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SCHOOL DISTRICT OF LOGAN TOWNSHIP

Logan Township, New JerseyCounty of Gloucester

COMPREHENSIVE ANNUAL FINANCIAL REPORTFOR THE FISCAL YEAR ENDED JUNE 30, 2014

LOGAN BOARD OF EDUCATION

Logan Township Board of EducationBusiness Office

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE

LOGAN TOWNSHIP BOARD OF EDUCATION

LOGAN TOWNSHIP, NEW JERSEY

FOR THE FISCAL YEAR ENDED JUNE 30, 2014

Prepared by

OUTLINE OF CAFR

PAGEINTRODUCTORY SECTION Letter of Transmittal 1 Organizational Chart 7 Roster of Officials 8 Consultants and Advisors 9

FINANCIAL SECTION Independent Auditor’s Report 13

REQUIRED SUPPLEMENTARY INFORMATION – PART I

Management’s Discussion and Analysis 19

BASIC FINANCIAL STATEMENTS

A. District-wide Financial Statements: A-1 Statement of Net Position 31 A-2 Statement of Activities 32

B. Fund Financial Statements: B-1 Balance Sheet 39 B-2 Statement of Revenues, Expenditures & Changes in Fund Balances 40 B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund Balances of Governmental Funds to the Statement of Activities 41 Proprietary Funds: B-4 Statement of Net Position 45 B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 46 B-6 Statement of Cash Flows 47 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 51 B-8 Statement of Changes in Fiduciary Net Position 52

Notes to Financial Statements 55

REQUIRED SUPPLEMENTARY INFORMATION – PART II

C. Budgetary Comparison Schedules: C-1 Budgetary Comparison Schedule – General Fund 81 C-1a Combining Schedule of Revenues, Expenditures & Changes in Fund Balance - Budget & Actual (if applicable) N/A C-1b Education Jobs Fund Program – Budget & Actual (if applicable) N/A C-2 Budgetary Comparison Schedule – Special Revenue Fund 92

(continued)

OUTLINE OF CAFR (continued):

PAGENotes to the Required Supplementary Information: C-3 Budget-to-GAAP Reconciliation 95

D. School Based Budget Schedules Fund (if applicable): D-1 Combining Balance Sheet N/A D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual N/A D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget and Actual N/A

E. Special Revenue Fund: E-1 Combining Schedule of Revenues & Expenditures Special Revenue Fund – Budgetary Basis 103 E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis 106

F. Capital Projects Fund: F-1 Summary Schedule of Project Expenditures 109 F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance – Budgetary Basis 110 F-2a Schedule of Revenues, Expenditures Project Balance & Project Status – Cooling Tower for HVAC 111

G. Proprietary Funds: Enterprise Fund: G-1 Combining Schedule of Net Position N/A G-2 Combining Schedule of Revenues, Expenses & Changes in in Fund Net Position N/A G-3 Combining Schedule of Cash Flows N/A Internal Service Fund – G-4 Combining Schedule of Net Position N/A G-5 Combining Schedule of Revenues, Expenses & Changes in Fund Net Position N/A G-6 Combining Schedule of Cash Flows N/A

H. Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position 121 H-2 Combining Statement of Changes in Fiduciary Net Position 122 H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 123 H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 123

I. Long-Term Debt: I-1 Schedule of Serial Bonds 127 I-2 Schedule of Obligations Under Capital Leases 128 I-3 Debt Service Fund Budgetary Comparison Statement 129 (continued)

OUTLINE OF CAFR (continued):

STATISTICAL SECTION (unaudited) PAGE

Financial Trends: J-1 Net Position by Component 133 J-2 Changes in Net Position 134 J-3 Fund Balances – Governmental Funds 137 J-4 Changes in Fund Balances – Governmental Funds 138 J-5 General Fund Other Local Revenue by Source 140

Revenue Capacity: J-6 Assessed Value & Estimated Actual Value of Taxable Property 141 J-7 Direct & Overlapping Property Tax Rates 142 J-8 Principal Property Taxpayers 143 J-9 Property Tax Levies & Collections 144

Debt Capacity: J-10 Ratios of Outstanding Debt by Type 145 J-11 Ratios of General Bonded Debt Outstanding 146 J-12 Direct & Overlapping Governmental Activities Debt 146 J-13 Legal Debt Margin Information 147

Demographic & Economic Information: J-14 Demographic & Economic Statistics 148 J-15 Principal Employers 149

Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program 150 J-17 Operating Statistics 151 J-18 School Building Information 152 J-19 Schedule of Required Maintenance 153 J-20 Insurance Schedule 154

K SINGLE AUDIT SECTION

K-1 Independent Auditor’s Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 157 K-2 Independent Auditor’s Report on Compliance with Requirements Applicable to Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A-133 and New Jersey OMB Circular Letter 04-04 159 K-3 Schedule of Expenditures of Federal Awards, Schedule A (See Additional Information) K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 163 K-5 Notes to Schedules of Awards and Financial Assistance 165 K-6 Schedule of Findings and Questioned Costs 167 K-7 Summary Schedule of Prior Audit Findings 169

(concluded)

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INTRODUCTORY SECTION

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Logan Township School District

110 School Lane Logan Township, NJ 08085

Patricia L. Haney Janine M. Wechter, CPA Superintendent School Business Administrator [email protected] [email protected](856) 467-5133, Ext. 510 (856) 467-5133, Ext. 307 (856) 467-9012 Fax (856) 241-1426 Fax

November 17, 2014

Honorable President and Members of the Board of Education Logan Township School District County of Gloucester Logan Township, New Jersey

Dear Board Members:

The comprehensive annual financial report of the Logan Township School District (District) for fiscal year ending June 30, 2014, is hereby submitted. Responsibility for both the accuracy of the data and the completeness and fairness of the presentation, including all disclosures, rests with the Business Office of the Board of Education (Board). To the best of our knowledge and belief, the data presented in this report are accurate in all material respects and are reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups 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 and schedules, 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 as amended in 1996 and the U.S. Office of Management and Budget Circular A-133, "Audits of State and Local Governments", and the state Treasury Circular Letter 04-04, "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, are included in the single audit section of this report.

1. Reporting Entity and Its Services

Logan Township School District is an independent reporting entity within the criteria adopted by the GASB as established by GASB Statement No. 14. All funds and account groups of the District are included in this report. The Logan Township School District is a Pre-K - 12 School District operating 2 school buildings (an Early Childhood Educational Center serving grades Pre-Kindergarten to 1; an Elementary School serving grades 2 to 5 and a Middle School serving grades 6 to 8) while maintaining a sending relationship with the near-by Kingsway Regional High School District to accept students grades 9 to 12 on a tuition basis. Each school has its own school principal who serves as an instructional leader to staff and students.

The District provides a full range of educational services appropriate to grade levels Pre-K through 8. These services include regular, as well as special education for gifted and handicapped students. The District completed the 2013-2014 fiscal year with an enrollment of 838.9 in-house elementary students. Continuation of the expanded preschool program in the future has been dependent on parent tuition and the District investment. Each year, we have been thankful that the Board of Education has continued to partially support the Pre-Kindergarten program which allows more at-risk Pre-Kindergarten students to be educated in an inclusive environment. The following details the changes in the student enrollment of the District over the last five years. Average Daily Enrollment

Fiscal Year Student Enrollment Percent Change 2013-14 838.9 0.08% 2012-13 838.2 (4.66%) 2011-12 879.0 0.56% 2010-11 874.1 (3.23%)

2009-10 903.3 0.40% In summary, student enrollment seems to be holding steady for the past two academic years, after a larger-than average eighth grade class graduated in 2012.

2. Economic Condition and Outlook

Three large industrial parks are located in Logan Township. The Logistic Center at Logan comprises 1,100 acres and the Pureland Industrial Complex covers 3,000 acres. The third industrial park, the Commodore Business Center, is located along the Rt. 322 industrial corridor partially in Logan Township and partially in adjacent Woolwich Township. Pureland Industrial Park is the largest industrial park in the state and has been hailed as the top "ultra-successful" business park in the U.S. according to Site Selection magazine. The Logan Township population has increased from 3,078 in 1980 to 6,013 in 2014. However, the staggering fiscal woes in the State of New Jersey coupled with the recession plaguing the country since 2008 has led to decreasing state aid as well as contracting property values and tax ratables. Increasing unemployment, property taxes, and the cost of living correlate to a higher burden on school districts to provide the accustomed services with diminishing resources and increases number of students who qualify for free or reduced lunch. These combined forces are applying increased pressure on the District to practice fiscal discipline while maintaining a quality education to more at-risk students.

For the 2013-14 school year, a re-valuation of the Township’s property was completed and is reflected below. It is important to note that while the ratables increase, the tax rate drops due the fact that the amount the municipality must raise is not changing. The new assessments are simply a foundation used to apportion the tax burden among taxpayers. Therefore, while a revaluation usually means an increase in each assessment, it does mean that taxes will increase for each individual taxpayer.

2010 - $618,309,615 2011 - $614,511,988 2012 - $614,301,549 2013 - $1,048,993,089 2014 - $1,045,919,769

It is important to note here that the increasing unemployment correlates an increase on the burden to the families of our community as well as to the school district which is reflected by the 188% increase of low-income students over the past nine years. (See chart below)

Percentage of Population Fiscal Year Total Free & Reduced Which is Free & Reduced 2014-15 167 19.9% 2013-14 178 21.0% 2012-13 172 20.5% 2011-12 177 20.5% 2010-11 153 17.6%

2009-10 141 15.6% 2008-09 127 14.1% 2007-08 116 13.2% 2006-07 99 10.6%

3. Major Initiatives

Logan Township is an innovative school district which places a priority on excellence. To this end, technology tools are used to enhance student learning. Our District has a one-on-one laptop initiative for our 5th to 8th grade students. In addition to this, the number of computers in the district exceeds the number of students in our District. (This is due to the fact that all secretaries and Administrators have computers and the district houses two computer labs.) All students in grades 1 to 7 have regular World Language (Spanish and Italian) instruction. Eighth grade students have the option to take a full year of Spanish I or Italian I, if they meet certain academic criteria. Eighth grade students who meet district criteria in math may study Algebra I. Technology Education (S.T.E.M./Science, Technology, Engineering and Mathematics) is provided for all students in grades 3 to 8. A pre-engineering class is offered before school to seventh and eighth grade students who meet district criteria. After school programs and clubs provide opportunities to participate in drama, gardening, athletics, and many other extra-curricular areas. Performing Arts activities provide opportunities for students to share their particular talent. As our schools are centered in a culturally diverse community, our faculty is dedicated to providing programs that feature a variety of world cultures and concepts.

The District strives to remain on the cutting edge in the area of technology in order that our students have the proper technological skills that are required in the 21st century workplace environment. The Three-Year Technology Plan for 2013 to 2016 has a strong emphasis on using technology for innovation, integration and data-driven academic interventions. Logan Township School District is committed to providing an infrastructure which can support the ever-growing use of and need for technology to increase effectiveness and efficiency.

The District continues to be a leader in pre-school education. A State grant has been used over the past eight years to serve the at-risk population. Several years ago, the District was able to utilize ARRA Federal Stimulus Funds to expand the pre-school program to provide a more inclusive educational environment. Continuation of the pre-school program in the future continues to be dependent on the on-going commitment of the Board of Education, on State pre-school aid and or tuition from parents.

The District continues to be proactive in addressing building maintenance issues. Many components of the Five-Year Facility Maintenance Plan have been addressed. These include upgrades to the security cameras to include new placements in corridors and additional placements around the exterior of the Logan Schools building and Center Square School. Energy-cost savings initiatives including changes to the lighting in several large group areas and in the halls have been completed. The District was successful in their application for four R.O.D. (Regular Operating District) Grants which, include replacing Logan School’s cooling tower (completed in the Fall 2014) in anticipation of adding an HVAC cooling system to the gym and replacing the boiler and exterior doors at the Logan Schools building.

District curricula are once again being re-aligned to the latest state’s Core Curriculum Content Standards and to the Common Core Standards for ELA and Mathematics. A continuous upgrading of instructional resources and teacher training, provided the Supervisor of Curriculum and the three principals, help focus the teaching and learning on the State’s Core Curriculum Standards. The district’s staff worked closely with administration to ensure they are meeting state deadlines for curriculum alignment in all areas and are

increasing the rigor of each curriculum in order to meet the demands from the Common Core Standards. Focus continues to be on implementing the Marzano Causal Framework for Teaching and Learning which is the foundation of the Marzano Teacher and Principal Evaluation Systems. Training in the Marzano evaluation model has been the focus of professional development for the district and will continue to be the focus for many years to come. Focus on continued professional learning in the always changing technology area is also a high priority.

Professional development is carefully planned and executed. A professional development plan for each school is prepared and followed annually in accordance with state regulations. In addition, a comprehensive mentor plan outlines services and support provided to teachers new to the profession. Both of these plans have been created with input from each school’s SCIP (School Improvement Panel).

4. Internal Accounting Controls

The District Business Administrator 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 financialstatements in conformity with generally accepted accounting principles (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.

As a recipient of federal and state financial assistance, the District also 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 management.

As part of the District's single audit, described earlier, tests are made 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. Annual appropriated budgets are adopted for the general fund, the special revenue fund, and the debt service fund. Project-length budgets are approved for the capital improvements accounted for in the capital projects 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 at June 30, 2014.

6. Accounting System and Reports

The District's accounting records reflect generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board (GASB). The accounting system of the District is organized on the basis of funds and account groups. These funds and account groups are explained in "Notes to the Financial Statements", Note 1.

7. Financial Information at Fiscal Year-End

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 schedule presents a summary of the general fund, special revenue fund, capital projects fund and debt service fund revenues for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to the prior year's revenues:

Increase Percent of Percent of (Decrease) Increase Revenues Amount Total From 2012 (Decrease)

Local sources $ 12,487,122 62.92 $ 193,181 1.57 State sources 6,986,360 35.21 (123,949) (1.74) Federal sources 371,007 1.87 22,430 6.43

Total $ 19,844,489 100.00 $91,662 0.46

The following schedule presents a summary of general fund, special revenue fund, capital projects fund and debt service fund expenditures for the fiscal year ended June 30, 2014, and the amount and percentage of increases and decreases in relation to the prior year's expenditures: Increase Percent of Percent of (Decrease) Increase Expenditures Amount Total From 2013 (Decrease)

Current expense: Instruction $ 5,892,690 29.74 $ 35,480 0.61 Undistributed expenditures 11,806,686 59.60 481,760 4.25 Capital outlay 321,004 1.62 11,823 3.82 Special revenue: Federal 371,850 1.88 21,687 6.43 State 50,457 0.25 9,743 23.93 Capital Projects: 77,758 0.39 77,758 100.00 Debt service: Principal 1,160,000 5.86 (5,000) (0.43) Interest 130,678 0.66 (50,526) (27.88)

Total $ 19,811,123 100.00 $ 582,725 3.03

8. Debt Administration

The district took advantage of low interest rates in April 2005 and refinanced the callable bonds from July 1999. On April 28, 2005, the District sold $4,840,000 of general obligation bonds dated April 28, 2005, which have annual maturities to July 15, 2018. Of these bonds, $2,675,000 was outstanding at June 30, 2014.

The District also took advantage of the current low interest rate and refinanced the October, 1992 bonds. Bonds in the amount of $7,630,000 are dated April 15, 2002, and having maturities from July 15, 2004 through July 15, 2013. These bonds were paid off during the 2013-2014 fiscal year.

9. Cash Management

The investment policy of the District is guided in large part by state statute as detailed in "Notes to the Financial Statements", Note 2. 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 public funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act.

10. 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, fidelity Bonds and Student/Volunteer Accident Insurance.

11. Other Information

A. Independent Audit

State statutes require an annual audit by independent certified public accountants or registered municipal accountants. The accounting firm of Holman Frenia Allison, PC, 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 amended in 1996 and the related OMB Circular A-133 and state Treasury Circular Letter 04-04. The auditor's report on the basic financial statements and the 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.

We would like to express our appreciation to the members of the Logan Township School Board 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 services of our financial and accounting staff.

Respectfully submitted,

Patricia L. Haney Janine M. Wechter Superintendent School Business Administrator

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MEMBERS OF THE BOARD OF EDUCATION TERM EXPIRES

Francis E. Donnelly, Preseident 2015

Amy Warlin-Mulholland, Vice President 2014

Brian Bowen 2014

John Russell 2016

Carolyn W. Kegler 2015

Kelley Mason 2016

Shawn Donnelly 2014

LynNae Hill 2016

Kelly Lombardo 2015

OTHER OFFICIALS

Patricia L. Haney, Superintendent

Janine M. Wechter, Business Administrator

Lisa Toff, Board Secretary

Robert L. Best, Treasurer

Alan R. Schmoll, Esq., Solicitor

LOGAN TOWNSHIP BOARD OF EDUCATION110 School Lane

Logan Township, New Jersey 08085

ROSTER OF OFFICIALS

June 30, 2014

618 Stokes RoadMedford, New Jersey 08055

ATTORNEY

US Bank

Capehart & Scatchard

P.O. Box 5054

FISCAL AGENT

Alan R. Schmoll, Esq

Mount Laurel, New Jersey 08054-1539

FINANCIAL ADVISOR

St. Paul, Minnesota 55107

LOGAN TOWNSHIP BOARD OF EDUCATIONLOGAN TOWNSHIP, NEW JERSEY

CONSULTANTS AND ADVISORS

AUDIT FIRM

Holman Frenia Allison, P.C.Rodney R. Haines, CPA, PSA

Corporate Trust Services

9000 Midlantic Drive, Suite 300

Capital Financial Advisors, Inc.

8000 Midlantic Drive, Suite 110SMt. Laurel, New Jersey 08054

EP-MN-WS3W60 Livington Avenue

Robbi Acampora

OFFICIAL DEPOSITORY

Fulton Bank of NJ22 Village Center Drive

Swedesboro, New Jersey 0805

FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT

Honorable President and Members of the Board of Education Logan Township School District County of Gloucester Swedesboro, New Jersey 08085

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 Logan Township Board of Education, County of Gloucester, State of New Jersey, as of and for the fiscal 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 Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. 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 an 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 that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

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 Logan Township Board of Education,, County of Gloucester, 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 on pages 19 through 26 and 81 through 92 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 Logan Township Board of Education’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying schedule of expenditures of federal and state financial assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aidrespectively, and is also not a required part of the financial statements.

The combining and individual fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal and state financial assistance 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 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 fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal and state financial assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole.

The introductory section, comparative totals for June 30, 2013, and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated November 17, 2013 on our consideration of the Logan Township Board of Education’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Logan Township Board of Education’s internal control over financial reporting and compliance

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

Rodney R. Haines Certified Public Accountant Public School Accountant No. 2198

Medford, New Jersey November 17, 2014

REQUIRED SUPPLEMENTARY INFORMATION - PART I


MANAGEMENT’S DISCUSSION AND ANALYSIS For the Fiscal Year ended June 30, 2014

UNAUDITED

The discussion and analysis of Logan Township Board of Education annual 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 notes to the basic financial statements and financial statement to enhance their understanding of the School District’s financial performance.

The Management’s Discussion and Analysis (MD&A) is an element of Required Supplementary Information specified in the Governmental Accounting Standard Board’s (GASB) Statement No. 34 - Basic Financial Statements- and Management’s Discussion and Analysis – for State and Local Governments issued in June 1999. Certain comparative information between the current year (2013-2014) and the prior year (2012-2013) is required to be presented in the MD&A.

Financial Highlights

Key financial highlights for the 2013-2014 fiscal year include the following:

General revenues accounted for $19,422,182 of all revenues. Specific revenues in the form of charges for services, operating grants & contributions accounted for $728,110 to total revenues of $20,150,292.

Total net position of governmental activities was $10,855,330. Net Assets increase by $1,105,018 from July 1, 2013 to June 30, 2014.

The General Fund fund balance at June 30, 2014 is $3,505,921, a decrease of $186,665 when compared with the beginning balance at July 1, 2013 of $3,692,586.

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 Logan Township School District as a financial whole, an entire operating entity. The statements then proceed to provide an increasingly detailed look at specific financial activities.

Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business.

The statement of net position presents information on all of the assets and liabilities of the District, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating.

The statement of activities presents information showing how the net assets of the District changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g. earned but unused sick leave).

Fund financial statements. A fund is a group of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the District can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.

Governmental funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the government’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The District maintains four individual governmental funds. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the general fund, the special revenue fund, the debt service fund, and the capital projects fund, each of which are considered to be major funds.

The District adopts an annual appropriated budget for its general fund. A budgetary comparison statement has been provided for the general fund to demonstrate compliance with this budget.

Proprietary funds. The District maintains one proprietary fund type. The food service fund hashistorically operated as an enterprise fund using the same basis of accounting as business-type activities; therefore, these statements will essentially match the information provided in the statements for the district as a whole.

Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the governmental entity. Fiduciary funds are not reflected in the government-wide financial statement because the District cannot use these funds to finance its operations.

The District uses an agency fund to account for resources held for student activities and groups.

Notes to the financial statements. The notes provide additional information that is essential for a full understanding of the data provided in the government-wide and fund financial statements.

Other information. The combining statements referred to earlier in connection with nonmajor governmental funds and internal service funds are presented immediately following the notes to the financial statements.

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 position for 2014 and 2013.

Table 1 Net Position

Assets Governmental Business-Type Governmental Business-TypeActivities Activities Total Activities Activities Total

Current and other assets 4,052,198 119,851 4,172,049 3,874,717 96,507 3,971,224 Capital assets 10,234,529 17,311 10,251,840 10,447,128 22,331 10,469,459

Total Assets 14,286,727 137,162 14,423,889 14,321,845 118,838 14,440,683

LiabilitiesCurrent and other liabilities 298,777 29,726 328,503 257,130 10,139 267,269 Long-term liabilities 3,132,620 3,132,620 4,314,403 4,314,403 Total liabilities 3,431,397 29,726 3,461,123 4,571,533 10,139 4,581,672

Net Position:Invested in capital assets,

net of related debt 7,359,389 17,311 7,376,700 6,377,078 22,331 6,399,409 Debt Service (48,415) (48,415) (71,369) (71,369) Capital Projects 299,545 Other purposes 3,504,100 3,504,100 3,737,743 3,737,743

Unrestricted (259,289) 90,125 (169,164) (293,140) 86,368 (206,772)

Total Net Position 10,855,330 107,436 10,663,221 9,750,312 108,699 9,859,011

20132014

Table 2 shows the changes in net position for fiscal year 2014.

Table 2 Changes in Net Position

Governmental Business-Type Governmental Business-TypeActivities Activities Total Activities Activities Total

RevenuesProgram revenues:

Charges for services: 185,429$ 185,429 213,016$ 213,016 Operating grants & contributions 422,307 120,374 542,681 390,877 124,752 515,629

General Revenues:Property Taxes 12,217,340 12,217,340 12,032,891 12,032,891 Grants & Entitlements 6,918,957 6,918,957 7,074,009 7,074,009 Miscellaneous 285,885 285,885 255,050 255,050

Total revenues 19,844,489 305,803 20,150,292 19,752,827 337,768 20,090,595 Expenses:Program Expenses:

Instruction 6,264,540 6,264,540 6,207,373 6,207,373 Tuition 4,011,053 4,011,053 3,579,020 3,579,020 Student & Instruction Related Svcs 1,480,940 1,480,940 1,321,244 1,321,244 School Administration 319,580 319,580 374,501 374,501 General & Business Services 575,252 575,252 533,675 533,675 Plant Operations & Maintenance 1,431,213 1,431,213 1,335,059 1,335,059 Transportation 918,076 918,076 910,312 910,312 Unallocated Benefit Expenses 3,010,602 3,010,602 3,231,394 3,231,394 Interest on long-term liabilities 108,861 108,861 158,690 158,690 Revaluation of Fixed Assets - - 647,073 647,073 Unallocated Depreciation 619,354 619,354 587,816 587,816 Food Service 307,066 307,066 328,623 328,623

Total Expenses 18,739,471 307,066 19,046,537 18,886,157 328,623 19,214,780

Increase (Decrease) in net position 1,105,018$ (1,263)$ 1,103,755$ 866,670$ 9,145$ 875,815$

2014 2013

Governmental ActivitiesProperty taxes increased by $184,449, which consisted of a 2% increase in the General Fund tax levy in the amount of $222,299 and a decrease in the Debt Service portion of the tax levy in the amount of $37,850. We have been able to maintain our current programs, and we have also been maintaining our funding levels for technology upgrades, building and grounds maintenance as well as funding for the implementation of many state mandates over the past few years including preparation for PARCC testing. Finally, we were also able to secure ROD grant funding which will pay for 40% of a Cooling Tower Project at the Elementary/Middle School. The local share of this project was funded through our Capital Outlay budget.

The Statement of Activities shows the cost of program services and the charges for these services and offsetting grants. Table 3 shows, for government activities, the total cost and the net cost of services. That is, it identifies the cost of these services supported by tax revenue and unrestricted State entitlements.

Table 3 Government Activities

Total Cost of Net Cost of Total Cost of Net Cost ofServices Services Services Services

Instruction 6,264,540$ 5,892,690$ 6,207,373$ 5,857,210$ Tuition 4,011,053 4,011,053 3,579,020 3,579,020 Student & Instruction Related Svcs 1,480,940 1,430,483 1,321,244 1,280,530 School Administration 319,580 319,580 374,501 374,501 General Admin. & Business Svcs 575,252 575,252 533,675 533,675 Plant Operations & Maintenance 1,431,213 1,431,213 1,335,059 1,335,059 Pupil Transportation 918,076 918,076 910,312 910,312 Unallocated Benefit Expenses 3,010,602 3,010,602 3,231,394 3,231,394 Interest on long-term liabilities 108,861 108,861 158,690 158,690 Revaluation of Fixed Assets - - 647,073 647,073 Unallocated Depreciation 619,354 619,354 587,816 587,816

Total Expenses 18,739,471$ 18,317,164$ 18,886,157$ 18,495,280$

2014 2013

Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and student, including extracurricular activities.

Tuition expenses include the cost of sending the District’s students in grades 9 – 12 to Kingsway Regional High School, and all special education out of district placements.

Student & Instruction Related Services expenses 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 services include expenses associated with the administrative and financial supervision of the District.

Plant Operations and Maintenance expenses involve keeping the school grounds, buildings, and equipment in effective working condition and maintaining the safety of all students and staff while on campus.

Pupil Transportation includes activities involved with the conveyance of students to and from school, as well as to and from school activities, as provided by State Law.

Unallocated benefit expenses include the costs of providing health and welfare insurance programs for the school district staff as well as other fringe benefits.

Interest on long-term liabilities involves the transactions associated with the payment of interest and other related charges to debt of the School District.

Unallocated depreciation is the depreciation expense of the District fixed assets.

The District’s Funds

The District’s governmental funds are accounted for using the modified accrual basis of accounting. All governmental funds had total revenues of $19,845,430 and expenditures of $19,812,064. The net change in fund balance was most significant in the general fund due to the increase of revenue over the prior year by $84,657, while expenditures increased $529,064.

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.

During the course of fiscal 2014 the School District amended its General Fund budget numerous times. Generally these amendments are a reallocation of resources to facilitate changes in spending priorities in the district. The district uses a school-based budgeting system designed to tightly control the total school budget but provide the flexibility for location management.

Capital Assets and Debt Administration

Capital Assets At the end of fiscal 2014, the District had $10,251,840 invested in land, buildings, and equipment; $10,234,529 in governmental activities. Please refer to Note 6 in the Notes to the Financial Statements for additional detail.

Table 4 Capital Assets at June 30, 2014

Governmental Business-Type Governmental Business-TypeActivities Activities Total Activities Activities Total

Land 115,872 115,872 115,872 115,872 Site Improvements 682,249 682,249 649,984 649,984 Construction in Progress 77,758 77,758 Buildings and building improvements 19,338,420 19,338,420 19,262,969 19,262,969 Machinery and Equipment 1,745,556 166,999 1,912,555 1,547,965 166,999 1,714,964 Accumulated Depreciation (11,725,326) (149,688) (11,875,014) (11,129,662) (144,668) (11,274,330)

Total 10,234,529 17,311 10,251,840 10,447,128 22,331 10,469,459

2014 2013

DebtAt June 30, 2014, the District had $3,132,620 in debt outstanding; $632,734 due within one year. Table 5 summarizes debt outstanding. Please refer to Note 7 in the Notes to the Financial Statements for additional detail.

Table 5 Outstanding Debt at June 30, 2014

Governmental GovernmentalActivities Total Activities Total

Refunding of 1992 Bonds for the Construction of Logan Elementary School 2002 School Bonds - - 665,000 665,000 Refunding bond issue 2005 2,675,000 2,675,000 3,170,000 3,170,000 Capital Leases 200,140 200,140 235,050 235,050 Compensated Absences 257,480 257,480 244,353 244,353

Total 3,132,620 3,132,620 4,314,403 4,314,403

2014 2013

On April 15, 2002, the District issued $7,630,000.00 general obligation bonds at 3.00 – 5.00 percent variable rates to refund the 1992 School Bonds. The final maturity of these bonds was July 15, 2013. The District will realized a savings of approximately $901,000 over the life of this refunding.

On April 20, 2005, the District issued $4,840,000.00 general obligation bonds at 3.00-4.00 percent variable rates to refund the final 10 years on the 1999 School Bonds. The final maturity of these bonds is July 15, 2018. The District will realize a savings of approximately $145,000.00 over the life of this refunding.

At June 30, 2014, the District’s overall legal debt margin was $31,926,417. The District maintains an AAA bond rating.

Current Financial Issues and Concerns

The Logan Township School District is financially stable at the present time. The District is proud of its community support of the public schools. The NJ Department of Education released Accountability Regulations in January 2009. These regulations established additional regulatory authority over district budgets by the Executive County Superintendent, established rules and regulations regarding district travel expenses, administrator compensation, budget preparation, excessive spending, district consolidation, etc.

In early 2010, the recently elected Governor Christie declared a Fiscal Crisis in the State of New Jersey, curtailing spending statewide. Shortly after that, the District saw an unprecedented reduction in current state aid funding. Logan Township School District was forced to reduce its budget for the fiscal year 2010 by over $1 million and either laid off or reduced hours and benefits for seventeen staff members. Besides these reductions in staffing and staffing hours, the district was able to achieve savings in tuition and transportation in fiscal year 2011 to help offset these cuts. In fiscal year 2012, the District received an increase in state aid, and was therefore able to bring back some programs and staff that were previously cut, make deposits into capital and maintenance reserves, as well as achieve a slight tax decrease for our taxpayers. In fiscal year 2013, the district received a slight decrease in state aid, but managed to keep the tax increase below the 2% cap by only increasing taxes by 1.47%. In spite of this, the district was still able to deposit $331,000 into our Capital and Maintenance Reserves and fund $165,000 in technology initiatives. There was no reduction in staff, and we were able to continue our commitment to embed technology into instruction, to have Principals be the Instructional Leaders of small school communities, to continue to provide small class sizes and small group instruction as well as continued commitment to professional development. We were also able to hire a Supervisor of Curriculum to assist in writing curriculum and completing teacher observations. During the 13-14 fiscal year, despite relatively flat state aid levels we were still able to increase staff by adding a first grade teacher, a Teacher for the Multiple Disabled Self-contained students; a middle school Math teacher and increase the Middle School Counselor to a full time status. In this budget, the District was able to continue its commitment to embed technology into instruction, to have Principals continue to be the Instructional Leaders of small school communities, to continue to provide small class sizes and small group instruction as well as continued commitment to professional learning.

A three-year labor agreement for teachers, aides, and custodians was unanimously approved by the District Board of Education and by the Logan Teacher Education Association (LTEA) on February 26, 2014. The settlement with a 2.5% increase for each of the next three years is considered a reasonable settlement.

The District routinely monitors the rules and regulations of the ESEA federal legislation to assess and ensure financial compliance.

It is important that the District continues to be able to complete capital improvement projects. It is one of the Board of Education’s goals and a budget priority to continue to upgrade and maintain the physical plants of the district. The Board, through the budget process, has deposited funds into its capital and maintenance reserves during the 11-12 and 12-13 fiscal years. The district consistently uses excess surplus funds to keep a consistent level of funding for capital projects and upgrades, and during the 13-14 fiscal year, we were able to secure ROD grant funding to assist in funding these important capital projects.

The District expects limited growth in enrollment over the next few years. The current schools’ capacity is sufficient to accommodate this growth. There were plans proposed to the township for the development of large parcels of farmland in the Repaupo area of the township. However, the current economic conditions appears to have halted any further planning for this project. It may be years before the economy rebounds sufficiently for this proposal to become economically viable. Nevertheless, it still must be noted that this proposal has the potential to develop into a significant impact upon the district.

In conclusion, the Logan Township School District has committed itself to financial excellence for many years. The School District plans to continue its sound fiscal management to meet the challenges of the future.

Requests for Information This financial report is designed to provide a general overview of the Logan Township School District’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Office of the Business Administrator, Logan Township School District, 110 School Lane, Logan Township, NJ 08085. Please visit our website at www.logan.k12.nj.us.

BASIC FINANCIAL STATEMENTS

A. District-Wide Financial Statements

EXHIBIT A-1

TOTALSBUSINESS-

GOVERNMENTAL TYPE JUNE 30,ASSETS ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 2,750,309$ 101,728$ 2,852,037$ Receivables, Net 276,106 9,347 285,453 Inventory - 8,776 8,776 Restricted Assets: Capital Reserve Account - Cash 1,025,783 - 1,025,783 Capital Assets, Non-Depreciable (Note 5) 115,872 - 115,872 Capital Assets, Depreciable, Net (Note 5) 10,118,657 17,311 10,135,968

Total Assets 14,286,727 137,162 14,423,889

LIABILITIES

Accounts Payable 220,491 23,764 244,255 Accrued Interest on Debt 48,417 - 48,417 Prepaid Lunches - 5,962 5,962 Unearned Revenue 29,869 - 29,869 Noncurrent Liabilities (Note 7): Due Within One Year 632,734 - 632,734 Due Beyond One Year 2,499,886 - 2,499,886

Total Liabilities 3,431,397 29,726 3,461,123

NET POSITION

Net Investments in Capital Assets 7,359,389 17,311 7,376,700 Restricted For: Debt Service (48,415) - (48,415) Capital Projects 299,545 - 299,545 Other Purposes 3,504,100 - 3,504,100 Unrestricted (259,289) 90,125 (169,164)

Total Net Position 10,855,330$ 107,436$ 10,962,766$

LOGAN TOWNSHIP BOARD OF EDUCATIONSTATEMENT OF NET POSITION

JUNE 30, 2014

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

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B. Fund Financial Statements

Governmental Funds

EXHIBIT B-1

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,

FUND FUND FUND FUND 2014 2013Assets: Cash & Cash Equivalents 2,563,573$ -$ 311,196$ 2$ 2,874,771$ 2,765,197$ Receivables, Net 108,325 136,678 31,103 - 276,106 166,635 Restricted Cash & Cash Equivalents 1,025,783 - - - 1,025,783 1,025,384

Total Assets 3,697,681$ 136,678$ 342,299$ 2$ 4,176,660$ 3,957,216$

Liabilities & Fund Balances: Liabilities: Cash Deficit -$ 124,462$ -$ -$ 124,462$ 82,499$ Accounts Payable 164,206 13,531 42,754 - 220,491 166,815 Unearned Revenue 27,554 2,315 - - 29,869 18,944

Total Liabilities 191,760 140,308 42,754 - 374,822 268,258

Fund Balances: Restricted for: Capital Reserve Account 290,868 - - - 290,868 290,704 Maintenance Reserve 416,142 - - - 416,142 415,907 Tuition Reserve Designated for Subsequent Year's Expenditures 318,773 - - - 318,773 318,773 Excess Surplus 1,318,713 - - - 1,318,713 1,159,604 Excess Surplus Designated for Subsequent Year's Expenditures 1,159,604 - - - 1,159,604 1,552,755 Capital Projects Fund - - 299,545 - 299,545 - Debt Service Fund - - - 2 2 2 Unassigned Fund Balance: General Fund 1,821 - - - 1,821 (45,157) Special Revenue Fund - (3,630) - - (3,630) (3,630)

Total Fund Balances 3,505,921 (3,630) 299,545 2 3,801,838 3,688,958

Total Liabilities & Fund Balances 3,697,681$ 136,678$ 342,299$ 2$

Amounts reported for governmental activities in the statement of net position (A-1) are different because:Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. The cost of the assets is $21,959,855 and the accumulated depreciationis $11,725,326. 10,234,529 10,447,128Long-term liabilities, including bonds payable, are not due and payable in the current period and therefore are not reported as liabilities in the funds. (3,132,620) (4,314,403)Interest on long-term debt in the statement of activities, are not due and payable in the current period and therefore are not reported as liabilities in the funds. (48,417) (71,371)

Net position of Governmental Activities 10,855,330$ 9,750,312$


TOTALS

(With Comparative Totals for June 30, 2013)


BALANCE SHEETGOVERNMENTAL FUNDS

JUNE 30, 2014

EXHIBIT B-2

SPECIAL CAPITAL DEBT (MEMORANDUM ONLY)GENERAL REVENUE PROJECTS SERVICE JUNE 30, JUNE 30,

FUND FUND FUND FUND 2014 2013Revenues: Local Sources: Local Tax Levy 11,337,254$ -$ -$ 880,086$ 12,217,340$ 12,032,891$ Tuition Charges 231,505 - - - 231,505 187,404 Miscellaneous 23,277 15,000 - - 38,277 73,646

Total Local Sources 11,592,036 15,000 - 880,086 12,487,122 12,293,941

State Sources 6,508,365 36,300 31,103 410,592 6,986,360 7,110,309 Federal Sources - 371,007 - - 371,007 348,577

Total Revenues 18,100,401 422,307 31,103 1,290,678 19,844,489 19,752,827

Expenditures: Current: Regular Instruction 4,925,501 371,850 - - 5,297,351 5,183,958 Special Education Instruction 687,144 - - - 687,144 573,746 Basic Skills/Remedial - Instruction 222,126 - - - 222,126 386,526 Other Instruction 57,919 - - - 57,919 63,143 Support Services & Undistributed Costs: Tuition 4,011,053 - - - 4,011,053 3,579,020 Student & Instruction Related Services 1,554,037 50,457 - - 1,604,494 1,509,922 School Administrative Services 319,580 - - - 319,580 374,501 General & Business Administrative Services 575,252 - - - 575,252 533,675 Plant Operations & Maintenance 1,431,213 - - - 1,431,213 1,335,059 Pupil Transportation 918,076 - - - 918,076 910,312 Unallocated Benefits 2,997,475 - - - 2,997,475 3,123,151 Capital Outlay 321,004 - 77,758 - 398,762 309,181 Debt Service: Principal - - - 1,160,000 1,160,000 1,165,000 Interest & Other Charges - - - 130,678 130,678 181,204

Total Expenditures 18,020,380 422,307 77,758 1,290,678 19,811,123 19,228,398

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures 80,021 - (46,655) - 33,366 524,429

Other Financing Sources/(Uses): Operating Transfer In - - 346,200 - 346,200 - Operating Transfer Out (346,200) - - - (346,200) - Capital Lease (Nonbudget) 79,514 - - - 79,514 104,129

Total Other Financing Sources & Uses (266,686) - 346,200 - 79,514 104,129

Net Change in Fund Balances (186,665) - 299,545 - 112,880 628,558Fund Balance - July 1 3,692,586 (3,630) - 2 3,688,958 3,060,400

Fund Balance - June 30 3,505,921$ (3,630)$ 299,545$ 2$ 3,801,838$ 3,688,958$


TOTALS(With Comparative Totals for June 30, 2013)


STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS

FOR THE YEAR ENDED JUNE 30, 2014

EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) 112,880$

Amounts reported for governmental activities in the statement of activities (A-2)are different as follows:

Capital outlays are reported in governmental funds as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense. The amount that exceeded capital outlays is as follows:

Depreciation Expense (619,354)$Capital Asset Adjustment 9,130Capital Outlays 397,625 (212,599)

Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the Statements of Net Position and is not reported in the Statement of Activities.

Serial Bonds 1,160,000Capital Lease Payments 123,554 1,283,554

Proceeds from debt issues are a financing source in the governmental funds. They are not in the revenues in the statement of activities; issuing debt increases long-term liabilities in the statement of net assets.

Capital Lease Proceeds (88,644)

Interest on long-term debt in the statement of activies is accrued, regardless of when due. In the governmental funds, interest is reported when due. The accrued interest is an addition in the reconciliation.

Prior Year 71,371Current Year (48,417) 22,954

In the statement of activities, certain operating expenses, e.g., compensated absences(vacations) are measured by the amounts earned during the year. In the governmentalfunds, however, expenditures for these items are reported in the amount of financialresources used/(paid). When the earned amount exceeds the paid amount, the differenceis a reduction in the reconciliation (-), when the paid amount exceeds the earnedamount the difference is an addition to the reconciliation (+).

Prior Year 244,353Current Year (257,480) (13,127)

Change in Net Position of Governmental Activities 1,105,018$


LOGAN TOWNSHIP BOARD OF EDUCATIONRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDSTO THE STATEMENT OF ACTIVITIES


Proprietary Funds

EXHIBIT B-4

BUSINESS-TYPEACTIVITIES -

ENTERPRISE FUNDS (MEMORANDUM ONLY)

FOOD JUNE 30, JUNE 30,SERVICE 2014 2013

Current Assets: Cash & Cash Equivalents 101,728$ 101,728$ 72,263$ Accounts Receivable 9,347 9,347 18,548 Inventories 8,776 8,776 5,696

Total Current Assets 119,851 119,851 96,507

Noncurrent Assets: Furniture, Machinery & Equipment 166,999 166,999 166,999 Less: Accumulated Depreciation (149,688) (149,688) (144,668)

Total Noncurrent Assets 17,311 17,311 22,331

Total Assets 137,162 137,162 118,838

Current Liabilities: Accounts Payable 23,764 23,764 3,630 Prepaid Lunches 5,962 5,962 6,509

Total Liabilities 29,726 29,726 10,139

Net Investments in Capital Assets 17,311 17,311 22,331 Unrestricted 90,125 90,125 86,368

Total Net Position 107,436$ 107,436$ 108,699$



TOTALS

STATEMENT OF NET POSITIONJUNE 30, 2014


PROPRIETARY FUNDS

NET POSITION

LIABILITIES

ASSETS

EXHIBIT B-5


ENTERPRISE FUNDS (MEMORANDUM ONLY)

FOOD JUNE 30, JUNE 30,SERVICE 2014 2013

Operating Revenues: Charges for Services: Daily Sales - Reimbursable Programs 121,056$ 121,056$ 147,952$ Daily Sales - Nonreimbursable Programs 64,373 64,373 65,064

Total Operating Revenues 185,429 185,429 213,016

Operating Expenses: Salaries & Benefits 124,425 124,425 146,739 Supplies & Materials 10,643 10,643 8,088 Cost of Sales 142,418 142,418 152,071 Depreciation 5,020 5,020 5,020 Miscellaneous 24,560 24,560 16,705

Total Operating Expenses 307,066 307,066 328,623

Operating Income/(loss) (121,637) (121,637) (115,607)

Nonoperating Revenues/(Expenses):State Sources: State School Lunch Program 3,447 3,447 3,891Federal Sources: National School Lunch Program 85,027 85,027 87,386 National School Breakfast Program 8,570 8,570 8,305 Food Distribution Program 23,187 23,187 24,954Interest & Investment Revenue 143 143 216

Total Nonoperating Revenues/(Expenses) 120,374 120,374 124,752

Income/(Loss) Before Contributions & Transfers (1,263) (1,263) 9,145

Change in Net Position (1,263) (1,263) 9,145Total Net Position - Beginning 108,699 108,699 99,554

Total Net Position - Ending 107,436$ 107,436$ 108,699$


TOTALS

AS OF JUNE 30, 2014(With Comparative Totals for June 30, 2013)


COMBINING STATEMENT OF REVENUES, EXPENSES ANDCHANGES IN NET POSITION

PROPRIETARY FUNDS

EXHIBIT B-6


ENTERPRISE FUNDS (MEMORANDUM ONLY)FOOD JUNE 30, JUNE 30,

SERVICE 2014 2013

Cash Flows From Operating Activities: Receipts from Customers 211,137$ 211,137$ 207,989$ Payments to Employees (124,425) (124,425) (146,739) Payments to Suppliers (154,434) (154,434) (151,910)

Net Cash Provided/(Used) by Operating Activities (67,722) (67,722) (90,660)

Cash Flows From Noncapital Financing Activities: State & Federal Sources 97,044 97,044 99,582

Net Cash Provided/(Used) by Noncapital Financing Activities 97,044 97,044 99,582

Cash Flows From Investing Activities: Net Cash Provided/(Used) by Investing Activities 143 143 216

Net Cash Provided/(Used) by Investing Activities 143 143 216

Net Increase/(Decrease) in Cash & Cash Equivalents 29,465 29,465 9,138Balances - Beginning of Year 72,263 72,263 63,125

Balances - End of Year 101,728$ 101,728$ 72,263$

Operating Income/(Loss) (121,637)$ (121,637)$ (115,607)$Adjustments to Reconcile Operating Income/(Loss) toNet Cash Provided/(Used) by Operating Activities: Depreciation & Net Amortization 5,020 5,020 5,020 Food Distribution Program 23,187 23,187 24,954 Changes in Assets & Liabilities: (Increase)/Decrease in Accounts Receivable 9,201 9,201 (4,620) (Increase)/Decrease in Inventories (3,080) (3,080) (694) Increase/(Decrease) in Current Liabilities 19,587 19,587 287

Total Adjustments 53,915 53,915 24,947

Net Cash Provided/(Used) by Operating Activities (67,722)$ (67,722)$ (90,660)$


Reconciliation of Operating Income/(Loss) to Net Cash Provided/(Used) by Operating Activities:


LOGAN TOWNSHIP BOARD OF EDUCATIONPROPRIETARY FUNDS

COMBINING STATEMENT OF CASH FLOWSAS OF JUNE 30, 2014

TOTALS

Fiduciary Fund

EXHIBIT B-7

UNEMPLOYMENT (MEMORANDUM ONLY)

COMPENSATION STUDENT JUNE 30, JUNE 30,ASSETS TRUST FUND SCHOLARSHIP ACTIVITY PAYROLL 2014 2013

Cash & Cash Equivalents 24,724$ 6,968$ 29,351$ 225,720$ 286,763$ 277,780$ Due from Unemployment - - - 351 351 -

Total Assets 24,724 6,968 29,351 226,071 287,114 277,780

LIABILITIES

Payroll Deductions & Withholdings - - - 214,948 214,948 209,265 Due to Student Groups - - 29,351 - 29,351 31,424 Due to Payroll 351 - - - 351 - Flexible Spending - - - 11,123 11,123 11,367

Total Liabilities 351 - 29,351 226,071 255,773 252,056

NET POSITION

Held in Trust for Unemployment Claims Other Purposes 24,373 - - - 24,373 18,664 Reserved for Scholarships - 6,968 - - 6,968 7,060

Total Net Position 24,373$ 6,968$ -$ -$ 31,341$ 25,724$


PRIVATE PURPOSE


LOGAN TOWNSHIP BOARD OF EDUCATIONFIDUCIARY FUNDS

COMPARATIVE COMBINING STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014

TOTALSAGENCY

EXHIBIT B-8

(MEMORANDUM ONLY)

UNEMPLOYMENT JUNE 30, JUNE 30,ADDITIONS SCHOLARSHIP COMPENSATION 2014 2013

Local Sources: Transfer from Payroll Agency Account -$ 10,602$ 10,602$ 13,227$ Investment Earnings: Interest 8 3 11 18

Total Additions 8 10,605 10,613 13,245

DEDUCTIONS

Quarterly Contributions Reports - 4,896 4,896 1,461 Scholarships Awarded 100 - 100 200

Total Deductions 100 4,896 4,996 1,661

Change in Net Position (92) 5,709 5,617 11,584 Net Position - Beginning of the Year 7,060 18,664 25,724 14,140

Net Position - End of the Year 6,968$ 24,373$ 31,341$ 25,724$



TOTALS


STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFIDUCIARY FUNDS


PRIVATE PURPOSE


NOTES TO THE FINANCIAL STATEMENTSJUNE 30, 2014


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

Note 1. Summary of Significant Accounting Policies

The accompanying financial statements of the Logan Township Board of Education have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounting policies.

A. Reporting Entity

The Logan Township Board of Education is a Type II district located in the County of Gloucester, State of New Jersey. As a Type II district, the School District functions independently through a Board of Education. The Board is comprised of nine members appointed to three-year terms. The District provides a full range of educational services appropriate to grade levels K through 8. These include regular, vocational, as well as special education for handicapped youngsters. The Logan Township Board of Education has an approximate enrollment at June 30, 2014 of 839 students.

B. Component Units

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

Based on the aforementioned criteria, the District has no component units.

C. District-Wide and Fund Financial Statements

The district-wide financial statements (the statement of net position and the statement of activities) report information of all of the nonfiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function, segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions.



Note 1. Summary of Significant Accounting Policies (continued):

C. District-Wide and Fund Financial Statements (continued):

Net position is restricted when constraints placed on it are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net assets. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed.

Separate financial statements are provided for governmental funds, proprietary funds, fiduciary funds and similar component units, and major component units. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

D. Measurement Focus, Basis of Accounting and Financial Statement Presentation

District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental Fund Financial Statements – The Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting.

E. Fund Accounting

The accounts of the Logan Township Board of Education are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting and reporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:




E. Fund Accounting (continued):

Governmental Funds

General Fund - The general fund is the general operating fund of the Logan Township Board of Education and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or noninstructional equipment which are classified in the Capital Outlay sub-fund.

As required by the New Jersey Department of Education, Logan Township Board of Education includes budgeted Capital Outlay in this fund. Generally accepted accounting principles (GAAP), as they pertain to governmental entities, state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues.

Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings, and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to fixed assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution.

Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes.

Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction, and improvement programs.

Proprietary Fund

The focus of Proprietary Fund measurement is upon determination of net income, 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:

Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes.

The District’s Enterprise Fund is comprised of the Food Service Fund.




E. Fund Accounting (continued):

All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (total net position) is segregated into contributed capital and unreserved retained earnings, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in total net position.

Depreciation of all exhaustive fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows:

Food Service Fund: Equipment 5-15 Years

Fiduciary Fund

Fiduciary funds are used to account for assets held by a governmental entity for other parties (either as trustee or as an agent) and that cannot be used to finance the governmental entity’s own operating programs which includes private purpose trust funds and agency funds.

Private Purpose Trust Funds are used to account for the principal and income for trust arrangements that benefit individuals, private organizations, or other governments. The District currently maintains an Unemployment Trust Fund and a Scholarship Fund as private purpose trusts.

Agency Funds are assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll funds and Student Activity Funds as Agency Funds.

F. Basis of Accounting

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets.

All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., total net position) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in total net position.




F. Basis of Accounting (continued):

The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due.

In its accounting and financial reporting, the Logan Township Board of Education follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The Logan Township Board of Education’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989.

The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types and private purpose trust funds. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred.

G. Budgets/Budgetary Control

Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. Effective January 17, 2012, P.L.2011 c.202 eliminated the annual voter referendum on budgets which met the statutory tax levy cap limitations and the board of education members are elected at the November general election. Budgets are prepared using the modified accrual basis of accounting. 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.6:20-2A(m)1. All budget amendments must be approved by School Board resolution.

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 basisof accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment 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.

The budget, as detailed on Exhibit C-1, includes all amendments to the adopted budget, if any.




H. Encumbrances

Under encumbrance accounting purchase orders, contracts, and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services.

Open encumbrances in the special revenue fund for which the Logan Township Board of Education has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end.

I. 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.

New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.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 loss of funds on deposit with a failed banking institution in New Jersey.

N.J.S.A.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 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.

J. Tuition Receivable/Payable

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.

These adjustments are recorded upon certification by the State Board of Education, which is normally three years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable.




J. Tuition Receivable/Payable (continued):

The tuition rate adjustments for the years 2011-2012 have been established and the District has billed/paid the school boards that have adjustments.

K. Inventories

Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method.

The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed.

L. Prepaid Expenses

Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase.

M. Short-Term Interfund Receivables/Payables

Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Logan Township Board of Education and that are due within one year.

N. Capital Assets

Capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The general fixed assets acquired or constructed were valued by an independent appraisal company. General fixed assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively.

General fixed assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows:

Buildings 20-50 Years Machinery and Equipment 5-10 Years Other Improvements 10-20 Years




O. Accrued Salaries and Wages

District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries.

P. 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 the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities.

Q. Unearned Revenue

Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to realize the revenue.

R. Long-Term Obligations

In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred.

S. Fund Balance

In accordance with Government Accounting Standards Board 54, Fund Balance Reporting and Governmental Fund Type Definitions, the Logan Township Board of Education classifies governmental fund balances as follows:

Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because legal or contractual constraints. Restricted – includes fund balance amounts that are constrained for specific purposes which are externally imposed by external parties, constitutional provision or enabling legislation. Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority and does not lapse at year-end. Assigned – includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund Balance may be assigned by the Business Administrator.




S. Fund Balance (continued):

Unassigned – includes balance within the General Fund which has not been classified within the above mentioned categories and negative fund balances in other governmental funds

The Logan Township Board of Education uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the Logan Township Board of Education would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.

T. Net Position

Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:

Net Investment in Capital Assets – This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for acquisition, construction, or improvement of those assets. Restricted – Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments. Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.

U. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions,and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements.

In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities.GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012.

Recently Issued Accounting Pronouncements

In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and




local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements.

V. Subsequent Events

Logan Township Board of Education has evaluated subsequent events occurring after June 30, 2014 through the date of November 17, 2014, which is the date the financial statements were available to be issued.

Note 2. Cash

The District is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at June 30, 2014, and reported at fair value are as follows:

CarryingType Value

DepositsDemand Deposits 4,164,583$

Total Deposits 4,164,583$

CarryingType Value

The District's Cash & Cash Equivalents are Reported as Follows:

Governmental Actvities 3,776,092$ Business-Type Actvities 101,728 Fiduciary Funds 286,763

Total Cash & Cash Equivalents 4,164,583$

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA.



Note 2. Cash (continued):

However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $4,927,080 was exposed to custodial credit risk as follows:

Insured $ 250,000 Uninsured and uncollateralized 434,434 Held with New Jersey Cash Management 707,011 Collateralized in the District’s Name Under GUDPA 3,535,635

Total $ 4,927,080

Note 3. Reserve Accounts

A. Capital Reserve

A capital reserve account was established by the Logan Township Board of Education by inclusion of $150,000 in the original 1995-96 annual capital budget, which was certified for taxes and 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 and its activity is included in the general fund annual budget.

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 annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP.

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 290,704$ Interest Earnings 164 Board Approved Transfer -

Ending Balance, June 30, 2014 290,868$

B. Maintenance Reserve

The District established a Maintenance Reserve Account for the accumulation of Funds for use as 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.



Note 3. Reserve Accounts

B. Maintenance Reserve (continued):

Funds placed in the maintenance reserve account are restricted to maintenance projects in the District’s approved Maintenance Plan (M-1). A district may increase the balance in the maintenance reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both.

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

Beginning Balance, July 1, 2013 415,907$

Interest Earnings 235

Board Approved Transfer -

Ending Balance, June 30, 2014 416,142$

C. Tuition Reserve

A tuition reserve account may be established in accordance with N.J.A.C.6A:23-3.1(f) for tuition between two Boards of Education that are in a formal sending/receiving relationship. The maximum amount that may be restricted at year end is 10% of the estimated contract year. Upon certification of tuition rates in the second year following the contract year, full appropriation of the applicable year's reserve must be liquidated and any remaining balance related to that year must be reserved and budgeted for tax relief. The District's tuition reserve account balance of $318,773 as of June 30, and was established during 2012/2013 to be used to pay for any tuition adjustments for the fiscal year ending June 30, 2015.

Note 4. Accounts Receivable

Accounts receivable at June 30, 2014 consisted of accounts and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs and the current fiscal year guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:

General Special Revenue Capital Projects ProprietaryFund Fund Fund Funds Total

Intergovernmental 108,325$ 136,678$ 31,103$ 9,347$ 285,453$

Total 108,325$ 136,678$ 31,103$ 9,347$ 285,453$



Note 5. Transfers to Capital Outlay

During the year ending June 30, 2014, the District transferred $307,253 to the capital outlay account.

Note 6. Capital Assets

The following schedule is a summarization of the capital assets by source for the fiscal year ended June 30, 2014:

June 30, June 30,2013 Additions Deletions Adjustments 2014

Non-Depreciable AssetsLand 115,872$ -$ -$ -$ 115,872$ Construction in Progress - 77,758 - - 77,758

Total Non-Depreciable Assets 115,872 77,758 - - 193,630

Depreciable AssetsLand Improvments 649,984 32,265 - - 682,249 Buildings 19,262,969 75,451 - - 19,338,420 Machinery & Equipment 1,547,965 212,151 (23,690) 9,130 1,745,556

Subtotal 21,576,790 397,625 (23,690) 9,130 21,959,855

Accumulated DepreciationLand Improvments (553,455) (14,384) - - (567,839) Buildings (9,682,586) (458,278) - - (10,140,864) Machinery & Equipment (893,621) (146,692) 23,690 - (1,016,623)

Total 10,447,128$ (221,729)$ -$ 9,130$ 10,234,529$

The following is a summary of proprietary fund type fixed assets at June 30, 2014:

June 30, June 30,2013 Additions Deletions 2014

Depreciable AssetsEquipmemt 166,999$ -$ -$ 166,999$

Subtotal 166,999 - - 166,999

Accumulated DepreciationEquipment (144,668) (5,020) - (149,688)

Total 22,331$ (5,020)$ -$ 17,311$



Note 7. Long-Term Obligations

During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the long-term debt:

June 30, June 30, Due Within2013 Retired Additions 2014 One Year

General Obligations Bonds 3,835,000$ 1,160,000$ -$ 2,675,000$ 515,000$ Capital Lease 235,050 123,554 88,644 200,140 117,734 Compensated Absences Payable 244,353 - 13,127 257,480 -

Total Long-Term Obligations 4,314,403$ 1,283,554$ 101,771$ 3,132,620$ 632,734$

Bonds and loans payable have been liquidated in the Debt Service Fund compensated absences have been liquidated in the General Fund.

A. Bonds Payable

The voters of the municipality through referendums authorize bonds in accordance with state law. All bonds are retired in serial installments within the statutory period of usefulness. Bonds issued by the District are general obligation bonds.

Principal and interest due on the 2002 Serial Bonds outstanding is as follows:

Year-endingJune 30, Principal Interest Total

2015 515,000$ 95,338$ 610,338$2016 530,000 74,438 604,4382017 545,000 53,619 598,6192018 540,000 32,600 572,6002019 545,000 10,900 555,900

Total 2,675,000$ 266,895$ 2,941,895$

B. Bonds Authorized But Not Issued

As of June 30, 2014, the Board had no authorized but not issued bonds.

C. Capital Lease Payable

As of June 30, 2014, the District had five capital leases outstanding for the acquisition of equipment in the amount of $200,140.



Note 7. Long-Term Obligations (continued):

The following is a schedule of the future minimum lease payments under this lease and present value of the net minimum lease payments at June 30, 2014:

Year-ending June 30, 2015 $131,153 2016 60,923 2017 24,934 2018 3,181

Total Minimum Lease Payments 220,191 Less: Amount Representing Interest (20,051)

Present Value of Net Minimum Lease Payments $200,140

D. Interest Expense

No interest expense was capitalized during the fiscal year ending June 30, 2014. Interest expense totaling $130,678 was paid by the debt service fund for the fiscal year ending June 30, 2014.

Note 8. Pension Plans

Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund 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 both 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, P.O. Box 295, Trenton, New Jersey, 08625.

Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 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 noncontributing 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 in January 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.



Note 8. Pension Plans (continued):

Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15Aand 43.3B and N.J.S.A.18A:66 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 55 and are generally determined to be 1/55 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.

Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below.

Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced.

New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension.

Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service.

All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”.



Note 8. Pension Plans (continued):

Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs.

Contribution Requirements – 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%, effective October 1, 2011, of employees’ annual compensation, as defined. The rate will increase over the next seven years to 7.5%. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for both cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.

Three-Year Trend Information for PERS

Annual Percentage Net Year Pension of APC Pension Funding Cost (APC) Contributed Obligation

6/30/14 $ 99,505 100% $ -0- 6/30/13 98,857 100% -0- 6/30/12 115,174 100% -0-

Three-Year Trend Information for TPAF Pension & Post-Retirement Medical Contributions (Paid on behalf of the District)

Annual Percentage Net Year Pension/Medical of APC Pension Funding Cost (APC) Contributed Obligation

6/30/14 $687,699 100% $ -0- 6/30/13 819,503 100% -0- 6/30/12 594,120 100% -0-

During the year ended June 30, 2014 the State of New Jersey contributed $687,699 to the TPAF for normal post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $435,986 for the year ended June 30, 2014 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.



Note 9. Post-Retirement Benefits

Chapter 384 of Public Laws 1987 and Chapter 6 of Public Laws 1990 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (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. 2007, c.103 amended the law to eliminate the funding of post-retirement medical benefits through the 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, 2013, there were 100,134 retirees receiving post-retirement medical benefits, and the state contributed $1.07 billion on their behalf. 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 prefunding basis to a pay-as-you-go basis beginning in Fiscal Year 1994.

The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate 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 17,356 eligible retired members in Fiscal Year 2013.

Note 10. 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, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report.

New Jersey Unemployment Compensation Insurance – The District has elected to fund their 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. The following is a summary of School District contributions, employee contributions and reimbursements to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the current and previous two years:

District Employee Amount Ending Fiscal Year Contributions Contributions Reimbursed Balance

2013-2014 $ 3 $10,602 $ 4,896 $24,373 2012-2013 3 13,227 1,461 18,664 2011-2012 2 3,679 3,006 6,895



Note 10. Risk Management (continued):

Joint Insurance Fund – The Township of Logan School District participates in the School Alliance Insurance Fund (SAIF), which was formed in 1996. SAIF is a Joint Insurance Fund organized under New Jersey law and is regulated by the New Jersey Department of Banking and Insurance. The Fund provides its members with the following coverage’s:

Property – Blanket Building and Grounds Boiler and Machinery General and Automobile Liability Workers’ Compensation School Board Legal Liability Crime Coverage Pollution

Note 11. Contingent Liabilities

The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined financial statements for such contingencies.

Note 12. Economic Dependency

The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities.

Note 13. Fund Balance Disclosures

General Fund (Exhibit B-1) – Of the $3,505,921 General Fund balance at June 30, 2014; $318,773 has been restricted for Tuition Reserve and has been appropriated and included as anticipated revenue for the year ending June 30, 2015; $416,142 has been restricted for Maintenance Reserve; $290,868 has been restricted for Capital Reserve; $1,159,604 has been restricted as excess surplus and has been appropriated and included as anticipated revenue for year ending June 30, 2015: $1,318,713has been restricted for excess surplus and $1,821 is unassigned.

Capital Projects Fund (Exhibit B-1) – The fund balance of $299,545 has been restricted for the Capital Projects Fund.

Debt Service Fund (Exhibit B-1) – The fund balance of $2 has been restricted for the Debt Service Fund.



Note 14. Deferred Compensation

The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits 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:

AXA Equitable ING Financial Services

Note 15. Compensated Absences

The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. 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 vacation and sick leave in varying amounts under the District's personnel policies. In the event of termination, an employee is reimbursed for accumulated vacation. Sick leave benefits provide for ordinary sick pay and begin vesting with the employee after four years of service.

The liability for vested compensated absences of the governmental fund types is recorded in the statement of net assets under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $257,480.

The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014 no liability existed for compensated absences in the proprietary fund types.

Note 16. Calculation of Excess Surplus

In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for Restricted Fund Balance – Excess Surplus is a required calculation pursuant to the New Jersey School Funding Reform Act of 2008 (SFRA). New Jersey school districts are required to restrict General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $1,318,713.



Note 17. Deficit Fund Balance

The District has a deficit fund balance of $3,630 in the Special Revenue Fund as of June 30, 2014 as reported in the fund statements (modified accrual basis). N.J.S.A. 18A:22-44.2 provides that in the event a state school aid payment is not made until the following school budget year, districts must record the delayed one or more June state aid payments as revenue, for budget purposes only, in the current school budget year. The bill provides legal authority for school districts to recognize this revenue in the currentbudget year. For intergovernmental transactions, GASB Statement No. 33 requires that recognition (revenue, expenditure, asset, liability) should be in symmetry, i.e., if one government recognizes an asset, the other government recognizes a liability. Since the State is recording the June state aid payment(s) in the subsequent fiscal year, the school district cannot recognize the June state aid payment(s) (on the GAAP financial statements) until the year the State records the payable. Due to the timing difference of recording the June state aid payment, the Special Revenue Fund balance deficit does not alone indicate that the district is facing financial difficulties.

REQUIRED SUPPLEMENTARY INFORMATION - PART II

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OF

ED

UC

AT

ION

BU

DG

ET

AR

Y C

OM

PAR

ISO

N S

CH

ED

UL

E

SPE

CIA

L R

EV

EN

UE

FU

ND

FOR

FIS

CA

L Y

EA

RS

EN

DE

D J

UN

E 3

0, 2

014

AN

D 2

013

JUN

E 30

, 201

3

NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

EXHIBIT C-3

SPECIALGENERAL REVENUE

FUND FUNDSources/Inflows of Resources: Actual Amounts (Budgetary Basis) "Revenue" From the Budgetary Comparison Schedule (C-Series) 18,108,330$ 422,307$ Difference - Budget to GAAP: Grant accounting budgetary basis differs from GAAP in that encumbrances are recognized as expenditures, and the related revenue is recognized. State aid payment recognized for GAAP statements in the current year, previously recognized for budgetary purposes 503,304 3,630 State aid payment recognized for budgetary purposes, not recognized for GAAP Statements until the subsequent year (511,233) (3,630)

Total Revenue as reported on the statement of revenues, expenditures and changes in fund balances – governmental funds 18,100,401$ 422,307$

Uses/outflows of resources: Actual amounts (budgetary basis) "total expenditures" from the budgetary comparison schedule 18,020,380$ 422,307$ Differences - budget to GAAP Encumbrances for supplies and equipment ordered but not received is reported in the year the order is placed for

budgetary purposes, but in the year the supplies are received for financial reporting purposes. - -

Total Expenditures as Reported on the Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 18,020,380$ 422,307$


Note A - Explanation of Differences between Budgetary Inflows and Outflows and GAAP Revenues and Expenditures

LOGAN TOWNSHIP BOARD OF EDUCATIONREQUIRED SUPPLEMENTARY INFORMATION

BUDGETARY COMPARISON SCHEDULE NOTE TO RSI

OTHER SUPPLEMENTARY INFORMATION

D. School Based Budget Schedules

Not Applicable

E. Special Revenue Fund

EXHIBIT E-1(Page 1 of 3)

BASIC BASIC REGULAR PRESCHOOL

REGULAR PROGRAM INCENTIVE PROGRAM CARRYOVER PROGRAM TITLE I

Revenues: Federal Sources 231,485$ 1,405$ 8,977$ 88,277$

Total Revenues 231,485$ 1,405$ 8,977$ 88,277$

Expenditures: Instruction: Salaries of Teachers -$ -$ -$ 65,504$ Tuition 231,485 1,405 8,348 -

Total Instruction 231,485 1,405 8,348 65,504

Support Services: Employee Benefits - - 629 14,298 Purchase Professional & Technical Services - - - 8,475

Total Support Services - - 629 22,773

Total Expenditures 231,485$ 1,405$ 8,977$ 88,277$

AND EXPENDITURES - BUDGETARY BASISFOR THE FISCAL YEAR ENDED JUNE 30, 2014


I.D.E.A. - PART B

LOGAN TOWNSHIP BOARD OF EDUCATIONSPECIAL REVENUE FUND

COMBINING SCHEDULE OF PROGRAM REVENUES


TITLE I TITLE II ITALIANCARRYOVER PART A TITLE III GRANT

Revenues: Federal Sources 22,788$ 16,837$ 1,238$ -$ Local Sources - - - 15,000

Total Revenues 22,788$ 16,837$ 1,238$ 15,000$

Expenditures: Instruction: Salaries of Teachers 12,658$ -$ 1,150$ 15,000$

Total Instruction 12,658 - 1,150 15,000

Support Services: Employee Benefits 10,130 - 88 - Purchase Professional & Technical Services - 16,837 - -

Total Support Services 10,130 16,837 88 -

Total Expenditures 22,788$ 16,837$ 1,238$ 15,000$

FOR THE FISCAL YEAR ENDED JUNE 30, 2014(With Comparative Totals for June 30, 2013)


COMBINING SCHEDULE OF PROGRAM REVENUESAND EXPENDITURES - BUDGETARY BASIS


PRESCHOOLEDUCATION

AID 2014 2013Revenues: Federal Sources -$ 371,007$ 352,688$ State Sources 36,300 36,300 36,300 Local Sources - 15,000 6,000

Total Revenues 36,300 422,307 394,988

Expenditures: Instruction: Salaries of Teachers 34,300$ 128,612$ 105,376$ Tuition - 241,238 235,000 Other Purchased Services - - - General Supplies 2,000 2,000 13,898 Textbooks - - -

Total Instruction 36,300 371,850 354,274

Support Services: Employee Benefits - 25,145 - Purchased Professional Services - 25,312 35,714 General Supplies - - 5,000

Total Support Services - 50,457 40,714

Total Expenditures 36,300$ 422,307$ 394,988$

(With Comparative Totals for June 30, 2013)FOR THE FISCAL YEAR ENDED JUNE 30, 2014


COMBINING SCHEDULE OF PROGRAM REVENUESAND EXPENDITURES - BUDGETARY BASIS

EXHIBIT E-2

2014BUDGETED ACTUAL VARIANCE

Expenditures: Instruction: Salaries of Teachers 34,300$ 34,300$ -$ Supplies 2,000 2,000 -

Total Instruction 36,300 36,300 -

Total Expenditures 36,300$ 36,300$ -$

Total Revised 2013-2014 Preschool Education Aid Allocation 36,300$ Add: Actual Preschool Education Aid Carryover June 30, 2013 -

Total Preschool Education Aid Funds Available for 2013-2014 Budget 36,300 Less: 2013-2014 Budgeted Preschool Education Aid (Prior Year Budget Carryover) (36,300)

Available & Unbudgeted Preschool Education Aid Funds June 30, 2014 - Add: June 30, 2014 Unexpended Preschool Education Aid -

Total Actual Preschool Education Aid Carryover -$

2013-2014 Preschool Education Aid Carryover Budgeted in 2014-2015 -$

CALCULATION OF BUDGET AND CARRYOVER

LOGAN BOARD OF EDUCATIONSPECIAL REVENUE FUND

SCHEDULE OF PRESCHOOL EDUCATION AIDSTATEMENT OF EXPENDITURES

BUDGETARY BASISFOR THE FISCAL YEAR ENDED JUNE 30, 2014

F. Capital Projects Fund

EXH

IBIT

F-1

.

PRO

JEC

TD

ATE

APP

RO

PIR

ATI

ON

PRIO

RC

UR

REN

TU

NEX

PEN

DED

Coo

ling

Tow

er fo

r HV

AC

01/0

6/20

1457

7,00

0$

-$

77

,758

$

499,

242

$

Tota

l-

$

77,7

58$

49

9,24

2$

Rec

onci

liatio

n - U

nexp

ende

d C

apita

l Pro

ject

B

alan

ces t

o Fu

nd B

alan

ce -

June

30,

201

4:

Une

xpen

ded

Proj

ect B

alan

ces J

une

30, 2

014

499,

242

$

Less

:

Une

xpen

ded

Stat

e A

id -

RO

D G

rant

s(1

99,6

97)

Tot

al F

und

Bal

ance

(GA

AP

Bas

is) -

Jun

e 30

, 201

429

9,54

5$

EXPE

ND

ITU

RES

TO

DA

TE

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

CA

PIT

AL

PR

OJE

CT

S FU

ND

SUM

MA

RY

ST

AT

EM

EN

T O

F PR

OJE

CT

EX

PEN

DIT

UR

ES

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

EXHIBIT F-2

Revenues & Other Financing Sources: State Sources 230,800$ Transfer from General Fund 346,200

Total Revenues 577,000

Expenditures & Other Financing Uses: Purchased Professional & Technical Services 36,908 Construction Services 40,850

Total Expenditures 77,758

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 499,242 Fund Balance - Beginning -

Fund Balance - Ending 499,242$


LOGAN TOWNSHIP BOARD OF EDUCATIONCAPITAL PROJECTS FUND

SUMMARY SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES INFUND BALANCE-BUDGETARY BASIS

EXHIBIT F-2a

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COSTRevenues & Other Financing Sources: State Sources - ROD Grant -$ 230,800$ 230,800$ 230,800$ Transfers - 346,200 346,200 346,200

Total Revenues - 577,000 577,000 577,000

Expenditures & Other Financing Uses: Purchased Professional & Technical Services - 36,908 36,908 54,100 Construction Services - 40,850 40,850 522,900

Total Expenditures - 77,758 77,758 577,000

Excess/(Deficiency) of Revenues Over/ (Under) Expenditures -$ 499,242$ 499,242$ -$

Project Number #2750-040-14-1005-G04Grant Date 01/06/2014Bond Authorization Date N/ABonds Authorized N/ABonds Issued N/AOriginal Authorized Cost $577,000Revised Authorized Cost $577,000Percentage Increase Over Original Authorized Cost 0%


ADDITIONAL PROJECT INFORMATION

LOGAN TOWNSHIP BOARD OF EDUCATIONCAPITAL PROJECTS FUND

SCHEDULE OF REVENUES, EXPENDITURES, PROJECT BALANCE ANDPROJECT STATUS - BUDGETARY BASIS

COOLING TOWER FOR HVAC

G. Proprietary Funds

Enterprise Funds

This section has been included on Exhibit B-4, B-5 & B-6

Internal Service Fund

Not Applicable

H. Fiduciary Fund

EXH

IBIT

H-1

UN

EMPL

OY

MEN

TC

OM

PEN

SATI

ON

INSU

RA

NC

EST

UD

ENT

ASS

ETS

TRU

STSC

HO

LAR

SHIP

AC

TIV

ITY

PAY

RO

LL20

1420

13

Cas

h &

Cas

h Eq

uiva

lent

s24

,724

$

6,96

8$

29,3

51$

225,

720

$

286,

763

$

27

7,78

0$

Due

from

Une

mpl

oym

ent

-

-

-

35

1

35

1

-

T

otal

Ass

ets

24,7

24

6,

968

29

,351

22

6,07

1

28

7,11

4

277,

780

LIA

BIL

ITIE

S

Payr

oll D

educ

tions

& W

ithho

ldin

gs-

-

-

214,

948

214,

948

20

9,26

5Fl

exib

le S

pend

ing

-

-

-

11

,123

11

,123

11,3

67D

ue to

Pay

roll

351

-

-

-

351

-D

ue to

Stu

dent

Gro

ups

-

-

29,3

51

-

29

,351

31,4

24

T

otal

Lia

bilit

ies

351

29,3

51

226,

071

255,

773

25

2,05

6

NET

PO

SITI

ON

Res

erve

d fo

r Une

mpl

oym

ent C

ompe

nsat

ion

24,3

73

-

-

-

24

,373

18,6

64U

nres

erve

d-

6,

968

-

-

6,

968

7,

060

T

otal

Net

Pos

ition

24,3

73$

6,

968

$

-

$

-$

31

,341

$

25,7

24$

AG

ENC

Y

PRIV

ATE

PU

RPO

SE

(With

Com

para

tive

Tot

als f

or J

une

30, 2

013)

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

FID

UC

IAR

Y F

UN

DS

CO

MPA

RA

TIV

E C

OM

BIN

ING

ST

AT

EM

EN

T O

F FI

DU

CIA

RY

NE

T P

OSI

TIO

NFO

R T

HE

YE

AR

EN

DE

D J

UN

E 3

0, 2

014

EXHIBIT H-2

UNEMPLOYMENTADDITIONS SCHOLARSHIP COMPENSATION 2014 2013

Local Sources: Transfer from Payroll Agency Account -$ 10,602$ 10,602$ 13,227$ Investment Earnings: Interest 8 3 11 18

Total Additions 8 10,605 10,613 13,245

DEDUCTIONS

Quarterly Unemployment Contribution Reports - 4,896 4,896 1,461 Scholarship Payments 100 - 100 200

Total Deductions 100 4,896 4,996 1,661

Change in Net Position (92) 5,709 5,617 11,584 Net Position - Beginning of the Year 7,060 18,664 25,724 14,140

Net Position - End of the Year 6,968$ 24,373$ 31,341$ 25,724$

PRIVATE PURPOSE


LOGAN TOWNSHIP BOARD OF EDUCATIONFIDUCIARY FUNDS

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONFOR THE YEAR ENDED JUNE 30, 2014

EXHIBIT H-3

BALANCE BALANCEJULY 1, CASH CASH JUNE 30,

2013 RECEIPTS DISBURSEMENTS 2014

Student Activity 31,424$ 22,015$ 24,088$ 29,351$

Total Student Activity 31,424$ 22,015$ 24,088$ 29,351$

EXHIBIT H-4

BALANCE BALANCEJULY 1, JUNE 30,

ASSETS 2013 ADDITIONS DELETIONS 2014

Cash & Cash Equivalents 220,632$ 8,301,246$ 8,296,158$ 225,720$ Due from Unemployment - 351 - 351

Total Assets 220,632$ 8,301,597$ 8,296,158$ 226,071$

LIABILITIES

Payroll Deductions & Withholding 209,265$ 3,721,967$ 3,716,284$ 214,948$ Net Payroll - 4,552,941 4,552,941 - Flexible Spending 11,367 26,689 26,933 11,123

Total Liabilities 220,632$ 8,301,597$ 8,296,158$ 226,071$

PAYROLL AGENCY FUNDSCHEDULE OF RECEIPTS AND DISBURSEMENTS


LOGAN TOWNSHIP BOARD OF EDUCATIONSTUDENT ACTIVITY AGENCY FUND

SCHEDULE OF RECEIPTS AND DISBURSEMENTSFOR THE FISCAL YEAR ENDED JUNE 30, 2014

I. Long-Term Debt

EXH

IBIT

I-1

BA

LAN

CE

BA

LAN

CE

DA

TE O

FA

MO

UN

T O

FIN

TER

EST

JULY

1,

JUN

E 30

,IS

SUE

ISSU

EIS

SUE

DA

TEA

MO

UN

TR

ATE

2013

ISSU

EDR

ETIR

ED20

14

Ref

undi

ng B

onds

-04

/15/

2002

7,63

0,00

0$

665,

000

$-

$

66

5,00

0$

-$

Serie

s 200

2

Ref

undi

ng B

onds

-04

/20/

2005

4,84

0,00

07/

15/2

014

515,

000

3.40

%3,

170,

000

-

495,

000

2,

675,

000

Serie

s 200

57/

15/2

015

530,

000

4.00

%7/

15/2

016

545,

000

4.00

%7/

15/2

017

540,

000

3.75

%7/

15/2

018

545,

000

4.00

%

Tota

l3,

835,

000

$-

$

1,

160,

000

$2,

675,

000

$

AN

NU

AL

MA

TUR

ITIE

S

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

LO

NG

-TE

RM

DE

BT

SCH

ED

UL

E O

F SE

RIA

L B

ON

DS

JUN

E 3

0, 2

014

EXH

IBIT

I-2

AM

OU

NT

AM

OU

NT

INTE

RES

TO

UTS

TAN

DIN

GIS

SUED

RET

IRED

OU

TSTA

ND

ING

DA

TE O

FTE

RM

OF

AM

OU

NT

OF

OR

IGIN

AL

LEA

SER

ATE

JUN

E 30

,C

UR

REN

TLE

ASE

C

UR

REN

TJU

NE

30,

SER

IES

LEA

SELE

ASE

PRIN

CIP

AL

INTE

RES

TPA

YA

BLE

2013

YEA

RA

DJU

STM

ENT

YEA

R20

14

Del

l Com

pute

r Equ

ipm

ent

8/1/

2009

49 M

onth

s24

7,13

5

27

,010

6.

930%

9,78

3$

-$

-

$

9,78

3$

-$

Del

l Com

pute

r Equ

ipm

ent

8/1/

2011

48 M

onth

s21

7,64

0

25

,459

8.

400%

103,

094

-

9,13

0

49,9

49

62

,275

Del

l Com

pute

r Equ

ipm

ent

8/1/

2011

48 M

onth

s88

,644

8,

370

6.

000%

45,8

47

-

-

20,6

08

25

,239

Del

l Com

pute

r Equ

ipm

ent

5/31

/201

249

Mon

ths

104,

129

11,3

35

7.50

0%76

,326

-

-

22

,532

53,7

94

Del

l Com

pute

r Equ

ipm

ent

8/1/

2013

49 M

onth

s79

,514

6,

393

5.

100%

-

79,5

14

-

20,6

82

58

,832

Tot

al23

5,05

0$

79,5

14$

9,

130

$

123,

554

$

200,

140

$

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

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ION

LO

NG

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F O

BL

IGA

TIO

NS

UN

DE

R C

API

TA

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EA

SES

JUN

E 3

0, 2

014

EXH

IBIT

I-3

VA

RIA

NC

EV

AR

IAN

CE

POSI

TIV

E/PO

SITI

VE/

(NEG

ATI

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(NEG

ATI

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INA

LB

UD

GET

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AL

FIN

AL

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AL

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even

ues:

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ocal

Sou

rces

:

L

ocal

Tax

Lev

y40

-121

088

0,08

6$

-

$

880,

086

$

880,

086

$

-$

917,

936

$

-$

91

7,93

6$

91

7,93

6$

-

$

Sta

te S

ourc

es:

Deb

t Ser

vice

Aid

Typ

e II

40-3

160

410,

592

-

410,

592

41

0,59

2

-

42

8,27

0

-

42

8,27

0

428,

270

-

T

otal

Rev

enue

s1,

290,

678

-

1,

290,

678

1,29

0,67

8-

1,34

6,20

6-

1,34

6,20

61,

346,

206

-

Expe

nditu

res:

R

egul

ar D

ebt S

ervi

ce:

Int

eres

t40

-701

-510

-834

130,

678

-

130,

678

13

0,67

8

-

18

1,20

5

-

18

1,20

5

181,

204

1

Red

empt

ion

of P

rinci

pal

40-7

01-5

10-9

101,

160,

000

-

1,

160,

000

1,16

0,00

0-

1,16

5,00

0-

1,16

5,00

01,

165,

000

-

T

otal

Exp

endi

ture

s1,

290,

678

-

1,

290,

678

1,29

0,67

8-

1,34

6,20

5-

1,34

6,20

51,

346,

204

1

Oth

er F

inan

cing

Sou

rces

/(Use

s):

T

rans

fers

from

Gen

eral

Fun

d -

Deb

t Ser

vice

Rel

ief

-

-

-

-

-

-

-

-

-

-

Tota

l Oth

er F

inan

cing

Sou

rces

/(Use

s)-

-

-

-

-

-

-

-

-

-

Exce

ss/(D

efic

ienc

y) o

f Rev

enue

s

Ove

r/(U

nder

) Exp

endi

ture

s-

-

-

-

-

1

-

1

2

(1)

Fund

Bal

ance

, Jul

y 1

2

-

2

2

-

-

-

-

-

-

Fund

Bal

ance

, Jun

e 30

2$

-$

2

$

2

$

-

$

1

$

-

$

1$

2$

(1)

$

JUN

E 30

, 201

4

LO

GA

N T

OW

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IP B

OA

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CH

ED

UL

E

DE

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SE

RV

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ND

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FIS

CA

L Y

EA

RS

EN

DE

D J

UN

E 3

0, 2

014

AN

D 2

013

JUN

E 30

, 201

3

STATISTICAL SECTION (Unaudited)

EXH

IBIT

J-1

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gov

ernm

enta

l Act

iviti

es:

N

et In

vest

men

t in

Cap

ital A

sset

s7,

359,

389

$

6,37

7,07

8$

6,05

3,97

5$

5,23

4,13

1$

4,37

7,07

8$

3,52

9,49

8$

2,72

1,02

2$

1,86

4,85

7$

1,30

1,38

6$

620,

037

$

Res

trict

ed3,

455,

685

3,66

6,37

4

3,10

3,88

1

1,96

4,26

3

1,12

2,41

5

1,45

7,89

9

1,

039,

811

1,

245,

159

1,

634,

354

95

0,42

6

Unr

estri

cted

(259

,289

)

(293

,140

)

(2

74,2

14)

(259

,094

)

(3

50,7

90)

(356

,486

)

(6

3,08

5)

(8

7,74

4)

(3

31,5

65)

135,

515

Tota

l Gov

ernm

enta

l Act

iviti

es

Net

Pos

ition

10,5

55,7

85$

9,75

0,31

2$

8,88

3,64

2$

6,93

9,30

0$

5,14

8,70

3$

4,63

0,91

1$

3,69

7,74

8$

3,02

2,27

2$

2,60

4,17

5$

1,70

5,97

8$

Bus

ines

s-Ty

pe A

ctiv

ities

:

Net

Inve

stm

ent i

n C

apita

l Ass

ets

17,3

11$

22

,331

$

27

,351

$

32

,371

$

32

,965

$

31

,782

$

36

,934

$

42

,107

$

3,

690

$

4,91

4$

Res

trict

ed-

-

-

-

-

-

-

-

-

-

Unr

estri

cted

90,1

25

86

,368

72

,203

68

,996

74

,873

58

,491

28

,581

4,

949

7,

107

2,

730

Tota

l Bus

ines

s-Ty

pe A

ctiv

ities

N

et P

ositi

on10

7,43

6$

108,

699

$

99,5

54$

101,

367

$

107,

838

$

90,2

73$

65,5

15$

47,0

56$

10,7

97$

7,64

4$

Dis

trict

-Wid

e:

Net

Inve

stm

ent i

n C

apita

l Ass

ets

7,37

6,70

0$

6,

399,

409

$ 6,

081,

326

$ 5,

266,

502

$ 4,

410,

043

$ 3,

561,

280

$2,

757,

956

$ 1,

906,

964

$ 1,

305,

076

$ 62

4,95

1$

R

estri

cted

3,45

5,68

5

3,

666,

374

3,10

3,88

11,

964,

263

1,

122,

415

1,

457,

899

1,03

9,81

1

1,24

5,15

9

1,63

4,35

4

950,

426

U

nres

trict

ed(1

69,1

64)

(2

06,7

72)

(202

,011

)

(1

90,0

98)

(275

,917

)

(2

97,9

95)

(34,

504)

(82,

795)

(324

,458

)

13

8,24

5

Tota

l Dis

trict

Net

Pos

ition

10,6

63,2

21$

9,85

9,01

1$

8,98

3,19

6$

7,04

0,66

7$

5,25

6,54

1$

4,72

1,18

4$

3,76

3,26

3$

3,06

9,32

8$

2,61

4,97

2$

1,71

3,62

2$

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

NE

T P

OSI

TIO

N B

Y C

OM

PON

EN

TL

AST

TE

N F

ISC

AL

YE

AR

S(A

ccru

al B

asis

of A

ccou

ntin

g)

EXH

IBIT

J-2

(Pag

e 1

of 3

)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Expe

nses

: G

over

nmen

tal A

ctiv

itie s

In

stru

ctio

n:

R

e gul

ar5,

297,

351

$5,

183,

958

$5,

144,

823

$5,

092,

056

$5,

100,

450

$4,

920,

746

$4,

789,

042

$4,

466,

348

$4,

379,

210

$4,

287,

725

$

S

peci

al E

duca

tion

687,

144

57

3,74

6

611,

867

53

3,49

4

548,

382

52

5,05

3

504,

639

51

6,75

2

470,

881

46

3,20

4

B

asic

Ski

ll/R

emed

ial I

nstru

ctio

n22

2,12

6

386,

526

32

3,73

1

240,

767

37

0,02

0

326,

229

24

7,91

6

204,

011

16

2,89

0

201,

387

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n gua

l Edu

catio

n-

-

-

-

-

-

5,

810

5,40

1

5,

746

5,68

5

O

ther

Inst

ruct

ion

57,9

19

63

,143

50

,335

32

,280

63

,582

51

,235

42,9

60

46,5

84

47,0

84

40,7

38

Su p

port

Serv

ices

:

T

uitio

n4,

011,

053

3,57

9,02

0

3,

231,

290

3,58

4,33

3

4,

441,

648

4,62

7,79

3

4,

848,

260

4,30

8,89

3

3,

864,

931

3,69

9,12

4

S

tude

nt &

Inst

ruct

ion

Rel

ate d

Serv

ices

1,48

0,94

01,

321,

244

1,24

1,42

71,

128,

319

1,27

6,58

51,

138,

680

1,14

2,73

21,

163,

638

1,16

4,17

41,

010,

406

Sch

ool A

dmin

istra

tive

Serv

ice s

319,

580

37

4,50

1

360,

831

34

7,94

3

385,

887

37

9,19

0

395,

626

37

4,19

3

377,

218

37

7,54

1

G

ener

al &

Bus

ines

s Adm

inis

trativ

e

Se

rvic

es57

5,25

2

533,

675

53

0,39

7

520,

965

51

8,12

7

511,

764

50

1,89

6

527,

044

52

2,47

3

552,

859

Pla

nt O

pera

tions

& M

aint

enan

ce1,

431,

213

1,33

5,05

91,

360,

706

1,34

4,57

81,

358,

684

1,22

6,15

41,

228,

585

1,25

1,15

81,

211,

558

1,18

7,60

9

P

u pil

Tran

spor

tatio

n91

8,07

6

910,

312

97

2,83

9

871,

551

1,

250,

299

1,26

7,77

5

1,

251,

819

1,28

8,86

6

1,

102,

199

1,08

6,69

8

A

lloca

ted

Ben

efit s

-

-

-

-

-

-

1,67

0,07

9

-

-

-

Una

lloca

ted

Ben

efit s

3,01

0,60

23,

231,

394

2,79

7,92

82,

739,

236

2,74

1,35

52,

619,

071

1,33

8,35

92,

898,

605

2,33

6,44

82,

157,

418

S

peci

al S

choo

ls-

-

-

-

30

,829

39

,734

38,0

65

32,9

43

29,7

70

29,3

30

Inte

rest

on

Lon g

-Ter

m D

ebt

108,

861

15

8,69

0

209,

311

25

9,68

3

310,

109

36

6,90

9

416,

784

46

6,13

1

512,

928

53

6,51

8

Rev

alua

tion

of F

ixed

Ass

ets

-

647,

073

-

-

-

-

-

-

-

-

U

nallo

cate

d D

e pre

ciat

ion

619,

354

58

7,81

6

763,

459

69

5,91

1

674,

708

62

1,16

5

621,

165

61

4,33

8

549,

445

54

9,65

4

T

otal

Gov

ernm

enta

l Act

iviti

e s

E

xpen

ses

18,7

39,4

71

18

,886

,157

17

,598

,944

17

,391

,116

19

,070

,665

18

,621

,498

19,0

43,7

37

18,1

64,9

05

16,7

36,9

55

16,1

85,8

96

Bus

ines

s-T y

pe A

ctiv

ities

:

Foo

d Se

rvic

e30

7,06

6

328,

623

34

3,04

6

331,

553

35

4,87

5

368,

575

35

9,70

8

375,

970

34

5,11

8

349,

899

Tota

l Bus

ines

s-T y

pe A

ctiv

ities

E

xpen

se30

7,06

6

328,

623

34

3,04

6

331,

553

35

4,87

5

368,

575

35

9,70

8

375,

970

34

5,11

8

349,

899

T

otal

Dis

trict

Ex p

ense

s19

,046

,537

$

19,2

14,7

80$

17,9

41,9

90$

17,7

22,6

69$

19,4

25,5

40$

18,9

90,0

73$

19

,403

,445

$ 18

,540

,875

$ 17

,082

,073

$ 16

,535

,795

$

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

CH

AN

GE

S IN

NE

T P

OSI

TIO

N -

(AC

CR

UA

L B

ASI

S O

F A

CC

OU

NT

ING

)L

AST

TE

N F

ISC

AL

YE

AR

S

EXH

IBIT

J-2

(Pag

e 2

of 3

)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Pro g

ram

Rev

enue

s:

Ope

ratin

g G

rant

s & C

ontri

butio

ns42

2,30

7$

390,

877

$

43

7,28

0$

508,

917

$

54

0,32

6$

382,

074

$

37

2,75

5$

391,

729

$

1,

029,

820

$

1,56

7,60

7$

Tota

l Gov

ernm

enta

l Act

iviti

es P

rogr

am

Rev

enue

s42

2,30

7

390,

877

43

7,28

0

508,

917

54

0,32

6

382,

074

37

2,75

5

391,

729

1,

029,

820

1,56

7,60

7

Bus

ines

s-T y

pe A

ctiv

ities

:

Cha

rges

for S

ervi

ces:

Foo

d Se

rvic

e18

5,42

9

213,

016

22

4,53

6

240,

049

25

6,95

4

249,

595

24

9,70

4

237,

530

21

6,35

4

226,

814

Ope

ratin

g G

rant

s & C

ontri

butio

ns12

0,37

4

124,

752

10

0,54

6

102,

391

96

,379

88

,572

123,

456

72

,496

64

,355

65

,629

Tota

l Bus

ines

s Typ

e A

ctiv

ities

Pro

gram

R

even

ues

305,

803

33

7,76

8

325,

082

34

2,44

0

353,

333

33

8,16

7

373,

160

31

0,02

6

280,

709

29

2,44

3

Tota

l Dis

trict

Pro

gram

Rev

enue

s72

8,11

0$

728,

645

$

76

2,36

2$

851,

357

$

89

3,65

9$

720,

241

$

74

5,91

5$

701,

755

$

1,

310,

529

$

1,86

0,05

0$

Net

(Exp

ense

)/Rev

enue

:

Gov

ernm

enta

l Act

iviti

es(1

8,31

7,16

4)$

(18,

495,

280)

$(1

7,16

1,66

4)$

(16,

882,

199)

$(1

8,53

0,33

9)$

(18,

239,

424)

$(1

8,67

0,98

2)$

(17,

773,

176)

$(1

5,70

7,13

5)$

(14,

618,

289)

$

Bus

ines

s-T y

pe A

ctiv

ities

(1,2

63)

9,14

5(1

7,96

4)10

,887

(1,5

42)

(30,

408)

13,4

52(6

5,94

4)(6

4,40

9)(5

7,45

6)

T

otal

Dis

trict

-Wid

e N

et E

x pen

se(1

8,31

8,42

7)$

(18,

486,

135)

$(1

7,17

9,62

8)$

(16,

871,

312)

$(1

8,53

1,88

1)$

(18,

269,

832)

$(1

8,65

7,53

0)$

(17,

839,

120)

$(1

5,77

1,54

4)$

(14,

675,

745)

$

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

CH

AN

GE

S IN

NE

T P

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TIO

N -

(AC

CR

UA

L B

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CC

OU

NT

ING

)L

AST

TE

N F

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AL

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AR

S

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

EXH

IBIT

J-2

(Pag

e 3

of 3

)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gen

eral

Rev

enue

s & O

ther

Cha

n ges

in N

et P

ositi

on G

over

nmen

tal A

ctiv

ities

:

Pro

perty

Tax

es L

evie

d fo

r Gen

eral

Pur

pose

s, N

et11

,337

,254

$

11,1

14,9

55$

10,9

53,5

84$

11,0

23,4

68$

11,2

24,5

83$

11,1

76,6

87$

10

,746

,814

$ 10

,122

,574

$ 9,

245,

179

$

8,55

3,49

4$

T

axes

Lev

ied

for D

ebt S

ervi

c e88

0,08

6

917,

936

95

2,32

8

980,

678

92

2,32

6

963,

417

98

0,88

6

992,

917

1,

013,

324

1,02

3,44

9

Unr

estri

cted

Gra

nts &

Con

tribu

tions

6,91

8,95

77,

074,

009

6,99

1,98

46,

448,

730

6,76

9,67

86,

983,

037

7,48

1,57

27,

156,

367

6,34

4,19

45,

624,

630

S

DA

Gra

nt R

even

u e31

,103

-

-

-

-

-

-

-

-

-

Tui

tion

231,

505

18

7,40

4

192,

567

21

4,85

1

124,

076

66

,803

95,9

91

160,

522

82

,027

71

,543

In

vest

men

t Ear

nin g

s40

1

23

5

-

-

-

21,8

01

80

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13

6,62

0

102,

569

51

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M

isce

llane

ous I

ncom

e 22

,876

67,4

11

15,5

43

5,06

9

37

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2

232

14

,178

38

,857

7,

471

T

rans

fers

-

-

-

-(3

0,00

0)(4

8,70

1)(4

0,00

0)(3

9,06

9)(3

7,00

0)(2

4,00

0)

Net

Incr

ease

in C

a pita

l Ass

ets

-

-

-

-

-

-

-(3

52,8

37)

(188

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)52

4,81

6

Incr

ease

in C

ompe

nsat

ed A

bsen

ces

-

-

-

-

-

-

-

-

4,40

0

-

T

otal

Gov

ernm

enta

l Act

iviti

e s19

,422

,182

19,3

61,9

50

19,1

06,0

06

18,6

72,7

96

19,0

48,1

31

19,1

63,8

86

19

,346

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18

,191

,272

16

,605

,342

15

,832

,866

Bus

ines

s-T y

pe A

ctiv

ities

:

Inve

stm

ent E

arni

ngs

-

-

-

-

-

-

-

-

1,24

5

55

1

Tra

nsfe

rs-

-

-

-

30

,000

40

,000

40,0

00

39,0

69

37,0

00

24,0

00

T

otal

Bus

ines

s-T y

pe A

ctiv

ities

-

-

-

-

30,0

00

40,0

00

40

,000

39

,069

38

,245

24

,551

Tota

l Dis

trict

-Wid

e19

,422

,182

$

19,3

61,9

50$

19,1

06,0

06$

18,6

72,7

96$

19,0

78,1

31$

19,2

03,8

86$

19

,386

,458

$ 18

,230

,341

$ 16

,643

,587

$ 15

,857

,417

$

Cha

n ge

in N

et P

ositi

on:

G

over

nmen

tal A

ctiv

ities

1,10

5,01

8$

866,

670

$1,

944,

342

$1,

790,

597

$51

7,79

2$

924,

462

$

67

5,47

6$

418,

096

$

89

8,20

7$

1,21

4,57

7$

B

usin

ess-

T ype

Act

iviti

es(1

,263

)9,

145

(17,

964)

10,8

8728

,458

9,59

253

,452

(26,

875)

(26,

164)

(32,

905)

T

otal

Dis

tric t

1,10

3,75

5$

875,

815

$1,

926,

378

$1,

801,

484

$54

6,25

0$

934,

054

$

72

8,92

8$

391,

221

$

87

2,04

3$

1,18

1,67

2$

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

CH

AN

GE

S IN

NE

T P

OSI

TIO

N -

(AC

CR

UA

L B

ASI

S O

F A

CC

OU

NT

ING

)L

AST

TE

N F

ISC

AL

YE

AR

S

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

EXH

IBIT

J-3

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gen

eral

Fun

d:

Res

erve

d3,

504,

100

$

3,73

7,74

3$

3,

198,

504

$

1,69

2,83

2$

1,

233,

275

$

1,09

6,30

1$

90

1,77

9$

1,18

4,64

2$

1,38

4,46

9$

91

2,71

4$

U

nres

erve

d1,

821

(45,

157)

(1

34,4

74)

262,

970

(1

57,8

80)

331,

461

41

7,53

6

319,

446

25

,768

34

7,61

3

Tota

l Gen

eral

Fun

d3,

505,

921

$3,

692,

586

$

3,06

4,03

0$

1,

955,

802

$

1,07

5,39

5$

1,

427,

762

$

1,31

9,31

5$

1,

504,

088

$

1,41

0,23

7$

1,

260,

327

$

All

Oth

er G

over

nmen

tal F

unds

:

Res

erve

d29

9,54

7$

2$

-

$

-$

-

$

-$

-

$

240,

287

$

-

$

-$

Unr

eser

ved,

Rep

orte

d in

:

S

peci

al R

even

ue F

und

(3,6

30)

(3,6

30)

(3,6

30)

(3,6

30)

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111.

782

0.15

9

1.

941

0.34

5

1.

043

0.08

3

0.

082

3.49

4

2010

1.78

2

0.

146

1.92

8

0.

345

0.97

5

0.

079

0.07

7

3.

404

20

091.

804

0.15

5

1.

959

0.34

5

0.

924

0.07

5

0.

072

3.37

5

2008

1.73

9

0.

159

1.89

8

0.

326

0.80

1

0.

067

0.06

3

3.

155

20

071.

638

0.18

0

1.

818

0.30

9

0.

738

0.05

9

0.

053

2.97

7

2006

1.54

7

0.

191

1.73

8

0.

286

0.71

5

0.

055

0.04

1

2.

835

20

051.

456

0.18

2

1.

638

0.28

9

0.

603

0.05

2

0.

032

2.61

4

Sour

ce: D

istri

ct R

ecor

ds a

nd M

unic

ipal

Tax

Col

lect

or

SCH

OO

L D

ISTR

ICT

DIR

ECT

RA

TE

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

DIR

EC

T A

ND

OV

ER

LA

PPIN

G P

RO

PER

TY

TA

X R

AT

ES

LA

ST T

EN

FIS

CA

L Y

EA

RS

(Rat

e pe

r $10

0 of

Ass

esse

d V

alue

) OV

ERLA

PPIN

G R

ATE

S

EXHIBIT J-8

% OF TOTALTAXABLE DISTRICT NETASSESSED ASSESSED

TAXPAYER VALUE RANK VALUE

Liberty Venture I LP $92,163,400 1 8.79%CBRE Inc. 30,000,000 2 2.86%Birch Creek Distrbution Center 17,199,600 3 1.64%SunTrust Bank 17,105,800 4 1.63%Liberty Property LTD 16,392,200 5 1.56%IIT Center Square DC LLC 14,347,700 6 1.37%Duke Realty LP 14,003,700 7 1.33%DGI LS LLC 13,675,800 8 1.30%Prologis NA3 NV IV LLC 13,355,900 9 1.27%IIT Pureland DC I LLC 11,750,000 10 1.12%

Total 239,994,100$ 22.88%

% OF TOTALTAXABLE DISTRICT NETASSESSED ASSESSED

VALUE RANK VALUE

Liberty Ventures I, LLP $49,132,000 1 8.808%Pureland VI Limited Partnership 14,805,700 2 2.654%Mid-Atlantic (Pureland Ind) 14,097,200 3 2.527%Sun Trust Equity Funding, LLC 12,289,100 4 2.203%Pureland Industrial Assoc, LLC 10,954,700 5 1.964%Wachovia Development Corp. 10,000,000 6 1.793%BPG Management Comp. 7,140,200 7 1.280%Liberty Property LTD Partnership 7,089,100 8 1.271%Pureland Birch Creek, LLC 6,855,700 9 1.229%VWR SCI, Inc. 6,451,200 10 1.157%

Total 138,814,900$ 24.89%

Source: Municipal Tax Assessor

2014

2005

LOGAN TOWNSHIP BOARD OF EDUCATIONPRINCIPAL PROPERTY TAX PAYERS,

CURRENT YEAR AND NINE YEARS AGO

EXHIBIT J-9

FISCAL TAXES COLLECTIONSYEAR LEVIED FOR IN

ENDED THE FISCAL PERCENTAGE SUBSEQUENTJUNE 30, YEAR AMOUNT OF LEVY YEARS

2014 12,217,340$ 12,217,340$ 100.00% -2013 12,032,891 12,032,891 100.00% -2012 11,905,912 11,905,912 100.00% -2011 12,004,146 12,004,146 100.00% -2010 12,146,909 12,146,909 100.00% -2009 12,140,104 12,140,104 100.00% -2008 11,727,700 11,727,700 100.00% -2007 11,115,491 11,115,491 100.00% -2006 10,258,503 10,258,503 100.00% -2005 9,576,943 9,576,943 100.00% -

Source: District records including the Certificate and Report of School Taxes (A4F form)

YEAR OF THE LEVY

LOGAN TOWNSHIP BOARD OF EDUCATIONSCHOOL PROPERTY TAX LEVIES AND COLLECTIONS

LAST TEN FISCAL YEARS

COLLECTED WITHIN THE FISCAL

EXHIBIT J-10

FISCALYEAR GENERAL CERTIFICATES

ENDED OBLIGATION OF CAPITAL TOTALJUNE 30, BONDS PARTICIPATION LEASES DISTRICT PER CAPITA

2014 2,675,000$ -$ 200,140$ 2,875,140$ 478 2013 5,000,000 - 235,050 5,235,050 676 2012 5,000,000 - 319,599 5,319,599 878 2011 6,165,000 - 301,735 6,466,735 1,070 2010 7,325,000 - 482,670 8,947,988 1,133 2009 8,475,000 - 472,988 9,930,322 1,433 2008 9,625,000 - 305,322 11,005,661 1,778 2007 10,770,000 - 235,661 12,062,383 1,960 2006 11,880,000 - 182,383 13,005,000 2,107 2005 13,005,000 - - 13,632,000 2,238

Note: Details regarding the district's outstanding debt can be found in the notes to the financial statements.

GOVERNMENTAL ACTIVITIES

LOGAN TOWNSHIP BOARD OF EDUCATIONRATIOS OF OUTSTANDING DEBT BY TYPE


EXHIBIT J-11

NET PERCENTAGEFISCAL GENERAL OF ACTUALYEAR GENERAL BONDED TAXABLE

ENDED OBLIGATION DEBT VALUE OFJUNE 30, BONDS DEDUCTIONS OUTSTANDING PROPERTY PER CAPITA

2014 2,675,000$ -$ 2,675,000$ N/A 445 2013 5,000,000 - 5,000,000 0.81% 831 2012 6,165,000 - 6,165,000 1.00% 1,017 2011 7,325,000 - 7,325,000 1.18% 1,212 2010 8,475,000 - 8,475,000 1.35% 1,403 2009 9,625,000 - 9,625,000 1.53% 1,541 2008 10,770,000 - 10,770,000 1.74% 1,740 2007 11,880,000 - 11,880,000 1.92% 1,930 2006 13,005,000 - 13,005,000 2.13% 2,107 2005 13,632,000 - 13,632,000 2.31% 2,238

EXHIBIT J-12

ESTIMATED SHARE OFDEBT PERCENTAGE OVERLAPPING

OUTSTANDING APPLICABLE DEBT

Debt Repaid With Property Taxes: Township of Logan 5,432,783$ 100.00% 5,432,783$ County of Gloucester General Obligation Debt 267,685,045 4.48% 11,992,290

Subtotal, Overlapping Debt 17,425,073 Logan Township School District Direct Debt 2,675,000

Total Direct & Overlapping Debt 20,100,073$

Sources: Assessed value data used to estimate applicable percentages provided by the Logan Township or Gloucester County Board of Taxation.

AS OF JUNE 30, 2013

GOVERNMENTAL UNIT

GENERAL BONDED DEBT OUTSTANDING

LOGAN TOWNSHIP BOARD OF EDUCATIONRATIOS OF NET GENERAL BONDED DEBT OUTSTANDING


RATIOS OF OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT

EXH

IBIT

J-13

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Deb

t Lim

i t34

,601

,417

$

34,9

05,2

64$

35,0

63,7

10$

35,4

88,3

12$

34,5

01,2

43$

32,1

90,6

31$

28

,195

,875

$ 24

,322

,278

$ 20

,798

,779

$ 19

,059

,307

$

Tota

l Net

Deb

t App

licab

le to

Lim

it2,

675,

000

3,83

5,00

0

5,00

0,00

06,

165,

000

7,

325,

000

8,47

5,00

0

9,

625,

000

10,7

70,0

0011

,880

,000

13,0

05,0

00

Lega

l Deb

t Mar

gin

31,9

26,4

17$

31

,070

,264

$ 30

,063

,710

$

29

,323

,312

$27

,176

,243

$ 23

,715

,631

$

18,5

70,8

75$

13,5

52,2

78$

8,91

8,77

9$

6,

054,

307

$

Tota

l Net

Deb

t App

licab

le to

the

Lim

it

as a

Per

cent

age

of D

ebt L

imit

7.73

%10

.99%

14.2

6%17

.37%

21.2

3%26

.33%

34.1

4%44

.28%

57.1

2%68

.23%

Equa

lized

Val

uatio

n B

asi s

2013

1,15

6,84

2,89

7$

2012

1,16

7,89

4,65

820

111,

135,

404,

149

3,46

0,14

1,70

4$

Ave

rage

Equ

aliz

ed V

alua

tion

of T

axab

le P

rope

rt y1,

153,

380,

568

$

Deb

t Lim

it (3

% o

f Ave

rage

Equ

aliz

atio

n V

alue

)34

,601

,417

Net

Bon

ded

Scho

ol D

ebt

2,67

5,00

0

Lega

l Deb

t Mar

gin

31,9

26,4

17$

Sour

ce:

Equa

lized

val

uatio

n ba

ses w

ere

obta

ined

from

the

Ann

ual R

epor

t of t

he S

tate

of N

ew Je

rse y

Dep

artm

ent o

f Tre

asur

y, D

ivis

ion

of T

axat

ion

aLi

mit

set b

y N

JSA

18A

:24-

19 fo

r a K

thro

ugh

12 d

istri

ct; o

ther

% li

mits

wou

ld b

e ap

plic

able

for o

ther

dis

trict

Leg

al D

ebt M

argi

n C

alcu

latio

n fo

r Fi

scal

Yea

r 20

12

FISC

AL

YEA

R

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

LE

GA

L D

EB

T M

AR

GIN

INFO

RM

AT

ION

LA

ST T

EN

FIS

CA

L Y

EA

RS

EXHIBIT J-14

PER CAPITAPERSONAL UNEMPLOYMENT

YEAR POPULATION INCOME RATE

2014 6,013 N/A N/A2013 6,018 N/A 8.6%2012 6,059 44,868 4.3%2011 6,042 43,658 4.2%2010 6,042 41,663 4.3%2009 6,245 41,072 4.1%2008 6,189 40,898 2.7%2007 6,154 39,052 2.1%2006 6,171 37,630 2.3%2005 6,091 35,694 2.1%

Source: State of New Jersey, Department of Labor and Workforce Development, Labor Planning and Analysis.

LOGAN TOWNSHIP BOARD OF EDUCATIONDEMOGRAPHIC AND ECONOMIC STATISTICS


EXHIBIT J-15

PERCENTAGE OF(1) TOTAL

EMPLOYEES RANK EMPLOYMENT

Inspira Health 1,825 1Kennedy Memorial Hospital 1,675 2Washington Township School District 1,598 3Rowan University 1,483 4County of Gloucester 1,425 5MISSA Bay LLC 950 6Monroe Twp School District 792 7U.S. Foodservice 725 8ExxonMobil Research & Engineering 540 9LaBrea Bakery 525 10

11,538 N/A

This exhibit reflects principal employers for Gloucester County.

Source: (1) Gloucester County Office of Economic Development for company and employee data. (2) New Jersey Department of Labor and Workforce Development for the total employment data.

N/A

LOGAN TOWNSHIP BOARD OF EDUCATIONPRINCIPAL EMPLOYERS

CURRENT YEAR AND NINE YEARS AGO

2014

2004

EXHIBIT J-16

Function/Program 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005

Instruction: Regular 63 63 63 69 73 71 75 75 75 76 Special Education 12 9 10 9 9 9 7 7 7 7 Other Special Education 4 5 5 4 3 3 3 3 3 3Support Services: Student & Instruction Related Services 26 29 25 23 20 20 20 20 20 17 General & Business Administrative Services 2 2 2 2 2 2 2 2 2 2 School Administrative Services 3 3 3 5 6 6 5 5 5 5 Central Services 2 2 2 3 3 3 4 4 4 4 Administrative Information Technology 1 1 1 1 3 3 2 2 2 2 Plant Operations & Maintenance 5 5 5 5 6 6 3 3 3 3 Pupil Transportation 1 1 1 1 1 1 1 1 1 1Food Service - - 1 2 2 2 4 4 4 6

Total 119 120 118 124 128 126 126 126 126 126

Source: School District Records.

LOGAN TOWNSHIP BOARD OF EDUCATIONFULL-TIME EQUIVALENT DISTRICT EMPLOYEES BY FUNCTION/PROGRAM

LAST TEN FISCAL YEAR

EXH

IBIT

J-17

AV

ERA

GE

AV

ERA

GE

% C

HA

NG

E IN

OPE

RA

TIN

GTE

AC

HER

DA

ILY

DA

ILY

AV

ERA

GE

STU

DEN

T FI

SCA

LEX

PEN

DIT

UR

ESC

OST

PER

PER

CEN

TAG

ETE

AC

HIN

GR

ATI

OEN

RO

LLM

ENT

ATT

END

AN

CE

DA

ILY

A

TTEN

DA

NC

EY

EAR

ENR

OLL

MEN

T(a

)PU

PIL

CH

AN

GE

STA

FF (b

)EL

EMEN

TAR

Y(A

DA

) (c)

(AD

A) (

c)EN

RO

LLM

ENT

PER

CEN

TAG

E

2014

839

$

1

8,12

1,68

3 21

,599

2.

97%

8010

.5:1

838.

9 80

5.6

0.08

%96

.03%

2013

838

1

7,57

7,30

4 20

,975

9.

16%

809.

6:1

838.

2 79

9.3

-4.6

4%95

.36%

2012

879

1

6,89

0,27

0 19

,215

0.

90%

8110

.8:1

879.

0 84

6.1

0.56

%96

.26%

2011

874

1

6,64

4,04

5 19

,044

-4

.04%

8310

.5:1

874.

1 84

0.5

-3.2

3%96

.16%

2010

903

1

8,30

1,29

2 19

,845

0.

00%

8510

.6:1

903.

3 86

5.5

3.14

%96

.00%

2009

900

1

7,86

0,35

2 19

,845

-4

.17%

8211

.0:1

899.

7 86

3.7

2.73

%96

.00%

2008

876

1

8,14

1,10

8 20

,709

12

.61%

8211

.4:1

875.

8 84

2.1

-5.7

4%96

.15%

2007

933

1

7,15

8,18

7 18

,390

8.

53%

8211

.3:1

933.

4 89

5.7

0.46

%95

.96%

2006

929

1

5,74

1,63

8 16

,945

5.

60%

83

11.2

:192

9.1

892.

1 -1

.22%

96.0

2%20

0594

1

15,

099,

724

16,0

46

5.52

%81

12

.1:1

940.

6 90

3.1

-1.8

1%96

.01%

Sour

ces:

D

istri

ct re

cord

s

PUPI

L/

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

OPE

RA

TIN

G S

TA

TIS

TIC

SL

AST

TE

N F

ISC

AL

YE

AR

S

EXH

IBIT

J-18

DIS

TRIC

T B

UIL

DIN

GS

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Elem

enta

ry S

choo

ls:

L

ogan

Tow

nshi

p (1

991)

:

S

quar

e Fe

et13

1,06

813

1,06

813

1,06

813

1,06

813

1,06

813

1,06

813

1,06

813

1,06

813

1,06

813

1,06

8

C

apac

ity (S

tude

nts)

877

877

877

877

877

877

877

877

877

877

Enr

ollm

ent

605

610

657

650

651

672

658

728

728

712

C

ente

r Squ

are

(200

1):

Squ

are

Feet

39,1

3539

,135

39,1

3539

,135

39,1

3539

,135

39,1

3539

,135

39,1

3539

,135

Cap

acity

(Stu

dent

s)26

626

626

626

626

626

626

626

626

626

6

E

nrol

lmen

t (a)

234

228

222

224

252

227

218

202

202

229

Num

ber o

f Bui

ldin

gs a

t Jun

e 30

, 201

4:

Ele

men

tary

= 2

M

iddl

e =

0

Hig

h Sc

hool

= 0

O

ther

= 0

Sour

ce: D

istri

ct F

acili

ties O

ffic

e, L

ong

Ran

ge F

acili

ty P

lan

- FES

and

Dis

trict

Cap

acity

repo

rt .

LO

GA

N T

OW

NSH

IP B

OA

RD

OF

ED

UC

AT

ION

SCH

OO

L B

UIL

DIN

G IN

FOR

MA

TIO

NL

AST

TE

N F

ISC

AL

YE

AR

RE

VIS

ED

EXHIBIT J-19

UNDISTRIBUTED EXPENDITURES - REQUIREDMAINTENANCE FOR SCHOOL FACILITIES11-000-261-xxx

LOGAN CENTERTOWNSHIP SQUARE

ELEMENTARY ELEMENTARY TOTAL

2014 133,803$ 34,549$ 168,352$ 2013 116,326 51,784 168,110 2012 115,606 53,582 169,188 2011 98,680 43,685 142,365 2010 95,490 31,141 115,688 2009 87,605 28,083 115,688 2008 24,564 99,644 124,208 2007 72,864 36,367 109,231 2006 97,956 17,253 115,209 2005 93,695 62,464 156,159

Total School Facilities

* School facilities as defined under EFCFA. (N.J.A.C. 6A:26-1.2 and N.J.A.C. 6A:26A-1.3)

Source: District records

LOGAN TOWNSHIP BOARD OF EDUCATIONSCHEDULE OF REQUIRED MAINTENANCE


EXHIBIT J-20

COVERAGE DEDUCTIBLESchool Package Policy: Property Blanket Building & Contents 43,057,205$ 1,000$ Pollution 1,000,000 - Blanket Dishonesty-Crime Coverage Per Person 100,000 - Per Loss 400,000 1,000 General Liability 5,000,000 - Automobile 5,000,000 - Automobile Comprehensive & Collision Coverage 1,000 School Board Legal Liability 5,000,000 5,000 Workers Compensation Including Supplemental 5,000,000 - Excess Liability-Auto, General Liability, Workers Compensation & School Board Legal 15,000,000 - Student Accident Maximum Benefit Per Injury 1,000,000 - Surety Bonds: Treasurer 250,000 - Business Administrator 5,000 -

Source: District records

LOGAN TOWNSHIP BOARD OF EDUCATIONINSURANCE SCHEDULE

JUNE 30, 2014

SINGLE AUDIT SECTION

EXHIBIT K-1

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITHGOVERNMENT AUDITING STANDARDS


We have audited, in accordance with the 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 and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the Logan Township Board of Education, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively comprise the Logan Township Board of Education’s basic financial statements, and have issued our report thereon dated November 17, 2014.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Logan Township Board of Education’s internal 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 the Logan Township Board of Education’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Logan Township Board of Education’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 District’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.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Logan Township Board of Education’s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.



Rodney R. Haines Public School Accountant Certified Public Accountant No. 2198


EXHIBIT K-2

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY

NEW JERSEY OMB CIRCULAR 04-04.


Report on Compliance for Each Major State Program

We have audited the Logan Township Board of Education’s compliance with the types of compliance requirements described in the New Jersey Aid/Grant Compliance Supplement thatcould have a direct and material effect on each of the District’s major state programs for the year ended June 30, 2014. The Logan Township Board of Education’s major 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 state programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of Logan Township Board of Education’s major 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; OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organization; the New Jersey State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.Those standards, OMB Circular A-133 and New Jersey OMB’s Circular 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 state program occurred. An audit includes examining, on a test basis, evidence about Logan Board of Education’s 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 state program. However, our audit does not provide a legal determination of the Logan Township Board of Education’s compliance with those requirements.

Opinion on Each Major State Program

In our opinion, the Logan Township Board of Education complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major state programs for the year ended June 30, 2014.

Report on Internal Control Over Compliance

Management of the Logan Township Board of Education is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Logan Township Board of Education’s internal control over compliance with the types of requirements that could have a direct and material effect on each major state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 or New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Logan Township Board of Education’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and New Jersey OMB’s Circular 04-04. Accordingly, this report is not suitable for any other purpose.



Rodney R. Haines Public School Accountant Certified Public Accountant No. 2198


EXH

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3,99

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$

-

$

3,

990,

950

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$

(3,9

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38

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014

EXHIBIT K-5 (Page 1 of 2)

LOGAN TOWNSHIP BOARD OF EDUCATION NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE


1. General

The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Board of Education, Logan Township School District. The Board of Education is defined in Note 1 to the Board’s basic financial statements. All state awards received directly from state agencies, as well as state financial assistance passed through other government agencies is included on the schedule of expenditures of state financial assistance.

2. Basis of Accounting

The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These basis of accounting are described in Note 1 to the Board’s basic financial statements.

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 for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made.

The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last two state aid payments in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. 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 special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2.

The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(7,929) for the general fund and $0 for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented as follows:


LOGAN TOWNSHIP BOARD OF EDUCATION NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE


3. Relationship to Basic Financial Statements (continued):

State Total

General Fund $6,508,365 $6,508,365 Special Revenue Fund 36,300 36,300 Capital Projects Fund 31,103 31,103 Debt Service Fund 410,592 410,592 Food Service Fund 3,447 3,447

Total Financial Assistance $6,989,807 $6,989,807

4. Relationship to State Financial Reports

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

5. Other

Revenues and expenditures reported under the Food Distribution Program represents current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of the District for the year ended June 30, 2014. TPAF Social Security Contributions represents the amount reimbursed by the state for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014.

Note 6. Federal and State Loans Outstanding

Logan Township Board of Education had no loan balances outstanding at June 30, 2014.


LOGAN TOWNSHIP BOARD OF EDUCATION SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

Section I – Summary of Auditor’s Results

Financial Statements

Type of auditor’s report issued: Unmodified

Internal control over financial reporting:

1) Material weakness(es) identified? None Reported

2) Significant deficiencies identified that are not considered to be material weaknesses? None Reported

Noncompliance material to basic financial Statements noted? No

State Awards

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

Auditee qualified as low-risk auditee? Yes

Type of auditor’s report issued on compliance for major programs Unmodified

Internal Control over major programs:

1) Material weakness(es) identified? None Reported

2) Significant deficiencies identified that are not considered To be material weaknesses? None Reported

Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04 None Reported

Identification of major programs:

GMIS Number(s) Name of State Program

14-495-034-5120-078 Equalization Aid 14-495-034-5120-084 Security Aid 14-495-034-5120-089 Special Education Categorical Aid

14-495-034-5120-085 Adjustment Aid 14-495-034-5120-125 Debt Service Aid Type II


LOGAN TOWNSHIP BOARD OF EDUCATION SCHEDULE OF FINDINGS & QUESTIONED COSTS


Section II – Financial Statement Findings

This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit.

No Current Year Findings

Section III – State Financial Assistance Finding & Questioned Costs

This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and New Jersey OMB’s Circular Letter 04-04.

No Current Year Findings

EXHIBIT K-7 LOGAN TOWNSHIP BOARD OF EDUCATION

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT


This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04-04.

No Prior Year Findings

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