TOWNSHIP OF ROLLAND ISABELLA COUNTY, MICHIGAN AUDITED FINANCIAL STATEMENTS. Fiscal Year Ended March 31, 2010

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1 ISABELLA COUNTY, MICHIGAN AUDITED FINANCIAL STATEMENTS Fiscal Year Ended

2 TABLE OF CONTENTS Independent Auditor s Report.. 1 FINANCIAL STATEMENTS Government Wide Statement of Net Assets. 2 Government Wide Statement of Activities.. 3 Government Funds Balance Sheet 4 Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Assets.. 5 Governmental Fund Statement of Revenue, Expenditures and Changes in Fund Balance.. 6 Reconciliation of Statement of Revenues, Expenditures and Changes in Fund Balance to the Statement of Activities.. 7 Fiduciary Funds Statement of Net Assets. 8 Fiduciary Funds Statement of Changes in Net Assets.. 9 Notes to Financial Statements.. 10 REQUIRED SUPPLEMENTAL INFORMATION Budgetary Comparison Schedules: General Fund.. 17 COMMENTS AND RECOMMENDATIONS 19 Page

3 Barry E. Gaudette, CPA, PC 731 S. Garfield Avenue Traverse City, MI Independent Auditor s Report Members of the Township Board Township of Rolland Isabella County, Michigan I have audited the accompanying financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the Township of Rolland, Michigan, as of and for the year ended, which collectively comprise the Township s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the Township of Rolland, Michigan s management. My responsibility is to express opinions on these financial statements based on my audit. I conducted my audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion. Since it was not practical to extend my auditing procedures into the prior unaudited year, I am unable to express an opinion on the consistency of application of accounting principles with the preceding year. In my opinion, except for the effects on the financial statements of the omission described in the preceding paragraph, 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 the Township of Rolland, Michigan, as of, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. The financial statements referred to above do not include the Management Discussion and Analysis, which is required supplementary information and should be included in order to conform with accounting principles generally accepted in the United States of America. Barry E. Gaudette, CPA, PC April 27,

4 GOVERNMENT WIDE STATEMENT OF NET ASSETS Governmental Activities ASSETS CURRENT ASSETS Cash and equivalents $ 124,009 Prepaid expenses 1,842 TOTAL CURRENT ASSETS 125,851 NON-CURRENT ASSETS Property and equipment, net of depreciation 302,436 TOTAL ASSETS 428,287 LIABILITIES CURRENT LIABILITIES Current part of non-current liabilities 10,196 NON-CURRENT LIABILITIES Long-term debt 21,218 TOTAL LIABILITIES 31,414 NET ASSETS Invested in capital assets 271,022 Restricted for: Prepaid expenses 1,842 Unrestricted 124,009 TOTAL NET ASSETS $ 396,873 Notes to Financial Statements are an integral part of this statement. -2-

5 GOVERNMENT WIDE STATEMENT OF ACTIVITIES Year ended Net (Expense) Program Revenues Revenue and Operating Capital Changes in Charges Grants Grants Net Assets For And And Governmental Functions/Programs Expenses Services Contributions Contributions Activities Governmental Activities: Legislative $ 4,502 $ 0 $ 0 $ 0 $ (4,502) General government 47,544 2, (44,744) Public safety (45) Public works 31, ,295 0 (28,307) Culture and recreation 6, (6,667) Other: Pension 2, (2,457) Interest expense 4, (4,077) Depreciation 7, (7,650) TOTAL $ 105,191 $ 2,800 $ 3,942 $ 0 (98,449) GENERAL REVENUES Property taxes & related fees 32,758 State shared revenues and grants 74,193 Rents 1,200 Unrestricted investments earnings 371 Sale of assets 46,250 Refunds and reimbursements 543 TOTAL 155,315 CHANGE IN NET ASSETS 56,866 Net assets beginning 340,007 NET ASSETS ENDING $ 396,873 The Notes to Financial Statements are an integral part of this statement. -3-

6 GOVERNMENTAL FUNDS BALANCE SHEET COMBINED BALANCE SHEET Total Governmental General Funds ASSETS Cash and equivalents $ 124,009 $ 124,009 Prepaid expense 1,842 1,842 TOTAL ASSETS $ 125,851 $ 125,851 FUND EQUITY Reserved for: Prepaid expenses 1,842 1,842 Unreserved 124, ,009 TOTAL FUND EQUITY 125, ,851 TOTAL FUND EQUITY $ 125,851 $ 125,851 The Notes to Financial Statements are an integral part of this statement. -4-

7 RECONCILIATION OF BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET ASSETS Total fund equity total governmental funds $ 125,851 Amounts reported for governmental activities in the Statement of Net Assets are different because: Capital assets used in governmental activities are not financial resources and are not reported in the funds net of related depreciation 302,436 Loan proceeds received in governmental activities are reported as other financing resources in governmental funds but as a liability in the Statement of Net Assets (31,414) NET ASSETS OF GOVERNMENTAL ACTIVITIES $ 396,873 The Notes to Financial Statements are an integral part of this statement. -5-

8 ALL GOVERNMENTAL FUNDS TYPES COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Year ended Total Governmental General Debt Funds REVENUES Property taxes & related fees $ 32,758 $ 0 $ 32,758 State shared revenues and grants 78, ,135 Charges for services 1, ,900 Interest and rentals 1, ,571 Other: All other refunds Sale of assets 47, ,150 Transfer in 0 53,214 53,214 TOTAL REVENUES 162,057 53, ,271 EXPENDITURES Legislative 4, ,502 General government 47, ,544 Public safety Public works 31, ,602 Culture & recreation 6, ,667 Other: Pension 2, ,457 Capital outlay Transfer out 53, ,214 Debt service: Principal 0 49,137 49,137 Interest 0 4,077 4,077 TOTAL EXPENDITURES 147,233 53, ,447 EXCESS OF REVENUES OVER (OVER) EXPENDITURES 14, ,824 Fund balance beginning 111, ,027 Fund balance ending $ 125,851 $ 0 $ 125,851 The Notes to Financial Statements are an integral part of this statement. -6-

9 RECONCILIATION OF STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE TO THE STATEMENT OF ACTIVITIES Year ended Net change in fund balance total governmental funds $ 14,824 Amounts reported for governmental activities in the Statement of Activities are different because: Governmental funds report capital outlays as expenditures, in the Statement of Activities these costs are allocated over their estimated useful life and reported as depreciation (7,095) Governmental funds report principal payments on loans as an expenditure 49,137 CHANGE IN NET ASSETS OF GOVERNMENTAL ACTIVITIES $ 56,866 The Notes to Financial Statements are an integral part of this statement. -7-

10 STATEMENT OF NET ASSETS FIDUCIARY FUND Tax Collection Fund ASSETS Cash and cash equivalents $ 0 Total assets 0 LIABILITIES Due to other funds 0 Due to other governmental units 0 Total liabilities 0 NET ASSETS Held in trust for other purposes $ 0 The Notes to Financial Statements are an integral part of this Statement. -8-

11 STATEMENT OF CHANGES IN NET ASSETS FIDUCIARY FUNDS Tax Collection Fund ADDITIONS Property tax collections and fees $ 645,988 Interest earnings 0 Total additions 645,988 DEDUCTIONS Payments to general fund 32,758 Payments to other governmental units 613,230 Total deductions 645,988 Changes in net assets 0 Net assets beginning 0 Net assets ending $ 0 The Notes to Financial Statements are an integral part of this Statement. -9-

12 NOTES TO FINANCIAL STATEMENTS NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the Township of Rolland (Township) conform to accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental units. The following is a summary of the significant accounting policies used by the Township. Reporting Entity The Township is governed by an elected five member board of trustees (Board). The accompanying financial statements present the government, as the Township does not have any component units that are required to be presented, either discretely or blended and is not responsible for any jointly governed organizations, other than the Township has an agreement with a local fire department consisting of several local municipalities to render fire protection to its residents. Two Township Board members are appointed to serve on the board of the fire department. Government-Wide and Fund Financial Statements The government-wide statements (i.e., the statement of net assets and the statement of changes in net assets) report information on all of the nonfiduciary activities of the Township. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, normally supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; and (2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenue. Separate financial statements are provided for governmental funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds are reported as separate columns in the fund financial statements. -10-

13 NOTES TO FINANCIAL STATEMENTS NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Measurement Focus, Basis of Accounting and Financial Statement Presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Revenue is recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenue is recognized as soon as it is both measurable and available. Revenue is considered to be available if it is collected within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Township considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, relating to compensated absences, and claims and judgments are recorded only when payment is due. Taxes Receivable Current Property Taxes The Township property tax is levied each December 1 st on the taxable valuation of property (as defined by State statutes) located in the Township as of the preceding December 31 st Real property taxes not collected as of March 1st are turned over to Isabella County, which advances the Township 100% for the delinquent taxes. The 2009 taxable valuation (Real) of the Township totaled $32,757,810, on which ad valorem taxes levied consisted of mills for Township operating purposes and voted millage of mills for fire purposes. The fire millage is disbursed to the Millbrook-Rolland Township Fire Department and the operating millage is reported in the General Fund as current revenue. The Township reports the following major governmental funds: The General Fund is the Township s primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund. -11-

14 NOTES TO FINANCIAL STATEMENTS NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Measurement Focus, Basis of Accounting and Financial Statement Presentation (Continued) The Township reports the following fiduciary funds: The current tax collection fund is used to account for resources held by the Township in a purely custodial capacity. Money in this fund is from current tax collections. Timely distribution to the appropriate fund and local unit must be made in accordance with Section 43 of the General Property Tax Act. As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are charges between the government s utility function and various other functions of the government. Eliminations of these charges would distort the direct costs and program revenues reported for the various functions concerned. Amounts reported as program revenue include: (1) charges to customers or applicants for goods, services or privileges provided; (2) operating grants and contributions; and (3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenue rather than as program revenue. Likewise, general revenue includes all taxes. When both restricted and unrestricted resources are available for use, it is the government s policy to use unrestricted sources first, then unrestricted resources as they are needed. Assets, Liabilities, and Net Assets or Equity Bank Deposits and Investments Cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with a maturity of three months or less when acquired. The Townships certificates of deposits with a maturity of more than three months are investments and are stated at fair value. Receivables and Payables In general, outstanding balances between funds are reported as due to/from other funds. Any residual balances outstanding between the governmental activities and the businesstype activities are reported in the government-wide financial statements as due to/from other funds. All trade and property tax receivables are shown as net of allowance for uncollectible amounts. Property taxes are levied on each December 1 st on the taxable valuation of property as of the preceding December 31 st. Taxes are considered delinquent on March 1st of the following year, at which time penalties and interest are assessed. -12-

15 NOTES TO FINANCIAL STATEMENTS NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Assets, Liabilities, and Net Assets or Equity (Continued) Inventories and Prepaid Items Inventories are valued at cost, on a first-in, first-out basis. Inventories of governmental funds are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future fiscal years and are recorded as prepaid items in both government-wide and fund financial statements. Capital Assets Capital assets; which include property, plant and equipment are reported in the applicable governmental or business-type activities column in the government-wide financial statements. Capital assets are defined by the government as assets with an initial individual cost of more than $500 and an estimated useful life in excess of one year. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The Township has elected not to report its infrastructure assets which is in compliance with Governmental Accounting Standards Board Statement Number 34 as the Township is a tier three entity. All future infrastructure asset additions will be recorded and reported in the government wide financial statements. Property, plant and equipment are depreciated using the straight-line method over the following useful lives: Buildings and improvements years Machinery & equipment 7 years Office furniture & equipment 5 years Long-Term Obligations In the government-wide financial statements and the proprietary fund types in the fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities. Fund Equity In the fund financial statements, governmental funds report reservations of fund balance for amounts that are not available for appropriation or are legally restricted by outside parties for use for a specific purpose. Designations of fund balance represent tentative management plans that are subject to change. -13-

16 NOTES TO FINANCIAL STATEMENTS NOTE B CASH AND INVESTMENTS MCL authorizes the Township to deposit and invest in the accounts of Federal insured banks. Credit unions, savings and loan associations; bond securities and other direct obligations of the United States, or any agency or instrumentality of the United States; United States government or Federal agency obligation repurchase agreements, bankers acceptance of United States banks; commercial paper rated within the two highest classifications, which mature not more than 270 days after the date of purchase, obligations of the State of Michigan or its political subdivisions which are rated as investment grade; and mutual funds composed of investment vehicles which are legal for direct investment by local units of government in Michigan. Financial institutions eligible for deposit of public funds must maintain an office in Michigan. The Township has designated one bank for the deposit of Township funds. The investments policy adopted by the board in accordance with Public Act 20 of 1943, as amended, has authorized only a portion of the investments described in the preceding paragraph. The Township s deposits and investment policy are in accordance with statutory authority. At year end, the Township s deposits and investments were reported on the basic financial statements in the following categories: Bank deposits (demand and savings deposits) $ 130,386 TOTAL (includes trust and agency funds) $ 130,386 The federal insured bank balance of the Township s deposits is $130,386. The Township does not have any investments. NOTE C EXCESS OF EXPENDITURES OVER APPROPRIATIONS IN BUDGET FUNDS P.A. of 1978, section 18(1), as amended, provides that a local unit of government shall not incur expenditures in excess of the amounts appropriated in any of its budgetary funds. Included in the Required Supplemental Information section of this report is a listing of revenues and expenditures for the budgetary funds. The schedules reflect the original budget, amended budget and actual amounts for each of the fund s activities. Some of the unfavorable variances that occurred during the year were primarily due to year end accruals and reclassifications. -14-

17 NOTES TO FINANCIAL STATEMENTS NOTE D CHANGES IN CAPITAL ASSETS Capital asset activity for the Township for the year ended was as follows: Beginning Additions Disposals Ending Governmental Funds: Assets not depreciated Land & improvements $ 35,800 $ 0 $ 0 $ 35,800 Assets depreciated: Buildings: Township hall 48, ,976 Building improvements 1, ,455 Fire building 272,376 0 (20,250) 252,126 Machinery & equipment 8, ,154 Office furniture & equipment 3, ,413 Total at Historic Cost 370,619 $ 555 $ (20,250) 350,924 Less Accumulated Depreciation for: Buildings: Township hall (29,176) $ (1,224) $ 0 (30,400) Building improvements (95) (123) 0 (218) Fire building (12,150) (6,303) 12,150 (6,303) Machinery & equipment (8,154) 0 0 (8,154) Office furniture & equipment (3,413) 0 0 (3,413) Total Accumulated Depreciation (52,988) $ (7,650) $ 12,150 (48,488) Net Governmental Funds-Capital Assets $ 317,631 $ 302,436 NOTE E- LONG-TERM DEBT NOTES PAYABLE The Township has borrowed funds to provide funds from Isabella Bank for the acquisition and construction of a Fire Barn. Notes payable issued for governmental activities and are recorded in the general fund. The original amount of the loan was issued on October 7, 2008 in the amount of $90,000. General obligation notes are direct obligations and pledge the full faith and credit of the government. This loan is to be paid in 9 regular payments of $12, each year until paid in full. The principal maturing each year varies. General obligation notes currently outstanding are as follows: Purpose Interest Rate Amount Governmental activities 6.9% $ 31,

18 NOTES TO FINANCIAL STATEMENTS NOTE H LONG TERM DEBT (CONTINUED) Annual debt service requirements to maturity for general obligation notes are as follows: Fire Building Year Ending March 31, Principal Interest 2011 $ 10,196 $ 2, ,900 1, , Total $ 31,414 $ 4,344 Long-term liability activity for the year ended March 31, 2009, was as follows: Due within Beginning Newly Ending One Balance Issued Retired Balance Year Governmental activities: General Fund Notes payable: Fire Building $ 80,551 $ 0 $ (49,137) $ 31,414 $ 10,196 NOTE F RISK MANAGEMENT The Township of Rolland 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 Township of Rolland maintains commercial insurance covering each of those risks of loss. Management believes such coverage is sufficient to preclude any significant uninsured losses to the Township. Settlement claims have not exceeded this commercial coverage in any of the past three fiscal years. NOTE G PENSION PLAN The Township paid $2,458 during the fiscal year ending to Municipal Retirement Systems, Inc. to fund a Money Purchase Pension Plan for participants effective July 1, This amount consists of contributions from both the Township and participants at 6.2 percent each. -16-

19 REQUIRED SUPPLEMENTAL INFORMATION

20 BUDGETARY COMPARISON SCHEDULE GENERAL FUND Year ended Variance With Original Amended Amended Budget Budget Actual Budget Beginning Fund Balance $ 111,027 $ 111,027 $ 111,027 $ 0 Resources (Inflows): Property taxes & related fees ,758 32,758 State shared revenues and grants ,135 78,135 Charges for services 0 0 1,900 1,900 Interest and rentals 0 0 1,571 1,571 Other: All other refunds Sale of fire barn ,850 40,850 Sale of cemetery lots Sale of trees 0 0 5,400 5,400 AMOUNTS AVAILABLE FOR APPROPRIATION 111, , , ,057 Charges to Appropriations(Outflows) Legislative Township board 7,100 7,100 4,502 2,598 General Government Supervisor 7,185 7,185 7, Treasurer 9,800 9,800 9, Assessor 10,700 10,700 8,541 2,159 Clerk 9,000 9,000 7,370 1,630 Elections 2,525 2,525 1,193 1,332 All other general government: Board of review 1,400 1, Cemetery 14,250 14,250 7,554 6,696 Insurance 5,000 5,000 3,476 1,524 Miscellaneous 0 0 2,434 (2,434) Public Safety: Liquor enforcement Public Works: Streets and roads 60,000 60,000 19,447 40,553 Street sweeping Drain at large (432) Street lighting 4,000 4,000 4,177 (177) Christmas lighting Curbside recycling 8,100 8,100 6,675 1,425 Culture & Recreation: Parks 4,800 4,800 3,195 1,605 Library 5,350 5,350 3,472 1,

21 BUDGETARY COMPARISON SCHEDULE GENERAL FUND (CONTINUED) Year ended Variance With Original Amended Amended Budget Budget Actual Budget Charges to Appropriations(Outflows) Other: Pension 7,200 7,200 2,457 4,743 Capital outlay (555) Debt service 12,500 12,500 53,214 (40,714) TOTAL CHARGES TO APPROPRIATIONS 170, , ,233 23,677 BUDGETARY FUND BALANCE- ENDING $ (59,883) $( 59,883) $ 125,851 $ 185,

22 COMMENTS AND RECOMMENDATIONS

23 Barry E. Gaudette, CPA, PC 731 S. Garfield Avenue Traverse City, MI Members of the Township Board Township of Rolland Isabella County, Michigan My examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as I considered necessary in the circumstances. There were not any comments and recommendations necessary for this fiscal year. This letter supplements the information in the Financial Statements and Notes to Financial Statements. It is intended solely for the use of the Township Board and the Michigan Department of Treasury and should not be used for any other purpose. Barry E. Gaudette, CPA, PC April 27,

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