blackboard fp

What is net position?

The statement of net position and the statement of activities display information about the Board as a whole. These statements include the financial activities of the overall District, except for the fiduciary funds. Thestatements distinguish between those activities of the Board that are governmental and those that areconsidered business-type activities.

How many classifications are there in the fund balance?

Fund balance is divided into five classifications based primarily on the extent to which the Board is boundto observe constraints imposed upon the resources in the governmental funds. The classifications are asfollows:

Why are fiduciary funds not reflected in district financial statements?

Fiduciary funds are not reflected in the district-wide financial statements because the resources of thosefunds are not available to support the Passaic County Technical and Vocational High School District’s ownprograms. The accounting used for fiduciary funds is much like that used for proprietary funds.

What is a district-wide financial statement?

The district-wide financial statements are designed to provide readers with a broad overview of the PassaicCounty Technical and Vocational High School District’s finances, in a manner similar to a private-sectorbusiness.

How much did the school district invest in 2016?

At the end of fiscal year 2016 the School District had $94,199,684.98 invested in sites, buildings, equipmentand construction in progress. Of this amount $36,423,230.63 in depreciation has been taken over the years. We currently have a net book value of $57,776,454.35. Total additions for the year were $5,647,969.51,the majority of which was for various technology, office equipment, facility improvements and forconstruction in progress for facility improvements. Table 3 shows fiscal year 2016 balances compared to2015.

Who is responsible for the preparation and fair presentation of financial statements?

Management is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatements, whether due to fraud orerror.

How are governmental funds accounted for?

All governmental funds are accounted for using a flow of current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balancesheet. The statement of revenues, expenditures and changes in fund balances reports on the sources (i.e.,revenues and other financing sources) and uses (i.e., expenditures and other financing uses) of currentfinancial resources. This approach differs from the manner in which the governmental activities of theDistrict-wide financial statements are prepared. Governmental fund financial statements therefore includea reconciliation with brief explanations to better identify the relationship between the government-widestatements and the statements for governmental funds.