THE REGIONAL OFFICE OF EDUCATION #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)_part2

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Lưu ý 13 - HỆ THỐNG GIÁO VIÊN nghỉ hưu của tiểu bang Illinois (Tiếp theo) Văn phòng Khu vực Giáo dục # 1 làm cho các loại khác các khoản đóng góp của người sử dụng lao động trực tiếp đến TRS. • 2,2 đóng góp công thức

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Nội dung Text: THE REGIONAL OFFICE OF EDUCATION #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)_part2

REGIONAL OFFICE OF EDUCA n ON #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009 Note 13 - TEACHERS' RETIREMENT SYSTEM OF THE STATE OF ILLINOIS (Continued) The Regional Office o f Education #1 makes other types o f employer contributions directly to TRS. • 2.2 formula contributions. Employers contribute 0.58 percent o f creditable earnings for the 2.2 formula change. This rate is specified by statute. Contributions for the year ended June 30, 2009 were $527. Contributions for the years ending June 30, 2008, and June 30, 2007, were $347 and $342, respectively. • Federal and trust fund contributions. When TRS members are paid from federal and special trust funds administered b y the Regional Office o f Education #1, there is a statutory requirement for the Regional Office o f Education #1 to pay an employer pension contribution from those funds. Under a policy adopted by the TRS Board o f Trustees that was first effective in the fiscal year ended June 30, 2009, employer contributions for employees paid from federal and trust funds will be the same as the state contribution rate o fTRS. For the year ended June 30, 2009, the employer pension contribution was 17.08 percent o f salaries paid from federal and trust funds. For the year ended June 30, 2008, the employer contribution was 13 .11 percent o f salaries paid from federal and trust funds. For the year ended June 30, 2007, the employer pension contribution was 9.78 percent o f salaries paid from those funds. For the year ended June 30, 2009 salaries totaling $46,762 were paid from federal and trust funds that required employer contributions o f $7,987. For the years ended June 30, 2008 and June 30, 2007, required contributions were $2,983 and $2,131, respectively. • Early Retirement Option (ERO). The Regional Office o f Education #1 is also required to make one-time employer contributions to TRS for members retired under the Early Retirement Option (ERO). The payments vary depending on the age and salary o f the member and under which ERO program the member retires. Under Public Act 94-0004, a "Pipeline ERO" program is provided for members to retire under the same terms as the ERO program that expired June 30, 2005, provided they meet certain conditions and retire on or before July 1, 2007. I f members do not meet those conditions, they can retire under the "Modified ERO" program, which requires higher member and employer contributions to TRS. Also, under Modified ERO, Public Act 94-0004 eliminates the waiver o f member and employer ERO contributions that had been in effect for members with 34 years o f services (unless the member qualifies for Pipleline ERO). Under the ERO program that expired on June 30, 2005 and the Pipleline ERO, the maximum employer contribution is 100 percent o f the member's highest salary used in the final average salary calculation. Under the Modified ERO, the maximum employer contribution is 117.5 percent. Both the 100 percent and 117.5 percent maximum apply when the member is age 55 at retirement. For the three years ended June 30, 2009, the Regional Office o f Education #1 paid no employer contributions under the Early Retirement Option. This is trial version 38 www.adultpdf.com
REGIONAL OFFICE OF EDUCATION #1 NOTES TO FINANCIAL STATEMENTS JUNE 30, 2009 Note 13 - TEACHERS' RETIREMENT SYSTEM O F THE STATE OF ILLINOIS (Continued) Salary increases over 6 percent and excess sick leave. Public Act 94-0004 added two new • employer contributions to TRS. I f the employer grants salary increases over 6 percent and those salaries are used to calculate a retiree's final average salary, the employer makes a contribution to TRS. The contribution will cover the difference in actuarial cost o f the benefit based on actual salary increases and the benefit based on salary increases o f up to 6 percent. For the three years ended June 30, 2009, the Regional Office o f Education #1 paid no employer contributions under salary increases over 6 percent. I f an employer grants sick leave days in excess o f normal annual allotment and those days are used as TRS service credit, the employer makes a contribution to TRS. The contribution is based on the number o f excess sick leave days used as service credit, the highest salary used to calculate final average salary, and the TRS total normal cost rate (18.67 percent o f salary during the year ended June 30, 2009). For the three years ended June 30, 2009, the Regional Office o f Education #1 paid no employer contributions under excess sick leave. TRS financial information, an explanation o fTRS benefits, and descriptions o f members, employer and state funding requirements can be found in the TRS Comprehensive Annual Financial Report for the year ended June 30, 2008. The report for the year ended June 30, 2009, is expected to be available in late 2009. The reports may be obtained in writing to the Teacher's Retirement System o f the State o f Illinois, PO Box 19253,2815 West Washington Street, Springfield, Illinois 62794- 9253. The most current report is also available on the TRS web site at www.trs.illinois.gov. Note 14 - NEW ACCOUNTING PRONOUNCEMENT Effective for the year ending June 30, 2009, the Regional Office o f Education #1 adopted the following GASB Statements: a) GASB Statement No. 49, Accounting and Financial Reportingfor Pollution Remediation Obligations. b) GASB Statement No. 52, L and and Other Real Estate Held as Investments by Endowments. c) GASB Statement N o.5 5, The Hierarchy o f Generally Accepted Accounting Principles f or State and Local Governments. d) GASB Statement No. 56, Codification o f Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards. There was no significant impact on the Regional Office o f Education # 1' s financial statements as a result o f adopting statements 49, 52, 55 and 56. This is trial version 39 www.adultpdf.com
Required Supplemental Information (Other than Management's Discussion & Analysis) This is trial version www.adultpdf.com
REGIONAL OFFICE OF EDUCATION #1 R EQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF FUNDING PROGRESS Illinois Municipal Retirement Fund Actuarial Actuarial Unfunded UAAL as a Value o f Liability AAL Actuarial Funded Covered Percentage o f Valuation Assets Entry Age (UAAL) Ratio Payroll Covered Payroll (B-A) [(B-A)!C] Date ( ill (Q ® ( AlB) 12/3112008 793,365 910,330 116,965 87.15% 19.44% 601,769 873,007 796,119 (76,888) 109.66% 12/3112007 0% 546,015 12/31/2006 0% 758,337 677,608 (80,729) 111.91% 565,850 40 This is trial version www.adultpdf.com
SUPPLEMENTAL INFORMATION This is trial version www.adultpdf.com
REGIONAL OFFICE OF EDUCATION #1 COMBINING SCHEDULE OF ACCOUNTS EDUCA TION FUND JUNE 30, 2009 Regional Office Truants o f Prevention Alternative National Standards General Student State Free Administrators Effectiveness and Optional Aligned State Assistance Truancy School Lunch Lunch and Services Education Reduction Classrooms Aid Breakfast Academ~ Pro~ram _ _f!:£gram ASSETS 259,625 $ $ $ $ $ $ $ $ (16,393) (21,498) 1,249 624 9 40 1,843 $ C ash and cash equivalents 19,029 21,498 230 G rants receivable 109 136 55 Prepaid items $ $ $ 2,745 136 259,625 1,304 $ $ $ $ $ $ 854 940 1,843 Total assets LIABILITIES AND FUND BALANCE Liabilities 5,424 $ $ $ $ $ $ $ $ $ Accounts payable 5,424 Total liabilities Fund balances F und balance - reserved (2,679) 136 259,625 1,304 F und balance - unreserved 854 9 40 1,843 (2,679) 259,625 1,304 Total fund balance (deficit) 136 854 940 1,843 $ $ $ $ $ $ $ Total I iabilities and fund balance 2,745 136 259,625 1,304 9 40 1,843 $ $ 854 www.adultpdf.com This is trial version See accompanying Independent Auditor's Report 41
REGIONAL OFFICE OF EDUCATION #1 C OMBINING S CHEDULE O F ACCOUNTS EDUCA TION FUND J UNE 30, 2009 Special School Education A RRA- Learn and English Tech. Prep Grants Breakfast General State Serve SAFE Language Additional Infant/Toddler Aid America Program Learners LIPLEPS Program A SSETS $ 3,312 $ 52 ( 45,093) $ $ $ ( 587) $ 3,655 C ash and cash equivalents 2 $ 1,650 $ 39,685 G rants receivable 382 Prepaid items (5,026) $ 3,312 $ $ Total assets 52 2 1 ,650 ( 587) $ 3,655 $ $ $ $ LIABILITIES AND FUND BALANCE Liabil ities $ $ $ 4,960 $ $ 3 ,654 A ccounts payable $ $ $ Total liabilities 4,960 3 ,654 Fund balances F und balance - reserved 3,312 52 (9,986) (587) F und balance - unreserved 2 1,650 3,312 52 (9,986) Total fund balance (deficit) 2 1,650 (587) 3,312 (5,026) Total liabilities and fund balance $ 52 $ 1 ,650 (587) $ 3,655 $ $ $ 2 $ $ www.adultpdf.com This is trial version See accompanying Independent Auditor's Report 42
REGIONAL O FFICE OF EDUCATION #1 C OMBINING S CHEDULE O F REVENUES, EXPENDITURES AND C HANGES IN FUND B ALANCES E DUCATION FUND ACCOUNTS F OR THE Y EAR ENDED J UNE 30, 2009 Regional Office Truants o f Prevention Alternative Standards General Student S tate Free National Assistance and Optional Aligned State Lunch and Truancy School Lunc Administrators Effectiveness Education Program Set\1ices Classrooms Academy A id Breakfast Reduction Program R evenues $ $ $ $ $ $ Registration, certification and permit fees 17,674 940 L ocal sources 2 0,000 92,864 80,118 173,164 70,700 854 State sources 24,518 10,83 Federal sources 234 2 Interest income 20,001 135,056 80,118 173,398 70,702 854 940 10,83 Total revenues Expenditures 17,689 84,068 71,580 50,353 Salaries and benefits 7,027 1,022 7,864 2,577 164 4,218 Purchased services 9 76 19,261 4,277 4,702 11,293 Travel and entertainment 6 5,934 402 2,028 Supplies and materials 8,991 Institute expenses and workshops 9,724 Capital outlay 767 3 07 Communication 581 9 ,166 Postage and copies 4 ,378 144,680 P ayment to other governmental units 162 O ther 20,000 121,667 80,184 164 172,490 70,701 Total expenditures 8,99 13,389 (66) (164) 908 854 940 1,84 Net changes in fund balances (16,068) 202 164 258,717 1,303 F und b alance - July I, 2008 $ 136 $ $ 259,625 1,304 $ (2,679) Fund balance - June 30, 2009 $ $ 940 1,84 854 www.adultpdf.com This is trial version See accompanying Independent Auditor's Report 43
REGIONAL OFFICE OF EDUCA n ON #1 COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES EDUCA n ON FUND ACCOUNTS FOR THE YEAR ENDED JUNE 30, 2009 Special Education A RRA- Learn and English School Tech. Prep Breakfast Grants General State Serve SAFE Language America Learners LIPLEPS Additional Infant/Toddler Aid Program ___~!:,=,_gram R evenues $ $ $ $ $ $ $ $ 7,329 Registration, certification and p ennit fees 2,069 45,818 L ocal sources 310,018 S tate sources 48,546 3,834 148,667 51,192 66,000 Federal sources 2 2 13 1 4 Interest income 66,002 48,547 460,755 _ _ __1,194 5 45,831 3,834 7,333 Total revenues Expenditures 288,591 44,380 Salaries and benefits 99,897 19,657 8,127 Purchased services 24,164 Travel and entertainment 2,612 7,078 3,782 Supplies and materials Institute expenses and workshops Capital outlay Communication Postage and copies 48,546 35,454 51,192 45,000 1,642 Payment to other governmental units O ther 48,546 3,782 455,184 51,192 45,000 68,291 8,127 Total expenditures 52 5,571 2 (2,289) (1) (794) 831 Net changes in fund balances (15,557) 1,702 4,106 819 Fund balance - July 1 ,2008 $ $ $ (9,986) 2 1,650 (587) $ $ $ $ $ 3,312 52 Fund balance - June 30, 2009 www.adultpdf.com This is trial version See accompanying Independent Auditor's Report 44
R EGIONAL O FFICE O F E DUCATION #1 B UDGETARY C OMPARlSON S CHEDULE E DUCATION F UND A CCOUNTS F OR T HE Y EAR E NDED J UNE 3 0, 2 009 Academ~ A dministrators V ariance Positive A ctual Bud!;;et (Ne!;;ative) Revenues: Local sources $ $ $ State sources 20,000 2 0,000 F ederal sources Interest income 20,000 20,001 Total revenues Expenditures: Salaries a nd b ene t its 18,101 17,689 412 I,R99 P urchased s ervices 1 ,022 877 Travel a nd e ntertainment 9 76 ( 976) Supplies a nd m aterials 6 (6) Institute e xpenses a nd w orkshops C apital o utlay 3 07 ( 307) C ommunication Postage a nd c opies P ayment to o ther g overnmental units O ther 20,000 2 0,000 Total expenditures N et c hange in fund b alances $ $ F und h alance, J uly 1, 2 008 F und b alance, June 3 0, 2 009 $ Re!;;ional O tlice o f P revention E tfectiveness S ervices Variance Positive ~Ne!;;ative) A ctual Bud!;;et R evenues: 17,674 1 7,674 $ L ocal s ources $ $ 90,411 9 2,864 2,453 State sources 2 4,518 24,518 Federal sources Interest income 1 35,056 20,127 114,929 Total revenues Expenditures: 84,068 (4,534) 7 9,534 Salaries a nd b enetits 7 ,864 7 97 8,661 P urchased services 19,261 9 83 2 0,244 Travel a nd e ntertainment 6,490 5 ,934 5 56 Supplies a nd m aterials Institute expenses a nd w orkshops C apital o utlay C ommunication P ostage a nd c opies 4 ,378 ( 4,378) P ayment to o ther g overnmental units ~162) 162 O ther ~6,738) 121,667 114,929 T otal expenditures 13,389 1 3,389 $ N et c hange in fund b alances $ ( 16,068) F und b alance, J uly 1, 2008 ( 2,679) $ F und b alance, J une 3 0, 2 009 This is trial version S ee a ccompanying I ndependent A uditor's R eport 45 www.adultpdf.com