Webster-xc-21.pdf

WEBSTER CENTRAL SCHOOL DISTRICT EXTRACLASSROOM ACTIVITY FUNDS FINANCIAL REPORT For Year Ended June 30, 2021

TABLE OF CONTENTS

Independent Auditors’ Report

1–2

Statement of Cash Receipts and Disbursements for year ended June 30, 2021

3-5

Notes to Financial Statement

Auditors’ Findings and Evaluation

6

7-8

INDEPENDENT AUDITORS’ REPORT To the Board of Education Webster Central School District, New York We have audited the accompanying statement of cash receipts and disbursements of the Extraclassroom Activity Funds of the Webster Central School District for the year ended June 30, 2021 and the related notes to the financial statement. Management’s Responsibility for the Financial Statement Management is responsible for the preparation and fair presentation of this financial statement in accordance with the cash basis of accounting described in Note 1; this includes determining that the cash basis of accounting is an acceptable basis for the preparation of the financial statement in the circumstances. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the financial statement that is free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on this financial statement 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 statement is free from misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the District’s preparation and fair presentation of the financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the District’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 1

Basis for Qualified Opinion Internal accounting controls are limited over the cash receipts from the point of collection to the time of submission to the Central Treasurer. Accordingly, it was impracticable to extend our audit of such receipts beyond the amounts recorded. Qualified Opinion In our opinion, except for the possible effects of the matter discussed in the basis for qualified opinion paragraph, the financial statement referred to in the first paragraph presents fairly, in all material respects, the cash receipts and disbursements of the Extraclassroom Activity Funds of Webster Central School District for the year ended June 30, 2021, in accordance with the cash basis of accounting as described in Note 1. Basis of Accounting We draw attention to Note 1 of the financial statement, which describes the basis of accounting. This financial statement is prepared on the cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to that matter.

Rochester, New York December 15, 2021

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WEBSTER CENTRAL SCHOOL DISTRICT EXTRACLASSROOM ACTIVITY FUNDS STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS For Year Ended June 30, 2021

Cash Balance July 1, 2020 $ 2,224 22,603 23,617 27,644 500 70 549 339 94 329 9,870 596 293 251 2 193 705 114 389 11,368 1,928 2,623 1,161 1,017 2,004 719 256 5,079 89 3,745 1,075 23 422 $ 121,891

Receipts $ 820 30,423 8,410 510 20,337 155 200 396 438 48 469 12,833 2,660 615 6,383 94 8,335 20 456 $ 93,602

Disbursements $ 3,044 53,026 13,119 6,486 1,898 155 108 32 254 120 36 2 445 17,338 2,661 135 518 719 861 425 7,726 34 433 $ 109,575

Cash Balance June 30, 2021 $ 18,908 21,668 18,939 70 549 92 307 94 329 10,012 476 438 305 251 217 705 114 389 6,863 1,927 2,488 1,258 1,017 2,004 256 10,601 89 3,414 1,684 9 445 $ 105,918

3

Sheet #2

Cash Balance July 1, 2020 $ 1,169 271 21,259 10,705 114 824 79 1,811 962 403 239 123 97 586 5,557 2,226 6,436 527 289 2,141 3,658 342 6,636 511 208 38 133 $ 67,344

Receipts $ 19,102 13,073 2,160 1,169 2,678 39 170 200 1,530 2,074 5,641 110 552 1,033 1,455 $ 50,986

Disbursements $ 1,169 12,854 15,298 1,000 168 81 77 746 129 143 61 263 1,381 736 424 196 744 628 3,123 237 206 38 1,445 $ 41,147

Cash Balance June 30, 2021 $ 6,519 19,034 11,865 1,001 114 743 2 3,743 962 274 135 62 267 523 5,706 3,564 11,653 527 203 1,397 3,658 266 4,546 274 2 143 $ 77,183

4

Sheet #3

Cash Balance July 1, 2020 $ 74 20,260 133 1,981 2,905 14,299 298 4,771 139,397 5,162 $ 189,280

$

Disbursements

Receipts $

$

593 85 36,549 1,640 38,867

$

$

$

$

2,877 23,716 1,413 1,761 2,892 15,271 93,974 3,663 89 (11) 145,645

$

80 532 584 2,778 50,280 2,210 101 11 56,576

$

524,160

$

240,031

$

5,886 147 438 703 121,613 932 129,719

Cash Balance June 30, 2021 $ 74 14,967 133 1,834 2,990 13,861 298 4,068 54,333 5,870 $ 98,428

$

$

262 4,484 639 15 4,474 67,844 5,657 91 83,466

$

2,695 19,764 1,413 1,706 2,877 13,575 76,410 216 99 118,755

$

363,907

$

400,284

( ) Denote red figure (See accompanying notes to financial statement) 5

WEBSTER CENTRAL SCHOOL DISTRICT EXTRACLASSROOM ACTIVITY FUNDS NOTES TO FINANCIAL STATEMENT June 30, 2021

(Note 1)

Accounting Policy:

The transactions of the Extraclassroom Activity Funds are considered part of the reporting entity of the Webster Central School District. Consequently, the cash balances are included in the financial statements of the School District as part of the Custodial Fund. The accounts of the Extraclassroom Activity Funds of the Webster Central School District are maintained on a cash basis, and the statement of cash receipts and disbursements reflects only cash received and disbursed. Therefore, receivables and payables, inventories, long-lived assets, and accrued income and expenses, which would be recognized under generally accepted accounting principles, and which may be material in amount, are not recognized in the accompanying financial statement.

(Note 2)

Cash and Cash Equivalents:

Cash and cash equivalents is comprised of four checking accounts. The balance in these accounts is fully covered by FDIC Insurance. (Note 3)

COVID-19

On January 30, 2020, the World Health Organization (WHO) announced a global health emergency because of a new strain of coronavirus originating in Wuhan, China (the “COVID-19 outbreak”) and the risk to the international community as the virus spreads globally beyond its point of origin. In March 2020, the WHO classified the COVID-19 outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. As such, limited activities and student involvement in the Extraclassroom activities and transactions have resulted from the date of closure through the end of the 2020-21 fiscal year.

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WEBSTER CENTRAL SCHOOL DISTRICT EXTRACLASSROOM ACTIVITY FUNDS AUDITORS’ FINDINGS AND EVALUATION We have examined the statement of cash receipts and disbursements of the Webster Central School District’s Extraclassroom Activity Funds for the year ended June 30, 2021. As part of our examination, we made a study and evaluation of the system of internal accounting control to the extent we deemed necessary to render our opinion. There are inherent limitations in considering the potential effectiveness of any system of internal accounting control. Human errors, mistakes of judgment and misunderstanding of instructions limit the effectiveness of any control system. In particular, cash being handled by numerous students and faculty advisors at various functions provides an atmosphere of limited control over those receipts. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the District’s financial statements will not be prevented, or detected and corrected on a timely basis. Our consideration of internal control was for the limited purpose described in the first paragraph and was not designed to identify all deficiencies in internal control that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control that we consider to be material weaknesses, as defined above. Schroeder High School: Prior Year Deficiency Pending Corrective Action – Reconciliations Our examination revealed one instances in the Student Council where no reconciliation of items sold to total cash collected was prepared. Spry Middle School: Prior Year Deficiency Pending Corrective Action – Drama Club During the course of our examination we noted that the Drama Club Faculty Advisor is preparing the profit and loss statements without student involvement. In addition, the student treasurer is not involved with maintaining a separate set of books.

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Schroeder High School Best Buddies FBLA Rotary Interact/Cultural Arts Ski Club

Willink Middle School Band Lego Club Student/Parent Band Spry Middle School Library Club

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We wish to express our appreciation to all client personnel for the courtesies extended to us during the course of our examination. Rochester, New York December 15, 2021 8