1. June 12-13, 2013

2. LaTonya Bell Branch Manager, Division of District Support Kentucky Department of Education latonya.bell@education.ky.gov 502-564-3846

3.  Resources:  Audited FY2012 AFR and Balance Sheet  FY2012 Independent Financial Audit Report  KDE’s FY2012 Review Report  Frequently Asked Audit Questions http://education.ky.gov/districts/FinRept/Pages/District- Financial-Audits.aspx http://education.ky.gov/districts/FinRept/Pages/District- Financial-Audits.aspx

4.  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

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

6.  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

7.  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

8. Jeffrey Coulter, Financial Analyst jeffrey.coulter@education.ky.gov Ken Smith, Financial Analyst ken.smith@education.ky.gov ken.smith@education.ky.gov Melissa Sullivan, Financial Analyst melissa.sullivan@education.ky.gov Pari Ziebart, Graduate Accountant pari.ziebart@education.ky.gov 502-564-3846