BOCES AUDIT 06-30-10
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RIO BLANCO BOARD OF COOPERATIVE EDUCATIONAL SERVICES RANGELY, COLORADO FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT June 30, 2010 TABLE OF CONTENTS Page Independent Auditor’s Report 1 Management’s Discussion and Analysis 2+7 Basic Financial Statements: GovernmentWide Financial Statements: Statement of Net Assets 8 Statement of Activities 9 Fund Financial Statements: Balance Sheet – Governmental Funds 10 Reconciliation of Total Governmental Fund Balances to the Statement of Net Assets 11 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds 12 Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Government Funds to the Statement of Activities 13 Notes to the Basic Financial Statements 14+24 Required Supplementary Information: Statement of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual – General Fund 25 Other Supplemental Information: Supplemental Schedule of Revenues and Other Financing Sources – Budget and Actual – General Fund 26 Supplemental Schedule of Expenditures and Other Financing Uses – Budget and Actual – General Fund 27 COLORADO DEPARTMENT OF EDUCATION REQUIREMENTS: Electronic Financial Data Integrity Check Figures & Bolded Balance Sheet Report 28+30 Reconciliation of CDE ...
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RIO BLANCO BOARD OF COOPERATIVE EDUCATIONAL SERVICES RANGELY, COLORADO FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR’S REPORT June 30, 2010
TABLE OF CONTENTS
Independent Auditor’s Report Management’s Discussion and Analysis Basic Financial Statements: Government+Wide Financial Statements: Statement of Net Assets Statement of Activities Fund Financial Statements: Balance Sheet – Governmental Funds Reconciliation of Total Governmental Fund Balances to the Statement of Net Assets Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds Reconciliation of Statement of Revenues, Expenditures, and Changes in Fund Balances of Government Funds to the Statement of Activities Notes to the Basic Financial Statements Required Supplementary Information: Statement of Revenues, Expenditures, and Changes in Fund Balance Budget and Actual – General Fund – Other Supplemental Information: Supplemental Schedule of Revenues and Other Financing Sources – Budget and Actual – General Fund Supplemental Schedule of Expenditures and Other Financing Uses – Budget and Actual – General Fund COLORADODEPARTMENT OFEDUCATIONREQUIREMENTS: Electronic Financial Data Integrity Check Figures & Bolded Balance Sheet Report Reconciliation of CDE Auditor’s Electronic Financial Data Integrity Check Figures Reconciliation of CDE Auditor’s Bolded Balance Sheet Report
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8 9 10 11 12 13 14+24 25 26 27 28+30 31 32
Board of Directors Rio Blanco Board of Cooperative Educational Services Rangely, Colorado INDEPENDENT AUDITOR’S REPORT We have audited the accompanying financial statements of the governmental activities and each major fund of the Rio Blanco Board of Cooperative Educational Services, as of and for the year ended June 30, 2010, which collectively comprise the Cooperative’s basic financial statements as listed in the table of contents. These financial statements are the responsibility of the entity's management. 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. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Rio Blanco Board of Cooperative Educational Services, as of June 30, 2010 and the respective changes in financial position, thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management’s discussion and analysis and the budgetary comparison information as listed in the Table of Contents, are not a required part of the basic financial statements, but are supplementary information required by the Governmental Accounting Standards Board. We applied certain limited procedures, consisting principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion thereon. Our audit was performed for the purpose of forming opinions on the financial statements that collectively comprise the Rio Blanco Board of Cooperative Educational Services' basic financial statements, taken as a whole. The schedules listed as Other Supplemental Information in the table of contents are for purposes of additional analysis and are not a required part of the basic financial statements. The electronic financial data integrity check figures, bolded balance sheet report and related reconciliations are presented for purposes of additional analysis as required by the Colorado Department of Education, and are also not required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material aspects, in relation to the basic financial statements taken as a whole.
MONAHAN, LAMPMAN & HAYS, P.C. October 20, 2010 810 PITKIN AVE. ● P.O. BOX 370C81602 ● (970) 945)8588 ● FAX (970) 945)2398● GLENWOOD SPRINGS, CO
AHANOM N IFITRECAYS,& H . P C. L MAMPNA
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