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 FINANCIAL ANALYSIS OF THE SCHOOL AS A WHOLE Total Assets The School s combined total Net Assets were $207,509 on June 30, (See Table A-1.) Table A-1 The Districts Assets Governmental Activities Current and Other Assets 797,561 1,132,287 1,023,948 Capital and Non-Current Assets 220, , ,810 Total Assets 1,018,399 1,367,417 1,177,758 Current and Other Liabilities 645,672 1,109, ,695 Capital and Non-Current Liabilities 155, ,916 63,962 Total Liabilities 800,890 1,281, ,657 Total Net Assets 217,509 86, ,101 The School s financial position is the product of many factors. Assets increased in 2014 over the prior year primarily due to the increase in fund balance. 10

14 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 Changes in Net Position The School s total general operating funds revenues were $3,138,856 for the year ended June 30, Unrestricted state formula aid accounted for 57.6% of total revenue for the year. (See Figure A-2). The remaining 42.4% came from other general revenues, investment earnings, program revenues, and operating grants. Table A-2 Change in Net Position Governmental Activities Revenues Program Revenues Charges for Services 2,521 67,516 3,376 Operating Grants and Contributions 1,599,535 1,262, ,325 General Revenues Unrestricted State Aid 2,437,228 1,808,475 1,212,329 Investment Earnings Other 12,153-46,966 Total Revenues 4,051,437 3,138,856 2,044,143 Expenses Administration 122, , ,154 Business 148,015 88, ,694 Regular Instruction 961, , ,592 Vocational Education 60, ,659 89,156 Exceptional Education 1,208, , ,510 Instructional Support Services 345, , ,809 Pupil Support Services 313, , ,238 Sites and Buildings 571, , ,622 Fiscal and Other Fixed Cost Programs 117,573 46,012 48,997 Food Service 71,802 48,783 32,395 Total Expenses 3,920,046 3,575,839 2,223,166 Increase in Net Position Beginning Net Position 86, , ,124 Change in Net Position 131,391 (436,983) 523,100 Ending Net Position 217,509 86,118 1,225,224 The total cost of all programs and services was $3,920,046. Total revenues exceeded expenses increasing net position by $131,391 from the prior year, bringing the ending net position to $217,509 at the end of fiscal year

15 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 Some of the cost was paid by the users of the School s programs ($2,521). The federal and state governments subsidized certain programs with grants and contributions ($1,599,536). Most of the School s costs were paid for by unrestricted state aid ($2,437,228). Sites, Buildings,and Equipment 14.6% Pupil support services 8.0% A-4 District Expenses FY 14 Fiscal and Other Fixed Cost Programs 3.0% Food Service 1.8% Administration 3.1% Business 3.8% Regular instruction 24.5% Instructional support service 8.8% Special education instruction 30.8% Vocational education instruction 1.5% 12

16 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 FINANCIAL ANALYSIS OF THE SCHOOL S FUNDS The financial performance of the School as a whole is reflected in its governmental funds as well. As the School completed the year, its governmental funds reported a combined fund balance of $151,888. This is a significant reduction from the prior year combined fund balance was a planned decrease to facilitate school improvements and facility remodel. GENERAL FUND The General Fund includes the primary operations of the School in providing educational services to students from grade 9 through grade 12 including pupil transportation activities and capital outlay projects. Approximately 75% of General Fund operational revenue is controlled by a complex set of state funding formulas resulting in the local school board having no meaningful authority to determine the level of resources. ENROLLMENT Enrollment is a critical factor in determining revenue with the predominant levels of General Fund revenue being determined by enrollment. The following chart shows that the number of students increased 30% in 2014 over 2013, and over the past two years (since 2012) has nearly doubled, increasing over 90%. Table A Enrollment Change Year to Year 265 Enrollment FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY

17 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 The following schedule presents a summary of General Fund Revenues. Table A-6 General Fund Revenues Year Ended Change over Prior Year June June June Increase Fund 30, , ,2012 (Decrease) Percent Local Sources: Earnings on Investments Other 34,213 64,931 6,349 30,718 47% State Sources Federal Sources Total General Fund Revenue 3,920,773 2,967,977 1,904, ,796 32% 59,436 78, ,728 19,075 24% $4,014,422 $3,111,419 $2,022, ,003 29% Total General Fund Revenue increased by $903,003, an increase of $29% from the previous year. Basic general education revenue is determined by multiple complex state formulas, largely enrollment driven, and consists of a specified minimum amount with variables such as socioeconomic indicators driving additional funding. For Minnesota charter schools the majority of all funding is made up of general education aid, special education aid and charter school lease aid. Other revenue consists of federal and private grant funding that is often expenditure driven. The following schedule presents a summary of General Fund Expenditures. Table A-7 General Fund Expenditures Year Ended Change Over Prior Year Salaries Employee Benefits Purchased Services Supplies and Materials Capital Expenditures Other Expenditures Total Expenditures June 30,2014 June 30,2013 June 30,2012 Amount of Increase (Decrease) Percent Increase (Decrease) 1,728,980 1,384, , , % 489, , ,888 35, % 1,230,571 1,150, ,020 79, % 331, , ,309 41, % 30, ,828 71, , % 107,442 47,225 34,370 60, % 3,917,573 3,659,858 2,149, , % 14

18 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 Total General Fund Expenditures increased $257,715 or 7.0% from the previous year. The increase can be attributed to a increase in expenditures primarily related to an increase in supplies, staffing, benefits which were related to the increase in student enrollment and the remodeling project on the facility. Enrollment increased from 205 ADM for the year ending June 30, 2013 to 265 for the year ending June 30, 2014, an increase of 30%. Combined fund balance is the single best measure of overall financial health. The fund balance at June 30, 2014 was $151,888, and increase over the prior year of $128,983 or 563%. This increase is the first step towards the board s goal to increase fund balance, replenishing the amount that was used in the 2013 fiscal year to improve facilities, technologies, and other supplies for students. General Fund Budgetary Highlights Following approval of the budget prior to the beginning of the fiscal year, the School revises the annual operating budget in mid-year. These budget amendments typically fall into two categories: Implementing budgets for specially funded projects, which include both federal and state grants and reinstating unexpended funds carried over from the prior fiscal year Legislation passed subsequent to budget adoption, changes necessitated by employment agreements, and increases in appropriations for significant unbudgeted costs OTHER MAJOR FUNDS From the standpoint of maintaining current operating expenditures within the range of annual revenue and maintaining a sound fund balance, the Special Revenues Funds operate on as sound of a financial basis as they are able within the constraints of available revenue. CAPITAL ASSET AND DEBT ADMINISTRATION By the end of 2014, the School had invested $297,131 in capital assets, including office, classroom, and computer equipment (see Table A-8). Total accumulated depreciation taken was $76,293. This is a slight decrease in equipment net of accumulated depreciation over the prior year and is due to depreciation of assets. 15

19 PALADIN ACADEMY MANAGEMENT S DISCUSSION AND ANALYSIS YEAR ENDED JUNE 30, 2014 Table A-8 The School s Capital Assets Percentage Change Equipment 297, , , % Less: Accumulated Depreciation 76,293 40, , % Total 220, , , % LONG-TERM DEBT In fiscal year , Paladin Academy borrowed $66,923 for the purchase of vehicles and computers. Current amount due as of June 30, 2013 is $155,218, a decrease in the amount due over the prior year of nearly $17,000 or 10%. FACTORS BEARING ON THE SCHOOL S FUTURE The School is dependent on the State of Minnesota for its revenue authority. Recent experience demonstrates that legislated revenue increases have not been sufficient to meet instructional program needs and increased costs due to inflation. Unlike typical school districts, charter schools are prohibited from using an operating referendum to generate funds to cover operating expenses. If state funding remains unchanged, we will continue to face cash flow and funding challenges. The School will strive to maintain its initial commitment to academic excellence and educational opportunity for students within a framework of financial fiduciary responsibility. CONTACTING THE SCHOOL S FINANCIAL MANAGEMENT This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors with a general overview of the School s finances and to demonstrate the School s accountability for the money it receives. If you have questions about this report or need additional financial information, contact the Business Office, Paladin Academy Charter School, Number 4104, 308 Northtown Drive, Blaine, Minnesota,

20 BASIC FINANCIAL STATEMENTS

21 PALADIN CAREER & TECHNICAL HIGH SCHOOL STATEMENT OF NET POSITION JUNE 30, 2014 Assets: Governmental Activities Current Assets: Cash and investments $ 64,910 Receivables: Minnesota Department of Education 636,265 Due from Federal through MDE 24,203 Accounts Receivable 49,564 Prepaid Expenditures 22,618 Capital assets, net of accumulated depreciation Furniture and equipment 220,838 Total assets $ 1,018,398 Liabilities: Current Liabilities: Accounts payable and other current liabilities $ 406,565 Short term debt 239,107 Long term debt due or payable within one year 101,465 Long term debt due or payable after one year 53,753 Total liabilities 800,890 Net Assets: Net investment in capital assets 65,621 Unrestricted 151,888 Total net position $ 217,509 The notes to the financial statements are an integral part of this statement 18

22 PALADIN CAREER & TECHNICAL HIGH SCHOOL STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2014 Net (Expense) Revenue and Changes in Program Revenues Net Assets Operating Capital Total Charges for Grants and Grants and Governmental Functions Expenses Services ContributionsContributions Activities Governmental activities: Instructional services Regular Instruction $ 961,254 $ 2,521 $ 19,660 $ (939,073) Vocational Instruction 60,333 (60,333) Exceptional Instruction 1,208,037 1,193,125 (14,912) Supporting services: Instructional Support Services 345,988 (345,988) Pupil Support Services 385,243 16,547 (368,696) School administration 270,492 (270,492) Operation and maintenance of facilities 571, ,204 (200,922) Fiscal and Other Fixed Cost Programs 117,573 (117,573) Total school district $ 3,920,046 $ 2,521 $ 1,599,536 (2,317,989) General revenues: State aid-formula grants 2,437,228 Miscellaneous 12,152 Total general revenues 2,449,380 Change in net position 131,391 Net position - beginning 86,118 Net position - ending $ 217,509 The notes to the financial statements are an integral part of this statement 19

23 PALADIN CAREER & TECHNICAL HIGH SCHOOL BALANCE SHEET GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2014 Special General Revenue Fund Fund Total Assets: Cash $ 59,990 $ 4,920 $ 64,910 Due from MN Dept of Children 636, ,265 Due from Federal through MDE 24,203 24,203 Accounts Receivable 38,610 10,954 49,564 Prepaid Expenditures 22,618 22,618 Total assets $ 781,686 $ 15,874 $ 797,560 Liabilities and fund balances: Liabilities: Accounts Payable $ 219,761 $ 13,546 $ 233,307 Salaries Payable 141,828 2, ,854 Employee Benefits 10, ,570 Accrued Payroll Taxes 18, ,834 Short Tem Debt 239, , ,798 15, ,672 Fund Balance Nonspendable 22,618 22,618 Unassigned 129, ,270 Total Fund Balances 151, ,888 Total Liabilities and Fund Balances $ 781,686 $ 15,874 $ 797,560 The notes to the financial statements are an integral part of this statement 20

24 PALADIN CAREER & TECHNICAL HIGH SCHOOL RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION GOVERNMENTAL FUNDS AS OF JUNE 30, 2014 Amounts reported for governmental activities in the statement of net assets are different because: Total fund balance - governmental funds $ 151,888 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds. The cost of the assets is $297,139 and the accumulated depreciation is $76, ,838 Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds (155,218) Total net position - governmental activities $ 217,509 The notes to the financial statements are an integral part of this statement 21

25 PALADIN CAREER & TECHNICAL HIGH SCHOOL STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE GOVERNMENTAL FUNDS YEAR ENDED JUNE 30, 2014 General Special Revenue Total Fund Fund Govt Funds Revenues: State Sources $ 3,920, $ 3,920,857 Federal Sources 59,436 36,930 96,366 Local Sources 34,213 34,213 Total revenues 4,014,422 37,014 4,051,436 Expenditures: Instruction: Regular Instruction 947, ,438 Vocational Education Instruction 60,333 60,333 Special Education Instruction 1,207,732 1,207,732 Total Instruction 2,215,503-2,215,503 Support Services: School Administration and Support Services 270, ,983 Instructional Support Services 363, ,551 Pupil Support Services 296,154 71, ,956 Sites and Buildings 570, ,188 Principal and Interest 201, ,194 Total Support Services 1,702,070 71,802 1,773,872 Total expenditures 3,917,573 71,802 3,989,375 Excess of revenues over (under) expenditures 96,849 (34,788) 62,061 Other financing sources (uses): Proceeds from Non-state Loans Received 66,923 66,923 Operating transfers in - 56,134 56,134 Operating transfers out (56,134) - (56,134) Total other financing sources (uses) 10,789 56,134 66,923 Net change in fund balances 107,638 21, ,984 Fund Balances Fund balances - beginning 44,250 (21,346) 22,904 Fund balances - ending $ 151,888 $ - $ 151,888 The notes to the financial statements are an integral part of this statement 22

26 PALADIN CAREER & TECHNICAL HIGH SCHOOL RECONCILIATION OF THE GOVERNMENTAL FUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES TO THE STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2014 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-total governmental funds $ 128,984 Governmental funds report capital outlays as expenditures. However, in the statement of activities, assets with an initial, individual cost of more than $500 are capitalized and the cost is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period. Capital outlays 21,024 Depreciation expense (35,316) (14,292) Proceeds from long-term debt 83,621 Payments on long-term debt (66,922) Change in net position of governmental activities $ 131,391 The notes to the financial statements are an integral part of this statement 23

27 PALADIN CAREER & TECHNICAL HIGH SCHOOL STATEMENT OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL GENERAL FUND YEAR ENDED JUNE 30, 2014 Variance with Final Budget - Budgeted Amounts Actual Positive Original Final Amounts (Negative) Revenues: State Sources $ 3,108,140 $ 3,550,000 $ 3,920,773 $ 370,773 Federal Sources 94,000 85,000 59,436 (25,564) Other local sources 5,600 66,000 34,213 (31,787) Total revenues 3,207,740 3,701,000 4,014, ,422 Expenditures: Current: Administration and support services 316, , ,983 18,583 Regular instruction 800, , ,438 68,648 Special education instruction 769,324 1,119,000 1,207,732 88,732 Vocational education instruction 98,119 54,600 60,333 5,733 Instructional support service 327, , ,551 22,551 Pupil support services 223, , ,154 18,154 Sites, Buildings,and Equipment 483, , ,188 44,688 Fiscal and Other Fixed Cost Programs 54, , ,194 49,484 Total expenditures 3,072,740 3,601,000 3,917, ,573 Excess of revenues over expenditures $ 135,000 $ 100,000 96,849 $ (3,151) Other financing sources (uses): Proceeds from Non-state Loans Received 66,923 Operating transfers out (56,134) Net change in fund balances 107,638 Fund balance Beginning of Year 44,250 End of Year $ 151,888 The notes to the financial statements are an integral part of this statement 24

28 NOTES TO FINANCIAL STATEMENTS

29 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation The financial statements of Paladin Career & Technical High School, District No. 4104, have been prepared in conformity with U.S. generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. This financial report has been prepared in conformity with GASB Statement No. 34. B. Financial Reporting Entity Charter School No. 4104, also known as Paladin Career & Technical High School (the School) is authorized by Innovative Quality School (IQS) under a contract that extends through June 30, The School is focused on providing basic education, experience with technology, volunteerism, employment, travel and independent study. The permanent governing body consists of a board of directors composed of five to nine member elected at an annual meeting by voters of the general membership of the School to serve three year terms. The financial statements present the School and its component units. The School includes all funds, organizations, institutions, agencies, departments and offices that are not legally separate from such. Component units are legally separate organizations for which the elected officials of the School are financially accountable and are included within the financial statements of the School because of the significance of their operational or financial relationships with the School. The School is considered financially accountable for a component unit if it appoints a voting majority of the organization's governing body and it is able to impose its will on the organization by significantly influencing the programs, projects, activities or level of services performed or provided by the organization, or there is a potential for the organization to provide specific financial benefits to or impose specific financial burdens on, the School. As a result of applying the component unit definition criteria above, it has been determined the School has no component units. Aside from its sponsorship, IQS has no authority, control, power or administrative responsibilities over the School. Therefore, the School is not considered a component unit of IQS. Student activity accounts are under control of the School Board and are included in these financial statements. 26

30 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) C. Basic Financial Statement Information The government-wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) display information about the reporting government as a whole. These Statements include all the financial activities of the School. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segments are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Other items not properly included among program revenues are reported instead as general revenues. The School applies restricted resources first when an expense is incurred for a purpose for which both restricted and unrestricted net position is available. Depreciation expense that can be specifically identified by function is included in the direct expenses of that function. The effect of inter-fund activity has been removed from these Statements. D. Measurement Focus and Basis of Accounting The accounting and financial reporting treatment applied is determined by its measurement focus and basis of accounting. 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 related cash flows. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this basis of accounting transactions are recorded in the following manner. 27

31 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS JUNE 30, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) D. Measurement Focus and Basis of Accounting (Continued) 1. Revenue Recognition Revenue is recognized when it becomes measurable and available. Measurable means that the amount of the transaction can be determined and available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State revenue is recognized in the year to which it applies according to Minnesota Statutes and U.S. generally accepted accounting principles. Minnesota Statutes include state aid funding formulas for specific fiscal years. Federal revenue is recorded in the year in which the related expenditure is made. Other revenues (except investment earnings) are recorded when received because they are generally no measurable until then. Investment earnings are recorded when earned because they are measureable and available. A sixmonth availability period is generally used for other fund revenue. 2. Recording of Expenditures Expenditures are generally recorded when a liability is incurred. However, expenditures are recorded as prepaid for approved disbursements or liabilities incurred in advance of the year in which the item is to be used. Principal and interest on long-term debt issues are recognized on their due dates. The School may report unearned revenue on its statement of net position and balance sheet. Unearned revenues arise when potential revenue does not meet both the measurable and available criteria for recognition in the current period. Unearned revenues also arise when resources are received by the School before it has a legal claim to them, as when grant monies are received prior to incurring the qualifying expenditures. In subsequent periods when both revenue recognition criteria are met or when the School has a legal claim to the resources, the liability for unearned revenue is removed from the statement of net position or the balance sheet and revenue is recognized. Description of Funds As required by state statute, Paladin Career & Technical High School operates as a nonprofit corporation under Minnesota Statutes 317A. However, state law also requires that the School comply with Uniform Financial Accounting and Reporting Standards for Minnesota School Districts (UFARS) which mandates the use of a governmental fund accounting structure. 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. A description of the School s funds included in this report is as follows: 28

32 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Measurement Focus and Basis of Accounting (Continued) Major Governmental Funds: General Fund - This Fund is the basic operating fund of the School and is used to account for all financial resources except those required to be accounted for in another fund. It includes the general operations and pupil transportation activities of the School. Non-Major Government Funds Food Service Special Revenue Fund - This Fund is used to account for food service revenues and expenditures. D. Cash Cash includes balances from both funds that are deposited to the extent available as authorized by state law. Minnesota Statutes requires all deposits be protected by federal deposit insurance, corporate surety bonds or collateral. The market value of collateral pledged must equal 110% of the deposits not covered by Federal Deposit Insurance Corporation (FDIC) insurance or corporate surety bonds. E. Income Taxes The School lost its tax exempt status due to not filing Form 990 for fiscal years 11, 12 and 13 on a timely basis. Those returns were submitted in February, An application for reinstatement will be submitted upon submission of the audit report, and the school is applying for retroactive reinstatement. The School is not currently under examination by any taxing jurisdiction. Federal and state tax authorities generally have the right to examine income tax returns for a period of three years after they are filed. Management believes the School does not have any uncertain tax positions. F. Prepaid Items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. Prepaid items are recorded as expenditures at the time of consumption. 29

33 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) G. Capital Assets Capital assets are recorded in the government-wide financial statements, but are not reported in the fund financial statements. Capital assets are defined by the School as assets with a useful life greater than one year and an initial individual cost of more than $500. Such assets are capitalized at historical cost, or estimated historical cost for assets where actual historical cost is not available. Donated assets are recorded as capital assets at their 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 assets or materially extend the assets lives are not capitalized. Capital assets are depreciated using the straight-line method over their estimated useful lives. The School does not possess any material amounts of land, buildings or infrastructure capital assets, such as sidewalks and parking lots. Such items are considered to be part of the cost of buildings or other improvable property. H. Compensated Absences Unpaid sick and personal leave is not accrued in any funds as these benefits, when vesting is applicable, are paid prior to year-end according to School policy. I. 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; natural disasters; and injuries to employees for which the School carries commercial insurance. Settled claims have not exceeded this commercial coverage in any of the past three fiscal years. There were no significant reductions in the School's insurance coverage during the fiscal year ending June 30, J. Fund Equity A. Classification In the fund financial statements, governmental funds report fund classifications that comprise a hierarchy based primarily on the extent to which the School is bound to honor constraints on the specific purpose for which amounts in those funds can be spent. Nonspendable fund balances include amounts that cannot be spent because they are not in spendable form. Amounts that are restricted to specific purposes either by a) constraints placed on the use of resources by creditors, grantors, contributors, or laws or regulations of other governments or classified by law through enabling legislation are classified as restricted fund balances. Amounts that can only be used for specific purposes pursuant to constraints imposed by the Board of Directors (highest level of decision making authority) through resolution are classified as committed fund balances. 30

34 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fund Equity (Continued) Amounts that are constrained by the School's intent to be used for specific purposes but are neither restricted nor committed are classified as assigned fund balances. Assignments are made by the Executive Director. Unassigned fund balance represents fund balance that has not been assigned to other funds and that has not been restricted, committed, or assigned to a specific purpose in the General Fund. The School's policy is to spend resources from fund balance classifications in the following order (first to last) if resources from more than one fund balance classification could be spent: restricted, committed, assigned and unassigned. B. Minimum Fund Balance The School's target General Fund balance is to maintain an unassigned fund balance in the General Fund equal to 10% of General Fund expenditures, and increases of 5%, 5% and 10% over the next three years.. If unassigned fund balance falls below the goal or has a deficiency, the School will specifically note in the Board of Directors minutes that the Board of Directors is aware of the situation and states the circumstances for falling below the goal as well as discussion for resolution. K. Net Position Net position represents the difference between assets and liabilities in the governmentwide financial statements. Net assets invested in capital assets consist of capital assets, net of accumulated depreciation. Net position is reported as restricted in the government-wide financial statement when there are limitations on their use through external restrictions imposed by creditors, grantors or laws or regulations of other governments. L. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Estimates also affect the reported amounts of revenue and expenditures/expense during the reporting period. Actual results could differ from those estimates. M. Comparative Data Comparative data for the prior year has been presented only for certain sections of the accompanying financial statements in order to provide an understanding of the changes in the School s financial position and operations. Certain comparative information has been reclassified to conform to the current year presentation. 31

35 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 NOTE 2 - STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY A. Budgetary Information The School follows these procedures in establishing the budgetary data reflected in the financial statements: 1. Prior to July 1, the Executive Director submits to the School's Board of Directors, a proposed operating budget for the fiscal year commencing the following July 1. The operating budget includes proposed expenditures and the means of financing them. 2. The Executive Director is authorized to transfer budgeted amounts between departments within any fund; however, any revisions that alter the total expenditures of any fund must be approved by the School's Board of Directors. 3. Formal budgetary integration is employed as a management control device during the year for the General Fund. 4. Budgets for the General Fund are adopted on a basis consistent with U.S. generally accepted accounting principles. 5. Budgets are as originally adopted or as amended by the School's Board of Directors. Budgeted expenditure appropriations lapse at year-end. B. Excess of Expenditures over Appropriations Budgetary control for governmental funds is established by each fund s total appropriations. Expenditures exceeded appropriations in the General Fund for the year ended June 30, Budget Expenditures Excess General Fund $ 3,601,000 $ 3,917,573 $ 316,573 NOTE 3 - DEPOSITS In accordance with applicable Minnesota Statutes, the School maintains deposits at depository banks authorized by the School's Board of Directors. Custodial Credit Risk - Deposits: Custodial credit risk is the risk that in the event of a bank failure, the School's deposits may not be returned to it. As of June 30, 2014, the School's bank balance of $64,910 was not exposed to custodial credit risk as it was fully insured by FDIC insurance. Deposits are presented in the June 30, 2014 basic financial statements as follows: Statement of Net Assets: Cash $64,910 32

36 PALADIN CAREER & TECHNICAL HIGH SCHOOL NOTES TO FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2014 NOTE 4 CAPITAL ASSETS Capital asset activity for the year ended June 30, 2014 was as follows: Beginning Ending Balance Increases Decreases Balance Governmental activities: Capital assets, being depreciated: Furniture and equipment $ 276,107 $ 21,024 $ 297,131 Total capital assets, being depreciated 276,107 21, ,131 Accumulated depreciation for: Furniture and equipment 40,977 35,316 76,293 Total accumulated depreciation 40,977 35,316-76,293 Total capital assets, being depreciated, net 235,130 (14,292) - 220,838 Governmental activities capital assets, net $ 235,130 $ (14,292) $ - $ 220,838 Depreciation expense was charged to functions of the District as follows: Governmental activities: Instructional services Regular instruction services $ 13,816 Exceptional instruction services 305 Supporting services: Pupil support services 19,377 Instructional support services 171 District administration services 709 Sites and buildings 938 Total depreciation expense, governmental activities $ 35,316 33

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