June 12-13, 2013

LaTonya Bell Branch Manager, Division of District Support Kentucky Department of Education

 Resources:  Audited FY2012 AFR and Balance Sheet  FY2012 Independent Financial Audit Report  KDE’s FY2012 Review Report  Frequently Asked Audit Questions Financial-Audits.aspx Financial-Audits.aspx

 Audit Reports/AFRs did not reconcile – Misclassifications of fund balances, sick leave  Audit Report pages did not foot or match other pages  Statement of Activities - revenues  Unreported Debt Service Funds  On-Behalf Payments

 AFR submitted after due date  Missing/Incorrect On-Behalf Payments  Misclassification of Fund Balance  Deficit in other Funds  Sick Leave reporting – committed vs. restricted

 Audit submitted after due date  Missing On-Behalf Payments from Notes disclosure  Fund Balance amounts on the Balance Sheet and the Statement of Revenues, Expenditures and Changes in Fund Balance did not agree  Revenues not reported properly in the Operating and Capital Grants & Contributions columns of the Statement of Activities  Inconsistencies in recording Cash Overdraft

 Total Fund Balance reported as Total Liabilities and Fund Balance on the Reconciliation of the Balance Sheet to the Statement of Net Assets  Total Liabilities reported as Net Assets on the Statement of Changes in Fiduciary Net Assets  Discrepancies between the Total Net Assets in the Statement of Net Assets and Statement of Activities

Jeffrey Coulter, Financial Analyst Ken Smith, Financial Analyst Melissa Sullivan, Financial Analyst Pari Ziebart, Graduate Accountant