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THE TOWNSHIP OF SOUTH ORANGE VILLAGE ESSEX COUNTY, NEW JERSEY REPORT OF AUDIT YEARS ENDED DECEMBER 31, 2019 AND 2018 TOWNSHIP OF SOUTH ORANGE VILLAGE TABLE OF CONTENTS Exhibit Page Part I Independent Auditors’ Report 1 Report on Internal Control Over Financial Reporting and on Compliance 4 and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards Financial Statements Current Fund Balance Sheets A 6 Statements of Operations and Change in Fund Balance A-1 8 Statement of Revenues A-2 9 Statement of Revenues – Analysis of Realized Revenues A-2a 11 Statement of Revenues – Analysis of Nonbudget Revenues A-2b 12 Statement of Expenditures A-3 13 Trust Fund Balance Sheets B 17 General Capital Fund Balance Sheets C 18 Fund Balance C-1 19 Water Utility Balance Sheets D 20 Statement of Operations and Changes in Fund Balance D-1 21 Statement of Fund Balance D-2 22 Statement of Revenue – Operating Fund D-3 23 Statement of Expenditures D-4 24 Public Assistance Fund Balance Sheets E 25 Trustees of Free Public Library Balance Sheets F 26 Statement of Revenues and Expenditures F-1 27 Statement of Governmental Fixed Assets – Regulatory Basis G 28 Notes to Financial Statements 29 TOWNSHIP OF SOUTH ORANGE VILLAGE TABLE OF CONTENTS Exhibit Page Part II – Supplementary Information Current Fund Schedule of: Cash Receipts and Disbursements – Treasurer A-4 62 Change Funds A-5 63 Due To/From State of New Jersey per Chapter 129, P.L. 1976 A-6 64 Taxes Receivable and Analysis of Property Tax Levy A-7 65 Tax Title Liens A-8 66 Other Accounts Receivable A-9 66 Property Acquired for Taxes at Assessed Valuation A-10 67 Special Improvement District Receivable A-11 67 Revenue Accounts Receivable A-12 68 Interfund Accounts A-13 69 Federal and State Grants Receivable A-14 70 2018 Appropriation Reserves A-15 71 Special Improvement District Overpayments A-16 73 Tax Overpayments A-17 73 Interfund Receivable Federal and State Grant Fund A-18 74 Sewer Rent Overpayments A-19 75 County Taxes Payable A-20 75 Regional District School Tax A-21 76 Open Space Tax Levy A-22 76 Reserve for Tax Appeals A-23 77 Prepaid Taxes A-24 78 Special Improvement District Payable A-25 78 Schedule of Appropriated Reserves for Federal and State Grants A-26 79 Reserve for Grants – Unappropriated A-27 80 Trust Funds Schedule of: Cash Receipts and Disbursements Collector – Treasurer B-1 81 Interfunds B-2 82 Due to State of New Jersey B-3 83 Reserve for Open Space B-4 84 Payroll Deductions Payable B-5 85 Reserve for Animal Control Fund Expenditures B-6 86 Reserve for Special Deposits B-7 87 TOWNSHIP OF SOUTH ORANGE VILLAGE TABLE OF CONTENTS Part II - Continued Exhibit Page General Capital Fund Schedule of: Cash Receipts and Disbursements C-2 88 Analysis of Capital Cash C-3 89 Accounts Receivable C-4 90 Reserve from Seton Hall C-5 90 Interfunds C-6 91 Deferred Charges to Future Taxation - Funded C-7 92 Deferred Charges to Future Taxation - Unfunded C-8 93 Capital Improvement Fund C-9 94 Serial Bonds Payable C-10 95 Bond Anticipation Notes Payable C-11 96 Improvement Authorizations C-12 97 Green Acres Loan Payable C-13 98 Environmental Infrastructure Loan Payable C-14 98 Reserve for Preliminary Engineering Expenses C-15 99 Bond and Notes Authorized But Not Issued C-16 100 Water Utility Fund Schedule of: Cash Receipts and Disbursements Collector – Treasurer D-5 101 Analysis of Cash and Investments D-6 102 Schedule of Water Rents Receivable D-7 103 Reserve for Amortization D-8 104 Bond Anticipation Notes Payable D-9 105 Accrued Interest D-10 106 Fixed Capital D-11 107 Fixed Capital Authorized and Uncompleted D-12 108 Schedule of Improvement Authorizations D-13 109 Serial Bonds D-14 110 2018 Appropriation Reserves D-15 111 Bonds and Notes Payable Authorized But Not Issued D-16 112 Public Assistance Fund Schedule of: Statement of Operations and Changes in Fund Balance – Trust I E-1 113 Schedule of Receipts and Disbursements E-2 114 Trustees of Free Public Library Schedule of: Statement of Cash F-2 115 Statement of Cash – Money Market F-3 116 Due to Library from Township of South Orange Village F-4 116 TOWNSHIP OF SOUTH ORANGE VILLAGE TABLE OF CONTENTS Part III Exhibit Page Roster of Officials 117 Comparative Statistical Information 118 Comments and Recommendations General Comments 121 Recommendations 126 TOWNSHIP OF SOUTH ORANGE VILLAGE - - - PART I INDEPENDENT AUDITORS’ REPORT, REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND COMPLIANCE AND FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2019 AND 2018 Independent Auditors’ Report The Honorable Mayor and Members of the Township Board of Trustees Township of South Orange Village South Orange, New Jersey Report on the Financial Statements We have audited the accompanying regulatory-basis financial statements of the various funds and the governmental fixed assets of the Township of South Orange Village, County of Essex, New Jersey (the “Township”) which comprise the balance sheets as of and for the years ended December 31, 2019 and 2018, and the related statements of operations and changes in fund balance for the years then ended, the statements of changes in fund balance, the statements of revenues and statements of expenditures for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the basic financial statements of the Township as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the “Division”), as described in Note 1. Management is also responsible for 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 error or fraud. Auditors’ 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, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and the audit requirements prescribed by the Division. Those standards and requirements prescribed by the Division require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and 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 Township’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. PKF O’CONNOR DAVIES, LLP 20 Commerce Drive, Suite 301, Cranford, NJ 07016 I Tel: 908.272.6821 I Fax: 908.272.2416 I www.pkfod.com PKF O’Connor Davies, LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. 1 The Honorable Mayor and Members of the Township Board of Trustees Township of South Orange Village Page 2 Basis for Adverse Opinion on U.S Generally Accepted Accounting Principles As described in Note 1, the financial statements are prepared by the Township on the basis of the financial reporting provisions of the Division to demonstrate compliance with the Division’s regulatory basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. Adverse Opinion on U.S. Generally Accepted Accounting Principles In our opinion, because of the significance of the matters discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to in the first paragraph do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial positions of the Township of South Orange Village, County of Essex, New Jersey, as of December 31, 2019 and 2018, the changes in its financial position, and, where applicable, its cash flows for the years then ended. Opinion on Regulatory Basis of Accounting In our opinion the financial statements – regulatory basis referred to above present fairly, in all material respects, the respective financial position of the various funds and the governmental fixed assets of the Township of South Orange Village, County of Essex, New Jersey as of December 31, 2019 and 2018 and the respective results of operations and changes in fund balance for the years then ended, the statements of changes in fund balance, the statements of revenues and statements of expenditures for the year ended December 31, 2019 and the related notes to the financial statements in accordance with the financial reporting provisions of the Division, as described in Note 1 to the financial statements.

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