Milestones Community School - Lake County Schools

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MILESTONES COMMUNITY SCHOOL OF LAKE COUNTY (A Division of Milestones Community School of Lake County, Inc.) Basic Financial Statements and Supplemental Information

For the year ended June 30, 2015

(DISSOLVED)

TABLE OF CONTENTS Page INDEPENDENT AUDITOR’S REPORT

1

MANAGEMENT’S DISCUSSION AND ANALYSIS

3

BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements: Statement of Net Position

8

Statement of Activities

9

Fund Financial Statements Balance Sheet - Governmental Funds

10

Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position

11

Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds

12

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Activities

13

Notes to Financial Statements

14

REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - General Fund

25

Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual - Capital Outlay Fund

26

Note to Required Supplementary Information

27

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 WITH GOVERNMENT AUDITING STANDARDS

28

MANAGEMENT LETTER

30

MANAGEMENT FINDINGS, RECOMMENDATIONS, AND RESPONSES

32

80 035 Spyglass Hill H Road M Melbourne, FL 32940 3 P Phone: 321-757 7-2020 Fa ax: 321-242-48 844

www.berm manhopkins s.com

255 S S. Orange Ave.. Suite 745 Orlando o, FL 32801 Phone: 40 07-841-8841 Fax: 40 07-841-8849

IN NDEPENDEN NT AUDITO OR’S REPOR RT

To the Board of Dirrectors Milestones Commu unity School of Lake Cou unty, Inc. Leesbu urg, Florida Reportt on the Fina ancial State ements We hav ve audited the t accomp panying finan ncial statem ments of the e governmen ntal activities, each major fund, f and ag ggregate rem maining fund d information n of Mileston nes Community School of Lake County y (the “Scho ool”), a divis sion of Miles stones Com mmunity Sch hool of Lake e County, In nc., (the “Charte erholder”) an nd a compon nent unit of the School B Board of Lakke County, Florida, as off and for the yea ar ended Ju une 30, 2015 (date off dissolution n), and the related nottes to the ffinancial stateme ents, which collectively comprise th he School’s basic financcial stateme ents as listed d in the table off contents. Manag gement’s Re esponsibility ty for the Fin nancial Sta tements Manage ement is responsible r for the prreparation a and fair prresentation of these ffinancial stateme ents in acco ordance with h accounting g principles g generally acccepted in th he United S States of America; this includ des the des sign, implementation, an nd maintena ance of interrnal control rrelevant to the preparation and fair presentation p of financia al statementts that are free from m material misstattement, whether due to fraud f or erro or. Audito or’s Responsibility Our res sponsibility is i to express opinions on o these fina ancial statements based on our au udit. We conduc cted our aud dit in accord dance with auditing sta andards gen nerally acce epted in the e United States of America and the sttandards ap pplicable to financial au udits contain ned in Gove ernment Auditing g Standards s, issued by y the Compttroller Gene ral of the U United Statess. Those sta andards require that we pla an and perfo orm the aud dit to obtain reasonable e assurance about whetther the financia al statements are free fro om material misstateme ent. An aud dit involves performing procedures s to obtain audit evide ence about the amoun nts and disclosures in the e financial statements. s The proce edures seleccted depend d on the a auditor’s judgme ent, including the asse essment of the risks o of material misstateme ent of the ffinancial stateme ents, wheth her due to fraud or errror. In makking those risk assessments, the auditor conside ers internal control c relev vant to the entity’s prepa aration and ffair presenta ation of the ffinancial stateme ents in orderr to design audit a procedures that are e appropriatte in the circcumstances, but not for the purpose off expressing g an opinion n on the efffectiveness of the entityy’s internal control. Accordingly, we ex xpress no su uch opinion. An audit alsso includes evaluating the appropria ateness of acco ounting policies used and d the reason nableness o of significant accounting estimates m made by manage ement, as well w as evalua ating the ove erall presenttation of the financial sta atements. We bellieve that the audit evidence we ha ave obtained d is sufficien nt and appro opriate to prrovide a basis fo or our audit opinions. o

1

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 School, as of June 30, 2015, and the respective changes in financial position, thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matters As described in Note A-12 to the financial statements, in June 30, 2015 (date of dissolution), the School implemented GASB Statement No. 69, Government Combinations and Disposals of Government Operations for the disposal of the School’s activities and transfer of assets to the Lake County School District or other parties (Note H). 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, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated September 25, 2015, on our consideration of the School’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 School’s internal control over financial reporting and compliance.

Berman Hopkins Wright & LaHam

September 25, 2015 Melbourne, Florida

CPAs and Associates, LLP

2

Management’s Discussion and Analysis As management of Milestones Community School of Lake County (the “School”), which is a component unit of the School Board of Lake County, Florida, a division of Milestones Community School of Lake County, Inc. (the “Charterholder”), we offer readers of the School’s financial statements this narrative overview and analysis of the financial activities of the School for the fiscal year ended June 30, 2015 (date of dissolution) to (a) assist the reader in focusing on significant financial issues, (b) provide an overview and analysis of the School’s financial activities, (c) identify changes in the School’s financial position, (d) identify material deviations from the approved budget, and (e) highlight significant issues in individual funds. Since the information contained in the Management’s Discussion and Analysis (MD&A) is intended to highlight significant transactions, events, and conditions, it should be considered in conjunction with the basic financial statements found starting on page 8. Financial Highlights    

There were no assets or liabilities at the close of the most recent fiscal year due to School closing and transfer of assets. The School’s total net position decreased by $374,422. As of the close of the current fiscal year, the School’s governmental funds reported no combined ending fund balances due to school closing. At the end of the current fiscal year, there was no unassigned fund balance for the general fund as a result of school closing.

Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the School’s basic financial statements. The School’s basic financial statements have three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplemental information in addition to the basic financial statements themselves. Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the School’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the School’s assets and liabilities, 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 School is improving or deteriorating. The statement of activities presents information showing how the School’s net position 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.

3

Both of the government-wide financial statements distinguish functions of the School that are principally supported by district, state, and federal funding (governmental activities). Basic instruction, exceptional instruction, and food services are examples of the School’s governmental activities. The government-wide financial statements include only the School itself, which is a component unit of the School Board of Lake County, Florida. The School Board of Lake County, Florida includes the operations of the School in their operational results. The government-wide financial statements can be found on pages 8 and 9 of this report. Fund financial statements. A fund is a collection of related accounts grouped together to maintain control over resources that have been segregated for specific activities or objectives. The School, like state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the operations of the School are presented in governmental funds only. 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 a 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 in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the School’s near-term financing decisions. Both the governmental fund balance sheet and statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The School maintains two individual governmental funds. Information is presented separately in the governmental fund balance sheet and statement of revenues, expenditures, and changes in fund balances. The general fund and capital outlay fund are considered to be major funds. The basic governmental fund financial statements can be found on pages 10 through 13 of this report. The School adopts an annual appropriated budget for its entire operations. Budgetary comparison schedules and notes to these schedules have been provided to demonstrate compliance with this budget and can be found on pages 25 through 27 of this report. Notes to financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found starting on page 14 of this report.

4

Government-Wide Financial Analysis As noted previously, net position may serve over time as a useful indicator of a School’s financial position. In the case of the School, for the years ended June 30, 2015 and 2014, assets and liabilities were zero and $374,422 (net position), respectively.

Comparison of the condensed statement of net position and the statement of activities are provided below:

Statement of Net Position Governmental Activities 2015 2014 Variance ASSETS Current assets Capital assets, net of accumulated depreciation

$

Total assets LIABILITIES Current and other liabilities

-

$ 121,625

$ (121,625)

-

324,096

(324,096)

-

445,721

(445,721)

-

71,299

(71,299)

-

324,096 50,326

(324,096) (50,326)

-

$ 374,422

$ (374,422)

NET POSITION: Net invested in capital assets Unrestricted Total net position

$

The change of total assets, liabilities and net position are due to the closing and transfer of School’s assets to School Board of Lake County at June 30, 2015 (date of dissolution) compared to 2014.

5

The following table indicates the changes in net position for the School:

Statement of Activities Governmental Activities 2015 2014 Variance Revenues: Program revenues: Operating grants, contributions, and capital General revenues: State passed through local school district Other revenues

$

86,364

$

97,001

$

(10,637)

1,309,576 25,305

1,273,679 15,529

35,897 9,776

Total revenues Expenses Basic instruction Exceptional instruction Idea grant Psychological services Staff development Instructional-related technology Board of directors School administration Facilities Fiscal services Food services Staff services Transportation Operation of plant Maintenance of plant Technology administration

1,421,245

1,386,209

35,036

689,512 21,884 1,616 2,882 10,203 212,551 158,806 66,693 25,877 8,955 99,734 149,088 16,505 300

636,726 41,672 4,300 15,903 1,250 7,950 139,689 183,177 91,275 29,298 12,312 107,384 93,578 11,489 150

Total expenses Excess (deficiency) of revenues over (under) expenditures before special items Special items - reversion of fixed assets and cash assets to school board and other parties

1,464,606

1,376,153

Change in net position Net position - beginning Net position - ending

$

52,786 (19,788) (4,300) (15,903) 366 2,882 2,253 72,862 (24,371) (24,582) (3,421) (3,357) (7,650) 55,510 5,016 150 88,453

(43,361)

10,056

(53,417)

(331,061)

-

(331,061)

(374,422) 374,422

10,056 364,366

(384,478) 10,056

374,422

$ (374,422)

-

$

The increase of $35,897 in state passed through local school district is due to an increase in the FEFP base student allocation. Basic instruction increased $52,786 as a result of fees and number of personnel services and consulting caused by teachers leaving. Exceptional instruction decrease resulted from a teacher leaving and hiring of consultants to fill the vacancy. Psychological service decrease is the result of not offering the service because of School closure. School administration increased mostly due to an assistant principal position being added in the 2014-15 year. Facilities increased mainly as a result of non-capitalized furniture, fixtures, and equipment. Fiscal services decreased due to lower management fees charged. Operation of plant increase was caused by salaries for personnel for closure of the School. 6

Governmental activities. There was no increase to the School’s Governmental activities net position for the year ended June 30, 2015 (date of dissolution). Financial Analysis of the Government’s Funds As noted previously, the School uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. Governmental funds. The focus of the School’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the School’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a School’s net resources available for spending at the end of the fiscal year. The general fund is the main operating fund of the School. At the end of the current fiscal year, there was no unassigned fund balance of the general fund. The fund balance of the School’s general fund did not increase or decrease due to the closure of the School and transfer of assets to the District during the current fiscal year. General Fund Budgetary Highlights The final budgeted revenues and expenditures exceeded actual revenues and expenditures by $21,781 and $28,436, respectively. The budgetary information can be found on pages 25 and 26 of this report. Capital Assets The School has no net investment in capital assets for its governmental activities as of June 30, 2015 (date of dissolution). Additional information on the School’s capital assets can be found in Note C. Economic Factors A majority of the School’s funding is determined by the number of enrolled students. The School has no forecast enrollment as a result of closing the School. Request for Information This financial report is designed to provide a general overview of Milestones Community School of Lake County’s finances for all those with an interest in the School’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to The Rader Group, 101-A Business Centre Miramar Beach, FL 32550.

7

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) STATEMENT OF NET POSITION June 30, 2015 (Date of Dissolution) Governmental Activities ASSETS ASSETS Total assets

LIABILITIES

LIABILITIES Total liabilities

NET POSITION

Total net position Total liabilities and net assets

$

-

$

-

The accompanying notes are an integral part of this financial statement. 8

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) STATEMENT OF ACTIVITIES For the year ended June 30, 2015 (Date of Dissolution)

Program Revenues

Functions/Programs Governmental activities: Basic instruction Exceptional instruction Idea grant Staff development Instructional-related technology Board of directors School administration Facilities Fiscal services Food services Staff services Transportation Operation of plant Maintenance of plant Technology administration Total governmental activities

Charges for Services

Operating Grants and Contributions

689,512 21,884 1,616 2,882 10,203 212,551 158,806 66,693 25,877 8,955 99,734 149,088 16,505 300

$

-

$

2,150 72,492 -

$

11,722 -

$ 1,464,606

$

-

$

74,642

$

11,722

Expenses $

Capital Grants and Contributions

Net (Expense) Revenue and Changes in Net Assets $

(689,512) (21,884) 2,150 (1,616) (2,882) (10,203) (212,551) (74,592) (66,693) (25,877) (8,955) (99,734) (149,088) (16,505) (300) (1,378,242)

General revenues: State passed through local school district Other revenues

1,309,576 25,305

Total general revenues Excess (deficiency) of revenues over (under) expenditures before special items

1,334,881 (43,361)

Special items - reversion of fixed assets and cash assets to school board and other parties (see Note H)

(331,061)

Change in net position

(374,422)

Net position at July 1, 2014 Net position at June 30, 2015

The accompanying notes are an integral part of this financial statement. 9

374,422 $

-

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) BALANCE SHEET - GOVERNMENTAL FUNDS June 30, 2015 (Date of Dissolution) General Fund

Capital Outlay Fund

Total Governmental Funds

$

$

ASSETS Total assets

$

-

-

-

LIABILITIES AND FUND BALANCES LIABILITIES Total liabilities

-

-

-

-

-

-

FUND BALANCES Total fund balances Total liabilities and fund balances

$

-

$

-

$

The accompanying notes are an integral part of this financial statement. 10

-

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) RECONCILIATION OF THE BALANCE SHEET- GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION June 30, 2015 (Date of Dissolution)

Fund balances - total governmental funds

$

-

Total net position of governmental activities

$

-

The accompanying notes are an integral part of this financial statement. 11

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS For the year ended June 30, 2015 (Date of Dissolution)

Capital Outlay Fund

General Fund Revenues Federal passed through local school district State passed through local school district Other revenues

$

2,150 1,309,576 25,305

$

84,214 -

Other Governmental Funds

Total Governmental Funds

$

$

-

2,150 1,393,790 25,305

Total revenues Expenditures Current: Basic instruction Exceptional instruction Staff development Instructional-related technology Board of directors School administration Facilities Fiscal services Food services Staff services Transportation Operation of plant Maintenance of plant Technology administration

1,337,031

84,214

-

1,421,245

689,512 21,884 1,616 2,882 10,203 212,523 68,797 66,693 8,955 99,734 148,752 16,505 300

72,492 -

24,648 -

689,512 21,884 1,616 2,882 10,203 212,523 141,289 66,693 24,648 8,955 99,734 148,752 16,505 300

Total expenditures Excess (deficiency) of revenues over (under) expenditures before special items Special item - reversion of cash assets to school district Other financing sources and (uses) Transfer in Transfer out

1,348,356

72,492

24,648

1,445,496

(11,325)

11,722

(24,648)

(26,075)

-

Total other financing sources and (uses) Net change in fund balances Fund balances at July 1, 2014 Fund balances at June 30, 2015

-

(26,075) 24,648 (24,648)

(12,926)

(11,722)

24,648 -

(12,926)

(11,722)

24,648

(50,326) 50,326 $

-

$

-

-

$

The accompanying notes are an integral part of this financial statement. 12

(24,251)

-

(50,326) 50,326 $

-

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES For the year ended June 30, 2015 (Date of Dissolution)

Net change in fund balances - total government funds

$

(50,326)

The change in net position reported for governmental activities in the statement of activities is different because: Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets is allocated over their estimated useful lives and reported as depreciation expense. Less: depreciation

$

(19,110) (19,110)

In the statement of activities, the special items - reversion of fixed assets and cash assets to school board and other parties are reported. However, in the governmental funds, only the special item - reversion of cash assets are reported. Thus, the change in net porsition differs by the change in fund balance by the special item - reversion of fixed asset to school district and other parties. (Note H) Change in net position of governmental activities

(304,986) $

The accompanying notes are an integral part of this financial statement. 13

(374,422)

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Reporting entity Milestones Community School of Lake County (the “School”) is a division of Milestones Community School of Lake County, Inc. (the “Charterholder”), a not-for-profit corporation organized pursuant to Chapter 617, Florida Statutes, the Florida Not-For-Profit Corporation Act, and Section 1002.33, Florida Statutes. The governing body of the School is the Board of Directors, which is composed of five members. The financial information presented is that of the School only and is not intended to be a complete presentation of the Charterholder. The general operating authority of the School is contained in Section 1002.33, Florida Statutes. The School operates under a charter of the sponsoring school district, which is the School Board of Lake County, Florida (the “District”). The current charter is effective through June 30, 2015. Milestones Community School of Lake County is considered a component unit of the School Board of Lake County, Florida. 2. Government-wide and fund financial statements The government-wide financial statements consist of a statement of net position and a statement of activities. These statements report information on all of the nonfiduciary activities of the School. As part of the consolidation process, all interfund activities are eliminated from these statements. Both statements report only governmental activities as the School does not engage in any business type activities. Net position, the difference between assets and liabilities, as presented in the statement of net position, are subdivided into three categories: amounts invested in capital assets, restricted net position, and unrestricted net position. Net position is reported as restricted when constraints are imposed on the use of the amounts either externally by creditors, grantors, contributors, laws or regulations of other governments, or enabling legislation. The statement of activities presents a comparison between the direct and indirect expenses of a given function and its program revenues, and displays the extent to which each function contributes to the change in net position for the fiscal year. Direct expenses are those that are clearly identifiable to a specific function. Indirect expenses are costs the School has allocated to various functions. Program revenues consist of charges for services, operating grants and contributions, and capital grants and contributions.

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Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. Government-wide and fund financial statements (continued) Charges for services refer to amounts received from those who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment. Grants and contributions consist of revenues that are restricted to meeting the operational or capital requirements of a particular function. Revenues not classified as program revenues are reported as general revenues. Separate fund financial statements report detailed information about the School’s governmental funds. The focus of the governmental fund financial statements is on major funds. Therefore, major funds are reported in separate columns on the fund financial statements. Two of the School’s funds were deemed major funds. A reconciliation is provided that converts the results of governmental fund accounting to the government-wide presentation. 3. Measurement focus, basis of accounting, and financial statement presentation The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recognized in the period earned and expenses are recognized when a liability is incurred. All governmental fund financial statements are reported using a current financial resources measurement focus on a modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues, except for certain grant revenues, are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. Available means collectible within the current period, or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the School considers revenues to be available if they are collected within sixty days of the end of the current fiscal period. When grant terms provide that the expenditure of resources is the prime factor for determining eligibility for federal, state, and other grant resources, revenue is recognized at the time the expenditure is made. Under the modified accrual basis of accounting, expenditures are generally recorded when the related fund liability is incurred. However, principal and interest on general long-term debt are recorded as expenditures only when payment is due.

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Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 3. Measurement focus, basis of accounting, and financial statement presentation (continued) The School’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America as prescribed by the Governmental Accounting Standards Board. Accordingly, the financial statements are organized on the basis of funds. A fund is an accounting entity having a self-balancing set of accounts for recording assets, liabilities, fund equity, revenues, expenditures, and other financing sources and uses. Resources are allocated to and accounted for in individual funds based on the purpose for which they are to be spent and the means by which spending activities are controlled. The School reports the following major governmental funds: General Fund - is the general operating fund of the School and is used to account for all financial resources not required to be accounted for in another fund. Capital Outlay Fund - in accordance with guidelines established by the School Board of Lake County, Florida this fund accounts for all resources for the leasing or acquisition of capital facilities by the School to the extent funded by capital outlay funds. 4. Cash Cash is made up of checking accounts held at a financial institution. The School has no cash equivalents. 5. Receivables Receivables include accounts receivable. As of June 30, 2015, there were no accounts receivables due to the School. Therefore, no allowance for doubtful accounts has been provided. 6. Prepaid expenses Payments made to vendors for services that will benefit periods beyond June 30, 2015 are recorded as prepaid expenses in both government-wide and fund financial statements. As of June 30, 2015, there were no prepaid expenses.

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Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 7. Revenue sources Revenues for current operations are received primarily from the state of Florida passed through the District pursuant to the funding provisions included in the School’s charter. In accordance with the funding provisions of the charter and Section 1002.33(17), Florida Statutes, the School reports the number of full-time equivalent (FTE) students and related data to the District. Under the provisions of Section 1011.62, Florida Statutes, the District reports the number of FTE students and related data to the Florida Department of Education (FDOE) for funding through the Florida Education Finance Program. Funding for the School is adjusted during the year to reflect the revised calculations by the FDOE under the Florida Education Finance Program and the actual weighted FTE students reported by the School during the designated FTE student survey periods. The School receives federal awards for the enhancement of various educational programs. This assistance is generally based on applications submitted to and approved by various granting agencies. These federal awards may have requirements whereby the issuance of grant funds is withheld until qualifying eligible expenditures are incurred. Revenues for these awards are recognized only to the extent that eligible expenditures have been incurred. Additionally, other revenues may be derived from various fundraising activities and certain other programs. 8. Income taxes The School is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code and applicable state law. The School recognizes the financial statement effects from a tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the School and various positions related to the potential sources of unrelated business taxable income. The assessment of the technical merits of a tax position is a matter of judgment. The School believes that all its tax positions are more likely than not to be sustained upon examination. The School files Form 990 in the U.S. federal jurisdiction. The School is generally no longer subject to examination by the Internal Revenue Service for years ending before June 30, 2011.

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Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 9. Use of estimates The process of preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions regarding certain types of assets, liabilities, revenues, and expenses. Such estimates primarily relate to unsettled transactions and events as of the date of the financial statements. Accordingly, upon settlement, actual results may differ from estimated amounts. 10. Fund balance classification The governmental fund financial statements present fund balances based on classifications that comprise a hierarchy that is based primarily on the extent to which the School is bound to honor constraints on the specific purposes for which amounts in the respective governmental funds can be spent. The classifications used in the governmental fund financial statements are as follows: Nonspendable fund balance - amounts that are not in nonspendable form (such as inventory and prepaid expense) or are required to be maintained intact. Restricted fund balance - amounts constrained to specific purposes by their providers (such as grantors, bondholders, and higher levels of government), through constitutional provisions, or by enabling legislation.

18

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 11. Fund balance classification (continued) Committed fund balance - amounts constrained to specific purposes by the School itself, using its highest level of decision-making authority (i.e., Board of Directors). To be reported as committed, amounts cannot be used for any other purpose unless the School takes the same highest level action to remove or change the constraint. Assigned fund balance - amounts the School intends to use for a specific purpose. Intent can be expressed by the Board of Directors or by an official or body to which the Board of Directors delegates the authority. Unassigned fund balance - amounts that are available for any purpose. No other fund except the general fund can report positive amounts of unassigned fund balance. The School would typically use restricted fund balances first, followed by committed resources, and then assigned resources, as appropriate opportunities arise, but reserves the right to selectively spend unassigned resources first to defer the use of these other classified funds. 12. Disposal and transfer of operations On February 12, 2015, the School’s Board voted not to renew the charter agreement with Lake County District Schools. Under GASB Statement No. 69, Government Combinations and Disposals of Government Operations, the School will dispose of operation and transfer assets to the Lake County District School and other parties at the date of dissolution of June 30, 2015 (see Note H). NOTE B - CASH Custodial Credit Risk - Custodial credit risk is the risk that in the event of bank failure, the School’s deposits may not be returned to it. As of June 30, 2015, there are no total bank deposits. The deposits are insured by the FDIC up to $250,000 per financial institution. Monies invested in amounts greater than the insurance coverage are secured by the qualified public depositories pledging securities with the State Treasurer in such amounts required by the Florida Security for Public Deposits Act. In the event of a default or insolvency of a qualified public depositor, the State Treasurer will implement procedures for payment of losses according to the validated claims of the School pursuant to Section 280.08, Florida Statutes. At June 30, 2015, the School’s deposits were not exposed to custodial credit risk.

19

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE C - CAPITAL ASSETS Changes in capital assets are as follows:

Balance at July 1, 2014 Capital assets depreciated: Buildings Improvements other than buildings Furniture, fixtures, and equipment Information technology equipment Total assets depreciated Less accumulated depreciation: Buildings Improvements other than buildings Furniture, fixtures, and equipment Information technology equipment Total accumulated depreciation Total governmental activities capital assets, net

Additions

Deletions

Balance at June 30, 2015

$ 393,024 83,037 36,438 1,702

$

-

$ 393,024 83,037 36,438 1,702

514,201

$

-

$ 514,201

-

120,880 34,314 33,209 1,702

$

13,002 4,515 1,593 -

$ 133,882 38,829 34,802 1,702

-

190,105

$

19,110

$ 209,215

-

$ 324,096

$

$

Depreciation expense for the year ended June 30, 2015 was charged to functions of the School as follows:

Facilities Food services Operation of plant School administration

$ 17,517 1,229 336 28 $ 19,110

20

-

-

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE D - COMMITMENTS AND CONTINGENCIES 1. Operating leases The School entered into a facility lease agreement with a third party effective July 1, 2011 which expires on June 30, 2016. The base monthly payments are $13,805 for the current year, including taxes and insurance and the full utilization of the gymnasium. For the year ended June 30, 2015, lease expense charged to operations was $140,664 which includes a rent reduction offered by the landlord of $25,000 due to the school closure. The School will not renew the lease agreement due to the closure of the School (see Note H). 2. Management service contract The School’s service agreement with a third party management service was commenced on October 23, 2014. The management fee is calculated at the Board of Directors discretion and will be approved in the budget process. The approved management fee was payable in twelve monthly installments. For the year ending June 30, 2015, the management fee was $40,000. NOTE E - RELATED PARTY TRANSACTION 1. Management service contract The Management Company provides oversight and management services based on a contractual arrangement with the School. The management company manages the finances and operations and makes recommendations to the School’s independent Board of Directors, which makes the final determinations regarding policies and contracts. For the year ending June 30, 2015, the management fee was $40,000 (see Note D-2).

21

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE F - CONCENTRATIONS Revenue sources As stated in Note A-8, the School receives revenues for current operations primarily from the State of Florida through the local school district. The following is a schedule of revenue sources and amounts:

Sources

Amounts

Revenue sources passed through the School Board of Lake County, Florida: Base funding Class size reduction Discretionary local effort Student transportation Supplemental academic instruction Discretionary millage compression Library media Digital classroom allocation Instructional materials allocation Discretionary lottery Prior period adjustment and pro-ration to available funds Administration fee withheld (5%) Subtotal Capital outlay Total revenues sources passed through the School Board of Lake County, Florida Federal through state title II reimbursement Other revenues

$

932,411 232,680 62,870 66,427 49,820 22,266 905 3,034 15,134 734 (7,813) (68,892) 1,309,576 84,214 1,393,790 2,150 25,305

$ 1,421,245

22

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTES TO FINANCIAL STATEMENTS June 30, 2015 (Date of Dissolution) NOTE G - RISK MANAGEMENT The School is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; and natural disasters for which the School carries commercial insurance. Under the property insurance plan the School’s liability is $1,000 per occurrence. There have been no significant reductions in insurance coverage during the fiscal year 2015. Settled claims resulting from the risks described above have not exceeded the insurance coverage for the previous three years. NOTE H - DISPOSAL AND TRANSFER OF OPERATIONS On February 12, 2015, the School’s Board voted not to renew the charter agreement with Lake County District Schools. By terms of the charter agreement, the District will assume possession of the operations of the School. Thus, under GASB Statement No. 69, Government Combinations and Disposals of Government Operations, the School will dispose of the operation and transfer assets to the Lake County District School in the amount of $1,637 for fixed assets and the remaining amount of $303,350 will transfer or convey to the leaseholder for title of the modular buildings and improvements other than the building for a total fixed asset reversion of $304,987. In addition, a cash asset in the amount of $26,075 will revert to the school district. The total amounts of the reversions to both parties are $331,061 at June 30, 2015 (date of dissolution). NOTE I - SUBSEQUENT EVENT The School has evaluated subsequent events through September 25, 2015, the date which the financial statements were available for issuance, and has determined that no material events occurred that would require additional disclosure in the financial statements.

23

REQUIRED SUPPLEMENTARY INFORMATION

24

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - GENERAL FUND For the year ended June 30, 2015 (Date of Dissolution) Variance with Final Budget

Budgeted Amounts Original Revenues IDEA FTE revenue FTE income audit payback Lead teacher funds Digital classroom allocation E-rate Miscellaneous Insurance claim

$

Total revenues Expenditures Salaries Social security Group insurance Worker's compensation Unemployment compensation Management services ESE services Computer services Staff development Auditing services Other professional services Insurance Travel Repairs and maintenance Vehicle maintenance Fire alarm inspections Copier lease Facility lease Postage Telephone Water and sewer Garbage Printing/advertising Non-professional service Security/fire alarm Custodial service Electricity Vehicle gasoline Supplies Textbooks Furniture, equipment under $750 Capitalized fixtures and equipment Computer software under $750 Buses Dues and fees Other personal services Total expenditures Excess (deficiency) of revenues over (under) expenditures Special item - reversion of cash assets to school district

4,600 1,303,117 (17,500) 2,918 5,000 15,000 -

$

$

1,306,061 (18,350) 3,471 2,882 17,187 3,999

$

2,150 1,306,105 3,471 2,882 18,424 3,999

1,315,250

1,337,031

707,601 54,882 87,269 10,000 11,500 38,000 30,000 10,700 26,000 3,000 15,000 15,000 200 4,417 140,664 2,000 8,404 3,000 6,300 600 1,200 1,334 536 26,000 28,500 22,000 21,000 4,300 4,500 7,000 3,500 10,000

758,000 58,200 80,000 7,800 9,600 40,000 32,035 300 34,000 22,000 3,000 24,000 3,600 26,000 32,000 755 4,826 68,172 1,500 7,800 2,500 8,400 150 3,300 2,867 364 29,000 20,500 23,000 20,116 16,500 3,400 6,197 4,500 22,410

740,627 56,901 78,225 7,731 9,234 40,000 32,035 300 33,300 22,000 3,000 24,307 3,556 26,001 31,556 775 4,825 68,172 1,857 6,985 2,414 8,282 3,179 2,867 300 24,261 20,171 22,375 20,116 5,151 11,316 3,485 6,197 4,365 22,490

1,304,407

1,376,792

1,348,356

(61,542)

-

Net changes in fund balances (GAAP basis) Fund balance at July 1, 2014

Actual

1,313,135

8,728

Other financing sources and (uses) Transfer out Net change in fund balance

Fund balance at June 30, 2015

Final

-

$

2,150 44 18,350 1,237 21,781

17,373 1,299 1,775 69 366 700 (307) 44 (1) 444 (20) 1 (357) 815 86 118 150 121 64 4,739 329 625 (5,151) 5,184 (85) 135 (80) 28,436

(11,325)

(50,217)

(26,075)

26,075

8,728

(61,542)

(12,926) (50,326)

12,926 (11,216)

8,728 50,326

(61,542) 50,326

(50,326) 50,326

(11,216) -

59,054

$

(11,216)

$

See accompanying note to required supplementary information. 25

-

$

(11,216)

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL - CAPITAL OUTLAY FUND

For the year ended June 30, 2015 (Date of Dissolution) Variance with Final Budget

Budgeted Amounts Original

Final

Actual

Revenues Charter school capital outlay

$

-

Expenditures Facility lease Total expenditures Excess (deficiency) of revenues over (under) expenditures

$

84,209

$

84,214

$

5

-

72,492

72,492

-

-

72,492

72,492

-

-

11,717

11,722

(5)

-

-

-

11,717

-

11,717

-

-

-

-

Other financing sources and (uses) Transfer out Total other financing sources and (uses)

(11,722)

11,722

Net change in fund balance Fund balance at July 1, 2014 Fund balance at June 30, 2015

$

-

$

11,717

$

See accompanying note to required supplementary information. 26

-

$

11,717

Milestones Community School of Lake County (A Division of Milestones Community School of Lake County, Inc.) NOTE TO REQUIRED SUPPLEMENTARY INFORMATION June 30, 2015 (Date of Dissolution) NOTE A - BUDGETARY INFORMATION Budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America. Annual budgets are adopted for the general fund, capital outlay fund and individual grants and may be amended by the Board of Directors (the “Board”). The budgets presented for fiscal year ended June 30, 2015, have been amended according to Board procedures. Budgets are presented on the modified accrual basis of accounting. The legal level of budgetary control is the fund level.

27

80 035 Spyglass Hill H Road M Melbourne, FL 32940 3 P Phone: 321-757 7-2020 Fa ax: 321-242-48 844

www.berm manhopkins s.com

255 S S. Orange Ave.. Suite 745 Orlando o, FL 32801 Phone: 40 07-841-8841 Fax: 40 07-841-8849

INDEPENDEN NT AUDITOR’S REPOR RT ON INTE RNAL CON NTROL OVER FINANCIA AL RE EPORTING AND A ON CO OMPLIANCE E AND OTH ER MATTER RS BASED ON AN AUD DIT OF FIN NANCIAL ST TATEMENTS S PERFORM MED IN ACC CORDANCE E WITH GO OVERNMENT T AUDITING G STANDAR RDS

To the Board of Dirrectors Milestones Commu unity School of Lake Cou unty, Inc. Leesbu urg, Florida We hav ve audited, in accordan nce with the e auditing sttandards ge enerally acce epted in the e United States of America and the sttandards ap pplicable to financial au udits contain ned in Gove ernment Auditing g Standards s issued by y the Comptroller Gen neral of the e United Sttates, the ffinancial stateme ents of the governmen ntal activities, each ma ajor fund, a and aggrega ate remainin ng fund informa ation of Miles stones Community Scho ool of Lake C County (the “School”), a componen nt unit of the Sch hool Board of Lake Co ounty, Florida a and a divvision of Milestones Co ommunity Scchool of Lake County, C Inc., (the “Chartterholder”), as a of and fo or the year ended June e 30, 2015 ((date of dissolution), and th he related notes n to the financial sttatements, w which collecctively comprise the School’’s basic fina ancial statem ments, and have issued d our report thereon da ated Septem mber 25, 2015. Interna al Control over Financial Reportin ng In planning and pe erforming ou ur audit of the t financia l statementss, we considered the S School’s internal control ove er financial reporting r (in nternal contrrol) to determ mine the au udit procedures that are app propriate in the t circumsttances for th he purpose o of expressin ng our opinio ons on the ffinancial stateme ents, but nott for the purp pose of exprressing an o opinion on th he effectiven ness of the S School’s internal control. Ac ccordingly, we w do not ex xpress an op pinion on the effectiveness of the S School’s internal control. A defic ciency in inte ernal control exists whe en the desig n or operatiion of a con ntrol does no ot allow manage ement or employees, in the norm mal course o of performin ng their assigned functions, to preventt, or detect and correc ct, misstatem ments on a timely bassis. A materrial weakne ess is a deficien ncy, or a combination of o deficiencie es, in interna al control, ssuch that the ere is a reassonable possibility that a material missttatement of the entity’s financial sta atements willl not be pre evented, or dete ected and corrected c on n a timely basis. A sig ignificant de eficiency is a deficienccy, or a combin nation of defficiencies, in internal con ntrol that is less severe than a material weakne ess, yet importa ant enough to merit atten ntion by thos se charged w with governa ance. Our consideration of o internal control c was for f the limite ed purpose d described in the first paragraph of this section and was not de esigned to id dentify all de eficiencies in n internal co ontrol that m might be materia al weaknesses or, signifficant deficie encies. Given n these limittations, during our auditt we did not ide entify any de eficiencies in internal control c that we conside er to be ma aterial weaknesses. Howeve er, material weaknesses s may exist that t have no ot been identtified.

28

Compliance and Other Matters As part of obtaining reasonable assurance about whether the School’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. 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 School’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the School’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Berman Hopkins Wright & LaHam

September 25, 2015 Melbourne, Florida

CPAs and Associates, LLP

29

80 035 Spyglass Hill H Road M Melbourne, FL 32940 3 P Phone: 321-757 7-2020 Fa ax: 321-242-48 844

www.berm manhopkins s.com

255 S S. Orange Ave.. Suite 745 Orlando o, FL 32801 Phone: 40 07-841-8841 Fax: 40 07-841-8849

MANAGEMENT L ETTER

To the Board of Dirrectors Milestones Commu unity School of Lake Cou unty, Inc. Leesbu urg, Florida ancial State ements Reportt on the Fina We hav ve audited th he financial statements of Milestone es Commun nity School o of Lake County (the “School”), a component unit of o the Scho ool Board off Lake County, Florida, and a divvision of Milestones Commu unity School of Lake County, Inc. (th he “Charterh holder”), as of and for th he fiscal year en nded June 30, 3 2015 (d date of diss solution), an nd have issued our rep port thereon n dated Septem mber 25, 2015. Auditor’s Responsibility We con nducted our audit in acc cordance witth auditing sstandards ge enerally acccepted in the e United States of America; the standarrds applicablle to financia al audits con ntained in Government A Auditing Standa ards, issued by the Comp ptroller Gene eral of the U United Statess and Chaptter 10.850, R Rules of the Aud ditor Genera al. R and d Schedules s Other Reports We hav ve issued ou ur Independ dent Auditor’’s Report on n Internal Co ontrol over F Financial Re eporting and on Compliance e and Other Matters Bas sed on an A udit of the F Financial Sta atements Performed in Acco ordance with h Government Auditing Standards. S D Disclosures in that repo ort, which arre dated Septem mber 25, 2015, should be e considered d in conjuncttion with thiss manageme ent letter. A Findin ngs Prior Audit Section n 10.854(1)(e e)1., Rules of the Audito or General, requires tha at we determ mine whethe er or not corrective actions have been taken to address a find dings and re ecommenda ations made e in the preceding annual financial f aud dit report. In connectio on with our audit, the S School did not have prior ye ear findings. Official Title Section n 10.854(1)((e)5., Rules of the Auditor Generall, requires tthe name orr official title e of the entity. The official title of the entity e is Mile estones Com mmunity Sch hool of Lake e County, a division of Mile estones Com mmunity School of Lak ke County, Inc. which is a not-fo or-profit corp poration organiz zed pursuant to chapterr 617, Florida Statues, T The Florida Not-For-Pro ofit Corporation Act, and Section 1002.3 33, Florida Statues. S

30

Financial Condition Sections 10.854(1)(e)2., Rules of the Auditor General, requires that we report the results of our determination as to whether or not the School has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and identification of the specific condition(s) met. In connection with our audit, we determined that School did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.854(1)(e)6.a. and 10.855(12), Rules of the Auditor General, we applied financial condition assessment procedures for the School. It is management’s responsibility to monitor the School’s financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. Transparency Sections 10.854(1)(e)7. and 10.855(13), Rules of the Auditor General, require that we report the results of our determination as to whether the School maintains on its Web site the information specified in Section 1002.33(9)(p), Florida Statutes. In connection with our audit, we determined that the School maintained on its Web site the information specified in Section 1002.33(9)(p), Florida Statutes. Other Matters Section 10.854(1)(e)3., Rules of the Auditor General, requires that we address in the management letter any recommendations to improve financial management. In connection with our audit, we did not have any recommendations in the current year. Section 10.854(1)(e)4., Rules of the Auditor General, requires that we address noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material but which warrants the attention of those charged with governance. In connection with our audit, we did not have any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the School’s management, Board of Directors, others within the School, the School Board of Lake County, Florida, the State of Florida Office of the Auditor General, Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, and other regulatory agencies and is not intended to be and should not be used by anyone other than these specified parties.

Berman Hopkins Wright & LaHam

September 25, 2015 Melbourne, Florida

CPAs and Associates, LLP

31

MANAGEMENT FINDINGS, RECOMMENDATIONS, AND RESPONSES For the years ended June 30, 2014 and June 30, 2015, there were no management findings or recommendations.

32

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Milestones Community School - Lake County Schools

MILESTONES COMMUNITY SCHOOL OF LAKE COUNTY (A Division of Milestones Community School of Lake County, Inc.) Basic Financial Statements and Supplementa...

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