Princeton Charter School Grades K-8 Princeton, NJ 08540 (Established 1997)
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Princeton Charter School Grades K-8 Princeton, NJ 08540 (Established 1997) Princeton Charter School Board of Trustees Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2017 Inspire, Challenge, Support, Accomplish Comprehensive Annual Financial Report of the PRINCETON CHARTER SCHOOL Princeton, New Jersey For the Fiscal Year Ended June 30, 2017 Prepared by PRINCETON CHARTER SCHOOL Board of Trustees Princeton Charter School Table of Contents June 30, 2017 Introductory Section Letter of Transmittal ................................................................................................................................... 1-6 Organizational Chart ..................................................................................................................................... 7 Roster of Officials .......................................................................................................................................... 8 Consultants, Independent Auditors, and Advisors ........................................................................................ 9 Financial Section Independent Auditors’ Report ................................................................................................................ 10-11 Required Supplementary Information - Part I: Management’s Discussion and Analysis ................................................................................................ 12-18 Basic Financial Statements (Sections A. and B.) A. Charter School-Wide Financial Statements A-1 Statement of Net Position..................................................................................................... 19 A-2 Statement of Activities .......................................................................................................... 20 B. Fund Financial Statements Governmental Funds: B-1 Balance Sheet ...................................................................................................................... 21 B-2 Statement of Revenues, Expenditures and Changes in Fund Balances ............................................................................................................................... 22 B-3 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ............................ 23 Proprietary Funds: B-4 Statement of Net Position..................................................................................................... 24 B-5 Statement of Revenues, Expenses and Changes in Fund Net Position .............................. 25 B-6 Statement of Cash Flows ..................................................................................................... 26 Fiduciary Funds: B-7 Statement of Fiduciary Net Position ..................................................................................... 27 B-8 Statement of Changes in Fiduciary Net Position ................................................................. 28 Notes to Financial Statements .................................................................................................. 29-49 Required Supplementary Information - Part II: C. Budgetary Comparison Schedules and Pension Schedules C-1 Budgetary Comparison Schedule – General Fund ......................................................... 50-51 C-1a Combining Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual (Not Applicable) C-2 Budgetary Comparison Schedule – Special Revenue Fund ................................................ 52 i Princeton Charter School Table of Contents June 30, 2017 Notes to the Required Supplementary Information C-3 Budget-to-GAAP Reconciliation ........................................................................................... 53 C-4 Schedule of the School’s Proportionate Share of the Net Pension Liability ........................ 54 C-5 Schedule of School Contributions ........................................................................................ 55 C-6 Notes to Required Supplementary Information (Pension) ................................................... 56 Other Supplementary Information (Sections D. to I.) D. School Based Budget Schedules D-1 Combining Balance Sheet (Not Applicable) D-2 Blended Resource Fund – Schedule of Expenditures Allocated by Resource Type - Actual (Not Applicable) D-3 Blended Resource Fund – Schedule of Blended Expenditures – Budget and Actual (Not Applicable) E. Special Revenue Fund E-1 Combining Schedule of Revenue and Expenditures - Budgetary Basis .............................. 57 E-2 Schedule of Preschool Education Aid Expenditures - Budgetary Basis (Not Applicable) F. Capital Projects Fund F-1 Summary Schedule of Project Expenditures (Not Applicable) F-2 Summary Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budgetary Basis (Not Applicable) F-2x Schedule of Project Revenues, Expenditures, Project Balance, and Project Status – Budgetary Basis (Not Applicable) G. Proprietary Funds Enterprise Fund: G-1 Combining Statement of Net Position .................................................................................. 58 G-2 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position ................................................................................................................................. 59 G-3 Combining Statement of Cash Flows ................................................................................... 60 Internal Service Fund: G-4 Combining Statement of Net Position (Not Applicable) G-5 Combining Statement of Revenues, Expenses, and Changes in Fund Net Position (Not Applicable) G-6 Combining Statement of Cash Flows (Not Applicable) H. Fiduciary Funds H-1 Combining Statement of Fiduciary Net Position .................................................................. 61 H-2 Combining Statement of Changes in Fiduciary Net Position (Not Applicable) H-3 Student Activity Agency Fund Schedule of Cash Receipts and Cash Disbursements (Not Applicable) H-4 Payroll Agency Fund Schedule of Cash Receipts and Cash Disbursements ...................... 62 ii Princeton Charter School Table of Contents June 30, 2017 I. Long-Term Debt I-1 Schedule of Serial Bonds (Not Applicable) I-2 Schedule of Obligations Under Capital Leases (Not Applicable) I-3 Debt Service Fund Budgetary Comparison Schedule (Not Applicable) Statistical Section (Unaudited) J-1 Net Position by Component ................................................................................................. 63 J-2 Changes in Net Position .................................................................................................. 64-65 J-3 Fund Balances – Governmental Funds ................................................................................ 66 J-4 Changes in Fund Balances – Governmental Funds ............................................................ 67 J-5 General Fund Other Local Revenue by Source ................................................................... 68 J-6 Assessed Value and Estimated Actual Value of Taxable Property (Not Applicable) J-7 Direct and Overlapping Property Tax Rates (Not Applicable) J-8 Principal Property Taxpayers (Current Year and Nine Years Ago) (Not Applicable) J-9 Property Tax Levies and Collections (Not Applicable) J-10 Ratios of Outstanding Debt by Type .................................................................................... 69 J-11 Ratios of General Bonded Debt Outstanding (Not Applicable) J-12 Ratios of Direct and Overlapping Governmental Activities Debt (Not Applicable) J-13 Legal Debt Margin Information (Not Applicable) J-14 Demographic and Economic Statistics ................................................................................. 70 J-15 Principal Employers .............................................................................................................. 71 J-16 Full-time Equivalent School Employees by Function/Program ............................................ 72 J-17 Operating Statistics .............................................................................................................. 73 J-18 School Building Information ................................................................................................. 74 J-19 Schedule of Allowable Maintenance Expenditures by School Facility (Not Applicable) J-20 Insurance Schedule .............................................................................................................. 75 J-21 Financial Performance – Fiscal Ratios – Governmental Funds ........................................... 76 Single Audit Section K-1 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 ..................................................................................... 77-78 K-2 Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control Over Compliance in Accordance with Uniform Guidance and New Jersey Department of the Treasury Circular Letter 15-08-OMB ..................................... 79-80 K-3 Schedule of Expenditures of Federal Awards ...................................................................... 81 K-4 Schedule of Expenditures of State Awards .......................................................................... 82 K-5 Notes to Schedules of Expenditures of Federal