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SCHOOL DISTRICT OF

CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES

(A Component Unit of the County of Cape May)

For The Fiscal Year Ended June 30, 2014

Cape May County Schools

For Special Services Board of Education

Cape May County, New Jersey

Comprehensive Annual Financial Report for the Fiscal Year Ended June 30, 2014

Comprehensive Annual

Financial Report

of the

Cape May County Schools

For Special Services Board of Education


Cape May County, New Jersey

For the Fiscal Year Ended June 30, 2014 Prepared by the Finance Department

TABLE OF CONTENTS

INTRODUCTORY SECTION Page

Letter of Transmittal 1-4Organizational Chart 5Roster of Officials 6Consultants and Advisors 7

FINANCIAL SECTION

Independent Auditor's Report 8-10

Required Supplementary Information - Part IManagement's Discussion and Analysis 11-20

Basic Financial Statements

A District-wide Financial Statements:

A-1 Statement of Net Position 21A-2 Statement of Activities 22

B Fund Financial Statement

Governmental Funds:B-1 Balance Sheet 23B-2 Statement of Revenues, Expenditures, and Changes in Fund Balances 24B-3 Reconciliation of the Statement of Revenues, Expenditures, and

Changes in Fund Balances of Governmental Funds to the Statement of Activities 25

Proprietary Funds:B-4 Statement of Net Position 26B-5 Statement of Revenues, Expenses, and Changes in Net Position 27-28B-6 Statement of Cash Flows 29-30

Fiduciary Funds:B-7 Statement of Fiduciary Net Position 31B-8 Statement of Changes in Fiduciary Net Position 32

Notes to the Financial Statements 33-51

Required Supplemental Information - Part II

C Budgetary Comparison Schedules

C-1 Budgetary Comparison Schedule - General Fund 52-60C-1a Combining Schedule of Revenues, Expenditures, and Changes

in Fund Balance - Budget to Actual N/AC-1b Community Development Block Grant - Budget to Actual N/A

C-2 Budgetary Comparison Schedule - General Fund 61

TABLE OF CONTENTS (continued)

Notes to the Required Supplementary Information Page

C-3 Budget-to-GAAP Reconciliation 62

Other Supplementary Information

D School Level Schedules:D-1 Combining Balance Sheet N/AD-2 Blended Resource Fund - Schedule of Expenditures

Allocated by Resource Type - Actual N/AD-3 Blended Resource Fund - Schedule of Blended

Expenditures - Budget and Actual N/A

E Special Revenue Fund:

E-1 Combining Schedule of Revenues and Expenditures Special Revenue Fund - Budgetary Basis 63-65

E-2 Schedule of Preschool Education Aid N/A

F Capital Projects Fund:F-1 Summary Schedule of Project Expenditures N/AF-2 Summary Schedule of Revenues, Expenditures, and

Changes in Fund Balance - Budgetary Basis N/AF-2a & b Schedule of Project Revenues, Expenditures, Project Balance, and

Project Status - Budgetary Basis N/A

G Proprietary Funds

Enterprise Fund:G-1 Combining Statement of Net Assets 66G-2 Combining Statement of Revenues, Expenses, and

Changes in Fund Net Assets 67G-3 Combining Statement of Cash Flows 68

Internal Service Fund:G-4 Combining Statement of Net Assets N/AG-5 Combining Statement of Revenues, Expenses, and

Changes in Fund Net Assets N/AG-6 Combining Statement of Cash Flows N/A

H Fiduciary Funds:

H-1 Combining Statement of Fiduciary Net Assets 69H-2 Combining Statement of Changes in Fiduciary Net Assets 70H-3 Student Activity Agency Fund Schedule of Receipts and

Disbursements 71H-4 Payroll Agency Fund Schedule of Receipts and

Disbursements 72

I Long-Term Debt:

I-1 Schedule of Serial Bonds N/AI-2 Schedule of Obligations under Capital Leases N/AI-3 Budgetary Comparison Schedule N/A

TABLE OF CONTENTS (continued)

STATISTICAL SECTION (Unaudited)Page

Financial TrendsJ-1 Net Assets by Component 73J-2 Changes in Net Assets 74-75J-3 Fund Balances - Governmental Funds 76J-4 Changes in Fund Balances - Governmental Funds 77J-5 General Fund Other Local Revenue by Source 78

Revenue Capacity PageJ-6 Assessed Value and Estimated Actual Value of Taxable Property N/AJ-7 Direct and Overlapping Property Tax Rates N/AJ-8 Principal Property Taxpayers N/AJ-9 Property Tax Levies and Collections N/A

Debt CapacityJ-10 Ratios of Outstanding Debt by Type N/AJ-11 Ratios of General Bonded Debt Outstanding N/AJ-12 Direct and Overlapping Governmental Activities Debt N/AJ-13 Legal Debt Margin Information N/A

Demographic and Economic InformationJ-14 Demographic and Economic Statistics 79J-15 Principal Employers N/A

Operating InformationJ-16 Full-time Equivalent District Employees by Function/Program 80J-17 Operating Statistics 81J-18 School Building Information 82J-19 Schedule of Required Maintenance Expenditures

by School Facility 83J-20 Insurance Schedule 84-85

SINGLE AUDIT SECTION

K-1 Independent Auditor's Opinion - Government Auditing Standards 86-87

K-2 Independent Auditor's Opinion - U.S. OMB Circular A-133 and New Jersey OMB Circular Letter 04-04 88-89

K-3 Schedule of Expenditures of Federal Awards, Schedule A 90

K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 91

K-5 Notes to the Schedules of Awards and Financial Assistance 92-93

K-6 Schedule of Findings and Question Costs Part I - Summary of Auditor's Results 94-95 Part 2 - Schedule of Financial Statement Findings 95 Part 3 - Schedule of Federal and State Award Findings and Questioned Costs 95

K-7 Summary Schedule of Prior Audit Findings 96

{THIS PAGE IS INTENTIONALLY LEFT BLANK}

Introductory Section

www.cmcspecialservices.org Located at 148 Crest Haven Road, Cape May Court House, New Jersey 08210

We are an equal opportunity employer

BARBARA J. MAKOSKI Superintendent Ext. 2200

JUDITH S. LINCOLN Related Services Supervisor Ext. 4400

TRACEY A. STAAB Principal, Cape Educational COMPACT

CAPE MAY COUNTY SPECIAL SERVICES SCHOOL

DISTRICT 4 Moore Road, DN 704

Cape May Court House, New Jersey 08210 (609) 465-2720 Fax (609) 465-8220

Kathleen M. Allen School Business Administrator/

Board Secretary Ext. 2211

ANNAMARIE HAAS Principal, Cape May County High School

Acting Principal, Ocean Academy Ext. 8800

November 4, 2014 Honorable President and Members of the Board of Education Cape May County Special Services School Cape May Court House, New Jersey Dear Board Members: The Comprehensive Annual Financial Report (CAFR) of the Cape May County Special Services School for the fiscal year ended June 30, 2014 is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Board of Education. To the best of our knowledge and belief, the data presented in this report is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the District. All disclosures necessary to enable the reader to gain an understanding of the District’s financial activities have been included. The Comprehensive Annual Financial Report is presented in four sections: Introductory, Financial, Statistical and Single Audit. The Introductory Section includes this transmittal letter, the District’s organizational chart and a list of principal officials. The Financial Section includes the basic financial statements, schedules and the Management Discussion and Analysis as well as the auditor’s report thereon. The Statistical Section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1984 and the U.S. Office of Management and Budget Circular A-133, “Audits of States, Local Governments and Non-Profit Organizations,” and the state Treasury Circular Letter 04-04 OMB, “Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid Payments.” Information related to this single audit, including the auditor’s report on the internal control structure and compliance with applicable laws and regulations and findings and recommendations, is included in the single audit section of this report. 1. REPORTING ENTITY AND ITS SERVICES: The Board of Education of the Cape May County Special Services School is an independent reporting entity within the criteria adopted by the Governmental Accounting Standards Board (GASB). All funds of the District are included in this report. The Cape May County Special Services Board of Education and all its schools constitute the District’s reporting entity.

The District provides Preschool Disabled, Behavior Disabilities, Multiple Disabilities, Cognitive Severe and Autism programs and related services for the low incident and/or moderately and severely disabled youth of Cape May County. Additionally, students are received from many surrounding counties in Southern New Jersey. The “Over 21 Program” for severely disabled adult clients 21-35 year-old clients is completing its ninth year and has a maximum capacity of 12 clients. Cape Educational COMPACT is housed off campus and provides the educational program for approximately 50 students.

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Average Daily Enrollment for the last five years by school and program is:

School/Program 2009-10 2010-11 2011-12 2012-13 2013-14

Ocean Academy 123.5 120.9 126.4 121.1 119.7

GEB Middle School - -

Alternative High School 127.6 108.6 109.0 97.1 102.8

Cape Ed. COMPACT 25.0 55.2 57.1 56.7 48.4

Preschool Disabled 1/2 Day - -

Preschool Disabled Full Day 9.5 6.6 14.3 16.0 13.5

Auditorily Impaired - -

Multiple Disabilities 157.9 134.8 127.3 126.6 131.2

Cognitive Severe 17.4 14.2 14.7 9.9 8.3

Autism 41.3 32.0 41.3 38.1 41.6

Behavior Disabilities 25.0 30.5 37.8 27.6 23.8 2. ECONOMIC CONDITION AND OUTLOOK: The 2013-14 school year ended with enrollment slightly over the budgeted level and tuition revenue in excess of the budgeted amount. In response to this, we hired additional instructional staff. We also embarked on several facility upgrades and improvements, including refurbishing the library and installing security cameras. Tuition adjustments for the 2011-2012 school year were completed resulting in a net refund to the sending districts of approximately $808,000. We continue to closely monitor enrollment in light of the overall decline in year-round population in the County as well as the effects of the “least restrictive environment” mandate. We remain steadfast in our philosophy that we offer the optimum environment for a segment of the disabled youth of our County in a cost-effective manner. 3. MAJOR INITIATIVES: Our district continues to provide staff and students with updated technology- both hardware and software. This is an ongoing initiative requiring evaluation of obsolete equipment and the purchase of new equipment conducive to the needs of the district. Looking forward to PARRC testing in 14-15, additional Chromebooks were purchased for designated classrooms to use in instruction and for the PARRC and DLM assessment. The Unique Learning System, software designed to provide differentiated instruction around thematic units aligned to the standards, has been expanded to more classrooms. A new Mathematics program was purchased for select classes in Ocean Academy to meet the requirements of the Common Core State Standards and because a review of data revealed a need to increase student achievement in Mathematics. The contract with OnCourse was expanded to include a more efficient evaluation tool (Evaluate Prime) and the ability to electronically complete, review and approve Student Growth Objectives (SGO Module) Due to the nature of our students’ varied disabilities, it is essential that staff members remain up to date on current issues and methodologies in education, therefore, the district continues to place strong emphasis on staff development for the purpose of increased student achievement. The district continues to focus on the requirements for teacher and principal evaluation systems, mentoring of new teachers, and new state assessments (PARRC and DLM). 4. INTERNAL ACCOUNTING CONTROLS: Management of the District is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the District are protected from loss, theft or misuse, and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.

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The District is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is also subject to periodic evaluation by the District's Management. As part of the District's single audit described earlier, tests are made periodically to determine the adequacy of the internal control structure, including that portion related to federal and state financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations. 5. BUDGETARY CONTROLS: In addition to internal accounting controls, the District maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the Board of School Estimate of the county. Annual appropriated budgets are adopted for the general fund and the special revenue fund. The final budget amount as amended for the fiscal year is reflected in the financial section. An encumbrance accounting system is used to record outstanding purchase commitments on a line item basis. Open encumbrances at year-end are either canceled or are included as reappropriations of fund balance in the subsequent year. Those amounts to be reappropriated are reported as reservations of fund balance as of June 30, 2014. 6. ACCOUNTING SYSTEM AND REPORTS: The District's accounting records reflect accounting principles generally accepted in the United States of America, as promulgated by the GASB. The accounting system of the District is organized on the basis of entity-wide governmental and business type activities as well as various governmental, enterprise and fiduciary funds. These funds are explained in the "Notes to the Financial Statements," Note 1. 7. CASH MANAGEMENT: The investment policy of the District is guided in large part by state statute as detailed in "Notes to Financial Statements," Note 3. The District has adopted a cash management plan which requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act ("GUDPA"). GUDPA was enacted in 1970 to protect Governmental Units from a loss of funds on deposit with a failed banking institution in New Jersey. The law requires governmental units to deposit funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act. 8. RISK MANAGEMENT: The Board carries various forms of insurance, including but not limited to general liability, automobile liability and comprehensive/collision, hazard and theft insurance on property and contents, and fidelity bonds. 9. OTHER INFORMATION: Independent Audit - State statutes require an annual audit by independent certified public accountants or registered municipal accountants. The accounting firm of Ford, Scott & Associates L.L.C., CPAs, was selected by the Board of Education. In addition to meeting the requirements set forth in state statutes, the audit also was designed to meet the requirements of the Single Audit Act of 1984 as revised and the related OMB Circular A-133 and state Treasury OMB Circular Letter 04-04. The auditor's report on the basic financial statements and combining and individual fund statements and schedules is included in the financial section of this report. The auditor's reports related specifically to the single audit are included in the single audit section of this report.

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ACKNOWLEDGMENTS:

We would like to express our appreciation to the members of the Board of Education of the Cape May County Special SeNices School for their concern in providing fiscal accountability to the citizens and taxpayers of the school district and thereby contributing their full support to the development and maintenance of our financial operation. The preparation of this report could not have been accomplished without the efficient and dedicated seNlces of our financial and accounting staff

Respectfullysubm;lted, • ~'Ii-~ ~ ~ Barbara J Makoskl Kathleen M. Allen Superintendent School Business Administrator/Board Secretary

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CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES BOARD OF EDUCATION

(A Component Unit of the County of Cape May) CAPE MAY COUNTY, NEW JERSEY

ROSTER OF OFFICIALS

JUNE 30, 2014 Members of the Board of Education Term Expires Lenora B. Kodytek, President 2015 Michael T. Palombo, Sr., Vice President 2014 Thomas C. Whittington 2016 Nancy Delp 2016 Kenneth R. Merson 2015 Jane Elwell 2014 Richard Stepura, Ed.D Ex-officio – with Vote Other Officials Barbara J. Makoski, Superintendent Kathleen M. Allen, School Business Administrator/Board Secretary Lewis J. Mawson, Treasurer Michael P. Stanton, Esq., Solicitor

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CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES BOARD OF EDUCATION

(A Component Unit of the County of Cape May) CONSULTANTS AND ADVISORS

Audit Firm

Ford, Scott & Associates, L.L.C. Certified Public Accountants

1535 Haven Avenue P.O. Box 538

Ocean City, NJ 08226-0538

Attorney

Michael Stanton, Esquire 618 West Avenue

Suite 201 Ocean City, NJ 08226

Official Depository

Cape Bank 225 N. Main Street

Cape May Court House, NJ 08210

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Financial Section

Independent Auditor’s Report

The Honorable President and Members of the Board of Education

Cape May County Schools for Special Services (a component unit of the County of Cape May) County of Cape May Cape May Court House, New Jersey Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Cape May County Schools for Special Services (a component unit of the County of Cape May), State of New Jersey, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the District’s basic financial statements 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 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 and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 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 and 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 the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Cape May County Schools for Special Services (a component unit of the County of Cape May), in the County of Cape May, State of New Jersey, 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 identified in the table of contents 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. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Cape May County Schools for Special Services’ (a component unit of the County of Cape May) basic financial statements. The combining and individual non-major fund financial statements and schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and the schedule of state financial assistance as required by NJ OMB 04-04 and the introductory and statistical sections are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual non-major fund financial statements, schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, the schedule of and the schedule of state financial assistance as required by NJ OMB 04-04 is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual non-major fund financial statements, schedule of expenditures of federal awards, as required by Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and the schedule of state financial assistance as required by NJ OMB 04-04 is fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subject to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

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REQUIRED SUPPLEMENTARY INFORMATION – PART I

CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014

UNAUDITED

The discussion and analysis of Cape May County Schools for Special Services’ financial performance provides an overall review of the School District's financial activities for the fiscal year ended June 30, 2014. The intent of this discussion and analysis is to look at the School District's financial performance as a whole; readers should also review the basic financial statements and notes to enhance their understanding of the School District's financial performance. Financial Highlights Key financial highlights for 2014 are as follows:

In total, net position increased by $357,578, which represents a 6 percent increase from 2013. This increase is primarily attributed to profit on enterprise funds, specifically the Itinerant shared services.

General revenues accounted for $4,178,848 in revenue or 22 percent of all revenues. Program

specific revenues in the form of charges for services and operating grants and contributions accounted for $14,646,808 or 78 percent of total revenues of $18,825,656.

Total assets of governmental activities decreased by $50,070 as cash and cash equivalents

decreased by $64,347, receivables decreased by $73,686, and capital assets increased by $87,963. There was no specific cause for these normal fluctuations.

The School District had $18,468,078 in expenses; $14,646,808 of these expenses were offset by

program specific charges for services, grants or contributions. General revenues (primarily the county appropriation) of $4,178,848 were adequate to provide for these programs.

Among governmental funds, the General Fund had $12,509,916 in revenues and other financing

sources and $12,680,761 in expenditures and other financing uses. The General Fund's fund balance decreased $170,845 over 2013. This small decrease was the result of a reduction in state aid, the non- recurring transfer from capital in 2012-13 partially offset by an increase in federal aid.

Using this Comprehensive Annual Financial Report (CAFR) This annual report consists of a series of financial statements and notes to those statements. These statements are organized so the reader can understand Cape May County Schools for Special Services as a financial whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities. The Statement of Net Position and Statement of Activities provide information about the activities of the whole School District, presenting both an aggregate view of the School District's finances and a longer-term view of those finances. Fund financial statements provide the next level of detail. For governmental funds, these statements tell how services were financed in the short-term as well as what remains for future spending. The fund financial statements also look at the School District's most significant funds with all other non-major funds presented in total in one column. In the case of the Cape May County Schools for Special Services, the General Fund is by far the most significant fund. Reporting the School District as a Whole Statement of Net Assets and the Statement of Activities While this document contains the large number of funds used by the School District to provide programs and activities, the view of the School District, as a whole looks at all financial transactions and asks the question, "How did we do financially during 2014?” The Statement of Net Position and the Statement of Activities answer this question.

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UNAUDITED (CONTINUED)

Reporting the School District as a Whole - Continued These statements include all assets and liabilities using the accrual basis of accounting similar to the accounting used by most private-sector businesses. This basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid. These two statements report the School District's net assets and changes in those assets. This change in net position is important because it tells the reader that, for the school district as a whole, the financial position of the School district have improved or diminished. The causes of this change may be the result of many factors, some financial and some not. Non-financial factors include the County’s property tax base, current laws in New Jersey restricting revenue growth, facility condition, required educational programs and other factors. . In the Statement of Net Position and the Statement of Activities, the School District is divided into two distinct kinds of activities:

Governmental Activities - All of the School District's programs and services are reported here including instruction, support services, operation and maintenance of plant facilities, pupil transportation and extracurricular activities.

Business-Type Activity - This service is provided on a charge for goods or services basis to

recover all the expenses of the goods or services provided. The Food Service, Shared Services Itinerant, Shared Service Transportation, Community Use and Extended School Year enterprise funds along with several “non-major” enterprise funds are reported as a business activity.

Reporting the School District's Most Significant Funds Fund Financial Statements Fund financial reports provide detailed information about the School District's funds. The School District uses many funds to account for a multitude of financial transaction. The School District's governmental funds are the General Fund and Special Revenue Fund. Governmental Funds The School District's activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in the future years. These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School district's general government operations and the basic services it provides. Governmental fund information helps the reader determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds is reconciled in the financial statements. Enterprise Fund The enterprise funds use the same basis of accounting as business-type activities; therefore, these statements are essentially the same. Notes to the Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the district-wide and fund financial statements. The notes to the financial statements can be found in this report as shown in the table of contents.

12



The School District as a Whole Recall that the Statement of Net Position provides the perspective of the School District as a whole. Net position may serve over time as a useful indicator of a government's financial position. The District's financial position is the product of several financial transactions including the net results of activities, the acquisition and payment of debt, the acquisition and disposal of capital assets, and the depreciation of capital assets. Table 1 provides a summary of the School District's net assets for 2014 and 2013.

Table 1 Net Position

2014 2013

AssetsCurrent and Other Assets 4,557,809$ 4,170,724$ Capital Assets 1,755,277 1,687,374 Total Assets 6,313,086 5,858,098

LiabilitiesLong-Term Liabilities 453,369 476,266 Other Liabilities 211,244 90,937 Total Liabilities 664,613 567,203

Net PositionNet Investment in Capital Assets 1,755,277 1,687,374 Restricted 109,901 143,783 Unrestricted 3,783,295 3,459,738

Total Net Postion 5,648,473$ 5,290,895$

The District's combined net position was $5,648,473 on June 30, 2014. This was an increase of 6 percent from the prior year. The increase can be attributed to acquisition of capital assets offset by depreciation and increased profit in Enterprise Funds. Table 2 shows changes in net position for fiscal year 2014.

{This space is intentionally blank}

13



Table 2 Changes in Net Position

2014 2013

RevenuesProgram Revenues:

Charges for Services 13,232,841$ 13,541,127$ Operating Grants and Contributions 1,413,967 1,785,126

General Revenues:County Appropriation 3,974,832 3,974,832 Other 204,016 51,234

Total Revenues 18,825,656 19,352,319

Program ExpensesInstruction 6,596,138 7,158,188 Support Services:

Pupils and Instructional Staff 2,355,022 2,472,502 General Administration, School Administration,Business Operations and Maintenance of Facilities 3,766,383 3,369,353

Food Service 254,399 254,556 Shared Services 4,035,666 4,146,137 Other Enterprise Funds 1,460,470 1,587,193

Total Expenses 18,468,078 18,987,929 Change in Net Position 357,578$ 364,390$


14



Governmental Activities Charges for services (mostly tuition from sending districts) made up 57 percent of revenues for governmental activities for the Cape May County Schools for Special Services for fiscal year 2014 and 58 percent of revenues for fiscal 2013. Tuition received from sending districts and nonresident fees decreased by $426,157, which is a 5.6% decrease from the prior year. The decrease in tuition revenue can be attributed to an excess surplus refund to participating districts. This refund was in excess of $800,000. The District's total revenues were $12,574,339 for the year ended June 30, 2014. The county appropriation accounted for 31 percent of revenue.


County Taxes31%

Other2%

Charges for Services57%

Operating Grants10%

Sources of Revenue for Fiscal Year 2014

15



The total cost of all program and services was $12,787,074. Instruction comprises 52 percent of District expenses and Related Services another 18%.

Business-Type Activities Revenues for the District's business-type activities (food service program, two shared services programs and other enterprise funds) were comprised of charges for the various services and federal and state reimbursements.

Food service expenses exceeded revenues, both operating and non-operating by $66,529 prior

to a contribution from the general fund of $69,531. These amounts are similar to the prior year as anticipated

Charges for services in the food service fund represent $66,852 of total revenue compared to

$61,915 in the prior year.. This represents amounts paid by patrons for daily food service and amount received from catering and special functions.

Federal and state reimbursement for meals, including payments for free and reduced lunches and

breakfast, and donated commodities was $121,018 compared to $121,401 in the prior year

Shared Services revenues for Itinerant Services exceeded expenses by $241,652. Shared Services revenues for Transportation Services exceeded expenses by $35,735.

Charges for services in the Shared Service Fund for Itinerant Services represent $2,503,706 of

revenue. This represents amounts paid by users for itinerant services of other local school districts. Charges for services in the Shared Service Fund for Transportation Services represent $1,809,337 of revenue. This represents amounts paid by users for transportation services provided by the district.

Other1%

Related Services18%

Administrative13%

Instruction52%

Plant16%

Cost of Programs and Services for Fiscal Year 2014

16



Governmental Activities The Statement of Activities shows the cost of program services and the charges for services and grants offsetting those services. Table 3 shows the total cost of services and the net cost of services. The net cost shows the financial burden that was placed on the County taxpayers and sending districts by each of these functions.

Table 3 Costs of Services

Total Cost of Net Cost/(Profit) of Total Cost of Net Cost of

Services 2014 Services 2014 Services 2013 Services 2013

Instruction 6,596,138$ (1,370,236)$ 7,158,188$ 1,407,282$ Support Servces:

Pupils and Instructional Staff 2,355,022 2,128,311 2,472,502 523,554 General Administration, School Administration, Business Operations 1,705,656 1,437,042 1,342,139 410,458 Operation and Maintenance of Facilities 2,060,727 1,987,873 2,027,214 1,530,646

Other - - - - Total Expenses 12,717,543$ 4,182,990$ 13,000,043$ 3,871,940$

The net cost of services in 2014 is comparable to 2013. However, due to GASB reporting requirements for 2014, all tuition is credited to instruction in 2014 while it was allocated to various categories in prior years. Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and student, including extracurricular activities. Pupils and Instructional Staff include the activities involved with assisting staff with the content and process of teaching to students, including curriculum and staff development. General administration, school administration, and business include expenses associated with administrative and financial supervision of the District. Operation and maintenance of facilities involve keeping the school grounds, buildings, and equipment in an effective working condition. "Other" includes unallocated depreciation. The School District's Funds All governmental funds (i.e., general fund, special revenue and capital projects fund presented in the fund-based statements) are accounted for using the modified accrual basis of accounting. Total revenues and other financing sources amounted to $12,655,573 compared to $13,127,763 in 2013. The reduction is directly related to reduced tuition revenue related to a refund for prior year tuition and state aid. Expenditures and other financing uses were $12,826,418 compared to $13,057,821 in 2013. The reduction was not in any one specific area but was the result of overall cost savings.. The net negative change in fund balance for the year was directly related to reduced revenues..

17



As demonstrated by the various statements and schedules included in the financial section of this report, the District continues to meet its responsibility for sound financial management. The following schedules present a summary of the revenues of the governmental funds for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to prior year revenues.

Table 4 Summary of Revenues – Governmental Funds

Increase Percent of

Percent of (Decrease) IncreaseRevenue Amount Total from 2013 (Decrease)

Local Sources 11,307,449$ 89% (386,476)$ -3%State Sources 1,172,543 9% (147,440) -11%Federal Sources 175,581 1% 86,797 49%

Total 12,655,573$ 100% (447,119)$ -4%

The decrease in local revenues of $386,476 is due to a refund of tuition for a prior year tuition adjustment. State aid decreased by $147,440 primarily related to a decrease in on-behalf TPAF pension and post retirement contributions. Federal aid decreased by $86,797 primarily due to and increase medical assistance in the general fund. The following schedule represents a summary of general fund, special revenue fund and capital projects fund expenditures for the fiscal year ended June 30, 2014, and the percentage of increases and decreases in relation to prior year amounts.

Table 5

Summary of Expenditures – Governmental Funds

Increase Percent ofPercent (Decrease) Increase

Expenditures Amount of Total from 2013 (Decrease)

Current Expense:Instruction 4,648,521$ 36% (141,294)$ -3%Undistributed

Expenditures 7,970,865 62% (145,840) -3%Capital Outlay 137,501 1% 72,161 2%

Total 12,756,887$ 100% (214,973)$ -3%

There was no single area of change in the budget other than the reduction in on-behalf TPAF pension and post retirement expenditures.

18



General Fund Budgeting Highlights The School District's budget is prepared according to New Jersey law, and is based on accounting for certain transactions on a basis of cash receipts, disbursements, and encumbrances. The most significant budgeted fund is the General Fund. Over the course of the year, the District revised the annual operating budget several times. Revisions in the budget were made to recognize revenues that were not anticipated and to prevent over-expenditures in specific line item accounts. Several of these revisions bear notation:

Actual tuition revenue was increased for enrollment changes by $188,111.

Salaries for Multi Disabilities Teachers and Autism Teachers were increased by approximately $138,000.

Capital Assets At the end of the fiscal year 2014, the School District had $1,687,374 invested in land and building improvements, furniture and equipment, and vehicles. Table 6 shows fiscal year 2014 balances as compared to 2013.

Table 6

Capital Assets (Net of Depreciation) at June 30

Governmental Activities:

2014 2013Capital Assets Being Depreciated:

Building Improvements 1,212,889$ 1,240,553 Infrastructure 71,365 72,497 Machinery and Equipment 275,615 152,832 Licensed Vehicles 4,704 10,728

Total Capital Assets Being Depreciated atHistorical Cost 1,564,573 1,476,610

Business-Type Activities:Capital Assets Being Depreciated:

Equipment 210,764 210,764

1,775,337$ 1,687,374

Overall capital assets increased $87,963 from fiscal year 2013 to fiscal year 2014. For more detailed information, please refer to the Notes to the Basic Financial Statements.

19



For the Future The Cape May County Schools for Special Services is in good financial condition presently. The School District is proud of its Board of Chosen Freeholder’s support of the school. In conclusion, the Cape May County Schools for Special Services has committed itself to financial excellence for many years. The School District plans to continue its sound fiscal management to meet the challenge of the future. Contacting the School District's Management This financial report is designed to provide our citizens, investors, and creditors with a general overview of the School District's finances and to show the School District's accountability for the money it receives. If you have questions about this report or need additional information, contact Kathleen M. Allen, Cape May County Schools for Special Services, Business Administrator/Board Secretary at the Board Offices, 4 Moore Road, DN 704, Cape May Court House, NJ 08210.

20

BASIC FINANCIAL STATEMENTS

DISTRICT-WIDE FINANCIAL STATEMENTS

The statement of net assets and the statement of activities display information about the District. These statements include the financial activities of the overall District, except for fiduciary activities. Eliminations have been made to minimize the double-counting of internal activities. These statements distinguish between the governmental and business-type activities of the District.

The accompanying Notes to Financial Statements are an integral part of this statement.

A-1

Governmental Business-TypeActivities Activities Total

ASSETSCash and Cash Equivalents 1,224,487$ 2,310,612 3,535,099 Internal Balances 95,171 (95,171) - Receivables, Net 123,632 784,276 907,908 Restricted Assets:

Capital Reserve Account 109,901 - 109,901 Inventory - 4,901 4,901 Capital Assets:

Capital Assets Being Depreciated, Net 1,564,573 190,704 1,755,277

Total Assets 3,117,764 3,195,322 6,313,086

LIABILITIESAccounts Payable 111,541 1,841 113,382 Accrued Salaries and Benefits 20,554 20,554 Payable to Other Governments 11 285 296 Unearned Revenue 72,532 72,532 Advances from Students - 380 380 Deposits Payable - 4,100 4,100 Noncurrent Liabilities

Due Beyond One Year 404,735 48,634 453,369

Total Liabilities 609,373 55,240 664,613

NET POSITIONInvested in Capital Assets, Net of Related Debt 1,564,573 190,704 1,755,277 Restricted for:

Capital Projects 110,201 - 110,201 Other Purposes 180,310 - 180,310

Unrestricted 653,307 2,949,378 3,602,685

Total Net Position 2,508,391$ 3,140,082 5,648,473

Statement of Net Position


June 30, 2014


21

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22

FUND FINANCIAL STATEMENTS

The individual fund financial statements present more detailed information for the individual funds in a format that segregates information by fund type.

The accompanying Notes to Financial Statements are an intergral part of this statement

B-1

Special TotalGeneral Revenue Governmental

Fund Fund FundsASSETS

Cash and Cash Equivalents 1,192,608$ 31,879 1,224,487 Due from Other Funds 95,171 - 95,171 Receivables from Other Governments 70,468 34,739 105,207 Other - (tuition) 7,625 7,625 Restricted Cash & Cash Equivalents 109,901 - 109,901

Total Assets 1,468,148 74,243 1,542,391

LIABILITIES AND FUND BALANCESLiabilities:

Accounts Payable 83,670 2,778 86,448 Payable to Other Governments 11 11 Accrued Salaries and Benefits 20,554 20,554 Unearned Revenue 1,067 71,465 72,532

Total Liabilities 105,302 74,243 179,545

Fund Balances:Committed to:

Maintenance Reserve 180,310 - 180,310 Capital Reserve 110,201 - 110,201 Encumbrances 1,790 1,790

Assigned to:Designated by BOE for Subsequent

Years Expenditures - Other Purposes - -

UnassignedGeneral Fund 1,070,545 - 1,070,545 Total Fund Balances 1,362,846 - 1,362,846

Total Liabilities and Fund Balances 1,468,148$ 74,243

Amounts reported for governmental activities in the statement of net position (A-1) are different because:

Capital assets used in governmental activities are not resources and therefore are not reported in the funds. The cost of the assets is $1,873,413 and the accumulated depreciation is $396,803. 1,564,573

Long-term liabilities are not due and payable in the current period and therefore not reported as liabilities in the funds (404,735)

Internal service funds are used by management to charge costs of certain activities, such as extra services, to individual funds or other governmental entities. The net revenue (expense) of internal service funds is reported with governmental activities. (See B-5) (14,293)

Net position of governmental activities 2,508,391$

Balance SheetGovernmental Funds


June 30, 2014


23

The accompanying Notes to Financial Statements are an integral part of this statement

B-2

Special TotalGeneral Revenue Governmental

Fund Fund FundsREVENUES

Local Sources:County Line Item Appropriation 3,974,832$ 3,974,832 Tuition Charges 6,894,678 6,894,678 Non-Resident Fees 303,845 303,845 Miscellaneous 81,011 53,083 134,094

Total Local Sources 11,254,366 53,083 11,307,449 State Sources 1,147,292 25,251 1,172,543 Federal Sources 108,258 67,323 175,581

Total Revenues 12,509,916 145,657 12,655,573

EXPENDITURESCurrent:

Special Education Instruction 3,578,294 132,457 3,710,751 Other Instruction 937,770 937,770 Support Services:

Tuition - Student & Instruction Related Serv. 1,662,449 13,200 1,675,649 School Administrative Services 279,189 279,189 Other Administrative Services 571,760 571,760 Plant Operation and Maintenance 1,828,913 1,828,913 Employee Benefits 3,615,354 3,615,354

Capital Outlay 137,501 - 137,501

Total Expenditures 12,611,230 145,657 12,756,887

Excess (Deficiency) of RevenuesOver Expenditures (101,314) - (101,314)

OTHER FINANCING SOURCES (USES)Transfers in - Transfers out (69,531) (69,531)

Total Other Financing Sources and Uses (69,531) - (69,531)

Net Changes in Fund Balance (170,845) - (170,845)

Fund Balance - July 1 1,533,691 - 1,533,691

Fund Balance - June 30 1,362,846$ - 1,362,846

Statement of Revenues, Expenditures, and Changes in Fund BalanceGovernmental Funds


For the Year Ended June 30, 2014


24


B-3

Total Net Change in Fund Balance - Governmental Funds (from B-2) (170,845)$

Amounts reported for governmental activities in the statement ofactivities (A-2) are different because:

Capital outlays are reported in governmental funds as expenditures.However, in the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.

This is the amount depreciation exceeded capital outlays for the period.

Depreciation expense (64,285)$ Capital Outlays 152,248

87,963

In the statement of activities, certain operating expenses,e.g., compensated absences (vacations) are measured by the amounts earned during the year. In the governmental funds,however, expenditures for these items are reported in the amountof financial resources used (paid). When the earned amountexceeds the paid amount, the difference is a reduction in thereconciliation (-); when the paid amount exceeds the earnedamount, the difference is an addition to the reconciliation (+). 29,054

Internal service funds are used by management to charge thecosts of certain activities, such as extra services, to individual fundsor other governmental entities. The net revenue (expense) of theinternal service funds is reported with governmental activities. (See B-5) (19,845)

Change in Net Position of Governmental Activities (73,673)$

of Governmental Funds to the Statement of ActivitiesReconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance




25

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B-7

Unemployment AgencyCompensation Fund

ASSETSCash and Cash Equivalents 126,924$ 116,567 Due from Agency Fund 20,368

Total Assets 147,292 116,567

LIABILITIESAccounts Payable 605 - Payable to Student Groups - 21,032 Due to Unemployment Trust 20,368 Payroll Deductions and Withholdings - 75,167

Total Liabilities 605 116,567

NET POSITIONHeld in Trust for Unemployment

Claims and Other Purposes 146,687$

Statement of Net PositionFiduciary Funds


June 30, 2014


31


B-8

UnemploymentCompensation

ADDITIONSContributions:

Employee Witholdings 29,871$ Enterprise Funds 16,307

Total Contributions 46,178

Investment Earnings:Interest 252

Net Investment Earnings 252

Total Additions 46,430

DEDUCTIONSUnemployment Claims 16,625

Total Deductions 16,625

Changes in Net Assets 29,805

Net Position - Beginning of the Year 116,882

Net Position - End of the Year 146,687$

Statement of Changes in Fiduciary Net PositionFiduciary Funds




32

CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES (A Component Unit of the County of Cape May)

NOTES TO BASIC FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2014

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The District is an instrumentality of the State of New Jersey, established to function as an educational institution. The Board consists of appointed officials and is responsible for the fiscal control of the District. A superintendent is appointed by the Board and is responsible for the administrative control of the District. The financial statements of the Board of Education (Board) of Cape May County Schools for Special Services (District) have been prepared in conformity with accounting principles generally accepted in the United States of America (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. The more significant of the Board’s accounting policies are described below. A. Reporting Entity The Cape May County Schools for Special Services is a Type I District located in the County of Cape May, State of New Jersey. As a Type I District, the School District functions independently through a Board of Education. The Board is comprised of six members appointed to three-year terms, and the County Superintendent of Schools and the County Mental Health Chairperson as ex-officio members. The operations of the District include early intervention (birth-3), pre-school handicapped (ages 3-5), Ocean Academy Elementary School (ages 5-10), individuals eligible for day training (ages 4-21), George E. Bailey Middle School (ages 11-14), the Alternative High School (ages 14-21), the Woodbine Developmental Center, the Alternative Education Program and the Department of Human Services Program. The primary criterion for including activities within the District's reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

the organization is legally separate (can sue or be sued in their own name) the District holds the corporate powers of the organization the District appoints a voting majority of the organization’s board the District is able to impose its will on the organization the organization has the potential to impose a financial benefit/burden on the District there is a fiscal dependency by the organization on the District

The following organizations are considered component units; however, the School District has determined that they are not significant and, therefore, have not been included in the basic financial statements; Cape May County Special Services Education Foundation 148 Crest Haven Road Cape May Court House, N.J. 08210 Requests for information should be addressed to the organization listed above.


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B. Basic Financial Statements – Government-Wide Statements The District’s basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District’s major funds). Both the government-wide and fund financial statements categorize primary activities as either governmental or business type. The District’s general and special revenue activities are classified as governmental activities. The District’s proprietary funds are classified as business-type activities. In the governmental-wide Statement of Net Position, both the governmental and business-type activities columns (a) are presented on a consolidated basis by column, (b) and are reported on a full accrual, economic resource basis, which recognizes all long-term assets and receivables as well as long-term debt and obligations. The District’s net position are reported in three parts-invested in capital assets, net of related debt; restricted net position; and unrestricted net position. The District first utilizes restricted resources to finance qualifying activities. The government-wide Statement of Activities reports both the gross and net cost of each of the District’s functions and business-type activities (food service). The functions are also supported by general government revenues (property taxes, tuition, certain intergovernmental revenues, etc.). The Statement of Activities reduces gross expenses (including depreciation) by related program revenues, operating and capital grants. Program revenues must be directly associated with the function (regular instruction, vocational programs, student & instruction related services, etc.) or a business-type activity. Operating grants include operating-specific and discretionary (either operating or capital) grants while the capital grants column reflects capital-specific grants. The net costs (by function or business-type activity) are normally covered by general revenue (property taxes, interest income, etc.).

a. The District does allocate indirect costs such as depreciation expense, compensated absences, On-behalf TPAF Pension Contributions, and Reimbursed TPAF Social Security Contributions.

The government-wide focus is more on the sustainability of the District as an entity and the change in the District’s net position resulting from the current year’s activities. Fiduciary funds are not included in the government-wide statements. C. Basic Financial Statements – Fund Financial Statements The financial transactions of the District are reported in individual funds in the fund financial statements. Each fund is accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, reserves, fund equity, revenues and expenditures/expenses. The various funds are reported by generic classification within the financial statements.

The emphasis in fund financial statements is on the major funds in either the governmental or business-type activities categories. Nonmajor funds by category are summarized into a single column. GASBS No. 34 sets forth minimum criteria (percentage of the assets, liabilities, revenues or expenditures/expenses of either fund category or the governmental and enterprise combined) for the determination of major funds. The nonmajor funds are combined in a column in the fund financial statements. The State of New Jersey Department of Education has mandated that all New Jersey School Districts must report all governmental funds as major, regardless of the fund meeting the GASB definition of a major fund. However, the criteria are applied to proprietary funds.

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(CONTINUED)

The following fund types are used by the District: Governmental Funds The District reports the following governmental funds: The focus of the governmental funds’ measurement (in the fund statements) is upon determination of financial position and changes in financial position (sources, uses, and balances of financial resources) rather than upon net income. The following is a description of the governmental funds of the District.

General Fund - The General Fund is the general operating fund of the District and is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue sources that are legally restricted to expenditures for specified purposes. The special revenue fund is specifically used to account for federal and state grant monies that have been allocated to the District.

Fund Balances – Governmental Funds

In the fund financial statements, governmental funds report the following classifications of fund balance:

o Nonspendable – includes amounts that cannot be spent because they are either not

spendable in form or are legally or contractually required to be maintained intact.

o Restricted – includes amounts restricted by external sources (creditors, laws of other governments, etc.) or by constitutional provision or enabling legislation.

o Committed – includes amounts that can only be used for specific purposes. Committed

fund balance is reported pursuant to resolutions passed by the Board of Education, the District’s highest level of decision making authority. Commitments may be modified or rescinded only through resolutions approved by the Board of Education.

o Assigned – includes amounts that the District intends to use for a specific purpose, but do not meet the definition of restricted or committed fund balance. Under the District’s policy, amounts may be assigned by the Business Administrator.

o Unassigned – includes amounts that have not been assigned to other funds or restricted, committed or assigned to a specific purpose within the General Fund. The District reports all amounts that meet the unrestricted General Fund Balance Policy described below as unassigned:

The details of the fund balances are included in the Governmental Funds Balance Sheet. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the District considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balance are available, the District considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed.

Proprietary Funds The focus of proprietary fund measurement is upon determination of operating income, changes in net position, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the proprietary funds of the District:

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(CONTINUED)

Enterprise Funds are required to be used to account for operations for which a fee is charged to external users for goods or services and the activity (a) is financed with debt that is solely secured by a pledge of the net revenues, (b) has third party requirements that the cost of providing services, including capital costs, be recovered with fees and charges or (c) establishes fees and charges based on a pricing policy designated to recover similar costs. Internal Service Fund is treated as governmental fund for the entity-wide financial reporting. This fund is used to account for extra services provided that are over the contractual amounts..

The District reports the following proprietary fund:

Enterprise Funds - Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business operations – where the intent of the District is that the costs of providing goods or services be financed or recovered primarily through user charges.

The District's Enterprise Fund is comprised of the following;

A Food Service Fund, which accounts for all revenues and expenses pertaining to the District’s cafeteria operations.

An Itinerant Shared Services Fund, which accounts for all revenues and expenses pertaining to the itinerant services provided to other districts in the state.

A Transportation Shared Services Fund, which accounts for all revenues and expenses pertaining to the transportation services provided to other districts in the state.

A Day Care/Community Use of Facilities Fund, which accounts for all revenues and expenses pertaining to the day care operations in the district provided to families in the community and which accounts for all revenues and expenses pertaining to Community Pool operations. A Shop Rite Fund, which accounts for all revenue and expenses pertaining to the sale of goods from a Shop Rite store maintained in the school.

An Alternative Education Fund, which accounts for all revenues and expenses pertaining to the Alternative Education Program – The “Compact”.

An Adult Medical Day Care Fund, which accounts for all revenues and expenses pertaining to the Over 21 Program maintained by the District.

An Extended School Year Fund, which accounts for all revenues and expenses pertaining to the extended school year program operated over the summer months.

A Business Office Services Fund, which accounts for all revenues and expenses pertaining to the outsourcing of business office functions to other local education associations.

Internal Service Fund - Internal Service funds are used to charge costs for certain activities to individual funds or other governmental entities. The District’s internal service fund is comprised of charges for additional related services over contractual amounts.

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(CONTINUED)

Fiduciary Funds Fiduciary funds are used to report assets held in a trustee or agency capacity for others and therefore are not available to support District programs. The reporting focus is on net position and changes in net position, and are reported using accounting principles similar to proprietary funds. The District’s fiduciary funds are presented in the fiduciary fund financial statements by type (pension, private purpose and agency). Since by definition these assets are being held for the benefit of a third party (other local governments, private parties, pension participants, etc.), and cannot be used to address activities or obligations of the government, these funds are not incorporated into the government-wide statements. All fund internal activity is eliminated when carried to the Government-wide statements. D. Basis of Accounting Basis of accounting refers to the point at which revenues or expenditures/expenses are recognized in the accounts and reported in the financial statements. It relates to the timing of the measurements made regardless of the measurement focus applied. 1. Accrual: Both governmental and business-type activities in the government-wide financial statements and the proprietary and fiduciary fund financial statements are presented on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. 2. Modified Accrual: The governmental fund financial statements are presented on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual; i.e., both measurable and available. “Available” means collectible within the current period or within 60 days after year end. Expenditures are generally recognized under the modified accrual basis of accounting when the related liability is incurred. The exception to this general rule is that principal and interest on general obligation long-term debt, if any, is recognized when due. D. Financial Statement Amounts 1. Cash and Cash Equivalents: Cash and cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost. All other investments are stated at fair value. New Jersey school districts are limited as to the types of investments and types of financial institutions they may invest in. New Jersey statute 18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts. Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from a loss of funds on deposit with a failed banking institution in New Jersey. NJSA 17:9-41 et. seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan

37



(CONTINUED)

institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental units. 2. Investments: Investments, including deferred compensation and pension funds, are stated at fair value, (quoted market price or the best available estimate). Interest earned on investments in the Capital Projects Fund is recognized as a reserve to pay future debt service or transferred to the general fund. 3. Inventories: Inventories in the general fund consist of expendable supplies held for the District’s use and are carried at cost using the first-in, first-out method. Inventories in the enterprise fund are valued at cost, which approximates market, using the first-in, first –out method. As of June 30, 2014, the District did not have inventory in the general fund and had the following inventory in the enterprise fund:

Food $ 4,161 Supplies 740 $ 4,901

The value of Federal donated commodities is the difference between market value and cost of the commodities at the date of purchase and has been included as an item of non-operating revenue in the financial statements. The value of commodities included in the food inventory on June 30, 2014 is $380. 4. Capital Assets: Capital assets purchased or acquired with an original cost of $2,000 or more are reported at historical cost or estimated historical cost. Contributed assets are reported at fair market value as of the date received. Additions, improvements and other capital outlays that significantly extend the useful life of an asset are capitalized. Other costs incurred for repairs and maintenance are expensed as incurred. Depreciation on all assets is provided on the straight-line basis over the following estimated useful lives:

Buildings 20-50 years Machinery and equipment 5-10 years Improvements 10-20 years Infrastructure Assets 50-65 years

Infrastructure assets include roads, parking lots, underground pipe, etc. The District includes all infrastructure assets as depreciable assets in the financial statements. 5. Revenues: Substantially all governmental fund revenues are accrued. The Districts primary source of revenue is a line item appropriation in the annual County of Cape May budget. The District records the entire approved appropriation as revenue (accrued) at the start of the fiscal year, since the revenue is both measurable and available. Subsidies and grants to proprietary funds, which finance either capital or current operations, are reported as non operating revenue. In respect to grant revenues, the provider recognizes liabilities and expenses and the recipient recognizes receivables and revenue when the applicable eligibility requirements, including time requirements are met. Resources transmitted before the eligibility requirements are met are reported as advances by the provider and unearned revenue by the recipient. Program revenues, including tuition revenue are reported as reductions to expenses in the statement of activities.

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(CONTINUED)

6. Expenditures: Expenses are recognized when the related fund liability is incurred. Inventory costs are reported in the period when inventory items are used, rather than in the period purchased. 7. Compensated Absences: Compensated absences are those absences for which employees will be paid, such as vacation, sick leave, and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and its employees, are accounted for in the period in which such services are rendered or in which such events take place. In governmental and similar trust funds, compensated absences that are expected to be liquidated with expendable available financial resources are reported as both an expenditure and a fund liability in the fund that will pay for the compensated absences. The remainder of the compensated absences liability is reported in the District-wide Financial Statements as a Governmental Activity. In proprietary and similar trust funds, compensated absences are recorded as an expense and liability of the fund that will pay for them. 8. Interfund Activity: Interfund activity is reported as loans, services provided, reimbursements or transfers. Loans are reported as interfund receivables and payables as appropriate and are subject to elimination upon consolidation. Services provided, deemed to be at market or near market rates, are treated as revenues and expenditures/expenses. Reimbursements are when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related costs as reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or proprietary funds are netted as part of the reconciliation to the government-wide financial statements. 9. Budgets/Budgetary Control: Annual appropriated budgets are prepared in the spring of each year for the general and special revenue funds. The budgets are submitted to the county office for approval and then to the Board of School Estimates for approval. Budgets are prepared using the modified accrual basis of accounting, except for the special revenue fund as described later. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C. 6:23-2(g). Transfers of appropriations may be made by School Board resolution at any time during the fiscal year and are subject to two-thirds majority vote by the School Board and under certain circumstances require approval by the County Superintendent of Schools.


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Significant transfers approved by the Board of Education during the fiscal year were as follows:

Special Education - Behavioral DisabilitiesSalaries of Teachers (38,421)

Special Education - Multiple DisabilitiesSalaries of Teachers 62,722

Special Education - AutismSalaries of Teachers 75,521

Special Education - Cognitive SevereOther Salaries for Instruction (35,411)

Undistributed Expenditures - Speech, OT, PT andRelated ServicesSalaries of Other Professional Staff 36,081

Undistributed Expenditures -Instructional Staff TrainingOther Purchased Prof. & Technical Servicees (28,000)

Undistributed Expenditures - Required MaintenanceCleaning, Repair and Maintenance Service 47,073 General Supplies (34,500)

Undistributed Expenditures - Custodial ServicesNatural Gas 41,600 Electricity (43,800)

Unallocated BenefitsOther Retirement Contribution- PERS (45,923) Health Benefits (45,331) Tuition Reimbursement (40,000)

Capital Outlay - Undistributed ExpendituresOperations 60,711

Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payments for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year end. The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports. 10. Tuition Receivable: Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined. The final cost is based on a determination by the State of New Jersey Department of Education pursuant to the provisions of NJAC 6A:23-17.1.

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(CONTINUED)

11. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those results. 12. Allocation of Costs: In the government-wide statement of activities, the District has allocated unallocated benefits to various programs based on the budgetary expenditures by program. F. Recent Accounting Changes In June 2012, GASB issued Statement No. 68 “Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No. 27”. This statement, which is effective for fiscal periods beginning after June 15, 2014, will have a significant effect on the District’s financial position and reporting. In January 2013, GASB issued Statement No. 69 “Government Combinations and Disposals of Government Operations”. This statement, which is effective for fiscal periods beginning after December 15, 2013, will not have any effect on the District’s financial reporting. In April 2013, GASB issued Statement No. 70 “Accounting and Financial Reporting for Nonexchange Financial Guarantees”. This statement, which is effective for fiscal years beginning after June 15, 2013, will not have any immediate impact on the District’s financial statements but for any future debt issues that are paid by Cape May County, there will be a reporting requirement. In November 2013, Governmental Accounting Standards Board (GASB) issued Statement No. 71 “Pension Transition for Contributions Made Subsequent to the Measurement Date-an amendment of GASB Statement No. 68”. The provisions of this statement are required to be applied simultaneously with the provisions of Statement 68 which is effective for periods beginning after June 15, 2014. The impact of this statement on the net position of the entity is not presently determinable but is anticipated to be significant. NOTE 2 – CASH AND CASH EQUIVALENTS AND INVESTMENTS Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank failure, the School District’s deposits might not be recovered. Although the School District does not have a formal policy regarding custodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act. Of the School District’s bank balance of $4,201,407 of June 30, 2014, $125,194 was uninsured and uncollateralized. NOTE 3 – CAPITAL RESERVE ACCOUNT A capital reserve account was established by Board of Education by the inclusion of $1.00 on October 17, 2000 for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years. The capital reserve account is maintained in the general fund. Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the general fund budget certified for taxes. A district may also appropriate additional amounts when the express approval of the Board of School Estimates has been obtained. Pursuant to N.J.A.C. 6:23A-5.1(d) 7, the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its LRFP.

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(CONTINUED)

The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning balance, July 1, 2013 109,901$ Interest earnings 300

Ending balance , June 30, 2014 110,201$

The June 30, 2014 LRFP balance of local support costs of uncompleted capital projects at June 30, 2014 is greater than $110,201. NOTE 4 – MAINTENANCE RESERVE A maintenance reserve account was established by the Board for the accumulation of funds for use as required maintenance expenditures in subsequent fiscal years. The maintenance reserve account is maintained in the general fund and its activity is included in the general fund annual budget. The activity of the maintenance reserve for the fiscal year is as follows:

Beginning balance, July 1, 2013 30,160$ Increased by:

Interest earned 150 Transfer by Board Resolution 150,000

Ending Balance, June 30, 2014 180,310$

NOTE 5 – RECEIVABLES Receivables at June 30, 2014, consisted of accounts (tuition and miscellaneous), accrued interest, interfund, intergovernmental, and property taxes. All receivables are considered collectible in full. A summary of the principal items of accounts receivable follows:

Governmental Governement-WideFund Financial Financial

Statements Statements

State Aid 80,256$ 80,256$ Federal Aid 24,951 24,951 Interfunds 95,171 - Other 7,625 760,337 Gross Receivables 208,003 865,544 Less: Allowance for Uncollectibles

Total Receivables, Net 208,003$ 865,544$

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NOTE 6 – INTERFUND TRANSFERS AND BALANCES Transfers between funds are used to (1) repay expenses paid by another fund; and (2) make a permanent contribution to the Enterprise Funds or (3) loan monies to other funds. The following interfund balances remained on the fund financial statements at June 30, 2014:

Interfund InterfundFund Receivable Payable

General Fund 95,171$ - Food Service Fund - 95,171

Total 95,171$ 95,171

The general fund receivable relates to $95,171 owed to the general fund, which the food service enterprise fund received to pay food service charges. It is not anticipated that this interfund will be cleared in the current fiscal year


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(CONTINUED)

NOTE 7 – CAPITAL ASSETS Capital asset activity for the fiscal year ended June 30, 2014, was as follows:

Beginning EndingBalance Additions Deletions Balance

Governmental activities:

Capital assets being depreciated:Building Improvements 1,383,215$ 1,383,215 Infrastructure 73,582 73,582 Machinery and Equipment 367,623 152,248 519,871 Licensed Vehicles 48,992 48,992

Total capital assets being depreciated athistorical cost 1,873,412 152,248 - 2,025,660

Less accumulated depreciation for:Building Improvements (142,662) (27,664) (170,326) Infrastructure (1,085) (1,132) (2,217) Machinery and Equipment (214,791) (29,465) (244,256) Licensed Vehicles (38,264) (6,024) (44,288)

Total accumulated depreciation (396,802) (64,285) - (461,087)

Governmental activity capital assets, net $ 1,476,610 $ 87,963 $ - $ 1,564,573

Business-type activities:Capital assets being depreciated:

Equipment $ 702,735 $ 11,205 $ $ 713,940 Less accumulated depreciation (491,971) (31,265) (523,236)

Enterprise Fund capital assets, net $ 210,764 $ (20,060) $ - $ 190,704

Depreciation expense was charged to governmental functions as follows: Special education instruction 45,152$ School administration 15,051$ Plant operations and maintenance 4,082

64,285$

No interest on debt was capitalized during the year.

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(CONTINUED)

NOTE 8 – GENERAL LONG-TERM DEBT Changes in long-term obligations for the year ended June 30, 2014 are as follows:

Amounts DueBalance Issues or Payments or Balance Within

July 1, 2013 Additions Expenditures June 30, 2014 One Year

Compensated Absences - General Fund $ 433,789 $ 22,803 $ 51,857 $ 404,735 $ - Business Type Funds 42,477 6,457 300 48,634 -

$ 476,266 $ 29,260 $ 52,157 $ 453,369 $ -

Compensated absences are been liquidated in the General Fund and the Enterprise Funds. . NOTE 9 – OPERATING LEASES

The District has commitments to lease the school building and certain office equipment under operating leases that expire in 2017. Total operating lease payments made during the year ended June 30, 2014 were $445,899. Future minimum lease payments are as follows:

Year Ending June 30, Principal

2015 $ 45,999 2016 43,134 2017 41,159

Total future minimum lease payments $ 130,292

NOTE 10 – PENSION PLANS Description of Plans All required employees of the District are covered by either the Public Employees' Retirement System, the Teachers' Pension and Annuity Fund or the Defined Contribution Retirement Program which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of the Systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers' Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, PO Box 295, Trenton, New Jersey, 08625 or the reports can be accessed on the internet at : http://www.state.nj.us/treasury/pensions/annrprts.shtml

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http://www.state.nj.us/treasury/pensions/annrprts.shtml



(CONTINUED)

Teachers' Pension and Annuity Fund (TPAF) The Teachers' Pension and Annuity Fund was established as of January 1, 1955, under the provisions of N.J.S.A. 18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers' Pension and Annuity Fund is considered a cost sharing multiple employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system's other related non-contributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners, and employees of the Department of Education who have titles that are unclassified, professional and certified. Public Employees' Retirement System (PERS) The Public Employees' Retirement System (PERS) was established as of January 1, 1955 under the provisions of N.J.S.A. 43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees' Retirement System is a cost sharing, multiple employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state administered retirement system or other state or local jurisdiction. Defined Contribution Retirement Program (DCRP) The Defined Contribution Retirement Program (DCRP) was established as of July 1, 2008 under the provisions of Chapter 92, P.L. 2008 and Chapter 103, P.L. 2008 (N.J.S.A. 43:15C-1 et seq.). The DCRP is a cost sharing multiple employer defined contribution pension fund. The DCRP provides eligible members, and their beneficiaries with a tax-sheltered, defined contribution retirement benefit, along with life insurance and disability coverage. Vesting and benefit provisions are established by N. J.S.A. 43:15C-1 et. seq. Funding Policy The contribution policy is set by N.J.S.A. 43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A. 18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5% of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The current TPAF rate is 6.5% and the PERS rate is 10.5% of covered payroll. The School District’s contributions to TPAF for the years ending June 30, 2014, 2013 and 2012 were $248,145, $404,552 and $191,455 respectively, and paid by the State of New Jersey on behalf of the Board, equal to the required contributions for each year. The School District’s contributions to PERS for the years ending June 30, 2014, 2013 and 2012 were $329,852, $372,831 and $336,424 respectively, equal to the required contributions for each year.

During the fiscal years ended June 30, 2014, 2013 and 2012, the State of New Jersey contributed $406,866, $457,446, and $426,177, respectively, to the TPAF for post-retirement medical benefits on behalf of the Board. Also, in accordance with NJSA 18A:66-66 the State of New Jersey reimbursed the Board $492,281, $442,124, and $446,595, during the same fiscal years for the employer’s share of social security contributions for TPAF members as calculated on their base salaries. These amounts, which are not required to be budgeted, have been included in the financial statements, and the combining and individual fund and account group statements and schedules as revenues and expenditures in accordance in GASB standards.

46



(CONTINUED)

For the DCRP, members contribute at a uniform rate of 5.5% of their base salary. Employers are required to contribute at a set rate of 3.0% of base salary. There were several no employees enrolled in the DCRP for the year ended June 30, 2014. Vesting and Benefit Provisions The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and 43.3B, and N.J.S.A. 18A:6C for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 60 and are generally determined to be 1/60 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years' compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System. Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members' beneficiaries are entitled to full interest credited to the members' accounts. Significant Legislation Chapter 78, P.L. 2011, effective June 28, 2011 made various changes to the manner in which the Public Employees’ Retirement System (PERS) and the Police and Firemen’s Retirement System (PFRS) operate and to the benefit provisions of those systems. Chapter 78’s provisions impacting employee pension and health benefits include:

• New members of the PERS hired on or after June 28, 2011 (Tier 5 members) will need 30 years of creditable service and age 65 for receipt of the early retirement benefit without a reduction of ¼ of 1% for each month that the member is under age 65.

• The eligibility age to qualify for a service retirement in the PERS is increased from age 63 to 65 for Tier 5 members.

• The annual benefit under special retirement for new PFRS members enrolled after June 28, 2011 (Tier 3 members), will be 60% instead of 65% of the member’s final compensation plus 1% for each year of creditable service over 25 years but not to exceed 30 years.

• Increases in active member contribution rates. PERS active member rates increase from 5.5% of annual compensation to 6.5% plus an additional 1% phased-in over 7 years; PFRS active member rate increase from 8.5% to 10%. For fiscal year 2012, the member contribution rates increased in October 2011. The phase-in of the additional incremental member contribution rates for PES members will take place in July of each subsequent fiscal year.

• The payment of automatic cost-of-living adjustment (COLA) additional increases to current and future retirees and beneficiaries is suspended until reactivated as permitted by this law.

• New employee contribution requirements towards the cost of employer-provided health benefit coverage. Employees are required to contribute a certain percentage of the cost of coverage. The rate of contribution is determined based on the employee’s annual salary and the selected level of coverage. The increased employee contributions will be phased in over a 4-year period for those employed prior to Chapter 78’s effective date with a minimum contribution required to be at least 1.5% of salaries

• In addition, this new legislation changes the method for amortizing the pension systems’ unfunded accrued liability (from a level percent of pay method to a level dollar of pay).

Chapter 1, P.L. 2010, effective May 21, 2010, made a number of changes to the State-administered retirement systems concerning eligibility, the retirement allowance formula, the definition of compensation, the positions eligible for service credit, the non-forfeitable right to a pension, the

47



(CONTINUED)

prosecutor’s part of the PERS, special retirement under the PFRS, and employer contributions to the retirement systems. Also, Chapter 1, P.L. 2010 changed the membership eligibility criteria for new members of PERS from the amount of annual compensation to the number of hours worked weekly. Also, it returned the benefit multiplier for new members of PERS to 1/60th from 1/55th, and it provided that new members of PERS have the retirement allowance calculated using the average annual compensation for the last five years of service instead of the last three years of service. New members of PERS will no longer receive pension service credit from more than one employer. Pension service credit will be earned for the highest paid position only. For new members of the PFRS, the law capped the maximum compensation that can be used to calculate a pension from these plans at the annual wage contribution base for social security, and requires the pension to be calculated using a three year average annual compensation instead of the last year’s salary. This law also closed the Prosecutors Part of the PERS to new members and repealed the law for new members that provided a non-forfeitable right to receive a pension based on the laws of the retirement system in place at the time 5 years of pension service credit is attained. The law also requires the State to make its full pension contribution, defined a 1/7th of the required amount, beginning in fiscal years 2012. Chapter 3, P.L. 2010, effective May 21, 2010, replaced the accidental and ordinary disability retirement for new members of the PERS with disability insurance coverage similar to that provided by the State to individuals enrolled in the State’s Defined Contribution Retirement Program. Chapter 92, P.L. 2007 implemented certain recommendations contained in the December 1, 2006 report of the Joint Legislative Committee on Public Employee Benefits Reform; established a DCRP for elected and certain appointed officials, effective July 1, 2007; the new pension loan interest rate became 4.69% per year, and an $8.00 processing fee per loan was charged, effective January 1, 2008. The legislation also removed language from existing law that permits the State Treasurer to reduce employer pension contributions needed to fund the Funds and Systems when excess assets are available. NOTE 11 – POST-RETIREMENT BENEFITS The School District contributes to the New Jersey State Health Benefits Program (“the SHBP”), a cost sharing multiple-employer defined benefit post-employment healthcare plan administered by the State of New Jersey Division of Pensions and Benefits. SHBP provides medical, prescription drug, mental health/substance abuse and Medicare Part B reimbursement to retirees and their covered dependents. The State Health Benefits Program is found in the New Jersey Statutes Annotated, Title 52, Article 17.25 et seq. Rules governing the operation and administration of the program are found in Title 17, Chapter 9 of the New Jersey Administrative Code. The Division of Pension and Benefits issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers' Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, PO Box 295, Trenton, New Jersey, 08625. Chapter 384 of Public Laws 1987 and Chapter 6 of Public Laws 1990 required TPAF and PERS, respectively, to fund post-retirement medical benefits for those State employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2008, C. 103 amended the law to eliminate the funding and payment of post-retirement medical benefits for retired state employees through TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired state employees and retired educational employees. As of June 30, 2012, there were 97,661 retirees eligible for post-retirement medical benefits. The cost of these benefits is funded through contributions by the State in accordance with P.L. 1994, c.62. Funding of post-retirement medical premiums changed from a pre-funding basis to a pay-as-you-go basis beginning in fiscal year 1994.

48



(CONTINUED)

The State is also responsible for the cost attributable to P.L. 1992 c. 126 which provides free health benefits for members PERS and the Alternative Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,359 eligible retired members in Fiscal Year 2013. The State also makes on-behalf payments for Teacher Pension and Annuity Program retirees for health benefits. The on-behalf amount paid by the State of New Jersey in fiscal year 2014 was $406,886. NOTE 12 – COMPENSATED ABSENCES The District accounts for compensated absences (e.g., unused vacation, sick leave) as required by GASB standards.. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits. District employees are granted varying amounts of vacation and sick leave in accordance with the District’s personnel policy and negotiated contracts. Upon termination, employees are paid for accrued vacation. The District’s policy permits employees to accumulate unused sick leave and carry forward the full amount to subsequent years. Upon retirement, employees are paid by the District for unused sick leave in accordance with the District’s negotiated contracts with administrators and various employee unions. In the District-Wide Statement of Net Assets, the liabilities whose average maturities are greater than one year should be reported in two components – the amount due within one year and the amount due in more than one year. NOTE 13 – DEFERRED COMPENSATION The District offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permit participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows: TPAF Tax Shelters

MetLife Thomas Seely Agency, Inc. Lincoln Tax Shelters Travelers Tax Shelters Siracusa Tax Shelters Safeco Tax Shelters

NOTE 14 – RISK MANAGEMENT The District 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. Property and Liability Insurance - The District maintains commercial insurance coverage for property, liability and surety bonds. New Jersey Unemployment Compensation Insurance - The District has elected to fund its New Jersey Unemployment Compensation Insurance under the "Benefit Reimbursement Method". Under this plan, the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State.

49



(CONTINUED)

The following is a summary of District contributions, employee contributions, reimbursements to the State for benefits paid and the ending balance of the District's expendable trust fund for the current and prior year:

Fiscal District Employee Amount EndingYear Contributions Contributions Reimbursed Balance

2013-2014 $ 30,123 16,307 16,625 146,687 2012-2013 34,864 583 15,056 116,882 2011-2012 25,012 18,100 44,829 96,491

NOTE 15 – CONTINGENT LIABILITIES Federal and State Grants The District participates in a number of federal and state grant programs. The grant programs are subject to program compliance audits by the grantors or their representatives. The District is potentially liable for expenditures which may be disallowed pursuant to the terms of these grant programs. Management is not aware of any material items of noncompliance would result in the disallowance of program expenditures. NOTE 16 – ECONOMIC DEPENDENCY The District receives support from federal government and from the state governments through local school districts. A significant reduction in the level of support, if this were to occur, would have an effect on the District’s programs and activities. NOTE 17 – FUND BALANCE APPROPRIATED General Fund – Of the $1,362,846 General Fund fund balance, at June 30, 2014, $1,790 is reserved for encumbrances; $180,310 is reserved as Maintenance Reserve in accordance with the Educational Facilities Construction and Financing Act (EFCFA) (N.J.S.A. 18A:7G-9) as amended by P.L. 2004, c. 73 (S1701), $110,201 has been reserved in the Capital Reserve Account; $0 has been appropriated and included as anticipated revenue for the year ending June 30, 2015; and $1,070,545 is classified and Unassigned. NOTE 18 – CALCULATION OF EXCESS SURPLUS In accordance with N.J.S.A. 18A:46-31, an undesignated fund balance of 10 percent of the general fund budget may be maintained. The New Jersey Department of Education calculates the District’s excess surplus using audited information and subsequently adjusts tuition rates and the cost per pupil for these calculations. NOTE 19 – DEFICIT IN NET POSITION – ENTERPRISE FUNDS The Food Services Enterprise Fund has a cumulative deficit in net positions of $64,413 as of June 30, 2014. This deficit will either be provided for in the 2014-15 budget or made up through operations.

50



(CONTINUED)

NOTE 20 – SUBSEQUENT EVENTS Management has reviewed and evaluated all events and transactions that occurred from June 30, 2014 through November 4, 2014, the date that the financial statements were available to be issued for possible disclosure and recognition in the financial statements, and no items have come to the attention of the District that would require disclosure.

51

REQUIRED SUPPLEMENTARY INFORMATION – PART II

BUDGETARY COMPARISON SCHEDULES

See

Inde

pend

ent A

udito

r's R

epor

t

C-1

Varia

nce

with

Und

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Orig

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sFi

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cal S

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es:

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nty

Line

Item

App

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n3,

974,

832

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-

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2

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974,

832

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on fr

om L

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6,43

5,24

6

18

8,11

1

6,62

3,35

7

6,

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678

271,

321

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000

29

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303,

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300

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16,8

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73

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38

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nsio

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248,

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492,

281

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2,28

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1,

147,

292

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32,0

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108,

258

76

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32

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3,61

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,610

,368

11

8,58

0

11,7

28,9

48

12,6

11,2

30

(882

,282

)

59

See

Inde

pend

ent A

udito

r's R

epor

t

C-1

Varia

nce

with

Und

er/(O

ver)

Orig

inal

Budg

etFi

nal B

udge

tBu

dget

Tran

sfer

sFi

nal B

udge

tAc

tual

to A

ctua

l

Bud

geta

ry C

ompa

rison

Sch

edul

eG

ener

al F

und

CAP

E M

AY C

OU

NTY

SC

HO

OLS

FO

R S

PEC

IAL

SER

VIC

ES

Year

End

ed J

une

30, 2

014

(A C

ompo

nent

Uni

t of t

he C

ount

y of

Cap

e M

ay)

EXC

ESS

(DEF

ICIE

NC

Y) O

F R

EVEN

UES

OVE

R(U

ND

ER) E

XPE

ND

ITU

RES

(819

,040

)

69

,531

(7

49,5

09)

(101

,314

)

64

8,19

5

Oth

er F

inan

cing

Sou

rces

/(Use

s):

Ope

ratin

g Tr

ansf

ers

In:

Tran

sfer

from

Enterprise

Fund

415,

768

41

5,76

8

415,

768

O

pera

ting

Tran

sfer

s O

ut:

(450

)

Tran

sfer

to F

ood

Serv

ice

Fund

-Boa

rd C

ontri

b.-

(69,

531)

(6

9,53

1)

(69,

531)

-

Tota

l Oth

er F

inan

cing

Sou

rces

:(4

50)

34

6,23

7

346,

237

(6

9,53

1)

415,

768

Exce

ss (D

efic

ienc

y) o

f Rev

enue

s an

d O

ther

Fi

nanc

ing

Sour

ces

Ove

r (U

nder

) Exp

endi

ture

s an

dO

ther

Fin

anci

ng S

ourc

es (U

ses)

(819

,490

)

41

5,76

8

(403

,272

)

(1

70,8

45)

1,06

3,96

3

Fund

Bal

ance

Jul

y 1

1,53

3,69

1

-

1,53

3,69

1

1,

533,

691

Fund

Bal

ance

Jun

e 30

714,

201

$

41

5,76

8

1,13

0,41

9

1,

362,

846

1,06

3,96

3

Rec

apitu

latio

n:N

onsp

enda

ble

Fund

Bal

ance

Non

e-

Res

trict

ed F

und

Bala

nce:

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e-

Com

mitt

ed F

und

Bala

nce:

Cap

ital R

eser

ve11

0,20

1

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nten

ance

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erve

180,

310

As

sign

ed F

und

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nce:

Des

igna

ted

by B

OE

for S

ubse

quen

tYe

ars

Expe

nditu

res

Year

-end

Enc

umbr

ance

s1,

790

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nass

igne

d Fu

nd B

alan

ce1,

070,

545

Fund

Bal

ance

per

Gov

ernm

enta

l Fun

ds (G

AAP)

1,36

2,84

6

60

See

Inde

pend

ent A

udito

r's R

epor

t

C-2

Orig

inal

Bud

get

Fina

lV

aria

nce

Bud

get

Tran

sfer

sB

udge

tA

ctua

lFi

nal t

o A

ctua

lR

EVEN

UES

:Lo

cal S

ourc

es59

,451

$

59

,451

53

,090

(6

,361

)

Fede

ral S

ourc

es16

5,78

2

16

5,78

2

67

,323

(9

8,45

9)

S

tate

Sou

rces

25,2

51

25,2

51

25,2

51

-

Tota

l Rev

enue

s25

0,48

4

-

25

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4

14

5,66

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(1

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20)

EXPE

ND

ITU

RES

:In

stru

ctio

n:S

alar

ies

of T

each

ers

56,1

84

56,1

84

32,8

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23,2

97

Pur

chas

ed P

rofe

ssio

nal a

nd T

echn

ical

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vice

s62

,642

62

,642

49

,137

13

,505

G

ener

al S

uppl

ies

118,

158

118,

158

50,1

40

68,0

18

Oth

er O

bjec

ts30

0

30

0

30

0

-

Tota

l Ins

truct

ion

237,

284

-

237,

284

132,

464

104,

820

Sup

port

Ser

vice

s:O

ther

Sal

arie

s13

,200

13

,200

13

,200

-

Tota

l Sup

port

Ser

vice

s13

,200

-

13

,200

13

,200

-

Cap

ital O

utla

y

Tota

l Cap

ital O

utla

y-

-

-

-

-

Tota

l Out

flow

s25

0,48

4

-

25

0,48

4

14

5,66

4

10

4,82

0

Exc

ess

(Def

icie

ncy)

of R

even

ues

Ove

r (U

nder

)E

xpen

ditu

res

and

Oth

er F

inan

cing

Sou

rces

(Use

s)-

$

-

-

-

-

CAP

E M

AY C

OU

NTY

SC

HO

OLS

FO

R S

PEC

IAL

SER

VIC

ES

Spec

ial R

even

ue F

und

Bud

geta

ry C

ompa

rison

Sch

edul

eFo

r the

Yea

r End

ed J

une

30, 2

014

(A C

ompo

nent

Uni

t of t

he C

ount

y of

Cap

e M

ay)

61

NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION

See Independent Auditor's Report

C-3

Note A - Explanation of Differences Between Budgetary Inflows andOutflows GAAP Revenue and Expenditures

SpecialGeneral Revenue

Fund FundSources/inflows of resourcesActual amounts (budgetary basis) "revenue"

from the budgetary comparison schedule [C-1] 12,509,916$ [C-2] 145,664

Difference - budget to GAAP:Grant accounting budgetary basis differs from GAAP in that

encumbrances are recognized as expenditures, and therelated revenue is recognized Prior Year 23 Current Year (30)

Total revenues reported on the statement of revenues, expendituresand changes in fund balances - governmental funds [B-2] 12,509,916 [B-2] 145,657

Uses/outflows of resourcesActual amounts (budgetary basis) "total outlfows"

from the budgetary comparison schedule [C-1] 12,611,230$ [C-2] 145,664

Difference - budget to GAAP:Encumbrances for supplies and equipment ordered but

not received are reported in the year the order isplaced for budgetary purposes, but in the year thesupplies are received for financial reporting purposes. - Prior Year 23 Current Year (30)

[B-2] 12,611,230$ [B-2] 145,657

Note to RSI

Required Supplementary Information



Budget to GAAP Reconciliation


62

OTHER SUPPLEMENTARY INFORMATION

SPECIAL REVENUE FUND DETAIL STATEMENTS

The Special Revenue Fund is used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specific purposes.

See

Inde

pend

ent A

udito

r's R

epor

t

E-1

Tota

lR

ecre

atio

nal

Brou

ght

Educ

atio

nPr

ior Y

ear

Opp

ortu

nitie

s fo

rFo

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unda

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Autis

mAu

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Indi

vidu

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with

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ls(E

x. E

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ear

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r Bea

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ilitie

s20

14R

EVEN

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:Lo

cal S

ourc

es24

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$

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11

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$

5,82

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53,0

90$

Fe

dera

l Sou

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67,3

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67

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e So

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25

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l Rev

enue

s92

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11,3

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11

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5,82

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EXPE

ND

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:In

stru

ctio

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larie

s of

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cher

s32

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32,8

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rcha

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essi

onal

and

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ces

33,7

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10

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5,

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49

,137

Gen

eral

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plie

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,551

1,38

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50

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Tota

l Ins

truct

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92,1

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11

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826

12

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132,

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Supp

ort S

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ces:

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alar

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-

-

-

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13,2

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13

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l Sup

port

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ices

-

-

-

-

13,2

00

13

,200

Cap

ital O

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y

Tota

l Cap

ital O

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y-

-

-

-

-

-

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l Out

flow

s92

,175

11,3

86

11

,026

5,82

6

25,2

51

14

5,66

4

Exce

ss (D

efic

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f Rev

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s O

ver (

Und

er)

Expe

nditu

res

and

Oth

er F

inan

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(Use

s)-

$

-$

-

$

-$

-

$

-$

CAP

E M

AY C

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SC

HO

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Spec

ial R

even

ue F

und

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bini

ng S

ched

ule

of P

rogr

am R

even

ues

and

Expe

nditu

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- Bud

geta

ry B

asis

For t

he Y

ear E

nded

Jun

e 30

, 201

4

(A C

ompo

nent

Uni

t of t

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ount

y of

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e M

ay)

63

See

Inde

pend

ent A

udito

r's R

epor

t

E-1a

Tota

lBr

ough

tEd

ucat

ion

Educ

atio

nEd

ucat

ion

Tota

lFo

rwar

dW

oodb

ine

Foun

datio

nFo

unda

tion

Foun

datio

nC

arrie

d(E

x. E

-1b)

Bapt

ist

Annu

alW

ishl

ist G

rant

sM

ini-G

rant

s Fo

rwar

dR

EVEN

UES

:Lo

cal S

ourc

es-

$

4,54

6$

14,2

00$

6,

106

$

24

,852

$

Fede

ral S

ourc

es67

,323

-

-

-

67

,323

Stat

e So

urce

s-

-

-

-

-

-

Tota

l Rev

enue

s67

,323

4,54

6

14,2

00

-

6,10

6

92,1

75

EXPE

ND

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RES

:In

stru

ctio

n:Sa

larie

s of

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cher

s32

,887

-

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-

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32,8

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Pu

rcha

sed

Prof

essi

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and

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25,7

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3,

000

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-

-

33

,737

Gen

eral

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plie

s8,

699

1,

546

9,

200

6,

106

25

,551

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er O

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l Ins

truct

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67,3

23

4,

546

14

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6,

106

92

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Supp

ort S

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-

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Tota

l Sup

port

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ital O

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l Cap

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l Out

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s67

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4,54

6

14,2

00

-

6,10

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92,1

75

Exce

ss (D

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f Rev

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s O

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nditu

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and

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(Use

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$

-$

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$

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$

-$

CAP

E M

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Spec

ial R

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of P

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and

Expe

nditu

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- Bud

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asis

For t

he Y

ear E

nded

Jun

e 30

, 201

4

(A C

ompo

nent

Uni

t of t

he C

ount

y of

Cap

e M

ay)

64

See

Inde

pend

ent A

udito

r's R

epor

t

E-1b

In S

choo

l In

Sch

ool

Tota

lyo

uth

Gra

ntyo

uth

Gra

ntC

arrie

dFY

13

FY 1

4Fo

rwar

dR

EVEN

UES

:Lo

cal S

ourc

es-

$

-$

-

$

Fede

ral S

ourc

es-

34,4

95

32

,828

67,3

23

St

ate

Sour

ces

-

-

-

-

Tota

l Rev

enue

s-

34,4

95

32

,828

-

-

67,3

23

EXPE

ND

ITU

RES

:In

stru

ctio

n:Sa

larie

s of

Tea

cher

s-

22,5

68

10

,319

32,8

87

Pu

rcha

sed

Prof

essi

onal

and

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hnic

al S

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3,29

3

22,4

44

25

,737

Gen

eral

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plie

s8,

634

65

8,

699

O

ther

Obj

ects

-

-

-

-

Tota

l Ins

truct

ion

-

34

,495

32,8

28

-

-

67

,323

Supp

ort S

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ces:

Oth

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alar

ies

-

-

-

-

Tota

l Sup

port

Serv

ices

-

-

-

-

-

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Cap

ital O

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y

Tota

l Cap

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-

-

-

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34,4

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32

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67,3

23

Exce

ss (D

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f Rev

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s O

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nditu

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and

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(Use

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$

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-

$

-$

-

$

CAP

E M

AY C

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SC

HO

OLS

FO

R S

PEC

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VIC

ES

Spec

ial R

even

ue F

und

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bini

ng S

ched

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of P

rogr

am R

even

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and

Expe

nditu

res

- Bud

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ry B

asis

For t

he Y

ear E

nded

Jun

e 30

, 201

4

(A C

ompo

nent

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t of t

he C

ount

y of

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e M

ay)

65

PROPRIETARY FUNDS – DETAILED STATEMENTS Food Service Fund - This fund provides for the operation of food services in all schools within the school district. This fund has been included as a major fund and is reported separately in statements B-4, B-5 and B-6. Day Care/Community Use Fund - This fund provides for the operation of day care services for staff and Cape May County residents and for the operation of the community use of facilities and programs that relate to building use.. Shop Rite - This fund provides for the operation of a Shop Rite store in the school. Shared Services - Itinerant - This fund provides for the operation of a shared services enterprise fund that provides itinerant services to local school districts. This fund has been included as a major fund and is reported separately in statements B-4, B-5 and B-6.

Shared Services - Transportation - This fund provides for the operation of a shared services enterprise fund that provides transportation services to local school districts. This fund has been included as a major fund and is reported separately in statements B-4, B-5 and B-6.

Alternative Education (The COMPACT) - This fund provides for the operation of an Alternative Education Program for LEA’s. Adult Medical Day Care (Over 21 Program) - This fund provides for the operation of an over 21 adult medical day care program that is primarily funded by Medicare.

Extended School Year - This fund provides for the operation of an extended school year program over the summer months that is fully funded by tuition. Business Office Services - This fund provides for the operation of Business Office Services provided to other school districts.

See

Inde

pend

ent A

udito

r's R

epor

t

G-1

Tota

lBu

sine

ss

Ove

r 21

Non

-Maj

or F

unds

The

"Com

pact

"Sh

op R

iteSe

rvic

esAd

ult D

ay C

are

(See

B-4

)

ASSE

TSC

urre

nt A

sset

s:C

ash

and

Cas

h Eq

uiva

lent

s26

2,64

6$

26,9

00

10,0

06

20,5

75

32

0,12

7

Acco

unts

Rec

eiva

ble

6,72

8

6,72

8

Inve

ntor

y1,

753

1,

753

Tota

l Cur

rent

Ass

ets

262,

646

28

,653

10

,006

27

,303

328,

608

Non

curr

ent A

sset

s:R

estri

cted

Cas

h an

d C

ash

Equi

vale

nts

-

Fu

rnitu

re, M

achi

nery

& E

quip

men

t32

7,90

9

20,4

04

80,9

95

42

9,30

8

Less

Acc

umul

ated

Dep

reci

atio

n(1

71,0

24)

(1

7,54

0)

(8

0,99

5)

(2

69,5

59)

To

tal N

oncu

rren

t Ass

ets

156,

885

2,

864

-

-

159,

749

Tota

l Ass

ets

419,

531

31

,517

10

,006

27

,303

488,

357

LIAB

ILIT

IES

Cur

rent

Lia

bilit

ies:

Acco

unts

Pay

able

833

-

83

3

In

terg

over

nmen

tal A

ccou

nts

Paya

ble:

Stat

e-

285

285

Tota

l Cur

rent

Lia

bilit

ies

833

28

5

-

-

1,11

8

Non

curr

ent L

iabi

litie

s:C

ompe

nsat

ed A

bsen

ces

24,6

22

4,

268

28

,890

Tota

l Non

curr

ent L

iabi

litie

s24

,622

-

-

4,26

8

28,8

90

NET

PO

SITI

ON

Inve

sted

in C

apita

l Ass

ets

Net

of

Rel

ated

Deb

t15

6,88

5

2,86

4

-

15

9,74

9

Unr

estri

cted

237,

191

28

,368

10

,006

23

,035

298,

600

Tota

l Net

Pos

ition

394,

076

$

31

,232

10

,006

23

,035

458,

349

Non

-Maj

or B

usin

ess-

Type

Act

iviti

es -

Ente

rpris

e Fu

nd

CAP

E M

AY C

OU

NTY

SC

HO

OLS

FO

R S

PEC

IAL

SER

VIC

ES

June

30,

201

4C

ombi

ning

Sta

tem

ent o

f Net

Pos

ition

Non

-maj

or P

ropr

ieta

ry F

unds

(A C

ompo

nent

Uni

t of t

he C

ount

y of

Cap

e M

ay)

66

See

Inde

pend

ent A

udito

r's R

epor

t

G-2

Tota

lsBu

sine

ss

Ove

r 21

Non

-Maj

or F

unds

The

"Com

pact

"Sh

op R

iteSe

rvic

esAd

ult D

ay C

are

(See

B-5

)

Ope

ratin

g R

even

ue:

Cha

rges

for S

ervi

ce:

Dai

ly S

ales

- N

on-r

eim

burs

able

Pro

gram

s-

$

44,5

05

-

-

44

,505

Tr

ansp

orta

tion

Fees

from

Oth

er L

EA's

With

in th

e St

ate

17,4

91

17

,491

D

ay C

are

Faci

lity

Ren

tal

-

Adul

t Day

Car

e - E

aste

r Sea

ls19

,707

19,7

07

Tuiti

on a

nd F

ees

792,

438

79

2,43

8

M

isce

llane

ous

676

60

3,31

5

4,05

1

Tota

l Ope

ratin

g R

even

ue79

3,11

4

44,5

65

-

40,5

13

87

8,19

2

Ope

ratin

g Ex

pens

es:

Cos

t of S

ales

40,7

26

40,7

26

Sala

ries

542,

878

15

7,38

9

70

0,26

7

Em

ploy

ee B

enef

its14

4,04

4

50,6

76

19

4,72

0

Tr

ansp

orta

tion

- Con

tract

ed S

ervi

ces

17,4

00

11

,430

28,8

30

Oth

er P

urch

ased

Ser

vice

s30

,254

30,2

54

Cle

anin

g, R

epai

r and

Mai

nten

ance

Ser

vice

s12

,328

12,3

28

Prof

essi

onal

Dev

elop

men

t55

6

55

6

U

tiliti

es a

nd G

asol

ine

15,1

17

11

,838

26,9

55

Insu

ranc

e3,

386

3,

386

Tu

ition

2,31

1

2,31

1

Gen

eral

Sup

plie

s12

,672

109

12,7

81

Dep

reci

atio

n16

,670

7

2,

109

18

,786

To

tal O

pera

ting

Expe

nses

794,

230

40

,733

-

23

6,93

7

1,

071,

900

O

pera

ting

Inco

me

(Los

s)(1

,116

)

3,

832

-

(196

,424

)

(193

,708

)

Non

oper

atin

g R

even

ues

(exp

ense

s):

-

Stat

e So

urce

s:Ad

ult D

ay C

are

- DD

D C

ontra

ct20

3,38

3

20

3,38

3

Tota

l Non

oper

atin

g R

even

ues

(exp

ense

s)-

-

-

203,

383

203,

383

Inco

me

(loss

) bef

ore

Con

tribu

tions

& T

rans

fers

(1,1

16)

3,83

2

-

6,

959

9,

675

Tran

sfer

s In

(Out

)-

Cha

nges

in N

et P

ositi

on(1

,116

)

3,

832

-

6,95

9

9,67

5

Tota

l Net

Pos

ition

- Be

ginn

ing

395,

192

27

,400

10

,006

16,0

76

44

8,67

4

To

tal N

et P

ositi

on -

Endi

ng39

4,07

6$

31,2

32

10,0

06

23

,035

458,

349

Ente

rpris

e Fu

ndN

on-M

ajor

Bus

ines

s-Ty

pe A

ctiv

ities

-

CAP

E M

AY C

OU

NTY

SC

HO

OLS

FO

R S

PEC

IAL

SER

VIC

ES

For t

he Y

ear E

nded

Jun

e 30

, 201

4C

ombi

ning

Sta

tem

ent o

f Rev

enue

s, E

xpen

ses,

and

Cha

nges

in F

und

Net

Pos

ition

Non

-maj

or P

ropr

ieta

ry F

unds

(A C

ompo

nent

Uni

t of t

he C

ount

y of

Cap

e M

ay)

67

See

Inde

pend

ent A

udito

r's R

epor

t

G-3

Tota

lB

usin

ess

Ove

r 21

Non

-Maj

or F

unds

The

"Com

pact

"S

hop

Rite

Ser

vice

sA

dult

Day

Car

e(S

ee B

-6)

CAS

H F

LOW

S FR

OM

OPE

RAT

ING

AC

TIVI

TIES

Rec

eipt

s fro

m C

usto

mer

s an

d O

ther

Inco

me

892,

608

$

44

,565

-

40

,545

977,

718

Pay

men

ts to

Em

ploy

ees

(545

,360

)

-

-

(1

58,8

97)

(7

04,2

57)

Pay

men

ts fo

r Em

ploy

ee B

enef

its(1

44,0

44)

-

-

(46,

822)

(190

,866

)

P

aym

ents

for S

uppl

ies

and

Ser

vice

s(8

8,43

4)

(40,

621)

-

(3

0,54

8)

(1

59,6

03)

Net

Cas

h P

rovi

ded

by (U

sed

for)

Ope

ratin

gA

ctiv

ities

114,

770

3,

944

-

(195

,722

)

(77,

008)

CAS

H F

LOW

S FR

OM

NO

NC

APIT

AL

FIN

ANC

ING

AC

TIVI

TIES

Sta

te S

ourc

es20

3,38

3

20

3,38

3

Fe

dera

l Sou

rces

-

Ope

ratin

g S

ubsi

dies

and

Tra

nsfe

rs fr

om/(t

o) O

ther

Fun

ds-

(6

48)

(6

48)

Net

Cas

h P

rovi

ded

by (U

sed

for)

Non

capi

tal

Fina

ncin

g A

ctiv

ities

-

(648

)

-

203,

383

202,

735

CAS

H F

LOW

FR

OM

CAP

ITAL

AN

D R

ELAT

EDFI

NAN

CIN

G A

CTI

VITI

ESP

urch

ase

of C

apita

l Ass

ets

(8,6

60)

(2,5

46)

(11,

206)

Net

Cas

h P

rovi

ded

by (U

sed

for)

Cap

ital a

ndR

elat

ed F

inan

cing

Act

iviti

es(8

,660

)

(2

,546

)

-

-

(11,

206)

CAS

H F

LOW

FR

OM

INVE

STIN

G A

CTI

VITI

ESN

et C

ash

Pro

vide

d by

(Use

d fo

r) In

vest

ing

Act

iviti

es-

-

-

-

-

Net

Incr

ease

(Dec

reas

e) in

Cas

h an

d C

ash

Equ

ival

ents

106,

110

75

0

-

7,66

1

114,

521

Bal

ance

- B

egin

ning

of Y

ear

156,

536

26

,150

10

,006

12

,914

205,

606

Bal

ance

- E

nd o

f Yea

r26

2,64

6$

26,9

00

10,0

06

20,5

75

32

0,12

7

Rec

onci

liatio

n of

Ope

ratin

g In

com

e (L

oss)

to N

etC

ash

Prov

ided

(Use

d) b

y O

pera

ting

Activ

ities

:O

pera

ting

Inco

me

(Los

s)(1

,116

)$

3,

832

-

(196

,424

)

(193

,708

)

A

djus

tmen

ts to

Rec

onci

le O

pera

ting

(Los

s) to

Net

Cas

h P

rovi

ded

by (U

sed

for)

Ope

ratin

g A

ctiv

ities

Dep

reci

atio

n an

d N

et A

mor

tizat

ion

16,6

70

7

2,

109

18

,786

(In

crea

se) D

ecre

ase

in A

ccou

nts

Rec

eiva

ble

99,4

94

32

99,5

26

Incr

ease

(Dec

reas

e) in

Acc

ount

s P

ayab

le(2

,760

)

10

5

(2,6

55)

In

crea

se (D

ecre

ase)

in A

ccru

ed S

alar

ies

2,48

2

(1

,439

)

1,04

3

Tota

l Adj

ustm

ents

115,

886

11

2

-

702

116,

700

Net

Cas

h P

rovi

ded

by (U

sed

for)

Ope

ratin

g A

ctiv

ities

114,

770

$

3,

944

-

(195

,722

)

(77,

008)

Non

Maj

or B

usin

ess-

Type

Act

iviti

es -

Ent

erpr

ise

Fund

CAP

E M

AY C

OU

NTY

SC

HO

OLS

FO

R S

PEC

IAL

SER

VIC

ES

For t

he Y

ear E

nded

Jun

e 30

, 201

4C

ombi

ning

Sta

tem

ent o

f Cas

h Fl

ows

Non

-maj

or P

ropr

ieta

ry F

unds

(A C

ompo

nent

Uni

t of t

he C

ount

y of

Cap

e M

ay)

68

FIDUCIARY FUNDS DETAIL STATEMENTS

Trust funds are used to account for gifts and bequests to the school district for a specific purpose. Unemployment Fund - This trust fund is an expendable trust fund and limits expenses set aside for this purpose in current and prior budgets and contributions from employee withholding in prior years. Agency funds are used to account for assets held by the school district as an agent for individuals, private organizations, other governments and/or other funds. Student Activity Fund - This agency fund is used to account for student funds held at the schools. Payroll Fund - This agency fund is used to account for the payroll transactions of the school district.


H-1

UnemploymentCompensation Agency

Trust Funds Totals

ASSETSCash and Cash Equivalents 126,924$ 116,567 243,491 Due from Agency 20,368 20,368

Total Assets 147,292 116,567 263,859

LIABILITIESAccounts Payable 605 - 605 Payable to Student Groups - 21,032 21,032 Payroll Deductions & Withholdings - 95,535 95,535

Total Liabilities 605 116,567 117,172

NET POSITIONHeld in Trust for Unemployment

Claims and Other Purposes 146,687$ 146,687 Total Net Assets 146,687

Total Liabilities and Net Position 263,859

Combining Statement of Fiduciary Net AssetsFiduciary Funds


June 30, 2014


69


H-2

UnemploymentCompensation

Trust TotalsADDITIONS

Contributions:Employee Witholdings $ 29,871 29,871 Enterprise Funds 16,307 16,307

Total Contributions 46,178 46,178

Investments Earnings:Interest 252 252

Net Investment Earnings 252 252 Total Additions 46,430 46,430

DeductionsUnemployment Claims 16,625 16,625

Total Deductions 16,625 16,625

Change in Net Position 29,805 29,805

Net Position - Beginning of the Year 116,882 116,882

Net Position - End of the Year $ 146,687 146,687

Combining Statement of Changes in Fiduciary Net AssetsFiduciary Funds




70


H-3

Balance BalanceJuly 1, 2013 Additions Deletions June 30, 2014

Ocean Academy Elementary School $ 6,204 12,976 13,601 5,579

Alternative High School 15,739 45,161 45,447 15,453

Total Assets $ 21,943 58,137 59,048 21,032

Schedule of Receipts and DisbursementsStudent Activity Agency Fund


As of June 30, 2014


71


H-4

Balance BalanceJuly 1, 2013 Additions Deletions June 30, 2014

ASSETS:Cash and Cash Equivalents 104,693$ 5,073,014 5,082,172 95,535

Total Assets 104,693 5,073,014 5,082,172 95,535

LIABILITIES:Payroll Deductions & Withholding 104,693 5,073,014 5,082,172 95,535 Accounts Payable - -

Total Assets 104,693$ 5,073,014 5,082,172 95,535

Schedule of Receipts and DisbursementsPayroll Agency Fund


As of June 30, 2014


72

Statistical Section

CA

PE M

AY

CO

UN

TY S

CH

OO

LS F

OR

SPE

CIA

L SE

RVI

CES

Exhi

bit J

-1(A

Com

pone

nt U

nit o

f the

Cou

nty

of C

ape

May

)N

et P

ositi

on b

y C

ompo

nent

,La

st T

en F

isca

l Yea

rs(a

ccru

al b

asis

of a

ccou

ntin

g)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gov

ernm

enta

l act

iviti

esIn

vest

ed in

cap

ital a

sset

s, n

et o

f rel

ated

deb

t48

8,07

0$

48

4,32

0

452,

562

40

7,94

2

402,

688

35

4,18

1

841,

833

1,45

7,23

1

1,

476,

610

1,56

4,57

3

R

estri

cted

29,4

90

28,6

07

1

210,

025

57

2,40

5

822,

019

98

4,26

3

16

6,58

9

143,

783

29

0,51

1

Unr

estri

cted

1,14

8,43

0

1,14

5,22

1

1,

341,

436

1,54

7,68

9

1,

737,

070

1,37

8,24

5

18

1,48

9

86

0,08

5

961,

671

65

3,30

7

Tota

l gov

ernm

enta

l act

iviti

es n

et p

ositi

on1,

665,

990

1,

658,

148

1,79

3,99

9

2,

165,

656

2,71

2,16

3

2,

554,

445

2,00

7,58

5

2,48

3,90

5

2,

582,

064

2,50

8,39

1

Busi

ness

-type

act

iviti

esIn

vest

ed in

cap

ital a

sset

s, n

et o

f rel

ated

deb

t21

3,16

4

25

0,86

6

227,

484

20

1,88

1

340,

589

28

4,07

1

246,

661

207,

428

21

0,76

4

190,

704

R

estri

cted

-

-

-

-

-

-

-

-

-

-

Unr

estri

cted

588,

396

736,

329

1,

289,

860

1,65

7,64

4

1,

832,

645

1,86

8,15

7

2,

119,

964

2,

235,

173

2,49

8,06

7

2,

949,

378

Tota

l bus

ines

s-ty

pe a

ctiv

ities

net

pos

ition

801,

560

987,

195

1,

517,

344

1,85

9,52

5

2,

173,

234

2,15

2,22

8

2,

366,

625

2,

442,

601

2,70

8,83

1

3,

140,

082

Dis

trict

-wid

eIn

vest

ed in

cap

ital a

sset

s, n

et o

f rel

ated

deb

t70

1,23

4

73

5,18

6

680,

046

60

9,82

3

743,

277

63

8,25

2

1,08

8,49

4

1,66

4,65

9

1,

687,

374

1,75

5,27

7

R

estri

cted

29,4

90

28,6

07

1

210,

025

57

2,40

5

822,

019

98

4,26

3

16

6,58

9

143,

783

29

0,51

1

Unr

estri

cted

1,73

6,82

6

1,88

1,55

0

2,

631,

296

3,20

5,33

3

3,

569,

715

3,24

6,40

2

2,

301,

453

3,

095,

258

3,45

9,73

8

3,

602,

685

Tota

l dis

trict

net

pos

ition

2,46

7,55

0$

2,64

5,34

3

3,

311,

343

4,02

5,18

1

4,

885,

397

4,70

6,67

3

4,

374,

210

4,

926,

506

5,29

0,89

5

5,

648,

473

Sou

rce:

CA

FR S

ched

ule

A-1

Not

e: P

revi

ous

year

hav

e be

en re

capt

ione

d to

con

form

to c

urre

nt te

rmin

olog

y

Fisc

al Y

ear E

ndin

g Ju

ne 3

0,

73

CAP

E M

AY C

OU

NTY

SC

HO

OLS

FO

R S

PEC

IAL

SER

VIC

ESEx

hibi

t J-2

(A C

ompo

nent

Uni

t of t

he C

ount

y of

Cap

e M

ay)

Cha

nges

in N

et P

ositi

on,

Last

Ten

Fis

cal Y

ears

(acc

rual

bas

is o

f acc

ount

ing)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Expe

nses

Gov

ernm

enta

l act

iviti

es:

Inst

ruct

ion:

Spe

cial

edu

catio

n4,

570,

762

$

5,11

4,98

9

5,

531,

114

5,24

5,15

1

5,

451,

382

5,58

7,32

1

5,

568,

860

5,71

9,31

5

5,

760,

886

5,27

8,16

0

O

ther

inst

ruct

ion

1,49

6,83

6

1,

535,

465

1,43

8,94

3

1,

382,

445

1,50

6,45

4

1,

558,

452

1,51

4,64

4

1,

345,

408

1,39

7,30

2

1,

317,

978

Sup

port

Ser

vice

s:S

tude

nt &

inst

ruct

ion

rela

ted

serv

ices

2,47

0,87

3

2,

705,

758

2,85

9,68

1

2,

581,

417

2,43

8,08

4

2,

430,

011

2,42

7,20

1

2,

344,

928

2,47

2,50

2

2,

355,

022

Gen

eral

adm

inis

trativ

e/B

usin

ess

serv

ices

1,10

6,58

3

1,

186,

952

1,25

5,30

3

1,

072,

912

980,

214

97

1,30

6

902,

168

82

0,79

5

831,

714

1,

313,

273

Sch

ool a

dmin

istra

tive

serv

ices

658,

332

61

5,36

0

601,

161

52

7,48

8

577,

281

58

2,68

0

636,

080

51

4,03

0

510,

425

39

2,38

3

Pla

nt o

pera

tions

and

mai

nten

ance

1,65

1,23

3

1,

762,

258

2,14

6,18

4

2,

034,

444

2,10

7,78

1

1,

971,

779

2,00

3,86

0

1,

984,

942

2,02

7,21

4

2,

060,

727

Una

lloca

ted

depr

ecia

tion

68,3

73

53

,800

46,0

14

44

,620

45,2

98

25

,272

24,2

24

25

,895

-

-

Tota

l gov

ernm

enta

l act

iviti

es e

xpen

ses

12,0

22,9

92

12

,974

,582

13,8

78,3

99

12

,888

,477

13

,106

,493

13

,126

,821

13

, 077

,037

12,7

55,3

13

13,0

00,0

43

12

,717

,543

Bus

ines

s-ty

pe a

ctiv

ities

:Fo

od s

ervi

ce46

9,68

2

479,

237

38

2,79

9

341,

676

32

7,44

9

306,

599

29

1,39

8

248,

600

25

4,55

6

254,

399

Iti

nera

nt s

ervi

ces

1,67

9,96

9

1,

785,

139

1,90

1,46

8

1,

854,

292

1,90

5,20

5

2,

007,

068

2,09

3,38

4

2,

318,

968

2,30

4,08

1

2,

262,

064

Tran

spor

tatio

n se

rvic

es1,

851,

915

1,82

3,40

1

1,

837,

698

1,92

0,39

3

1,

914,

067

2,03

6,10

7

1,

836,

665

1,93

3,31

3

1,

842,

056

1,77

3,60

2

O

ther

2,09

0,98

9

2,

136,

539

1,81

0,64

5

1,

653,

918

1,74

8,48

7

1,

754,

660

1,47

2,78

2

1,

492,

086

1,58

7,19

3

1,

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Tota

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s6,

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5,77

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7

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ses

18,1

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19

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Prog

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Rev

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ts a

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9

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C

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226,

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To

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pro

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7,91

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125,

129

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208

9,39

6,31

4

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8,01

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Bus

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40

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nt s

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1,76

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6

1,

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160

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994,

580

1,99

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128,

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Tran

spor

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n se

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512

1,85

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O

ther

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5

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1,93

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7

1,

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1,35

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6

1,

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1,52

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9

1,

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Ope

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g gr

ants

and

con

tribu

tions

121,

518

98

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94,7

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10

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32

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8

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324,

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1

Cap

ital g

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type

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e6,

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6,

258,

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559

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5

To

tal d

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ct p

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am re

venu

e14

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15,2

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16

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Net

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l act

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(3

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)

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)

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326,

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19

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on,

Last

Ten

Fis

cal Y

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(acc

rual

bas

is o

f acc

ount

ing)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Fisc

al Y

ear E

ndin

g Ju

ne 3

0,

Gen

eral

Rev

enue

s an

d O

ther

Cha

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in N

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267,

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3,43

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1

3,

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3,67

4,95

6

3,

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3,97

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over

nmen

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st T

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2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Rev

enue

sC

ount

y ap

prop

riatio

n3,

267,

934

$

3,43

1,33

1

3,

499,

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7,

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3,74

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1,89

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845,

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0

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189

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and

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1,60

8,53

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1,

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1,91

6,89

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1,

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2,66

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5

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3,79

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502,

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3,08

7,63

7

3,

233,

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3,

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9,70

5

3,

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137,

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Tota

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12

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f rev

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) exp

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(32,

377)

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alan

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224,

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cal Y

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(mod

ified

accr

ual b

asis

of a

ccou

ntin

g)

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Gen

eral

Fun

dR

estri

cted

-$

-

-

-

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-

62,4

42

64,3

25

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1,59

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438,

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1,

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77

CAP

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IAL

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hibi

t J-5

(A C

ompo

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ount

y of

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e M

ay)

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eral

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d O

ther

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al R

even

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y So

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st T

en F

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rsU

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ear

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d Ju

ne 3

0,In

vest

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tsR

even

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eM

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llane

ous

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ls

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19,8

72$

7,22

6,03

8

51

0,36

0

27,7

39

7,78

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9

20

0643

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8,

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0

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8,

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1,29

4

20

0947

,364

8,

145,

268

402,

442

36

,661

4,52

2

8,

636,

256

2010

53,3

79

7,44

3,17

3

35

0,13

2

36,2

82

13

,441

7,

896,

407

2011

45,3

21

7,15

6,23

1

34

8,21

1

45,8

39

28

,169

7,

623,

771

2012

36,3

85

6,91

2,19

7

29

8,95

6

28,8

71

3,

218

7,27

9,62

7

20

1315

,905

7,

308,

861

302,

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36

,993

3,25

9

7,

667,

518

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7,36

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6,

894,

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303,

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51

,216

22,4

26

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4

Sour

ce: D

istri

ct R

ecor

ds

78

CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES Exhibit J-14(A Component Unit of the County of Cape May)Demographic and Economic Statistics,Last Ten Fiscal Years

(b)Fiscal Personal (c)Year Income Per Capita (d)

Ended (a) (thousands of Personal UnemploymentJune 30, Population dollars) Income Rate

2005 98,558 4,112,529,666 41,727 6.4%2006 97,814 4,258,039,048 43,532 6.8%2007 96,700 4,416,675,800 45,674 6.5%2008 96,470 4,572,485,060 47,398 8.0%2009 96,091 4,592,957,618 47,798 11.4%2010 97,250 4,725,183,000 48,588 13.3%2011 96,601 4,897,187,695 50,695 12.5%2012 96,304 5,034,387,904 52,276 13.4%2013 96,304 5,034,387,904 52,276 13.4%2014 95,897 5,013,111,572 52,276 13.4%

Source:(a) U.S, Bureau of Census - Population Division - Cape May County(b) Personal income has been estimated based upon the municipal population and per

capita personal income presentedPer capital personal income source Regional Economic Information Sytstem, Bureau ofEconomic Analysis, November 2013 - 2012 estimate with revisions to 2005-20112013 and 2014 are estimated based on 2012 amount

(d) Unemployment data provided by the NJ Dept of Labor and Workforce Development

79

CAP

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pone

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ape

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Fun

ctio

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m,

Last

Ten

Fis

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ears

2005

2006

2007

2008

2009

2010

2011

2012

2013

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Func

tion/

Prog

ram

Inst

ruct

ion:

Spe

cial

edu

catio

n in

stru

ctio

n97

109

93

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97

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Sou

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AS

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81

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)Sc

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Bui

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atio

n,La

st T

en F

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l Yea

rs

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Dis

tric

t Bui

ldin

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Elem

enta

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igh

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9(A

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dule

of R

equi

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ance

for S

choo

l Fac

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l Yea

rs(U

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d M

aint

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r Sch

ool F

acili

ties

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ool F

acili

ties

Pro

ject

# (s

)20

0520

0620

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0820

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1020

1120

1220

1320

14

Spe

cial

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vice

s - O

ne B

uild

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302,

421

$

344,

190

52

6,05

0

446,

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45

0,16

0

345,

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35

1,53

0

325,

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33

4,97

8

366,

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l Sch

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ties

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52

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0

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0

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0

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4,97

8

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er F

acili

ties

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nd T

otal

302,

421

$

344,

190

52

6,05

0

446,

422

45

0,16

0

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379

35

1,53

0

325,

380

33

4,97

8

366,

873

Sou

rce:

Dis

trict

Rec

ords

83

CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES Exhibit J-20(A Component Unit of the County of Cape May)Insurance ScheduleFor the Fiscal Year Ended June 30, 2014(Unaudited)

Amount ofCoverage Deductible

New Jersey School Boards Association Insurance GroupPackage Policy

I Property Blanket Real & Personal Property - per occurrence $ 350,000,000 $ 1,000 Blanket Extra Expense 50,000,000 1,000 Blanket Valuable Papers & Records 10,000,000 1,000 Demolition and Increased Cost of Construction 10,000,000 Fire Department Service Charge 10,000 Arson Reward 10,000 Pollutant Cleanup and Removal 250,000 Contingent Liability Flood - per occurrence/NJSBAIG annual aggregate - Zone A & V 10,000,000 500,000 Flood - per occurrence/NJSBAIG annual aggregate - All Other Zones 50,000,000 10,000 Earthquake - per occurrence/NJSBAIG annual aggregate 50,000,000 Increased Cost of Construction/Demolition Terrorism - per occurrence/NJSAIG annual aggregate 1,000,000

II Electronic Data Processing Blanket Hardware/Software 556,000 1,000 Blanket Extra Expense Included Coverage Extensions: Transit 25,000 Loss of Income 10,000

III Equipment Breakdown Combined Single Limit per Accident for Property Damage & Expense 100,000,000 1,000 Property Damage Included Off Premises Property Damage 100,000 Business Income Included Extra Expense 10,000,000 Service Interruption 10,000,000 Perishable Goods 500,000 Data Restoration 100,000 Contingent Business Income 100,000 Demolition 1,000,000 Ordinance or Law 1,000,000 Expediting Expenses 500,000 Hazardous Substances 500,000 Newly Acquired Locations 250,000 Terrorism Included

IV Crime Public Employee Dishonesty with Faithful Performance 250,000 1,000 Theft, Disappearance and Destruction - Loss of Money and Securities on or off Premises 100,000 1,000 Forgery or Alteration 250,000 1,000 Public Officials Bond - Board Secretary/Business Administrator 2,000 500 Public Officials Bond - Board Treasurer 200,000 1,000

Company and Type of Coverage

84

CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES Exhibit J-20(A Component Unit of the County of Cape May)Insurance ScheduleFor the Fiscal Year Ended June 30, 2014(Unaudited)

Amount ofCoverage DeductibleCompany and Type of Coverage

V Comprehensive General Liability Bodily Injury & Property Damage - Combined Single Limit $ 16,000,000 $ Premises & Operations Bodily Injury from Products & Operations - Annual Aggregate 16,000,000 Sexual Abuse - Annual Aggregate 17,000,000 Personal Injury & Advertising Injury - Per Occurrence/Annual Aggregate 16,000,000 Employee Benefit Liability - Per Claim/Annual Aggregate 16,000,000 1,000 Premises Medical Payments - Per Accident 10,000 Terrorism - per occurrence 1,000,000

VI Automobile Liablility Combined Single Limits for Bodily Injury & Property Damage 16,000,000 Uninsured/Under insured Mootrists 1,000,000 Personal Injury Protection 250,000 Medical Payments 10,000Terrorism 1,000,000Workers CompensationBodily Injury by Accident - Per Accident 2,000,000Bodily Injury by Disease - Per Employee 2,000,000Bodily Injury by Disease - Agreement Limit 2,000,000Umbrella LiabilityEach Occurrence 10,000,000Aggregate 10,000,000Self Insured Retention 10,000Volunteer WorkersMaximum Amount 500,000Errors & OmissionsCoverage A Limit of Liability - Each Policy Period 16,000,000 5,000 Coverage B Limit of Liability - Each Claim 100,000 5,000 Each Policy Period 300,000

Source: District records.

85

Single Audit Section

K-1 INDEPENDENT AUDITOR’S REPORT Honorable President and

Members of the Board of Education Cape May County Schools for Special Services School District (a component unit of the County of Cape May) Cape May Court House, New Jersey

We have audited the basic financial statements of the Board of Education of the Cape May County Schools for Special Services School (a component unit of the County of Cape May), State of New Jersey, as of and for the fiscal year ended June 30, 2014, and have issued our report thereon dated November 4, 2014. 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 audit requirements presented by the Division of Finance, Department of Education, State of New Jersey. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered Cape May County Schools for Special Services’ (a component unit of the County of Cape May) control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements but not for the purpose of expressing an opinion on the effectiveness of Cape May County Schools for Special Services’ (a component unit of the County of Cape May) internal control. Accordingly, we do not express an opinion on the effectiveness of District’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

86

K-2 INDEPENDENT AUDITOR’S REPORT

The Honorable President and Members of Board of Education Cape May County Schools for Special Services (a component unit of the County of Cape May) Cape May Court House, New Jersey

Report on Compliance for Each Major Federal and State Program

We have audited the Board of Education of the Cape May County Schools for Special Services (a component unit of the County of Cape May), State of New Jersey compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the New Jersey OMB State Grant Compliance Supplement that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2014. The Board of Education of the Cape May County Schools for Special Services’ (a component unit of the County of Cape May) major federal and state programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the Cape May County Schools for Special Services (a component unit of the County of Cape May) major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance 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 OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB 04-04. Those standards, OMB Circular A-133 and NJ OMB 04-04 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about the Cape May County Schools for Special Services ( a component unit of the County of Cape May) compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the Cape May County Schools for Special Services (a component unit of the County of Cape May) compliance.

88

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91


NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE

JUNE 30, 2014

NOTE 1. GENERAL

The accompanying schedules of expenditures of federal awards and state financial assistance present the activity of all federal and state award programs of the Board of Education, Cape May County Schools for Special Services. The Board of Education is defined in Note 1(A) to the Board's basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies, is included on the schedule of expenditures of federal awards and state financial assistance.

NOTE 2. BASIS OF ACCOUNTING

The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary of accounting with the exception of programs recorded in the enterprise funds, which are presented using the accrual basis of accounting. These bases of accounting are described in Notes 1(C) and 1(D) to the Board's basic financial statements. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.

NOTE 3. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS

The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance-related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas GAAP reporting, revenue is not recognized until the subsequent year or when the expenditures have been made.

The general fund is presented in the accompanying schedules on the modified accrual basis. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not.

The net adjustment to reconcile from the budgetary basis to the GAAP basis is $0 for the general fund and $7 for the special revenue fund. See Notes to Required Supplementary Information for a reconciliation of the budgetary basis to the GAAP basis of accounting for the general fund and special revenue fund. Awards and financial assistance revenues are reported in the Board's basic financial statements on a GAAP basis as follows:

Federal State TPAF Pension Total

General Fund $ 108,258 $ 1,147,292 $ (655,011) $ 600,539 Special Revenue Fund 67,323 25,251 92,574 Enterprise Funds 119,444 204,957 324,401

Total Financial Award Revenues $ 295,025 $ 1,377,500 $ (655,011) $ 1,017,514

92


NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE

JUNE 30, 2014 (CONTINUED)

NOTE 4. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS

Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.

NOTE 5. OTHER

Revenues and expenditures reported under Food Distribution Program represent current year value received and current year distributions, respectively. The amount reported as TPAF Pension and TPAF post-retirement contributions represents the amount paid by the State on behalf of the District for the year ended June 30, 2014. These amounts, $248,145 and $406,866 respectively are reported in the basic financial statements as both a revenue and expenditure of the District. These amounts are not reported on the schedule of state financial assistance and were not considered for major program determination. TPAF social security contributions represent the amount reimbursed by the State for the employer's share of social security contributions for TPAF members for the year ended June 30, 2013. This amount, $492,281 is reported in the basic financial statements as both a revenue and expenditure of the District. This amount is reported on the schedule of state financial assistance.

NOTE 6. ADJUSTMENTS

The District has instances where a grant period overlaps fiscal years and the grant has not closed out as of the end of the current fiscal year. Both favorable and unfavorable differences incurred in the liquidation of encumbrances charged as budgetary basis expenditures in the prior year are included in the schedule(s) of financial assistance in a column entitled "Adjustments."

93

EXHIBIT K-6 CAPE MAY COUNTY SCHOOLS FOR SPECIAL SERVICES

(A Component Unit of the County of Cape May) SCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE YEAR ENDED JUNE 30, 2014

Section I - Summary of Auditor's Results

Financial Statements

Type of auditor's report issued: Unmodified Opinion

Internal control over financial reporting:

1) Material weakness(es) identified? Yes X No

2) Significant deficiencies identified?Yes X No

Non-compliance material to basic financial statements noted? Yes X No

Federal Awards Not Applicable – No Federal Single Audit is required

Internal Control over major programs:

1) Material weakness(es) identified: Yes No

2) Significant deficiencies identified? Yes

Type of auditor's report issued on compliance for major programs: N/A

Any audit findings disclosed that are required to be reported in accordance with section .510(a) of Circular A-133? Yes No

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

Dollar threshold used to distinguish between type A and type B programs:

Auditee qualified as low-risk auditee? Yes No

94


(A Component Unit of the County of Cape May) SCHEDULE OF FINDINGS AND QUESTIONED COSTS

FOR THE YEAR ENDED JUNE 30, 2014 (CONTINUED)

Section I - Summary of Auditor's Results (Continued)

State Awards

Dollar threshold used to distinguish between type A and type B programs: $300,000

Auditee qualified as low-risk auditee? X Yes No

Type of auditor's report issued on compliance for major programs: Unmodified Opinion

Internal Control over major programs:

1) Material weakness(es) identified? Yes X No

2) Significant deficiencies identifiedYes X None reported

Any audit findings disclosed that are required to be reported in accordance with NJOMB Circular Letter 04-04? Yes X No

Identification of major programs:

GMIS Number(s) Name of State Program

14-100-034-5095-002 Reimbursed TPAF Social Security Contributions

Section II - Findings Related to the Financial Statements Which are Required to be Reported in Accordance with Generally Accepted Governmental Auditing Standards

In accordance with Government Auditing Standards, our audit disclosed no findings relating to the financial statements that are required to be reported under this section.

Section III - Findings and Questioned Costs for Federal and State Awards

FEDERAL AWARDS:

None

STATE AWARDS:

None

95


(A Component Unit of the County of Cape May) SUMMARY SCHEDULE OF PRIOR-YEAR AUDIT FINDINGS

AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT FOR THE YEAR ENDED JUNE 30, 2014

STATUS OF PRIOR YEAR FINDINGS

FEDERAL PROGRAMS

There were no prior year findings.

STATE PROGRAMS

There were no prior year findings.

96

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