Westampton, New Jersey County of Burlington

COMPREHENSIVE ANNUAL FINANCIAL REPORT

County of BurlingtonWestampton, New Jersey

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY

FOR THE FISCAL YEAR ENDED JUNE 30, 2014



Burlington County Institute of Technology Business Office

Prepared by

COMPREHENSIVE ANNUAL FINANCIAL REPORT

OF THE

WESTAMPTON, NEW JERSEY

OUTLINE OF CAFR

PAGEINTRODUCTORY SECTION Letter of Transmittal 1 Organizational Chart 5 Roster of Officials 6 Consultants and Advisors 7

FINANCIAL SECTION Independent Auditor’s Report 11

REQUIRED SUPPLEMENTARY INFORMATION – PART I

Management’s Discussion and Analysis 17

BASIC FINANCIAL STATEMENTS

A. District-wide Financial Statements: A-1 Statement of Net Position 27 A-2 Statement of Activities 28

B. Fund Financial Statements: B-1 Balance Sheet 35 B-2 Statement of Revenues, Expenditures & Changes in Fund Balances 36 B-3 Reconciliation of the Statement of Revenues, Expenditures & Changes in Fund Balances of Governmental Funds to the Statement of Activities 37 Proprietary Funds: B-4 Statement of Net Position 41 B-5 Statement of Revenues, Expenditures & Changes in Fund Net Position 43 B-6 Statement of Cash Flows 45 Fiduciary Funds: B-7 Statement of Fiduciary Net Position 49 B-8 Statement of Changes in Fiduciary Net Position 50

Notes to Financial Statements 53

REQUIRED SUPPLEMENTARY INFORMATION – PART II

C. Budgetary Comparison Schedules C-1 Budgetary Comparison Schedule – General Fund 77 C-1a Combining Schedule of Revenues, Expenditures & Changes in Fund Balance - Budget & Actual N/A C-1b Education Jobs Fund Program – Budget & Actual N/A C-2 Budgetary Comparison Schedule – Special Revenue Fund 85

(continued)

OUTLINE OF CAFR (continued): PAGE

Notes to the Required Supplementary Information C-3 Budget-to-GAAP Reconciliation 89

D. School Based Budget Schedules Fund – D-1 Combining Balance Sheet N/A D-2 Blended Resource Fund - Schedule of Expenditures Allocated by Resource Type - Actual N/A D-3 Blended Resource Fund - Schedule of Blended Expenditures - Budget and Actual N/A

E. Special Revenue Fund: E-1 Combining Schedule of Revenues & Expenditures Special Revenue Fund – Budgetary Basis 97 E-2 Preschool Education Aid Schedule(s) of Expenditures - Budgetary Basis N/A

F. Capital Projects Fund: F-1 Summary Statement of Project Expenditures 101 F-2 Summary Schedule of Revenues, Expenditures and Changes in Fund Balance – Budgetary Basis 102 F-2a Schedule of Revenues, Expenditures Project Balance & Project Status – Reroofing of Medford Campus 103 G. Proprietary Funds: Enterprise Fund: G-1 Combining Schedule of Net Position N/A G-2 Combining Schedule of Revenues, Expenses & Changes in in Fund Net Position N/A G-3 Combining Schedule of Cash Flows N/A Internal Service Fund – G-4 Combining Schedule of Net Position N/A G-5 Combining Schedule of Revenues, Expenses & Changes in Fund Net Position N/A G-6 Combining Schedule of Cash Flows N/A

H. Fiduciary Funds: H-1 Combining Statement of Fiduciary Net Position 113 H-2 Combining Statement of Changes in Fiduciary Net Position 114 H-3 Student Activity Agency Fund Schedule of Receipts & Disbursements 115 H-4 Payroll Agency Fund Schedule of Receipts & Disbursements 115

I. Long-Term Debt: I-1 Schedule of Serial Bonds N/A I-2 Schedule of Obligations Under Capital Leases N/A I-3 Debt Service Fund Budgetary Comparison Schedule N/A

(continued)

OUTLINE OF CAFR (continued):

STATISTICAL SECTION (unaudited)

PAGE Financial Trends: J-1 Net Position by Component 121 J-2 Changes in Net Position 122 J-3 Fund Balances – Governmental Funds 125 J-4 Changes in Fund Balances – Governmental Funds 126 J-5 General Fund Other Local Revenue by Source 128 Revenue Capacity: J-6 Assessed Value & Estimated Actual Value of Taxable Property N/A J-7 Direct & Overlapping Property Tax Rates N/A J-8 Principal Property Taxpayers N/A J-9 Property Tax Levies & Collections N/A Debt Capacity: J-10 Ratios of Outstanding Debt by Type N/A J-11 Ratios of General Bonded Debt Outstanding N/A J-12 Direct & Overlapping Governmental Activities Debt N/A J-13 Legal Debt Margin Information N/A Demographic & Economic Information: J-14 Demographic & Economic Statistics 129 J-15 Principal Employers N/A Operating Information: J-16 Full-Time Equivalent District Employees by Function/Program 130 J-17 Operating Statistics 131 J-18 School Building Information 132 J-19 Schedule of Required Maintenance 133 J-20 Insurance Schedule 134

K SINGLE AUDIT SECTION K-1 Independent Auditor’s Report on Compliance and on Internal Control Over Financial Reporting and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 137 K-2 Independent Auditor’s Report on Compliance with Requirements Applicable to Each Major Programand on Internal Control Over Compliance in Accordance with OMB Circular A-133 and New Jersey OMB Circular Letter 04-04 139 K-3 Schedule of Expenditures of Federal Awards, Schedule A 143 K-4 Schedule of Expenditures of State Financial Assistance, Schedule B 144 K-5 Notes to Schedules of Awards and Financial Assistance 145 K-6 Schedule of Findings and Questioned Costs 147 K-7 Summary Schedule of Prior Audit Findings 149

(concluded)

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INTRODUCTORY SECTION

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~B ' BURLINGTON COUNTY SPECIAl SERVICES SCHOOl DISTRICT AND INSTITIUTE OF TECHNOLOGY

BCIT Dr. Christopher M. Manno

Superintendent of Schools cmannola>bcsssd.k12.ni.us·cmannola>bcit.cc

695 Woodlane Road · Westampton NJ 08060 P: 609·261·5600 · F: 609·261·5967

Theresa L. Margiotta Business Administrator/Board Secretary

[email protected] · [email protected]

November 12, 2014

Honorable President and Members of the Board of Education Burlington County Institute of Technology County of Burlington, New Jersey

Dear Board Members,

The comprehensive atmual financial report of the Burlington County Institute of Technology School District (BCIT) for the fiscal year ended June 30, 2014 is hereby submitted. Responsibility for both the accuracy of the data and completeness and fairness of the presentation, including all disclosures, rests with the management of the Board of Education. To the best of our knowledge and belief, the data presented in this repmt is accurate in all material aspects and is repmted in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the District. All disclosures necessary to enable the reader to gain an tmderstanding of the District's financial activities have been included.

The comprehensive atmual financial report is presented in four sections: introductory, financial, statistical, and single audit. The introductory section includes this transmittal letter, the District's organizational chart and a list of principal officials. The financial section includes the financial statements and schedules, as well as the auditor's repmt thereon. The statistical section includes selected financial and demographic information, generally presented on a multi-year basis. The District is required to undergo an annual single audit in conformity with the provisions of the U.S. Office on Management and Budget Circular A-133, "Audits of States Local Governments and Non Profit Organizations", and the state of New Jersey Circular Letter 04-04-0MB, "Single Audit Policy for Recipients of Federal Grants, State Grant and State Aid Payments". Information related to this single audit, including the auditor's repmt on the internal control structure and compliance with applicable laws and regulations and findings and recommendations, are included in the single audit section of this repmt.

L REPORTING ENTITY AND ITS SERVICES: The Burlington County Institute of Technology School District is an independent repmting entity within the criteria adopted by the GASB as established by NCGA Statement No. 3. All funds and account groups of the District are included in this repott. The Burlington County Institute of Technology Board of Education and all its schools constitute the District's reporting entity.

The Bw·lington County Institute of Technology is a vocational high school serving grades 9 through 12 which also provides all required academic training. The District completed the 2013-14 fiscal year with a 9-12 high school enrollment of2,000, which is 34 students less than the previous yem·'s enrollment of2,034.

Service · Community· Excellence www.bcsssd.k12.nj.us

2. ECONOMIC CONDITION AND OUTLOOK: The American economy is struggling with a crisis in the financial markets and remains somewhat uncet1ain as a result of the ongoing threat of terrorism and the War in Afghanistan. Manufacturing jobs will have a smaller share of the economy and service industries will create most of the new jobs. The work force will grow vety slowly with an increasing share being female and disadvantaged workers. Most newly created jobs will demand a higher skill level. The changes in the educational offerings at the Burlington County Institute of Technology respect those trends.

3. MAJOR INITIATIVES: An individual with vocational training or some career certification or credentials, over a lifetime, can expect a median income of nearly three times that of a high school graduate with no such career preparation; and, career and technical preparation significantly increases an individual's prospects of being steadily employed, providing access to financial prosperity and security (Education Week, Diploma Counts Report), therefore, the thrust at BCIT is to make students academically and vocationally ready for employment and continuing as lifelong learners into the 21st century.

Both campuses have been field testing for PARCC readiness. Security is being improved. Computer network security is being enhanced, and upgraded web filters are being installed. The Wi-Fi network at both campuses is being upgraded. The phone system is being modernized. Exterior parking lot lights on both campuses are being upgraded to LED for cost savings and enhanced visibility. The Medford Campus is undergoing a roof replacement and the renovation of two science labs. On the Westampton Campus, The HVAC system in the childcare building is being replaced and boilers are being repaired.

4. INTERNAL ACCOUNTING CONTROLS: Management of the District is responsible for establishing and maintaining an internal control shucture designed to ensure that the assets of the Dish·ict are protected from loss, theft or misuse and to ensure that adequate accounting data are compiled to allow for the preparation of financial statements in conformity with accounting principles generally accepted in the United States of American(GAAP). The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognizes that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management.

As a recipient of federal and state financial assistance, the District also is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is also subject to periodic evaluation by the District management.

As part of the District's single audit described earlier, tests are made to determine the adequacy of the internal control structure, including that portion related to federal and state financial assistance programs, as well as to determine that the District has complied with applicable laws and regulations.

5. BUDGETARY CONTROLS: In addition to internal accounting controls, the District maintains budgetaty controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the Board of School Estimate. Annual appropriated budgets are adopted for the general and special revenue fund. The final budget amount as amended for the fiscal year is reflected in the fmancial section.

An encumbrance accounting system is used to record outstanding purchase commitments on a line item basis. Open encumbrances at year-end are either canceled or are included as reappropriations of fund balance in the subsequent year. Those amounts to be reappropriated are repmted as reservations of fund balance at Jw1e 30, 2014.

6. ACCOUNTING SYSTEM AND REPORTS: The District's accounting records reflect generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board (GASB). The accounting system of the District is organized on the basis of funds. These funds are explained in "Notes to the Financial Statements", Note 1.

7. CASH MANAGEMENT: The investment policy of the District is guided in large patt by state statute as detailed in "Notes to the Financial Statements," Note 2. The District has adopted a cash management plan which requires it to deposit public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act ("GUDPA"). GUDPA was enacted in 1970 to protect Governmental Units from a loss of funds on deposit with a failed banking institution in New Jersey. The law requires governmental units to deposit public funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act.

8. RISK MANAGEMENT; The Board carries various forms of insurance, including but not limited to general liability, automobile liability and comprehensive/collision, hazard and theft insurance on prope1ty and contents, and fidelity bonds.

9. OTHER INFORMATION: Independent Audit - State statutes require an annual audit by independent cettified public accountants or registered municipal accountants. The accounting firm of Holman Frenia Allsion, P.C. was selected by the Board. In addition to meeting the requirements set fmth in state statutes, the audit also was designed to meet the requirements of the U.S. Office of Management and Budget Circular A-133 and State ofNew Jersey Circular 04-04-0MB. The auditor's report on the general purpose financial statements and combining and individual fund statements and schedules is included in the financial section of this report. The auditor's repmts related specifically to the single audit are included in the single audit section of this repmt.

10. ACKNOWLEDGEMENTS: We would like to express our appreciation to the members of the Burlington County Institute of Technology Board of Education for their concern in providing fiscal accountability to the citizens and taxpayers of the School District and thereby contributing their full suppmt to the development and maintenance of our fmancial operation. The preparation of this repo1t could not have been accomplished without the efficient and dedicated services of our financial and accounting staff.

Respectfully submitted,

Christopher M. Manno, Ed. D. Superintend~nt


Burlington County Institute of Technology

Board Secretary

I

Treasurer

Schoo~ Business Administrator

Pr~nc~pa[ Princ~pa~

AdU[t Specia~

Education Education

Board of Educat~orn

1 I Auditor Attorney

Superintendent

Princ[pa~

Medford Campus

Principal Principal Westampton Educat~onai

Campus Serv~ces-

MEMBERS OF THE BOARD OF EDUCATION

Robert C. Silcox, President 2015

Paula Lee, Vice President 2015

Christopher Baxter 2016

Kathleen Burgess 2016

John J. Ferry 2017

Leon E. Jones, Jr. 2017

Mr. Todd Flora, Executive County Superintendent

OTHER OFFICIALS

Christopher M. Manno, Ed.D., Superintendent

Theresa L. Margiotta, Business Administrator/Board Secretary

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY2 Academy Drive

Westampton, New Jersey 08060

ROSTER OF OFFICIALS

JUNE 30, 2014

TERM EXPIRES

Susquehanna BankLumberton, NJ 08048

Medford, New Jersey 08055

ATTORNEY

Capehart & Scatchard8000 Midlantic Drive

Mt. Laurel, New Jersey 08054

OFFICIAL DEPOSITORY

414 Garden State Parkway, Suite 100Cape May Court House, New Jersey 08210

AUDIT FIRM

Michael HoltHolman Frenia Allison, P. C.

618 Stokes Road

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY2 Academy Drive

Westampton, New Jersey 08060

CONSULTANTS AND ADVISORS

ARCHITECT

The Design Collaborative


FINANCIAL SECTION


INDEPENDENT AUDITOR’S REPORT

Honorable President and Members of the Board of Education Burlington County Institute of Technology County of Burlington Westampton, New Jersey 08060

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Board of Education of the Burlington County Institute of Technology, County of Burlington, State of New Jersey, as of and for the fiscal year ended June 30, 2014, and the related notes to the financial statements which collectively comprise the District’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

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

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America; and the standards applicable to financial audits contained in Governmental Auditing Standards, issued by the Comptroller General of the United States; and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’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 statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Board of Education of the Burlington County Institute of Technology, County of Burlington, State of New Jersey, as of June 30, 2014, and the respective changes in financial position and cash flows, where applicable, for the year then ended in accordance with accounting principles generally accepted in the United States of America.

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 on pages 17 through 22 and 77 through 84 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 Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Burlington County Institute of Technology’s basic financial statements. The accompanying introductory section, comparative totals for June 30, 2013, and other supplementary information such as the combining and individual fund financial statements, long-term debt schedules and statistical information are presented for purposes of additional analysis and are not a required part of the financial statements. The accompanying schedule of expenditures of federal and state financial assistance are presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aidrespectively, and is also not a required part of the financial statements.

The combining and individual fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal awards and state financial assistance is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund financial statements, long-term debt schedules and the accompanying schedule of expenditures of federal awards and state financial assistance are fairly stated in all material respects in relation to the basic financial statements taken as a whole. The introductory section, comparative totals for June 30, 2013 and statistical information have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated November 12, 2014 on our consideration of the Board of Education of the Burlington County Institute of Technology 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. Thatreport is an integral part of an audit performed in accordance with Government Auditing Standards in considering Board of Education of the Burlington County Institute of Technology’s internal control over financial reporting and compliance.

Respectfully Submitted,

HOLMAN FRENIA ALLISON, P.C.

Michael Holt Public School Accountant Certified Public Accountant No. 1148

Medford, New Jersey November 12, 2014


REQUIRED SUPPLEMENTARY INFORMATION - PART I

Management's Discussion and Analysis


BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY SCHOOL DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE FISCAL YEAR ENDED JUNE 30, 2014

UNAUDITED

The discussion and analysis of Burlington County Institute of Technology (BCIT) School District's financial performance provides an overall review of the School District's financial activities for the fiscal year ended June 30, 2014. The intent of this discussion and analysis is to look at the School District's financial performance as a whole; readers should also review the notes to the basic financial statements and financial statements to enhance their understanding of the School District's financial performance.

Financial Highlights

Key financial highlights for 2014 are as follows:

In total, net position increased by $1,308,771 as explained below:

General revenues accounted for $37,738,833 in revenue or 87.88% of all revenues. Program specific revenues in the form of charges for services of $1,787,116 and operating grants and contributions of $3,417,907, accounted for $5,205,023 or 12.12% of total revenues of $42,943,856.

The School District had $41,635,085 in expenses; $5,205,023 of these expenses were offset by program specific charges for services, grants or contributions.

Total net position of governmental activities increased by $1,545,396.

Among major funds, the General Fund had $39,145,340 in revenues, $39,101,541 in expenditures. The General Fund's balance increased by $43,799 from 2013.

Overview of the Financial Statements

The financial section of this annual report consists two parts: Part I, management's discussion and analysis (this section), the basic financial statements with the accompanying note disclosures; and Part II, budgetary comparison schedules, notes to the required supplementary information and other supplementary information. The basic financial statements include two kinds of statements that present different views of the School District.

The first two statements, Exhibit A-1 and A-2, are government-wide financial statements that provide both long-term and short-term information about the School District's overall financial status.

The remaining statements are fund financial statements that focus on individual parts of the School District's operations in more detail than the government-wide statements.

The governmental fund statements tell how general government services were financed in the short-term as well as what remains for future spending.

Proprietary fund statements offer short-term and long-term financial information about those type of activities that operate like a business.

Fiduciary fund statements provide information about the financial relationships in which the School District acts as a trustee or agent for the benefit of others, to whom the resources belong.

The financial statements also include notes that explain some of the information in the financial statements and provide more detailed data.

The statements are followed by another section, Part II that contains required supplementary information that further explains and supports the information in the financial statements including: budget schedules, reconciliations and individual fund statements.

Reporting the School District as a Whole

Statement of Net Position and the Statement of Activities

The statement of Net Position and the Statement of Activities include all assets and liabilities of the School District using the accrual basis of accounting similar to the accounting used by most private-sector companies. This basis of accounting takes into account all of the current year's revenues and expenses regardless of when cash is received or paid.

These two statements report the School District's net position and changes in that position. This change in net position is important because it tells the reader that, for the School District as a whole, the financial position of the School District has improved or diminished. The causes of this change may be the result of many factors, some financial, and some not. Non-financial factors include the School District's facility condition, required educational programs and other factors.

In the Statement of Net Position and the Statement of Activities, the School District reports governmental and business-type activities. Governmental activities are the activities where most of the School District's programs and services are reported including, but not limited to, instruction, support services, operation and maintenance of plant, pupil transportation and special schools.

Reporting the School District's Most Significant Funds

Fund Financial Statements

The fund financial reports provide detailed information about the School District's major funds. The School District uses several funds to account for a variety of financial transactions. However, these fund financial statements focus on the School District's most significant funds. The School District's major governmental funds are the General Fund, the Special Revenue Fund and the Capital Projects Fund; BCIT has no Debt Service Fund or Permanent Fund.

Governmental Funds

Most of the School District's activities are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end available for spending in the future periods. These funds are reported using an accounting method called modified accrual basis of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the School District's general governmental operations and the basic services it provides. Governmental fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance educational programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental funds is reconciled in the financial statements.

The School District as a Whole

The Statement of Net Position provides the perspective of the School District as a whole.

Table I provides a summary of the School District’s net position for 2014 and 2013.

Table I Net Position

2014 2013 Assets:

Current & Other Assets 6,496,697 7,197,151 Capital Assets 49,250,471 48,765,965

Total Assets 55,747,168 55,963,116

Liabilities

Long-Term Liabilities 1,430,780 1,382,689 Other Liabilities 887,816 2,460,626

Total Liabilities 2,318,596 3,843,315

Net Position:

Net Investment in Capital Assets 49,250,471 48,765,965 Restricted 3,677,889 2,730,958 Unrestricted 500,212 622,878

Total Net Position 53,428,572 52,119,801

The total net position of governmental activities increased by $1,545,396. The total net position of the business-type activities decreased by $236,625.

Table 2 shows a summary of changes in net position for fiscal year 2014 and 2013.

Table 2Change in Net Position

2014 2013 Percentage

ChangeRevenues

Program Revenues: Charges for Services $1,787,116 $2,299,134 Operating Grants & Contributions 3,417,907 3,606,752 General Revenues: County Appropriations 15,894,974 15,894,974 Federal & State Aid Unrestricted 15,683,915 15,327,183 Tuition 6,132,240 5,934,600 Other 27,704 56,283

Total Revenue 42,943,856 43,118,926 (.40)%

2014 2013 Percentage

ChangeProgram Expenses

Governmental Activities: Instruction 15,182,706 15,179,580 Support Services: Student & Instruction Related Services 3,132,509 2,817,240 Administrative Services 3,534,463 3,400,802 Plant Operation & Maintenance 5,652,374 5,043,336 Pupil Transportation 224,603 175,302 Employee Benefits 8,177,642 8,540,689 Contribution for Debt Service 2,236,013 2,153,063 Increase In Compensated Absences 48,091 53,826 Gain on Revaluation of Fixed Assets (1,360,985) (24,132) Unallocated Depreciation 2,308,840 2,562,851

Total Expenses, Governmental Activities 39,136,256 39,902,557 (1.92)%

Business-Type Activities: Food Service 915,279 834,659 School Store 49,515 59,256 Adult Education Programs 1,122,879 1,484,265 Culinary Arts 113,983 99,065 Beaver’s Den Child Care 151,021 145,780 Culinary Express 104,656 114,321 Print Shop 13,863 7,061 Engineering 23,318 4,683 Auto Body 4,315 5,545

Total Expenses, Business-Type Activities 2,498,829 2,754,635 (9.29)%

Total Expenses 41,635,085 42,657,102 (2.40)%

Increase (Decrease) in Net Assets 1,308,771 461,734

Governmental Activities

The dependence upon county appropriations and state aid is apparent. The local communities, County and State, are the primary support for the Burlington County Institute of Technology School District.

Total revenues decreased in 2014 compared to the prior year primarily because of the decrease in Adult Education fees.

In 2014, County appropriations and state aid make up 78% of revenues for governmental activities, compared to 82% in the prior year.

Instruction comprises 39% of district governmental expenses in 2014, compared to 39% in the prior year. Support services expenses made up 53% of the governmental expenses in 2014, compared to 51% in 2013.

Instruction expenses include activities directly dealing with the teaching of pupils and the interaction between teacher and pupil.

Student and instruction related services include the activities designed to assess and improve the well-being of students and to supplement the teaching process.

Administrative services include expenses associated with establishing and administering policy for the School District and include board of education services and executive administration services.

The final budget basis expenditure appropriation estimate was $37,097,531 compared to the original estimate of $36,276,840. This was due to 2012-13 encumbrances of $820,691 appropriated in the 2013-14 budget. Actual expenditures for the 2013-14 year were $39,101,541.

BCIT’s expenditures also include the reimbursed TPAF pension and Social Security aid of $2,629,801, which contributes to an unfavorable expenditure variance for the fiscal year.

Capital Assets

At the end of the fiscal year 2014, the School District had $49,238,987 invested in land, buildings, furniture and equipment.

The following provides a summary of the capital assets held by the District:

Table 4

Governmental Activities

Land $ 379,000 Construction in Progress 286,467 Land Improvements 5,875,962 Building and Improvements 72,074,574 Furniture and Equipment 7,907,459 Less: Accumulated Depreciation (37,284,455)

Totals $49,238,987

Additional information on the District’s capital assets can be found in Note 5 to the basic financial statements.

Debt Administration

Debt administration of the School District is provided for by the County of Burlington.

Current Financial Issues and Concerns

BCIT has a long record of financial stability. Despite unpredictable funding from the State of New Jersey and flat funding for the past five years from the County of Burlington, the district manages to provide an excellent educational opportunity for all BCIT students. BCIT’s budget growth has been increasing as a result of increased state aid, increase in tuition fees, and stable enrollment. The 2013-2014 general fund budget of $36,276,840 represented a 1.6% increase from the 2012-2013 general fund budget. The

projected 2014-2015 budget of $36,820,864 represents an increase in the district budget of $544,024. Prior to the 1998-1999 school year, BCIT’s budget was funded almost entirely by state aid and county aid. For the 1998-1999 school year, the district began charging tuition to its sending districts. This was necessary as enrollment was increasing steadily while state aid and county aid were stagnant. The initial tuition charge was $500 per student in 1998-1999. The charge for the 2013-2014 school year was $3,100 for both regular students and special education students. The BCIT Board of Education does not wish to overburden our sending districts, hence, the tuition rate is kept as low as possible.

Enrollments have been increasing steadily at BCIT, but are beginning to level off as enrollments approach the building capacities. In October of 2013, the high school population includes 445 special education students and 1,725 regular education students for a total high school population of 2,170.

BCIT expects slower enrollment growth, especially at the Westampton Campus, as building capacities are reached, and is committed to providing an excellent vocational education to every student in Burlington County who chooses to attend BCIT. We are also committed to providing excellent facilities and equipment. We believe that we have an excellent teaching staff and support personnel and are in a good position to be a leading provider of a vocational or technical education in the 21st century. Finally, we are committed to financial excellence and stability.

Contacting the School District’s Financial Management

These financial reports are designed to provide our citizens, taxpayers and creditors with a general overview of BCIT’s finances and to show the accountability for money received from the state and local government. If you have questions about this report or need additional information, contact Theresa L. Margiotta, Secretary to the Board of Education and School Business Administrator at: Burlington County Institute of Technology, 2 Academy Drive, Westampton, NJ 08060.

BASIC FINANCIAL STATEMENTS


A. District-Wide Financial Statements


EXHIBIT A-1

TOTALSBUSINESS-

GOVERNMENTAL TYPE JUNE 30,ACTIVITIES ACTIVITIES 2014

Cash & Cash Equivalents 2,778,466$ 1,138,611$ 3,917,077$ Accounts Receivable:

Federal 352,990 33,429 386,419 State 165,708 1,552 167,260 Other 77,467 - 77,467

Inventory - 36,947 36,947 Capital Assets, Non-Depreciable (Note 5) 665,467 - 665,467 Capital Assets, Depreciable, Net (Note 5) 48,573,520 11,484 48,585,004 Restricted Cash 1,911,527 - 1,911,527

Total Assets 54,525,145 1,222,023 55,747,168

Accounts Payable 841,936 17,485 859,421 Unearned Revenue - 28,395 28,395 Noncurrent Liabilities (Note 6):

Due Beyond One Year 1,430,780 - 1,430,780

Total Liabilities 2,272,716 45,880 2,318,596

Net Investment in Capital Assets 49,238,987 11,484 49,250,471 Restricted For:

Capital Projects 1,063,746 - 1,063,746 Other Purposes 2,614,143 - 2,614,143

Unrestricted (664,447) 1,164,659 500,212

Total Net Position 52,252,429$ 1,176,143$ 53,428,572$

LIABILITIES

NET POSITION

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYSTATEMENT OF NET POSITION

JUNE 30, 2014

ASSETS

The Accompanying Notes to the Financial Statements are an integral part of this Statement.

EXH

IBIT

A-2

(Pag

e 1

of 2

)

TOTA

LSC

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FOR

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2014

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l Act

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Inst

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ion:

Reg

ular

6,37

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1,

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230

$(5

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)$

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(5,3

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l Edu

catio

n7,

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(7,4

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)O

ther

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ruct

ion

1,33

5,35

2

-

-(1

,335

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)-

(1,3

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52)

Supp

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ces:

Stud

ent &

Inst

ruct

ion

Rel

ated

Ser

vice

s3,

132,

509

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(2,9

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673,

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l Act

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9(3

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(36,

193,

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s-T y

pe A

ctiv

ities

:Fo

od S

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ce91

5,27

9

438,

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475,

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-(1

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)(1

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)Sc

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re49

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50

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--

616

616

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lt Ed

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Prog

ram

s1,

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999

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(236

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)(2

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4

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209

209

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s-Ty

pe A

ctiv

ities

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8,82

91,

787,

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(236

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)(2

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Tota

l Prim

ary

Gov

ernm

ent

41,6

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1,78

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3,41

7,90

7$

(36,

193,

437)

(236

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)(3

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2)

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GR

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TO

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Y IN

STIT

UT

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EN

T O

F A

CT

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IES

FOR

TH

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EA

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ND

ED

JU

NE

30,

201

4

NET

(EX

PEN

SES)

REV

ENU

E A

ND

CH

AN

GES

IN N

ET P

OSI

TIO

N

The

Acc

ompa

nyin

g N

otes

to th

e Fi

nanc

ial S

tate

men

ts a

re a

n in

tegr

al p

art o

f thi

s Sta

tem

ent.

EXH

IBIT

A-2

(Pag

e 2

of 2

)

NET

(EX

PEN

SES)

REV

ENU

E A

ND

CH

AN

GES

IN N

ET P

OSI

TIO

NTO

TALS

CH

AR

GES

OPE

RA

TIN

GB

USI

NES

S-FO

RG

RA

NTS

&G

OV

ERN

MEN

TAL

TYPE

JUN

E 30

,FU

NC

TIO

NS/

PRO

GR

AM

SEX

PEN

SES

SER

VIC

ESC

ON

TRIB

UTI

ON

SA

CTI

VIT

IES

AC

TIV

ITIE

S20

14

Cou

nty

App

ropr

iatio

ns15

,894

,974

-

15,8

94,9

74

Fed

eral

& S

tate

Aid

Unr

estri

cted

15

,683

,915

-

15,6

83,9

15

Tui

tion

Rec

eive

d6,

132,

240

-

6,

132,

240

In

vest

men

t Ear

nin g

s4,

826

-

4,

826

M

isce

llane

ous I

ncom

e22

,878

-

22,8

78

Tota

l Gen

eral

Rev

enue

s, S p

ecia

l Ite

ms,

Extra

ordi

nary

Item

s & T

rans

fers

37,7

38,8

33-

37,7

38,8

33

Cha

n ge

In N

et P

ositi

on1,

545,

396

(236

,625

)1,

308,

771

Be g

inni

ng N

et P

ositi

on50

,707

,033

1,41

2,76

8

52

,119

,801

Endi

n g N

et P

ositi

on52

,252

,429

$

1,17

6,14

3$

53,4

28,5

72$

PRO

GR

AM

REV

ENU

ES

BU

RL

ING

TO

N C

OU

NT

Y IN

STIT

UT

E O

F T

EC

HN

OL

OG

YST

AT

EM

EN

T O

F A

CT

IVIT

IES

FOR

TH

E Y

EA

R E

ND

ED

JU

NE

30,

201

4

The

Acc

ompa

nyin

g N

otes

to th

e Fi

nanc

ial S

tate

men

ts a

re a

n in

tegr

al p

art o

f thi

s Sta

tem

ent.


B. Fund Financial Statements


Governmental Funds


EXHIBIT B-1

SPECIAL CAPITAL (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS JUNE 30, JUNE 30,FUND FUND FUND 2014 2013

Cash & Cash Equivalents 2,153,788$ -$ 973,490$ 3,127,278$ 3,491,358$Accounts Receivable:

Federal 6,142 346,848 - 352,990 360,104State 47,083 4,038 114,587 165,708 46,686Other 73,220 - - 73,220 204,600

Interfund 4,247 - - 4,247 6,686Restricted Cash 1,911,527 - - 1,911,527 1,910,267

Total Assets 4,196,007$ 350,886$ 1,088,077$ 5,634,970$ 6,019,701$

Liabilities:Cash Deficit -$ 348,812$ -$ 348,812$ 283,975$Unearned Revenue - - - - 698Intergovernmental Payable - 698 - 698 -Accounts Payable 815,531 1,376 24,331 841,238 2,398,351

Total Liabilities 815,531 350,886 24,331 1,190,748 2,683,024

Fund Balances:Restricted:

Capital Reserve 1,911,527 - - 1,911,527 1,910,267Excess Surplus 121,053 - - 121,053 -Capital Projects - - 1,063,746 1,063,746 -

Assigned to:Other Purposes 581,563 - - 581,563 820,691

Unassigned:General Fund 766,333 - - 766,333 605,719

Total Fund Balances 3,380,476 - 1,063,746 4,444,222 3,336,677

Total Liabilities & Fund Balances 4,196,007$ 350,886$ 1,088,077$

Amounts reported for governmental activities in the statement of Net Position (A-1)are different because:

Capital assets used in governmental activities are not financial resources andtherefore are not reported in the funds. The cost of the assets is $86,253,442and the accumulated depreciation is $37,284,455. 49,238,987$ 48,753,045$

Long-term liabilities, including bonds payable, capital leases, early retirement liability and compensated absences are not due and payable in the currentperiod and therefore are not reported as liabilities in the funds. (1,430,780) (1,382,689)

Net position of Governmental Activities 52,252,429$ 50,707,033$

ASSETS

LIABILITIES & FUND BALANCES

(With Comparative Totals for June 30, 2013)

TOTALS


BALANCE SHEETGOVERNMENTAL FUNDS

JUNE 30, 2014


EXHIBIT B-2

SPECIAL CAPITAL (MEMORANDUM ONLY)

GENERAL REVENUE PROJECTS JUNE 30, JUNE 30,FUND FUND FUND 2014 2013

Revenues:Local Sources:

County Appropriations 15,894,974$ -$ -$ 15,894,974$ 15,894,974$Tuition from LEA's 6,132,240 - - 6,132,240 5,934,600Other Local Revenues/Miscellaneous 27,704 - - 27,704 101,380

Total Local Sources 22,054,918 - - 22,054,918 21,930,954

State Sources 17,057,663 15,000 114,587 17,187,250 17,119,177Federal Sources 32,759 1,406,725 - 1,439,484 1,323,325

Total Revenues 39,145,340 1,421,725 114,587 40,681,652 40,373,456

Expenditures:Current Expense:

Regular Instruction 5,336,721 1,035,230 - 6,371,951 6,720,320Vocational Education 7,475,403 - - 7,475,403 7,101,317Other Instruction 1,335,352 - - 1,335,352 1,357,943

Support Services & Undistributed Costs:Student & Instruction Related Services 2,943,008 189,501 - 3,132,509 2,817,240Other Administrative Services 673,373 - - 673,373 691,287School Administrative Services 2,861,090 - - 2,861,090 2,709,515Plant Operations & Maintenance 5,652,374 - - 5,652,374 5,043,336Pupil Transportation 224,603 - - 224,603 175,302Employee Benefits 8,106,041 71,601 - 8,177,642 8,540,689

Contribution for Debt Service 2,236,013 - - 2,236,013 2,153,063Capital Outlay 1,021,937 125,393 286,467 1,433,797 1,684,298

Total Expenditures 37,865,915 1,421,725 286,467 39,574,107 38,994,310

Excess/(Deficiency) of Revenues Over/(Under) Expenditures 1,279,425 - (171,880) 1,107,545 1,379,146

Other Financing Sources/(Uses):Operating Transfers In (Out) -

Transfer In - - 1,235,626 1,235,626 (45,097)Transfer Out (1,235,626) - - (1,235,626) -

- -Total Other Financing Sources/(Uses) (1,235,626) - 1,235,626 - (45,097)

Excess/(Deficiency) of Revenues & OtherFinancing Sources Over/(Under) Expenditures

& Other Financing Uses 43,799 - 1,063,746 1,107,545 1,334,049Fund Balances July 1 3,336,677 - - 3,336,677 2,002,628

Fund Balances June 30 3,380,476$ -$ 1,063,746$ 4,444,222$ 3,336,677$


STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCEGOVERNMENTAL FUNDS


TOTALS



EXHIBIT B-3

Total Net Change in Fund Balances - Governmental Funds (From B-2) 1,107,545$

Amounts reported for governmental activities in the statement ofactivities (A-2) are different because:

Capital outlays are reported in governmental funds as expenditures.However, in the statement of activities, the cost of those assets isallocated over their estimated useful lives as depreciation expense.This is the amount by which capital outlays exceeded depreciation in the period:

Capital Outlays 1,433,797$Adjustment to Capital Assets 1,360,985Depreciation Expense (2,308,840) 485,942

Repayment of compensated absences is an expenditure in thegovernmental funds, but the repayment reduces long-termliabilities in the statement of net position and is not reported in thestatement of activities.

Prior Year 1,382,689Current Year (1,430,780) (48,091)

Change in Net Position of Governmental Activities 1,545,396$

FOR THE YEAR ENDED JUNE 30, 2014

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYRECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDSTO THE STATEMENT OF ACTIVITIES



Proprietary Funds


EXHIBIT B-4(Page 1 of 2)

FOOD BEAVER'S DENSERVICE SCHOOL FIRE ADULT CULINARY CHILD

FUND STORE SCHOOL EDUCATION ARTS CARE

Current Assets:Cash 114,329$ 37,850$ 179,638$ 685,993$ -$ 79,786$Accounts Receivable:

State 1,552 - - - - -Federal 33,429 - - - - -Other - - - - - -

Inventories 16,144 20,803 - - - -

Total Current Assets 165,454 58,653 179,638 685,993 - 79,786

Capital Assets:Equipment 14,356 - - - - -Less: Accumulated Depreciation (2,872) - - - - -

Total Capital Assets 11,484 - - - - -

Total Assets 176,938 58,653 179,638 685,993 - 79,786

Current Liabilities:Cash Deficit - - - - 1,464 -Unearned Revenue - - - 28,395 - -Accounts Payable - - - 17,485 - -

Total Liabilities - - - 45,880 1,464 -

Net Investment in Capital Assets 11,484 - - - - -Unrestricted 165,454 58,653 179,638 640,113 (1,464) 79,786

Total Net Position 176,938$ 58,653$ 179,638$ 640,113$ (1,464)$ 79,786$

LIABILITIES

NET POSITION

ASSETS

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYENTERPRISE FUNDS

COMBINING STATEMENT OF NET POSITIONJUNE 30, 2014




(MEMORANDUM ONLY)

CULINARY PRINT AUTO JUNE 30, JUNE 30,EXPRESS SHOP BODY ENGINEERING 2014 2013

Current Assets:Cash 26,916$ 16,184$ -$ 597$ 1,141,293$ 1,396,600$Accounts Receivable:

State - - - - 1,552 416Federal - - - - 33,429 24,785Other - - - - - 8,667Inventories - - - - 36,947 30,957

Total Current Assets 26,916 16,184 - 597 1,213,221 1,461,425

Capital Assets:Equipment - - - - 14,356 14,356Less: Accumulated Depreciation - - - - (2,872) (1,436)

Total Capital Assets - - - - 11,484 12,920

Total Assets 26,916 16,184 - 597 1,224,705 1,474,345

Current Liabilities:Cash Deficit - - 1,218 - 2,682 -Unearned Revenue - - - - 28,395 -Accounts Payable - - - - 17,485 61,577

Total Liabilities - - 1,218 - 48,562 61,577

Net Investment in Capital Assets - - - - 11,484 12,920Unrestricted 26,916 16,184 (1,218) 597 1,164,659 1,399,848

Total Net Position 26,916$ 16,184$ (1,218)$ 597$ 1,176,143$ 1,412,768$


COMBINING STATEMENT OF NET POSITIONJUNE 30, 2014


NET POSITION

TOTALS

ASSETS

LIABILITIES



BEAVER'SFOOD DEN

SERVICE SCHOOL FIRE ADULT CULINARY CHILDFUND STORE SCHOOL EDUCATION ARTS CARE

Operating Revenues:Local Sources:

Fees -$ -$ 143,809$ 742,190$ 96,402$ 175,079$ Daily Sales-Reimbursable Programs 197,014 - - - - - Daily Sales-Non-Reimbursable Program 212,376 - - - - - Miscellaneous 12,203 - - - - - Special Functions 17,376 - - - - - Sales of Clothing & Supplies - 50,131 - - - -

Total Operating Revenue 438,969 50,131 143,809 742,190 96,402 175,079

Operating Expenses:Cost of Sales 375,297 - - 87,034 - - Administrative Fees 87,075 - - - - - Employee Benefits 69,914 - - 98,132 - - Insurance 11,345 - - - - - Miscellaneous 10,332 - - 85,660 - - Depreciation 1,436 - - - - - Refunds - - - - - - Salaries 283,085 8,341 97,319 693,056 1,845 142,620 Supplies 76,795 41,174 - 17,727 112,138 8,401 Textbooks - - 43,951 - - -

Total Operating Expenses 915,279 49,515 141,270 981,609 113,983 151,021

Operating Income/(Loss) (476,310) 616 2,539 (239,419) (17,581) 24,058

Nonoperating Revenues (Expenses)State Sources:

State School Lunch Program 8,592 - - - - - Federal Sources:

School Breakfast Program 104,481 - - - - - National School Lunch Program 309,909 - - - - - Food Distribution Program 52,106 - - - - -

Total Nonoperating Revenue (Expenses) 475,088 - - - - -

Change in Net Position (1,222) 616 2,539 (239,419) (17,581) 24,058 Total Net Position - Beginning 178,160 58,037 177,099 879,532 16,117 55,728

Total Net Position - Ending 176,938$ 58,653$ 179,638$ 640,113$ (1,464)$ 79,786$



COMBINING STATEMENT OF REVENUESEXPENSES AND CHANGES IN FUND NET POSITION




(MEMORANDUM ONLY)

CULINARY PRINT AUTO JUNE 30, JUNE 30,EXPRESS SHOP BODY ENGINEERING 2014 2013

Operating Revenues:Local Sources:

Fees 94,976$ 19,184$ 21,852$ 4,524$ 1,298,016$ 1,837,515$Daily Sales-Reimbursable

Programs - - - - 197,014 188,403Daily Sales -

Nonreimbursable Program - - - - 212,376 191,006Miscellaneous - - - - 12,203 7,880Special Functions - - - - 17,376 15,849Sales of Clothing & Supplies - - - - 50,131 58,481

Total Operating Revenue 94,976 19,184 21,852 4,524 1,787,116 2,299,134

Operating Expenses:Cost of Sales - - - - 462,331 650,606Administrative Fees - - - - 87,075 85,455Employee Benefits - - - - 168,046 53,637Insurance - - - - 11,345 10,332Miscellaneous - - - - 95,992 4,734Depreciation - - - - 1,436 1,436Refunds - - - - - 14,450Salaries 25,096 - - 1,360 1,252,722 1,398,638Supplies 79,560 13,863 23,318 2,955 375,931 496,894Textbooks - - - - 43,951 38,453

Total Operating Expenses 104,656 13,863 23,318 4,315 2,498,829 2,754,635

Operating Income/(Loss) (9,680) 5,321 (1,466) 209 (711,713) (455,501)

Nonoperating Revenues (Expenses):State Sources:

State School Lunch Program - - - - 8,592 8,141Federal Sources:

School Breakfast Program - - - - 104,481 107,434National School Lunch

Program - - - - 309,909 321,469Food Distribution Program - - - - 52,106 54,389

Total Nonoperating Revenue/(Expenses) - - - - 475,088 491,433

Change in Net Position (9,680) 5,321 (1,466) 209 (236,625) 35,932Total Net Position - Beginning 36,596 10,863 248 388 1,412,768 1,376,836

Total Net Position - Ending 26,916$ 16,184$ (1,218)$ 597$ 1,176,143$ 1,412,768$

EXPENSES AND CHANGES IN FUND NET POSITIONFOR THE FISCAL YEAR ENDED JUNE 30, 2014

TOTALS


COMBINING STATEMENT OF REVENUES



EXH

IBIT

B-6

(Pag

e 1

of 2

)

BEA

VER

'SFO

OD

DEN

SER

VIC

ESC

HO

OL

FIR

EA

DU

LTC

ULI

NA

RY

CH

ILD

FUN

DST

OR

ESC

HO

OL

EDU

CA

TIO

NA

RTS

CA

RE

Cas

h Fl

ows f

rom

Ope

ratin

g A

ctiv

ities

:R

ecei

pts f

rom

Cus

tom

ers

492,

511

$

50

,499

$

147,

522

$

742,

190

$

100,

316

$

175,

079

$Pa

ymen

ts to

Em

ploy

ees

(283

,085

)(8

,341

)(9

7,31

9)

(6

93,0

56)

(1,8

45)

(142

,620

)Pa

ymen

ts to

Foo

d Se

rvic

e M

anag

emen

t Com

pany

(96,

855)

-

-

-

-

-

Paym

ents

for E

mpl

oyee

Ben

efits

(69,

914)

-

-

(9

8,13

2)-

-Pa

ymen

ts to

Sup

plie

rs(5

29,3

99)

(41,

174)

(44,

096)

(154

,744

)(1

15,1

63)

(8,4

01)

Net

Cas

h Pr

ovid

ed/(U

sed)

by

Ope

ratin

g A

ctiv

ities

(486

,742

)98

4

6,

107

(2

03,7

42)

(16,

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4,32

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984

$

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(16,

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9,32

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0$

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320

352

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ED

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NE

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ith C

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otal

s for

Jun

e 30

, 201

3)

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Fiduciary Fund


EXHIBIT B-7

PRIVATEPURPOSE

UNEMPLOYMENT (MEMORANDUM ONLY)

COMPENSATION STUDENT JUNE 30, JUNE 30,INSURANCE ACTIVITY PAYROLL 2014 2013

Cash & Cash Equivalents 763,925$ 139,862$ 286,604$ 1,190,391$ 1,030,512$

Total Assets 763,925 139,862 286,604 1,190,391 1,030,512

Unemployment ClaimsPayable 13,893 - - 13,893 23,081

Interfund - - 4,247 4,247 6,686 Payroll Deductions &

Withholdings - - 282,357 282,357 47,025 Due to Student Groups - 139,862 - 139,862 106,555

Total Liabilities 13,893 139,862 286,604 440,359 183,347

Restricted 750,032 - - 750,032 847,165

Total Net Position 750,032$ -$ -$ 750,032$ 847,165$


AGENCY FUNDS

ASSETS

LIABILITIES

NET POSITION


TOTALS

FIDUCIARY FUNDSSTATEMENT OF FIDUCIARY NET POSITON

JUNE 30, 2014


EXHIBIT B-8

PRIVATEPURPOSE

UNEMPLOYMENT (MEMORANDUM ONLY)

COMPENSATION JUNE 30, JUNE 30,INSURANCE 2014 2013

Local Sources:Employee Salary Deductions 31,784$ 31,784$ 35,347$

Total Operating Revenues 31,784 31,784 35,347

Other Sources:Interest on Investments 799 799 3,473

Total Additions 32,583 32,583 38,820

Unemployment CompensationInsurance Claims 129,716 129,716 101,693

Total Deductions 129,716 129,716 101,693

Change in Net Position (97,133) (97,133) (62,873)Net Position - Beginning of the Year 847,165 847,165 910,038

Net Position - End of the Year 750,032$ 750,032$ 847,165$

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYFIDUCIARY FUNDS

STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014


TOTALS

ADDITIONS

DEDUCTIONS



NOTES TO THE FINANCIAL STATEMENTSJUNE 30, 2014



NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2014

Note 1. Summary of Significant Accounting Policies

The accompanying financial statements of the Burlington County Institute of Technology have been prepared in conformity with generally accepted accounting principles as prescribed by the Governmental Accounting Standards Board (GASB). The following is a summary of more significant accounts policies.

A. Reporting Entity

The Burlington County Institute of Technology is a Type I district located in the County of Burlington, State of New Jersey. As a Type I district, the School District functions independently through a Board of Education. The Board consists of appointed officials by the County Freeholders and is responsible for the fiscal control of the District. A Superintendent is appointed by the Board and is responsible for the administrative control of the District. The Board is comprised of four members appointed to four year terms, which are staggered so that one member’s term expires each year. In addition the County Superintendent serves as an ex-officio member. There are two campuses, Woodlane Road in Westampton Township and Hawkins Road in Medford Township. The District provides a full range of educational services appropriate to grade levels 9 through 12. The Burlington County Institute of Technology has an approximate enrollment at June 30, 2014 of 2,170 students.

B. Component Units

The primary criterion for including activities within the District’s reporting entity, as set forth in Section 2100 of the GASB Codification of Governmental Accounting and Financial Reporting Standards, is whether:

the organization is legally separate (can sue or be sued in their own name) the District holds the corporate powers of the organization the District appoints a voting majority of the organization’s board the District is able to impose its will on the organization the organization has the potential to impose a financial benefit/burden on the District there is a fiscal dependency by the organization on the District

Component Units – GASB Statement No. 14, The Financial Reporting Entity, provides guidance that all entities associated with a primary government are potential component units and should be evaluated for inclusion in the financial reporting entity. A primary government is financially accountable not only for the organizations that make up its legal entity, but also for legally separate organizations that meet the criteria established by GASB Statement No. 14, as amended by GASB Statement No. 39, Determining Whether Certain Organizations are Component Units. The following organization is considered a component unit, however, the School District has determined that it is not significant and, therefore, has not been included in the basic financial statements.

Based on the aforementioned criteria, the District has one component unit as listed below:

Burlington County Institute of Technology Foundation 2 Academy Drive Westampton, New Jersey 08060

Requests for financial information should be addressed to the organization listed above.



Note 1. Summary of Significant Accounting Policies (continued):

C. Measurement Focus, Basis of Accounting and Financial Statement Presentation

District-Wide Financial Statements – The governmental fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

Governmental Fund Financial Statements – The Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the District considers revenues to be available if they are collected within 60 days of the end of the current fiscal year-end. Principal revenue sources considered susceptible to accrual include federal and state grants, interest on investments, tuition and transportation. Other revenues are considered to be measurable and available only when cash is received by the state.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting.

D. District-Wide and Fund Financial Statements

The district-wide financial statements (the statement of net position and the statement of activities) report information of all of the non-fiduciary activities of the District. For the most part, the effect of interfund activity has been removed from these district-wide statements. District activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses of a given function, segment or component unit are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function, segment, or component unit. Program revenues include charges to customers who purchase, use or directly benefit from goods or services provided by a given function,segment or component unit. Program revenues also include grants and contributions that are restricted to meeting the operational or capital requirements of a particular function, segment, or component unit. Taxes and other items not properly included among program revenues are reported instead as general revenues. The District does not allocate general government (indirect) expenses to other functions.

Net position are restricted when constraints placed on them are either externally imposed or are imposed by constitutional provisions or enabling legislation. Internally imposed designations of resources are not presented as restricted net position. When both restricted and unrestricted resources are available for use, generally it is the District’s policy to use restricted resources first, and then unrestricted resources as they are needed.

Separate financial statements are provided for governmental funds, proprietary funds, fiduciary funds and similar component units, and major component units. However, the fiduciary funds are not included in the district-wide statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.




E. Fund Accounting

The accounts of the Burlington County Institute of Technology are maintained in accordance with the principles of fund accounting to ensure observance of limitations and restrictions on the resources available. The principles of fund accounting require that resources be classified for accounting andreporting purposes into funds or account groups in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon thepurposes for which they are to be spent and the means by which spending activities are controlled. An account group, on the other hand, is a financial reporting device designed to provide accountability for certain assets and liabilities that are not recorded in the funds because they do not directly affect net expendable available financial resources. The various funds and accounts are grouped, in the financial statements in this report, into seven fund types within three broad fund categories and two account groups as follows:

Governmental Funds

General Fund - The general fund is the general operating fund of the Burlington County Institute of Technology and is used to account for all financial resources except those required to be accounted for in another fund. Included are certain expenditures for vehicles and movable instructional or non-instructional equipment which are classified in the Capital Outlay sub-fund.

As required by the New Jersey Department of Education Burlington County Institute of Technology includes budgeted Capital Outlay in this fund. Generally accepted accounting principles as they pertain to governmental entities state that General Fund resources may be used to directly finance capital outlays for long-lived improvements as long as the resources in such cases are derived exclusively from unrestricted revenues.

Resources for budgeted capital outlay purposes are normally derived from State of New Jersey Aid, interest earnings and appropriated fund balance. Expenditures are those that result in the acquisition of or additions to fixed assets for land, existing buildings, improvements of grounds, construction of buildings, additions to or remodeling of buildings and the purchase of built-in equipment. These resources can be transferred from and to Current Expense by board resolution.

Special Revenue Fund - The Special Revenue Fund is used to account for the proceeds of specific revenue from State and Federal Government, (other than major capital projects, Debt Service or the Enterprise Funds) and local appropriations that are legally restricted to expenditures for specified purposes.

Capital Projects Fund - The capital projects fund is used to account for all financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds).




E. Fund Accounting (continued):

Debt Service Fund - The debt service fund is used to account for the accumulation of resources for, and the payment of principal and interest on bonds issued to finance major property acquisition, construction and improvement programs.

Proprietary Fund

The focus of Proprietary Fund measurement is upon determination of net income, financial position and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. The following is a description of the Proprietary Funds of the District:

Enterprise - The enterprise fund is used to account for the operations that are financed and operated in a manner similar to a private business enterprise. The costs of providing goods or services are financed primarily through user charges; or, where the District has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability or other purposes.

The District’s Enterprise Fund is comprised of the Food Service, School Store, Fire School, Adult Education, Culinary Arts, Beaver’s Den Child Care, Culinary Express, Print Shop, Auto Body and Pre-Engineering Funds.

All Proprietary funds are accounted for on a cost of services or “capital maintenance” measurement focus. This means that all assets and all liabilities, whether current or noncurrent, associated with their activity are included on their balance sheets. Their reported fund equity (net total assets) is segregated into contributed capital and unreserved retained earnings, if applicable. Proprietary fund type operating statements present increases (revenues) and decreases (expenses) in net total assets.

Depreciation of all exhaustive fixed assets used by proprietary funds is charged as an expense against their operations. Accumulated depreciation is reported on proprietary fund balance sheets. Depreciation has been provided over the estimated useful lives using the straight-line-method. The estimated useful lives are as follows:

Buildings & Improvements 10-50 years Equipment 12 years

Light Trucks & Vehicles 4 years Heavy Trucks & Vehicles 6 years

Fiduciary Fund

Fiduciary funds are used to account for assets held by a governmental entity for other parties (either as trustee or as an agent) and that cannot be used to finance the governmental entity’s own operating programs which includes private purpose trust funds and agency funds.




E. Fund Accounting (continued):

Private Purpose Trust Funds are used to account for the principal and income for trust arrangements that benefit individuals, private organizations, or other governments. The District currently maintains an Unemployment Trust Fund as a private purpose trust.

Agency Funds are assets held by a governmental entity (either as trustee or as an agent) for other parties that cannot be used to finance the governmental entity’s own operating programs. The District currently maintains Payroll funds and Student Activity Funds as Agency Funds.

F. Basis of Accounting

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All governmental funds and private purpose trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current assets.

All proprietary funds are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund-type operating statements present increases (i.e., revenues) and decreases (i.e., expenses) in net total assets.

The modified accrual basis of accounting is used for measuring financial position and operating results of all governmental fund types, private purpose trust funds and agency funds. Under the modified accrual basis of accounting, revenues are recognized when they become both measurable and available. “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. State equalization monies are recognized as revenue during the period in which they are appropriated. A one-year availability period is used for revenue recognition for all other governmental fund revenues. Expenditures are recognized in the accounting period in which the fund liability is incurred, except for principal and interest on general long-term debt which are recorded when due.

In its accounting and financial reporting, the Burlington County Institute of Technology follows the pronouncements of the Governmental Accounting Standards Board (GASB) and the pronouncements of the Financial Accounting Standards Board (FASB) and its predecessor organizations issued on or before November 30, 1989, unless they conflict with or contradict GASB pronouncements. The Burlington County Institute of Technology’s proprietary funds have elected not to apply the standards issued by FASB after November 30, 1989.

The accrual basis of accounting is used for measuring financial position and operating results of proprietary fund types and private purpose trust funds. Under this method, revenues are recognized in the accounting period in which they are earned and expenses are recognized when they are incurred.




G. Budgets/Budgetary Control

Annual appropriated budgets are prepared in the spring of each year for the general, special revenue and debt service funds. The budgets are submitted to the county office and are approved by the County Superintendent. Budgets are prepared using the modified accrual basis of accounting. The legal level of budgetary control is established at line item accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail as established pursuant to the minimum chart of accounts referenced in N.J.A.C.6:20-2A(m)1. All budget amendments must be approved by School Board resolution.

Formal budgetary integration into the accounting system is employed as a management control device during the year. For governmental funds there are no substantial differences between the budgetary basis of accounting and generally accepted accounting principles with the exception of the legally mandated revenue recognition of the last state aid payment for budgetary purposes only and the special revenue fund as noted below. Encumbrance accounting is also employed as an extension of formal budgetary integration in the governmental fund types. Unencumbered appropriations lapse at fiscal year-end.

The accounting records of the special revenue fund are maintained on the grant accounting budgetary basis. The grant accounting budgetary basis differs from GAAP in that the grant accounting budgetary basis recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. Sufficient supplemental records are maintained to allow for the presentation of GAAP basis financial reports.

The budget, as detailed on Exhibit C-1, includes all amendments to the adopted budget, if any.

H. Encumbrances

Under encumbrance accounting purchase orders, contracts and other commitments for the expenditure of resources are recorded to reserve a portion of the applicable appropriation. Open encumbrances in governmental funds other than the special revenue fund are reported as reservations of fund balances at fiscal year-end as they do not constitute expenditures or liabilities but rather commitments related to unperformed contracts for goods and services.

Open encumbrances in the special revenue fund for which the Burlington County Institute of Technology has received advances are reflected in the balance sheet as deferred revenues at fiscal year-end. The encumbered appropriation authority carries over into the next fiscal year. An entry will be made at the beginning of the next fiscal year to increase the appropriation reflected in the certified budget by the outstanding encumbrance amount as of the current fiscal year-end.

I. Cash and Cash Equivalents

Cash and Cash equivalents include petty cash, change funds, cash in banks and all highly liquid investments with a maturity of three months or less at the time of purchase and are stated at cost plus accrued interest. U.S. Treasury and agency obligations and certificates of deposit with maturities of one year or less when purchased are stated at cost.




I. Cash and Cash Equivalents (continued):

New Jersey School Districts are limited as to the types of investments and types of financial institutions they may invest in. N.J.S.18A:20-37 provides a list of permissible investments that may be purchased by New Jersey school districts.

Additionally, the District has adopted a cash management plan that requires it to deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (“GUDPA”). GUDPA was enacted in 1970 to protect Governmental Units from loss of funds on deposit with a failed banking institution in New Jersey.

N.J.S.A.17:9-41 et. Seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Act. Public depositories include Savings and Loan institutions, banks (both state and national banks) and savings banks the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of their deposits to the Governmental Units.

J. Tuition Receivable/Payable

Tuition charges were established by the Board of Education based on estimated costs. The charges are subject to adjustment when the final costs have been determined.

These adjustments are recorded upon certification by the State Board of Education, which is normally three years following the contract year. The cumulative adjustments through June 30, 2014, which have not been recorded, are not determinable.

The tuition rate adjustments for the years 2011-2012 have been established. According to the School District’s records, these amounts of adjustments are immaterial to the financial statements.

K. Inventories & Prepaid Expenses

Inventories are valued at cost, which approximates market. The costs are determined on a first-in, first-out method.

The cost of inventories in governmental fund types is recorded as expenditures when purchased rather than when consumed.

L. Prepaid Expenses

Prepaid expenses, which benefit future periods, are only recorded in the government-wide financial statements and in the proprietary fund statements. Prepaid expenses in the proprietary fund represent payments made to vendors for services that will benefit periods beyond June 30, 2014. They are recorded as expenditure during the year of purchase.




M. Short-Term Interfund Receivables/Payables

Short-term interfund receivables/payables represent amounts that are owed, other than charges for goods or services rendered to/from a particular fund in the Burlington County Institute of Technology’s financial statements and that are due within one year.

N. Capital Assets

Capital assets acquired or constructed during the year are reported in the applicable governmental or business-type activities columns in the district-wide financial statements. Capital assets are defined by the District as assets, which have a cost in excess of $2,000 at the date of acquisition and a useful life of one year or more. Donated capital assets are valued at their estimated fair market value on the date received. The capital assets acquired or constructed were valued by an independent appraisal company. Capital assets, such as land and buildings, are valued at the historical cost basis and through estimated procedures performed by an independent appraisal company, respectively.

Capital assets are reflected as expenditures in the applicable governmental funds. Depreciation expense is recorded in the district-wide financial statements as well as the proprietary fund. Capital assets are depreciated on the straight-line method over the assets’ estimated useful life. There is no depreciation recorded for land and construction in progress. Generally estimated useful lives are as follows:

Machinery and Equipment 5 - 20 Years Buildings & Land Improvements 15 - 50 Years

O. Deferred Outflow of Resources

In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The District has only one item that qualifies for reporting in this category which is the deferred charge on refunding reported in the government-wide statement of net position. A deferred charge on refunded debt results from the difference in the carrying value of the refunded debt and its acquisition price. The amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.

P. Accrued Salaries and Wages

District employees, who provide services to the District over the ten-month academic year and extended eleven-month calendar, do not have the option to have their salaries disbursed during the entire twelve-month year. Therefore, there is no accrual as of June 30, 2014 for such salaries.

Q. Compensated Absences

Compensated absences are those absences for which employees will be paid, such as vacation, sick leave and sabbatical leave. A liability for compensated absences that are attributable to services already rendered, and that are not contingent on a specific event that is outside the control of the District and its employees, is accrued as the employees earn the rights to the benefits. Compensated absences that relate to future services, or that are contingent on a specific event that is outside the control of the District and




Q. Compensated Absences (continued):

its employees, are accounted for in the period in which such services are rendered or in which such events take place.

In the District-Wide financial statements, under governmental activities, compensated absences are reported as an expenditure and noncurrent liabilities.

R. Unearned Revenue

Unearned revenue arises when assets are recognized before revenue recognition criteria have been satisfied and is recorded as a liability until the revenue is both measureable and the District is eligible to realize the revenue.

S. Long-term Obligations

In district-wide financial statements, under governmental activities, long-term debt is recognized as a liability in the general fund as debt is incurred.

T. Fund Equity

In accordance with Government Accounting Standards Board, Fund Balance Reporting and Governmental Fund Type Definitions, the Burlington County Institute of Technology classifies governmental fund balances as follows:

Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because legal or contractual constraints. Restricted – includes fund balance amounts that are constrained for specific purposes which are externally imposed by external parties, constitutional provision or enabling legislation. Committed – includes fund balance amounts that are constrained for specific purposes that are internally imposed by the government through formal action of the highest level of decision making authority and does not lapse at year-end. Assigned – includes fund balance amounts that are intended to be used for specific purposes that are neither considered restricted or committed. Fund Balance may be assigned by the Business Administrator. Unassigned – includes balance within the General Fund which has not been classified within the above mentioned categories and negative fund balances in other governmental funds

The Burlington County Institute of Technology uses restricted/committed amounts to be spent first when both restricted and unrestricted fund balance is available, unless prohibited by law or regulation. Additionally, the Burlington County Institute of Technology would first use committed, then assigned and lastly unassigned amounts of unrestricted fund balance when expenditures are made.




U. Net Position

Net position, represents the difference between summation of assets and deferred outflows of resources, and the summation of liabilities and deferred inflows of resources. Net position is classified in the following three components:

Net Investment in Capital Assets – This component represents capital assets, net of accumulated depreciation, net of outstanding balances of borrowings used for acquisition, construction, or improvement of those assets. Restricted – Net position is reported as restricted when there are limitations imposed on their use either through the enabling legislation adopted by the District or through external restrictions imposed by creditors, grantors or laws or regulations of other governments. Unrestricted – Net position is reported as unrestricted when it does not meet the criteria of the other two components of net position.

V. Impact of Recently Issued Accounting Principles

Recently Issued and Adopted Accounting Pronouncements

In March 2012, the GASB issued Statement 66, Technical Corrections—2012—an amendment of GASB Statements No. 10 and No. 62. GASB 66 improves accounting and financial reporting for a governmental financial reporting entity by resolving conflicting guidance that resulted from the issuance of two pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions,

and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This Statement is effective for periods beginning after December 15, 2012 although the District elected to early implement Statement 62 in fiscal year 2012. The adoption of GASB 66 does not have any impact on the District’s financial statements.

In March 2012, the GASB issued Statement 65, Items Previously Reported as Assets and Liabilities.GASB 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows of resources or deferred inflows of resources, certain items that were previously reported as assets and liabilities. This Statement is effective for periods beginning after December 15, 2012.

Recently Issued Accounting Pronouncements

In June 2012, the GASB issued Statement 68, Accounting and Financial Reporting for Pensions—an amendment of GASB Statement 27. GASB 68 improves accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and inter-period equity, and creating additional transparency. This Statement is effective for fiscal years beginning after June 15, 2014. Management is currently evaluating the impact of the adoption of this statement on the District’s financial statements.




R. Subsequent Events

The Burlington County Institute of Technology has evaluated subsequent events occurring after June 30, 2014 through the date of November 12, 2014, which is the date the financial statements were available to be issued.

In accordance with State of New Jersey statutes, the fund balance to be utilized in the subsequent year budget is not legally restricted and therefore has been classified as fund balance designated for subsequent year’s expenditures and is not reserved.

Note 2. Cash and Cash Equivalents

The District is governed by the deposit and investment limitations of New Jersey state law. The Deposits and investments held at June 30, 2014, and reported at fair value are as follows:

CarryingType Value

DepositsDemand Deposits 7,018,995$

Total Deposits 7,018,995$

The District's Cash & Cash Equivalents are Reported as Follows:

Governmental Actvities 4,689,993$ Business-Type Actvities 1,138,611 Fiduciary Funds 1,190,391

Total Cash & Cash Equivalents 7,018,995$

Custodial Credit Risk – Custodial credit risk is the risk that, in the event of a bank failure, the Board’s deposits may not be recovered. Although the Board does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, student activity funds or funds that may pass to the Board relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below. As of June 30, 2014, the District’s bank balance of $8,850,502 was exposed to custodial credit risk as follows:



Note 2. Cash and Cash Equivalents (continued):

Insured $ 250,000 Uninsured and uncollateralized 1,566,152 Collateralized in the District’s Name Under GUDPA 7,034,350

Total $8,850,502

Note 3. Capital Reserve Account

A capital reserve account was established by the Burlington County Institute of Technology on October 10, 2000, for the accumulation of funds for use as capital outlay expenditures in subsequent fiscal years.The capital reserve account is maintained in the general fund and its activity is included in the general fund annual budget. Funds placed in the capital reserve account are restricted to capital projects in the district’s approved Long Range Facilities Plan (LRFP). Upon submission of the LRFP to the department, a district may increase the balance in the capital reserve by appropriating funds in the annual general fund budget certified for taxes or by transfer by Board resolution at year-end of any unanticipated revenue or unexpended line-item appropriation amounts, or both. A district may also appropriated additional amounts when the express approval of the voters has been obtained either by a separate proposal at budget time or by a special question at one of the four special elections authorized pursuant to N.J.S.A.19:60-2. Pursuant to N.J.A.C.6:23A-14.1(g), the balance in the account cannot at any time exceed the local support costs of uncompleted capital projects in its approved LRFP

The activity of the capital reserve for the July 1, 2013 to June 30, 2014 fiscal year is as follows:

Beginning Balance, July 1 2013 1,910,267$

Interest Earnings 1,260

Ending Balance June 30 , 2014 1,911,527$

Note 4. Accounts Receivable

Accounts receivable at June 30, 2014 consisted of accounts and intergovernmental grants. All receivables are considered collectible in full due to the stable condition of state programs and the current fiscal year guarantee of federal funds. Accounts receivable as of fiscal year end for the School District’s individual major and fiduciary funds, in the aggregate, are as follows:

Special CapitalGeneral Revenue Projects Proprietary

Fund Fund Fund Funds Total

Intergovernmental 53,225$ 350,886$ 114,587$ 34,981$ 553,679$ Other 73,220 - - 320 73,540

Total 126,445$ 350,886$ 114,587$ 35,301$ 627,219$



Note 5. Capital Assets

The following schedule is a summarization of the capital fixed assets by source for the fiscal year ended June 30, 2014:

June 30, Transfers/ June 30, 2013 Additions Deletions Adjustments 2014

Governmental Activities:Capital assets not being depreciated: Land 379,000$ -$ -$ -$ 379,000$ Construction in Progress - 286,467 - - 286,467

Total assets not being depreciated 379,000 286,467 - - 665,467

Capital Assets being depreciated: Buildings 73,105,306 - - (1,030,752) 72,074,554 Land Improvements 2,452,790 - - 3,423,172 5,875,962 Machinery & Equipment 8,731,527 1,147,330 - (1,971,398) 7,907,459 Total Historical Cost 84,289,623 1,147,330 - 421,022 85,857,975

Less: accumulated depreciation Buildings & Improvements (28,946,042) (1,441,491) - - (30,387,533) Land Improvements (2,269,021) (293,798) - - (2,562,819) Machinery & Equipment (4,700,515) (573,551) - 939,963 (4,334,103) Total accumulated depreciation (35,915,578) (2,308,840) - 939,963 (37,284,455)

Capital assets being depreciated, net 48,374,045 (1,161,510) - 1,360,985 48,573,520

Total Governmental Activities, net 48,753,045$ (875,043)$ -$ 1,360,985$ 49,238,987$

During the current school year, the District had a new appraisal performed by an outside appraisal company. During this review of the capital assets, it was determined that there were adjustments necessary to the useful lives and classifications of various assets. The District determined that due to these changes in estimates that an adjustment to capital assets was necessary. The total adjustment as of June 30, 2014 was $1,360,985.

Note 6. Long-Term Obligations

During the fiscal year ended June 30, 2014 the following changes occurred in liabilities reported in the general long-term debt account group:

Balance Retired/ Balance Due Within 6/30/13 Additions Refunded 6/30/14 One Year Compensated Absences Payable $1,382,689 $ 48,091 $ - $1,430,780 $ -



Note 7. Pension Plans

Plan Descriptions - All required employees of the District are covered by either the Public Employees’ Retirement System or the Teachers’ Pension and Annuity Fund which have been established by state statute and are administered by the New Jersey Division of Pension and Benefits (Division). According to the State of New Jersey Administrative Code, all obligations of both systems will be assumed by the State of New Jersey should the Systems terminate. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System and the Teachers’ Pension and Annuity Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625.

Teachers' Pension and Annuity Fund (TPAF) - The Teachers' Pension and Annuity Fund was established in January 1955, under the provisions of N.J.S.A.18A:66 to provide retirement benefits, death, disability and medical benefits to certain qualified members. The Teachers’ Pension and Annuity Fund is considered a cost-sharing multiple-employer plan with a special funding situation, as under current statute, all employer contributions are made by the State of New Jersey on behalf of the District and the system’s other related noncontributing employers. Membership is mandatory for substantially all teachers or members of the professional staff certified by the State Board of Examiners and employees of the Department of Education who have titles that are unclassified, professional and certified.

Public Employees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established in January 1955 under the provisions of N.J.S.A.43:15A to provide retirement, death, disability and medical benefits to certain qualified members. The Public Employees’ Retirement System is a cost-sharing multiple-employer plan. Membership is mandatory for substantially all full-time employees of the State of New Jersey or any county, municipality, school district, or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state or local jurisdiction.

Vesting and Benefit Provisions - The vesting and benefit provisions of PERS are set by N.J.S.A.43:15Aand 43.3B and N.J.S.A.18A:6C for TPAF. All benefits vest after eight to ten years of service, except for medical benefits that vest after 25 years of service. Retirement benefits for age and service are available at age 55 and are generally determined to be 1/55 of the final average salary for each year of service credit, as defined. Final average salary equals the average salary for the final three years of service prior to retirement (or highest three years’ compensation if other than the final three years). Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving eight to ten years of service in which case benefits would begin the first day of the month after the member attains normal retirement age. The TPAF and PERS provides for specified medical benefits for members who retire after achieving 25 years of qualified service, as defined, or under the disability provisions of the System.

Members are always fully vested for their own contributions and, after three years of service credit, become vested for 2% of related interest earned on the contributions. In the case of death before retirement, members’ beneficiaries are entitled to full interest credited to the members’ accounts.

Chapter 78, P.L. 2011 changed this for employees enrolled after June 28, 2011. See Significant Legislation below.



Note 7. Pension Plans (continued):

Significant Legislation – During the year ended June 30, 1997, legislation was enacted (Chapter 114, P.L. 1997) authorizing the New Jersey Economic Development Authority to issue bonds, notes or other obligations for the purpose of financing, in full or in part, the State of New Jersey’s portion of the unfunded accrued liability under the State of New Jersey retirement systems. Additional legislation enacted during the year ended June 30, 1997 (Chapter 115, P.L. 1997) changed the asset valuation method from market related value to full-market value. This legislation also contained a provision to reduce the employee contribution rate by ½ of 1% to 4.5% for calendar years 1998 and 1999, and to allow for a reduction in the employee’s rate after calendar year 1999, providing excess valuation assets are available. The legislation also provided that the District’s normal contributions to the Fund may be reduced based on the revaluation of assets. Due to recognition of the bond proceeds and the change in asset valuation method as a result of enactment of Chapters 114 and 115, all unfunded accrued liabilities were eliminated, except for the unfunded liability for local early retirement incentive benefits; accordingly, the pension costs for TPAF and PERS were reduced.

New Legislation signed by the Acting Governor (Chapter 133, Public Laws 2001) changed the formula for calculating retirement benefits for all current and future non-veteran retirees from N/60 to N/55 (a 9.09% increase). This legislation, signed June 29, 2001, provides that all members of the TPAF and the PERS will have their pensions calculated on the basis of years of credit divided by 55. It also provides that all current retirees will have their original pension recalculated under the N/55 formula. Starting February 1, 2002, pension cost of living adjustments will be based on the new original pension.

Effective June 28, 2011, Chapter 78, P.L. 2011 reformed various pension and health benefits provisions. Employees hired after June 28, 2011 and enrolled in PERS will be enrolled in a new tier, Tier 5. Full retirement for Tier 5 PERS members will be age 65 and 30 years of service.

All cost of living adjustments are frozen until the pension fund reaches a “target funded ratio”.

Chapter 78 also requires all covered employees to contribute a prescribed percentage towards their health costs.

Contribution Requirements – The contribution policy is set by N.J.S.A.43:15A, Chapter 62, P.L. of 1994, Chapter 115, P.L. of 1997 and N.J.S.A.18:66, and requires contributions by active members and contributing employers. Plan member and employer contributions may be amended by State of New Jersey legislation. TPAF and PERS provide for employee contributions of 6.5%, effective October 1, 2011, of employees’ annual compensation, as defined. Employers are required to contribute at an actuarially determined rate in both TPAF and PERS. The actuarially determined contribution includes funding for both cost-of-living adjustments, noncontributory death benefits and post-retirement medical premiums. Under current statute the District is a noncontributing employer of the TPAF.



Note 7. Pension Plans (continued):

Three-Year Trend Information for PERS

Annual Percentage NetYear Pension of APC Pension

Funding Cost (APC) Contributed Obligation

6/30/2014 515,820$ 100% -$ 6/30/2013 586,838 100% - 6/30/2012 607,154 100% -

Three-Year Trend Information for TPAF Pension & Post-Retirement Medical Contributions (Paid on behalf of the District)

Annual Percentage NetYear Pension/Medical of APC Pension

Funding Cost (APC) Contributed Obligation

6/30/2014 1,583,034$ 100% -$ 6/30/2013 2,118,391 100% - 6/30/2012 1,478,483 100% -

During the year ended June 30, 2014 the State of New Jersey contributed $1,583,034 to the TPAF for normal post-retirement benefits on behalf of the District. Also in accordance with N.J.S.A.18A:66-66 the State of New Jersey reimbursed the District $1,046,767 for the year ended June 30, 2013 for the employer's share of social security contributions for TPAF members as calculated on their base salaries. This amount has been included in the basic financial statements, and the combining and individual fund and account group statements and schedules as a revenue and expenditure in accordance with GASB 27.

Early Retirement Incentive Program – The Board approved an “Enhanced Severance Plan” in February 2004 and May 2005 for certain members of the TPAF and PERS. Since no accrual has been made for the additional costs related to these programs, the School District will fund such cost in anannual budget appropriation on a pay-as-you-go basis. Program costs are billed annually by the Division of Pensions and Benefits.

Note 8. Post-Retirement Benefits

Chapter 384 of Public Laws 1987 and Chapter 6 of Public Laws 1990 required Teachers’ Pensions and Annuity Fund (TPAF) and the Public Employees’ Retirement System (PERS), respectively, to fund post-retirement medical benefits for those State Employees who retire after accumulating 25 years of credited service or on a disability retirement. P.L. 2007, c.103 amended the law to eliminate the funding of post-retirement medical benefits through the TPAF and PERS. It created separate funds outside of the pension plans for the funding and payment of post-retirement medical benefits for retired State employees and retired educational employees. As of June 30, 2012, there were 97,661 retirees eligible for post-retirement medical benefits. The cost of these benefits is funded through contributions by the State in



Note 8. Post-Retirement Benefits (continued):

accordance with P.L. 1994, c.62. Funding of post-retirement medical premiums changed from a prefunding basis to a pay-as-you-go basis beginning in Fiscal Year 1994.

The State is also responsible for the cost attributable to P.L. 1992, c.126, which provides employer paid health benefits to members of PERS and the Alternate Benefit Program who retired from a board of education or county college with 25 years of service. The State paid $173.8 million toward Chapter 126 benefits for 17,356 eligible retired members in Fiscal Year 2013.

Note 9. Risk Management

The District is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; and natural disasters.

Property and Liability Insurance – The District maintains commercial insurance coverage for property, liability, student accident and surety bonds. A complete schedule of insurance coverage can be found in the Statistical Section of this Comprehensive Annual Financial Report.

New Jersey Unemployment Compensation Insurance – The District has elected to fund their New Jersey Unemployment Compensation Insurance under the “Benefit Reimbursement Method”. Under this plan the District is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State. The District is billed quarterly for amounts due to the State. The following is a summary of School District contributions, reimbursements to the State for benefits paid and the ending balance of the School District’s expendable trust fund for the current and previous two years:

District Interest Amount EndingFiscal Year Contributions Earned Reimbursed Balance

2013-2014 31,784$ 799$ 129,716$ 750,032$2012-2013 35,347 3,473 101,693 847,1652011-2012 797,372 2,661 337,927 910,038

Note 10. Contingent Liabilities

The District participates in numerous state and federal grant programs, which are governed by various rules and regulations of the grantor agencies; therefore, to the extent that the District has not complied with the rules and regulations governing the grants, refunds of any money received may be required and the collectability of any related receivable at June 30, 2014 may be impaired. In the opinion of the District, there are no significant contingent liabilities relating to compliance with the rules and regulations governing the respective grants; therefore, no provisions have been recorded in the accompanying combined financial statements for such contingencies.



Note 11. Economic Dependency

The District receives a substantial amount of its support from federal and state governments. A significant reduction in the level of support, if this were to occur, could have an effect on the District’s programs and activities.

Note 12. Interfund Receivables and Payables

The following interfund balances remained on the balance sheet at June 30, 2014:

Interfund Interfund Fund Receivable Payable

General Fund $ 4,247 Trust & Agency Fund $ 4,247

Total $ 4,247 $ 4,247

The purpose of interfunds are short-term borrowings.

Note 13. Fund Balance Disclosures

General Fund (Exhibit B-1) – Of the $3,380,476 General Fund fund balance at June 30, 2014, $1,911,527 has been restricted for the Capital Reserve Account; $121,053 is restricted for excess surplus; $581,563 is assigned to other purposes and $766,333 is unassigned.

Capital Projects Fund (Exhibit B-1) – The fund balance of $1,063,746 has been restricted for the Capital Projects Fund.

Note 14. Deferred Compensation

The Board offers its employees a choice of the following deferred compensation plans created in accordance with Internal Revenue Code Section 403(b). The plans, which are administered by the entities listed below, permits participants to defer a portion of their salary until future years. Amounts deferred under the plans are not available to employees until termination, retirement, death or unforeseeable emergency. The plan administrators are as follows:

Oppenheimer Tom Seely Equitable Lincoln Investment Valic Lincoln Life Advanced Asset Planning



Note 15. Compensated Absences

The District accounts for compensated absences (e.g., unused vacation, sick leave) as directed by Governmental Accounting Standards Board Statement No. 16 (GASB 16), “Accounting for Compensated Absences”. A liability for compensated absences attributable to services already rendered and not contingent on a specific event that is outside the control of the employer and employee is accrued as employees earn the rights to the benefits.

District employees who are employed for ten months are entitled to ten paid sick leave days per fiscal school year. Employees who are employed for twelve months are entitled to twelve paid sick days per fiscal school year. Unused sick leave may be accumulated and carried forward to the subsequent years. However, an employee must have 25 years of service or their contract must specifically allow the payment of unused sick leave. District employees are entitled to two personal days, which may be carried forward to subsequent years. Vacation days not used during the year may not be accumulated and carried forward. Benefits paid in any future year will be calculated according to formulas outlined in the District’s agreements with the various employee unions and included in the current years’ budget.

The liability for vested compensated absences of the governmental fund types is recorded in the statement of Net position under governmental activities. The current portion of the compensated absence balance is not considered material to the applicable funds total liabilities, and is therefore not shown separately from the long-term liability balance of compensated absences. The amount at June 30, 2014 is $1,430,780.

The liability for vested compensated absences of the proprietary fund types is recorded within those funds as the benefits accrue to employees. As of June 30, 2014 no liability existed for compensated absences in the proprietary fund types.

Note 16. Deficit Unrestricted Net Position

As reflected on Exhibit A-1, Statement of Net position, a deficit in unrestricted net position of $(664,447) existed as of June 30, 2014 for governmental activities. The primary causes of this deficit is the District not recognizing the receivable for the last two state aid payments and the recording of the long-term liability for compensated absences. In accordance with full accrual accounting, which is the basis of accounting for Exhibit A-1, Statement of Net position, such liabilities are required to be recorded in the period in which they are incurred. However, in accordance with the rules and regulations that govern the District in the formulation of their annual budget (see Note 1), compensated absences that relate to future services, or that are contingent on a specific event outside the control of the District and its employees, are funded in the period in which such services are rendered or in which such events that place. Therefore, this deficit in unrestricted net position for governmental activities does not indicate that the District is facing financial difficulties.

Note 17. Calculation of Excess Surplus

In accordance with N.J.S.A.18A:7F-7, as amended by P.L. 2004, c.73 (S1701), the designation for Restricted Fund Balance – Excess Surplus – Current Year is a required calculation pursuant to the New Jersey School Funding Reform Act of 2008 (SFRA). New Jersey school districts are required to restrict General Fund fund balance at the fiscal year-end of June 30 if they did not appropriate a required minimum amount as budgeted fund balance in their subsequent years’ budget. The excess fund balance at June 30, 2014 is $121,053.



Note 18. Transfers to Capital Outlay

During the year ending June 30, 2014, the District transferred $665,632 to the Capital Outlay Account.

REQUIRED SUPPLEMENTARY INFORMATION - PART II


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15,0

00$

15,0

00$

-

$

-$

15

,000

$

15

,000

$

15,0

00$

-

$

Fede

ral S

ourc

e s69

5,89

6

71

0,82

9

1,

406,

725

1,

406,

725

-

87

3,37

8

40

9,09

5

1,

282,

473

1,28

2,47

3-

Tota

l Rev

enue

s69

5,89

6

72

5,82

9

1,

421,

725

1,

421,

725

-

87

3,37

8

42

4,09

5

1,

297,

473

1,29

7,47

3-

EXPE

ND

ITU

RES

:In

stru

ctio

n:Sa

larie

s of T

each

ers

524,

608

21,9

55

546,

563

546,

563

-

464,

747

14,2

35

478,

982

47

8,98

2

-

In

stru

ctio

n Pu

rcha

sed

Serv

ice s

-

40

,475

40

,475

40

,475

-

-

21

,432

21

,432

21,4

32

-

Gen

eral

Sup

plie

s57

,310

39

0,88

2

44

8,19

2

44

8,19

2

-

40

8,63

1

(2

3,98

7)

38

4,64

4

384,

644

-

Tota

l Ins

truct

ion

581,

918

453,

312

1,03

5,23

0

1,03

5,23

0-

873,

378

11,6

80

885,

058

88

5,05

8

-

Supp

ort S

ervi

ces:

Sala

ries

-

24

,659

24

,659

24

,659

-

-

25

,595

25

,595

25,5

95

-

Pers

onal

Ser

vice

s - E

mpl

oyee

Ben

efit s

113,

978

(42,

377)

71,6

01

71,6

01

-

-

54,5

43

54,5

43

54

,543

-

Pu

rcha

sed

Prof

essi

onal

- Ed

ucat

iona

l Ser

vice

s-

141,

813

141,

813

141,

813

-

-

119,

137

119,

137

11

9,13

7

-

O

ther

Pur

chas

ed S

ervi

ces (

400-

500

Serie

s )-

20,9

09

20,9

09

20,9

09

-

-

39,8

64

39,8

64

39

,864

-

Tr

ave l

-

-

-

-

-

-

260

260

26

0

-

Su

pplie

s & M

ater

ial s

-

2,

120

2,

120

2,12

0

-

-

5,22

4

5,22

4

5,

224

-

Tota

l Sup

port

Serv

ices

113,

978

147,

124

261,

102

261,

102

-

-

244,

623

244,

623

24

4,62

3

-

Faci

litie

s Acq

uisi

tion

& C

onst

ruct

ion

Serv

ices

Inst

ruct

iona

l Equ

ipm

ent

-

12

5,39

3

12

5,39

3

12

5,39

3

-

-

16

7,79

2

16

7,79

2

167,

792

-

Tota

l Fac

ilitie

s Acq

uisi

tion

& C

onst

ruct

ion

Serv

ices

-

12

5,39

3

12

5,39

3

12

5,39

3

-

-

16

7,79

2

16

7,79

2

167,

792

-

Tota

l Exp

endi

ture

s69

5,89

6

72

5,82

9

1,

421,

725

1,

421,

725

-

87

3,37

8

42

4,09

5

1,

297,

473

1,29

7,47

3-

Tota

l Out

flow

s69

5,89

6

72

5,82

9

1,

421,

725

1,

421,

725

-

87

3,37

8

42

4,09

5

1,

297,

473

1,29

7,47

3-

Exce

ss/(D

efic

ienc

y) o

f Rev

enue

s Ove

r/(U

nder

)Ex

pend

iture

s&O

ther

Fina

ncin

gSo

urce

s/(U

ses)

-$

-$

-$

-$

-$

-$

-$

-$

-$

-$

JUN

E 30

, 201

4JU

NE

30, 2

013

BU

RL

ING

TO

N C

OU

NT

Y IN

STIT

UT

E O

F T

EC

HN

OL

OG

Y

BU

DG

ET

AR

Y C

OM

PAR

ISO

N S

CH

ED

UL

E

SPE

CIA

L R

EV

EN

UE

FU

ND

FOR

TH

E F

ISC

AL

YE

AR

S E

ND

ED

JU

NE

30,

201

4 A

ND

201

3


NOTES TO REQUIRED SUPPLEMENTARY INFORMATION


EXHIBIT C-3

GENERAL SPECIALFUND REVENUE

FUNDSources/Inflows of Resources:

Actual Amounts (Budgetary Basis) "Revenue"From the Budgetary Comparison Schedule (C-Series) 39,181,984$ 1,421,725$

Difference - Budget to GAAP:State aid payment recognized for GAAP statements inthe current year, previously recognized for budgetarypurposes. 1,385,327 -

The last State aid payment is recognized as revenue for budgetarypurposes, and differs from GAAP, which does not recognize thisrevenue until the subsequent year when the State recognizes therelated expense (GASB 33) (1,421,971) -

Total Revenues as Reported on the Statement of Revenues,Expenditures, and Changes in Fund Balances - GovernmentalFunds. (B-2) 39,145,340$ 1,421,725$

Uses/Outflows of Resources:Actual amounts (budgetary basis) "total expenditures" from thebudgetary comparison schedule 37,865,915$ 1,421,725$

Differences - budget to GAAPEncumbrances for supplies and equipment ordered butnot received is reported in the year the order is placed forbudgetary purposes, but in the year the supplies are receivedfor financial reporting purposes. - -

Total Expenditures as Reported on the Statement of Revenues,Expenditures, and Changes in Fund Balances - Governmental Funds (B-2) 37,865,915$ 1,421,725$

GAAP Revenues and Expenditures


REQUIRED SUPPLEMENTARY INFORMATIONBUDGETARY COMPARISON SCHEDULE

NOTE TO RSI


Note A - Explanation of Differences between Budgetary Inflows and Outflows and


OTHER SUPPLEMENTARY INFORMATION


D. School Based Budget Schedules

Not Applicable


E. Special Revenue Fund


EXHIBIT E-1(Page 1 of 2)

TITLE II IDEA TITLE I PART A PART B

Revenues:Federal Sources 571,504$ 55,349$ 466,915$ State Sources - - -

Total Revenues 571,504$ 55,349$ 466,915$

Expenditures:Instruction:

Salaries of Teachers 247,563$ 28,000$ 271,000$ Instruction Purchased Services - - -General Supplies 225,681 - 84,971 Textbooks - - -

Total Instruction 473,244 28,000 355,971

Support Services:Salaries 1,950 - 280Personal Services -

Employee Benefits 65,161 6,440 -Purchased Professional -

Educational Services 31,149 - 110,664 Other Purchased Services

(400-500 Series) - 20,909 -Travel - - -Supplies & Materials - - -

Total Support Services 98,260 27,349 110,944

Facilities Acquisition & ConstructionServices:

Instructional Equipment - - -

Total Expenditures 571,504$ 55,349$ 466,915$


BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYSPECIAL REVENUE FUND

COMBINING SCHEDULE OF PROGRAM REVENUESAND EXPENDITURES - BUDGETARY BASIS


EXHIBIT E-1(Page 2 of 2)

PERKINSPERKINS POST APPRENTICE

SECONDARY SECONDARY COORDINATOR 2014 2013

Revenues:Federal Sources 211,477$ 101,480$ -$ 1,406,725$ 1,282,473$State Sources - - 15,000 15,000 15,000

Total Revenues 211,477$ 101,480$ 15,000$ 1,421,725$ 1,297,473$

Expenditures:Instruction:

Salaries of Teachers -$ -$ -$ 546,563$ 478,982$Instruction Purchased

Services 37,200 3,275 - 40,475 21,432General Supplies 94,150 43,390 - 448,192 384,644

Total Instruction 131,350 46,665 - 1,035,230 885,058

Support Services:Salaries - 7,429 15,000 24,659 25,595Personal Services -

Employee Benefits - - - 71,601 54,543Purchased Professional -

Educational Services - - - 141,813 119,137Other Purchased Services

(400-500 Series) - - - 20,909 39,864Travel - - - - 260Supplies & Materials - 2,120 - 2,120 5,224

Total Support Services - 9,549 15,000 261,102 244,623

Facilities Acquisition &Construction Services:

Instructional Equipment 80,127 45,266 - 125,393 167,792

Total Expenditures 211,477$ 101,480$ 15,000$ 1,421,725$ 1,297,473$


BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYSPECIAL REVENUE FUND

COMBINING SCHEDULE OF PROGRAM REVENUESAND EXPENDITURES - BUDGETARY BASIS


F. Capital Projects Fund


EXH

IBIT

F-1

UN

EXPE

ND

EDB

ALA

NC

EPR

IOR

CU

RR

ENT

JUN

E 30

,PR

OJE

CT

TITL

EA

PPR

OPR

IATI

ON

SY

EAR

SY

EAR

2014

Rer

oofin

g of

Med

ford

Cam

pus

2,05

9,37

7$

-

$

28

6,46

7$

1,

772,

910

$

Tota

l-

$

28

6,46

7$

1,

772,

910

$

Rec

onci

liatio

n - U

nexp

ende

d C

apita

l Pro

ject

B

alan

ces t

o Fu

nd B

alan

ce -

June

30,

201

4:

Une

xpen

ded

Proj

ect B

alan

ces J

une

30, 2

014

1,77

2,91

0$

Less

:

Une

xpen

ded

Stat

e A

id -

RO

D G

rant

s(7

09,1

64)

Tot

al F

und

Bal

ance

(GA

AP

Bas

is) -

Jun

e 30

, 201

41,

063,

746

$

01/0

6/20

14

DA

TE

EXPE

ND

ITU

RES

TO

DA

TE

BU

RL

ING

TO

N C

OU

NT

Y IN

STIT

UT

E O

F T

EC

HN

OL

OG

YC

API

TA

L P

RO

JEC

TS

FUN

DSU

MM

AR

Y S

CH

DU

LE

OF

PRO

JEC

T E

XPE

ND

ITU

RE

S FO

R M

AN

AG

ED

CA

PIT

AL

PR

OJE

CT

SY

EA

R E

ND

ED

JU

NE

30,

201

4

EXHIBIT F-2

Revenues:State Sources - SDA Grant 823,751$Transfer from General Fund 1,235,626

Total Revenues 2,059,377

Expenditures:Purchased Professional & Technical Services 199,871 Construction Services 86,596

Total Expenditures 286,467

Excess/(Deficiency) of Revnues Over/(Under) Expenditures 1,772,910 Fund Balance - Beginning -

Fund Balance - Ending 1,772,910$


BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYCAPITAL PROJECTS FUND

SUMMARY STATEMENT OF PROJECT EXPENDITURES

EXHIBIT F-2a

REVISEDPRIOR CURRENT AUTHORIZED

PERIODS YEAR TOTALS COST

Revenues & Other Financing Sources:State Sources - SDA Grant -$ 823,751$ 823,751$ 823,751$ Transfer from General Fund - 1,235,626 1,235,626 1,235,626

Total Revenues - 2,059,377 2,059,377 2,059,377

Expenditures & Other Financing Uses:Purchased Professional & Technical

Services - 199,871 199,871 199,871 Construction Services - 86,596 86,596 1,859,506

Total Expenditures - 286,467 286,467 2,059,377

Excess/(Deficiency) of Revenues Over/(Under) Expenditures -$ 1,772,910$ 1,772,910$ -$

Project Number 0610-040-13-1001Grant DateBond Authorization Date N/ABonds Authorization N/ABonds Issued N/AOriginal Authorized Cost 2,059,377$ Additional Authorized Cost -$ Revised Authorized Cost 2,059,377$

Percentage Increase Over Original Authorized CostPercentage Completion 13.91%Original Target Completion Date 06/26/14Revised Target Completion Date 06/30/15

Additional Project Information:

PROJECT STATUS--BUDGETARY BASIS

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYCAPITAL PROJECTS FUND

SCHEDULE OF PROJECT REVENUES, EXPENDITURES, PROJECT BALANCE, AND

FROM INCEPTION AND FOR THE YEAR ENDED JUNE 30, 2014REROOFING OF MEDFORD CAMPUS


G. Proprietary Funds


Enterprise Funds

This section has been included on Exhibit B-4, B-5 & B-6


Internal Service Fund

Not Applicable


H. Fiduciary Fund


EXHIBIT H-1

PRIVATEPURPOSE

UNEMPLOYMENTCOMPENSATION STUDENT

INSURANCE ACTIVITY PAYROLL 2014 2013

Assets:Cash & Cash Equivalents 763,925$ 139,862$ 286,604$ 1,190,391$ 1,030,512$

Total Assets 763,925 139,862 286,604 1,190,391 1,030,512

Liabilities:Unemployment Claims Payable 13,893 - - 13,893 23,081Interfund - - 4,247 4,247 6,686Payroll Deductions &

Withholdings - - 282,357 282,357 47,025Due to Student Groups - 139,862 - 139,862 106,555

Total Liabilities 13,893 139,862 286,604 440,359 183,347

Reserved 750,032 - - 750,032 847,165

Total Net Position 750,032$ -$ -$ 750,032$ 847,165$

ASSETS

LIABILITIES

NET POSITION

AGENCY FUNDS


COMBINING STATEMENT OF FIDUCIARY NET POSITIONJUNE 30, 2014


EXHIBIT H-2

PRIVATEPURPOSE

UNEMPLOYMENTCOMPENSATION

INSURANCE 2014 2013

Additions:Local Sources:

Employee Salary Deductions 31,784$ 31,784$ 35,347$

Total Operating Revenues 31,784 31,784 35,347

Other Sources:Interest on Investments 799 799 3,473

Total Additions 32,583 32,583 38,820

Deductions:Unemployment Compensation Insurance Claims 129,716 129,716 101,693

Change in Net Position (97,133) (97,133) (62,873)Net Position, July 1 847,165 847,165 910,038

Net Position, June 30 750,032$ 750,032$ 847,165$


COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

(With Comparative Totals for June 30, 2013)JUNE 30, 2014

EXHIBIT H-3

BALANCE BALANCEJULY 1, CASH CASH JUNE 30,

2013 RECEIPTS DISBURSEMENTS 2014

Westampton Campus 62,758$ 283,591$ 274,413$ 71,936$Medford Campus 43,797 214,818 190,689 67,926

Total Student Activity 106,555$ 498,409$ 465,102$ 139,862$

EXHIBIT H-4

BALANCE BALANCEJULY 1, JUNE 30,

2013 ADDITIONS DISBURSEMENTS 2014

Cash & Cash Equivalents 53,711$ 24,300,716$ 24,067,823$ 286,604$

Total Assets 53,711$ 24,300,716$ 24,067,823$ 286,604$

Payroll Deductions & Withholdings 47,025$ 9,873,168$ 9,637,836$ 282,357$ Due to General Fund 6,686 - 2,439 4,247 Net Payroll 14,427,548 14,427,548 -

Total Liabilities 53,711$ 24,300,716$ 24,067,823$ 286,604$

ASSETS

LIABILITIES

PAYROLL FUND SCHEDULE OF RECEIPTS AND DISBURSEMENTSFOR THE FISCAL YEAR ENDED JUNE 30, 2014

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYFIDICIARY FUNDS

STUDENT ACTIVITY AGENCY FUND SCHEDULE

FOR THE FISCAL YEAR ENDED JUNE 30, 2014OF RECEIPTS AND DISBURSEMENTS


I. Long-Term Debt

Not Applicable


STATISTICAL SECTION (Unaudited)


EXH

IBIT

J-1

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Gov

ernm

enta

l Act

iviti

es:

Net

Inve

stm

ent i

n C

apita

l Ass

ets

49,2

38,9

87$

48

,753

,045

$ 49

,607

,466

$ 49

,771

,810

$ 50

,971

,703

$ 51

,282

,168

$

55,8

32,4

72$

56,9

46,4

23$

56,5

35,1

00$

44,8

54,5

97$

Res

trict

ed3,

677,

889

2,73

0,95

81,

402,

644

1,46

5,29

589

7,67

71,

570,

540

718,

480

700,

212

2,

184,

263

12,4

37,5

20U

nres

trict

ed(6

64,4

47)

(776

,970

)(7

28,8

79)

(828

,559

)(1

,373

,550

)(8

03,5

48)

462,

793

195,

543

(8

4,45

7)(2

26,9

99)

Tota

l Gov

ernm

enta

l Act

iviti

esN

et P

ositi

on52

,252

,429

$

50,7

07,0

33$

50,2

81,2

31$

50,4

08,5

46$

50,4

95,8

30$

52,0

49,1

60$

57

,013

,745

$ 57

,842

,178

$ 58

,634

,906

$ 57

,065

,118

$

Bus

ines

s-Ty

pe A

ctiv

ities

:N

et In

vest

men

t in

Cap

ital A

sset

s11

,484

$

12,9

20$

14

,356

$

-$

-$

-$

214,

087

$

17

3,38

2$

180,

481

$

14

2,81

6$

Unr

estri

cted

1,16

4,65

91,

399,

848

1,36

2,48

01,

255,

691

1,02

0,18

183

9,02

571

7,21

744

6,95

919

1,25

7(2

01,2

07)

Tota

l Bus

ines

s-Ty

pe A

ctiv

ities

Net

Pos

ition

1,17

6,14

3$

1,

412,

768

$

1,37

6,83

6$

1,

255,

691

$

1,02

0,18

1$

83

9,02

5$

931,

304

$

62

0,34

1$

371,

738

$(5

8,39

1)$

Dis

trict

-Wid

e:N

et In

vest

men

t in

Cap

ital A

sset

s49

,250

,471

$

48,7

65,9

65$

49,6

21,8

22$

49,7

71,8

10$

50,9

71,7

03$

51,2

82,1

68$

56

,046

,559

$ 57

,119

,805

$ 56

,715

,581

$ 44

,997

,413

$R

estri

cted

3,67

7,88

92,

730,

958

1,40

2,64

41,

465,

295

897,

677

1,57

0,54

071

8,48

070

0,21

22,

184,

263

12,4

37,5

20U

nres

trict

ed50

0,21

262

2,87

863

3,60

142

7,13

2(3

53,3

69)

35,4

771,

180,

010

642,

502

106,

800

(428

,206

)

Tota

l Dis

trict

Net

Pos

ition

53,4

28,5

72$

52

,119

,801

$ 51

,658

,067

$ 51

,664

,237

$ 51

,516

,011

$ 52

,888

,185

$

57,9

45,0

49$

58,4

62,5

19$

59,0

06,6

44$

57,0

06,7

27$

BU

RL

ING

TO

N C

OU

NT

Y IN

STIT

UT

E O

F T

EC

HN

OL

OG

YN

ET

PO

SIT

ION

BY

CO

MPO

NE

NT

LA

ST T

EN

FIS

CA

L Y

EA

RS

(Acc

rual

Bas

is o

f Acc

ount

ing)

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

EXH

IBIT

J-2

(Pag

e 1

of 3

)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Expe

nses

:G

over

nmen

tal A

ctiv

ities

Inst

ruct

ion:

Reg

ular

6,37

1,95

1$

6,

720,

320

$6,

648,

185

$6,

048,

729

$5,

853,

212

$6,

133,

778

$6,

315,

255

$6,

189,

998

$5,

441,

770

$5,

036,

750

$ Sp

ecia

l -

-

12

1,12

4

67

,646

92,5

58

79,2

47

92

,118

95,5

02

11

2,65

6

92

,843

O

ther

Spe

cial

Edu

catio

nal I

nstru

ctio

n-

-

9,

557

7,

782

9,

185

7,

610

8,

223

7,

548

6,

920

9,

420

V

ocat

iona

l7,

475,

403

7,

101,

317

7,

481,

269

8,

184,

758

8,

217,

224

8,

014,

830

7,

865,

784

7,

961,

201

7,

350,

459

6,

996,

011

Oth

er

1,33

5,35

21,

357,

943

1,

325,

872

1,

396,

972

1,

350,

422

1,

336,

051

1,

371,

038

1,

354,

148

1,

225,

380

1,

046,

021

Supp

ort S

ervi

ces:

Stud

ent &

Inst

ruct

ion

Rel

ated

Ser

vice

s3,

132,

509

2,

817,

240

3,

003,

258

2,

996,

133

3,

397,

079

2,

823,

190

2,

885,

354

2,

819,

298

2,

721,

601

2,

560,

397

Oth

er A

dmin

istra

tive

Serv

ices

673,

373

691,

287

711,

855

949,

840

1,00

7,38

0

920,

625

1,03

9,93

8

981,

430

1,17

6,28

6

1,21

9,77

8Sc

hool

Adm

inis

trativ

e Se

rvic

es2,

861,

090

2,

709,

515

3,

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NC

ES

AN

D G

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ER

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EN

TA

L F

UN

DS

LA

ST T

EN

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EA

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(Mod

ified

Acc

rual

Bas

is o

f Acc

ount

ing)

FISC

AL

YEA

R E

ND

ING

JUN

E 30

,

EXH

IBIT

J-4

(Pag

e 1

of 2

)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Rev

enue

s:C

ount

y A

ppro

pria

tions

15,8

94,9

74$

15

,894

,974

$ 15

,894

,974

$ 15

,894

,974

$ 15

,894

,974

$ 15

,894

,974

$

15,8

94,8

21$

15,8

94,9

74$

15,8

70,3

80$

12,8

24,1

18$

Tuiti

on fr

om L

EA's

6,13

2,24

05,

934,

600

5,55

2,87

24,

892,

500

4,53

4,53

04,

413,

200

4,52

5,40

03,

944,

000

3,40

7,40

02,

852,

000

Oth

er T

uitio

n-

-

-

73

3,17

474

4,64

565

6,73

177

2,32

161

7,79

748

6,64

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ous

27,7

0410

1,38

066

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112,

304

77,4

1419

2,50

513

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020

4,51

114

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ate

Sour

ces

17,1

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5017

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16,2

09,1

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14,5

60,5

8515

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99,1

3114

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13,6

67,9

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Fe

dera

l Sou

rces

1,43

9,48

41,

323,

325

2,10

5,79

01,

439,

037

4,23

2,76

11,

519,

313

1,30

7,23

91,

431,

361

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5,38

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438

Tota

l Rev

enu e

40,6

81,6

5240

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39,8

29,3

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40,0

33,4

3838

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37,9

17,3

5236

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34,8

96,0

3230

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Expe

nditu

res:

Inst

ruct

ion:

Reg

ular

Inst

ruct

ion

6,37

1,95

16,

720,

320

6,64

8,18

56,

048,

729

5,85

3,21

26,

133,

778

5,97

5,21

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985,

249

5,32

8,82

24,

877,

812

Bas

ic S

kills

/Rem

edia

l-

-

121,

124

67

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92

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79

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87,1

58

92,3

43

110,

317

89

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B

iling

ual E

duca

tion

-

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9,

557

7,78

2

9,

185

7,61

07,

780

7,29

8

6,

777

9,12

3

V

ocat

iona

l7,

475,

403

7,10

1,31

7

7,

481,

269

8,18

4,75

8

8,

217,

224

8,01

4,83

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442,

251

7,69

7,86

6

7,

197,

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6,77

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erIn

stru

ctio

nal

1,33

5,35

2

1,

357,

943

1,32

5,87

2

1,

396,

972

1,35

0,42

2

1,

336,

051

1,29

7,21

5

1,

309,

356

1,19

9,94

6

1,

013,

013

Supp

ort S

ervi

ces:

Stud

ent &

Inst

ruct

ion

Rel

ated

Serv

ices

3,13

2,50

9

2,

817,

240

3,00

3,25

8

2,

996,

133

3,39

7,07

9

2,

823,

190

2,72

9,99

2

2,

726,

044

2,66

5,11

2

2,

479,

602

Gen

eral

Adm

inis

tratio

n67

3,37

3

691,

287

71

1,85

5

949,

840

1,

007,

380

920,

625

983,

943

94

8,96

7

1,08

1,31

3

1,

181,

287

Scho

ol A

dmin

istra

tion

2,86

1,09

0

2,

709,

515

3,11

2,51

4

2,

620,

947

3,18

8,39

6

2,

385,

401

2,70

1,98

6

2,

460,

228

2,08

7,54

5

1,

798,

083

Plan

t Ope

ratio

ns &

Mai

nten

ance

5,65

2,37

45,

043,

336

5,10

1,69

2

5,

269,

878

5,40

2,89

4

5,

557,

227

4,99

5,59

2

4,

895,

429

4,32

5,39

6

3,

843,

559

Stud

ent T

rans

porta

tion

224,

603

17

5,30

2

215,

929

23

0,35

4

221,

492

19

9,45

225

6,26

4

188,

974

21

9,94

2

185,

638

B

usin

ess &

Oth

er S

uppo

rtSe

rvic

es-

-

-

-

-

67

7,36

972

4,89

4

700,

549

74

3,18

7

741,

276

Em

ploy

ee B

enef

its8,

177,

642

8,54

0,68

9

8,

628,

082

7,67

7,74

5

7,

570,

659

7,52

2,54

77,

779,

176

7,49

4,75

8

5,

783,

540

5,49

9,22

3

BU

RL

ING

TO

N C

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ified

Acc

rual

Bas

is o

f Acc

ount

ing)

EXH

IBIT

J-4

(Pag

e 2

of 2

)

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Expe

nditu

res (

cont

inue

d):

Cou

nty

Con

tribu

tion

2,23

6,01

3

2,

153,

063

2,01

1,52

9

-

-

-

-

-

-

-

C

apita

l Out

lay

1,43

3,79

7

1,

684,

298

1,48

7,41

2

1,

277,

770

3,17

5,41

8

1,11

6,80

1

97

9,84

4

1,65

3,00

8

12

,367

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16,0

65,1

19

Sp

ecia

l Sch

ools

-

1,20

3

1,

589,

483

1,

812,

123

1,81

0,32

7

1,

790,

120

1,68

3,23

6

1,

680,

344

Tota

l Exp

endi

ture

s39

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38

,994

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39

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36

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41

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38,6

26,2

45

37,8

11,2

61

37,9

89,4

52

44

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77,7

72

Exce

ss/(D

efic

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y) o

f Rev

enue

sO

ver/(

Und

er) E

xpen

ditu

res

1,10

7,54

5

1,

379,

146

(69,

992)

1,

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376

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82,3

23)

118,

116

10

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1

(1,0

86,6

61)

(9,9

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36)

(15,

556,

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Oth

er F

inan

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Sou

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/(Use

s):

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cella

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-

(45,

097)

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)

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pera

ting

Tran

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s In/

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)

(170

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)

(106

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)

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(15,

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-

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18

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)

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)

(151

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)

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(16,

538)

Net

Cha

nge

in F

und

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ance

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107,

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5)$

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$

(1

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(1

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(15,

573,

247)

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Sour

ce: D

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Not

e: N

onca

pita

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ture

s are

tota

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s les

s cap

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CE

S, G

OV

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NM

EN

TA

L F

UN

DS,

EXH

IBIT

J-5

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Non

resi

dent

Tui

tion

& F

ees

-$

-

$

-$

-

$

-$

14

,743

$

12

,171

$

15

,486

$

9,

694

$

9,

269

$In

tere

st o

n In

vest

men

ts1,

260

14

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16

,078

30

,526

19

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28

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62

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12

8,94

3

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1,59

9

62

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p. C

laim

s-

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-

-

-

97,5

41

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43

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06

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Aid

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-

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of F

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& E

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Tota

l27

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$

99

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$

66

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$

11

2,30

4$

77

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$

19

2,50

5$

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4,03

1$

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4,50

8$

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7,12

8$

13

3,26

0$

Sour

ce: D

istri

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cord

s

FISC

AL

YEA

R E

ND

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NE

30

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RL

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TO

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OU

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Y IN

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UT

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F T

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RS

(Mod

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Acc

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Bas

is o

f Acc

ount

ing)

EXHIBIT J-14

SCHOOL TOTALYEAR ENDED DISTRICT PERSONAL PER CAPITA UNEMPLOYMENTDECEMBER 31 POPULATION (1) INCOME (2) INCOME (3) RATE (4)

2013 450,838 N/A N/A 7.90%2012 451,336 23,053,791,544 51,079 8.90%2011 449,576 22,310,658,576 49,626 8.90%2010 449,119 21,489,895,031 47,849 9.00%2009 446,108 21,226,710,856 47,582 8.50%2008 445,492 21,376,933,620 47,985 4.40%2007 446,314 20,755,832,570 46,505 3.80%2006 447,131 19,994,356,927 44,717 4.10%2005 446,462 18,809,890,522 42,131 3.70%2004 446,041 18,243,522,941 40,901 4.20%

(1) NJ Dept. of Labor & Workforce Development(2) Personal income has been estimated based upon the municpal population & per capita income.(3) U.S. Bureau of the Census, Population Division(4) NJ Dept. of Labor & Workforce Development

Source: State Department of Education

EXHIBIT J-6 THROUGH J-13 NOT APPICABLE

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYDEMOGRAPHIC AND ECONOMIC STATISTICS

LAST TEN FISCAL YEARS

EXHIBIT J-15 NOT APPICABLE

EXH

IBIT

J-16

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Inst

ruct

ion:

Reg

ular

86.0

82.0

77.0

74.0

75.0

73.0

79.0

85.0

72.0

68.0

Spec

ial E

duca

tion

28.0

29.0

31.0

41.0

45.0

41.0

36.0

35.0

43.5

44.5

Oth

er S

peci

al E

duca

tion

1.0

1.0

1.0

1.0

1.0

1.0

29.0

25.0

Voc

atio

nal

54.0

51.0

52.0

53.5

59.5

59.5

59.5

60.5

55.0

59.0

Adu

lt/C

ontin

uing

Edu

catio

n Pr

ogra

ms

8.5

14.5

12.5

15.5

13.5

8.5

Supp

ort S

ervi

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Stud

ent &

Inst

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iona

l Rel

ated

Ser

vice

s57

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dmin

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ices

10.0

4.0

5.0

5.0

4.0

4.0

5.0

5.0

10.0

11.0

Scho

ol A

dmin

istra

tion

Serv

ices

31.0

35.0

39.0

40.0

43.0

43.0

44.0

45.0

25.0

26.0

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ines

s Adm

inis

trativ

e Se

rvic

es1.

06.

06.

06.

06.

09.

09.

05.

09.

09.

0Pl

ant O

pera

tions

& M

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ce38

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2 ,00

0$3

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3%16

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034

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3.0

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2064

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1 ,95

538

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757.

07%

160

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1987

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1 ,93

035

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82-8

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169.

511

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57.5

1825

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.76%

93.2

7%20

101 ,

968

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0819

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2.82

%18

0.5

10.9

1,99

2.6

1,85

3.2

2.25

%93

.00%

2009

1 ,91

237

,070

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19,3

887.

13%

174.

511

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948.

81,

807.

9-6

.38%

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0%20

082 ,

033

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8718

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5.90

%17

4.5

11.7

2,08

1.6

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6.7

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0%92

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2007

2 ,12

436

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893.

69%

180.

511

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098.

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909.

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92%

90.9

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968

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3016

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0%17

0.5

11.5

2,00

0.0

1,82

9.0

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.45%

2005

1 ,82

030

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16,5

796.

36%

171.

510

.61,

859.

01,

171.

03.

51%

92.3

6%

Sour

ce:

Dis

trict

Rec

ords

BU

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ING

TO

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Y IN

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UT

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PER

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ING

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ICS

LA

ST T

EN

FIS

CA

L Y

EA

RS

EXH

IBIT

J-18

DIS

TRIC

T B

UIL

DIN

GS

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Hi g

h Sc

hool

:W

esta

mpt

on:

Squa

re F

eet

316,

957

316,

957

316,

957

316,

957

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957

316,

957

316,

957

316,

957

316,

957

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761

Ca p

acity

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dent

s)1,

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1,39

01,

390

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EXHIBIT J-19

FISCAL WESTAMPTON MEDFORDYEAR CAMPUS CAMPUS TOTAL

2014 517,145$ 447,904$ 965,049$ 2013 517,145 447,904 965,0492012 399,003 493,119 892,122 2011 416,401 269,373 685,774 2010 396,817 387,925 784,742 2009 460,945 466,390 927,335 2008 360,896 354,290 715,186 2007 420,812 390,586 811,398 2006 351,261 345,695 696,956 2005 405,441 359,542 764,983

Total 4,245,866$ 3,962,728$ 8,208,594$

Source: District records

MAINTENANCE FOR SCHOOL FACILITIES11-000-261-xxx

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYSCHEDULE OF REQUIRED MAINTENANCE

LAST TEN FISCAL YEARS

UNDISTRIBUTED EXPENDITURES - REQUIRED

EXHIBIT J-20

COVERAGE DEDUCTIBLECommercial Package Policy:

Property - 100% Coinsurance / Agreed Value 85,650,243$ 5,000$Crime Coverage - Employee Dishonesty 100,000 500Comprehensive General Liability

Bodily Injury & Property Damage 16,000,000Bodily Injury From Products & Completed Operations 1,000,000 Sexual Abuse

Sexual Abuse 1,000,000Annual Aggregate 2,000,000Per Occurrence Per Perpetrator 3,000,000

Personal Injury & Advertising InjuryAnnual Aggregate 16,000,000Per Occurrence 16,000,000 -

Premises Medical Payments - Each Accident 10,000 100Terrorism -

Annual Aggregate 1,000,000Per Occurrence 1,000,000

Employee Benefits LiabilityEach Claim 1,000,000 1,000Annual Aggregate 1,000,000

Crime Coverage - Employee Dishonesty 80,000 500Commercial Automobile 1,000,000

Umbrella Policy:Each Occurrence 5,000,000Annual Aggregate 5,000,000Self-Insured Retention 10,000

Electronic Data Processing:Each Occurrence 12,000,000 1,000

Workers' Compensation:Each Accident 2,000,000Disease - Policy Limit 2,000,000 Disease - Each Employee 2,000,000

School Leaders Errors & Omissions Liability:Coverage A Each Policy Period 16,000,000 5,000Coverage B Each Policy Period 300,000 5,000

Student Accident:Each Accident 5,000,000Catastrophic Excess 1,000,000

Violent Acts:Each Occurrence 250,000

Public Official Bonds:Treasurer School Funds Bond 250,000 Board Secretary / Business Administrator Bond 100,000

License & Permit BondDriving School License Bond 10,000

(1) Comprehensive Deductible $1,000; Collision Deductible $1,000Buses: Comprehensive & Collision Deductible $1,000

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGYINSURANCE SCHEDULE

JUNE 30, 2014

SINGLE AUDIT SECTION


EXHIBIT K-1

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 WITHGOVERNMENT AUDITING STANDARDS


We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, the financial statements of the governmental and business-type activities, each major fund and the aggregate remaining fund information of the Burlington County Institute of Technology, as of and for the year ended June 30, 2014, and the related notes to the financial statements, which collectively the Burlington County Institute of Technology’s basic financial statements, and have issued our report thereon dated November 12, 2014.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Burlington County Institute of Technology’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Burlington County Institute of Technology’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Burlington County Institute of Technology’s internal control.

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 a 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. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Burlington County Institute of Technology '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 and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey.

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 District’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Office of School Finance, Department of Education, State of New Jersey, and federal and state awarding agencies and pass-through entities, in considering the District’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.





EXHIBIT K-2

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-

133 AND NEW JERSEY OMB CIRCULAR 04-04.


Report on Compliance for Each Major Federal and State Program

We have audited the Burlington County Institute of Technology’s compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the NewJersey Aid/Grant Compliance Supplement that could have a direct and material effect on each of the District’s major federal and state programs for the year ended June 30, 2014. The Burlington County Institute of Technology’s major federal and state programs are identified in the Summary of Auditor’s Results section of the accompanying Schedule of Findings and Questioned Costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal and state programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the Burlington County Institute of Technology’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; the New Jersey State Aid/Grant Compliance Supplement; the audit requirements prescribed by the Office of School Finance, Department of Education, State of New Jersey; and New Jersey OMB’s Circular 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, OMB

Circular A-133 and New Jersey OMB’s Circular 04-04, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about Burlington County Institute of Technology’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the Burlington County Institute of Technology’s compliance with those requirements.

Opinion on Each Major Federal and State Program

In our opinion, the Burlington County Institute of Technology complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal and state programs for the year ended June 30, 2014.

Report on Internal Control Over Compliance

Management of the Burlington County Institute of Technology is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Burlington County Institute of Technology’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal or state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal or state program and to test and report on internal control over compliance in accordance with OMB Circular A-133 and New Jersey OMB’s Circular 04-04, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Burlington County Institute of Technology’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133 and New Jersey OMB’s Circular 04-04. Accordingly, this report is not suitable for any other purpose.






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EXHIBIT K-5 (Page 1 of 2)

BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE

JUNE 30, 2014

Note 1. General

The accompanying schedules of expenditures of federal awards and state financial assistance include federal and state award activity of the Board of Education, Burlington County Institute of Technology. The Board of Education is defined in Note 1 to the Board’s basic financial statements. All federal and state awards received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies is included on the schedule of expenditures of federal awards and state financial assistance.

Note 2. Basis of Accounting

The accompanying schedules of expenditures of awards and financial assistance are presented on the budgetary basis of accounting with the exception of programs recorded in the food service fund, which are presented using the accrual basis of accounting. These basis of accounting are described in Note 1 to the Board’s basic financial statements.

Note 3. Relationship to Basic Financial Statements

The basic financial statements present the general fund and special revenue fund on a GAAP basis. Budgetary comparison statements or schedules (RSI) are presented for the general fund and special revenue fund to demonstrate finance related legal compliance in which certain revenue is permitted by law or grant agreement to be recognized in the audit year, whereas for GAAP reporting, revenue is not recognized until the subsequent year or when expenditures have been made.

The general fund is presented in the accompanying schedules on the modified accrual basis with the exception of the revenue recognition of the last state aid payment in the current budget year, which is mandated pursuant to N.J.S.A.18A:22-44.2. For GAAP purposes, that payment is not recognized until the subsequent budget year due to the state deferral and recording of the last state aid payment in the subsequent year. The special revenue fund is presented in the accompanying schedules on the grant accounting budgetary basis, which recognizes encumbrances as expenditures and also recognizes the related revenues, whereas the GAAP basis does not. The special revenue fund also recognizes the last state aid payment in the current budget year, consistent with N.J.S.A.18A:22-4.2.

The net adjustment to reconcile from the budgetary basis to the GAAP basis is $(36,644) for the general fund and $0 for the special revenue fund. See Note 1 for a reconciliation of the budgetary basis to the modified accrual basis of accounting for the general and special revenue funds. Awards and financial assistance revenues are reported in the Board’s basic financial statements on a GAAP basis as presented as follows:



NOTES TO THE SCHEDULES OF FINANCIAL ASSISTANCE JUNE 30, 2014

Note 3. Relationship to Basic Financial Statements (continued):

Federal State Total

General Fund $ 32,759 $17,057,663 $17,090,422 Special Revenue Fund 1,406,725 15,000 1,421,725 Capital Projects Fund - 114,587 114,587 Food Service Fund 466,496 8,592 475,088

Total Financial Assistance $1,905,980 $17,195,842 $19,101,822

Note 4. Relationship to Federal and State Financial Reports

Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and state financial reports.

Note 5. Other

Revenues and expenditures reported under the Food Distribution Program represents current year value received and current year distributions respectively. The amount reported as TPAF Pension Contributions represents the amount paid by the state on behalf of the District for the year ended June 30, 2014. TPAF Social Security Contributions represents the amount reimbursed by the state for the employer’s share of social security contributions for TPAF members for the year ended June 30, 2014.

Note 6. Federal and State Loans Outstanding

The Burlington County Institute of Technology had no loan balances outstanding at June 30, 2014.


BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY SCHEDULE OF FINDINGS & QUESTIONED COSTS

For the Fiscal Year Ended June 30, 2014

Section I – Summary of Auditor’s Results

Financial Statements

Type of auditor’s report issued: Unmodified

Internal control over financial reporting:

1) Material weakness(es) identified? No

2) Significant deficiencies identified that are not considered to be material weaknesses? No

Noncompliance material to basic financial Statements noted? None Reported

Federal Awards

Internal Control over major programs:

1) Material weakness(es) identified? No

2) Significant deficiencies identified that are not considered To be material weaknesses? No

Type of auditor’s report issued on compliance for major programs: Unmodified

Any audit findings disclosed that are required to be reported in accordance With section .510(a) of Circular A-133? None Reported

Identification of major programs:

CFDA Number(s) Name of Federal Program or Cluster

84.027 IDEA B - Regular 84.048 Carl D. Perkins Vocational Grant

Dollar threshold used to distinguish between Type A Programs: $300,000

Auditee qualified as low-risk auditee? Yes


BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY SCHEDULE OF FINDINGS & QUESTIONED COSTS


Section I – Summary of Auditor’s Results (continued):

State Awards

Dollar threshold used to distinguish between type A and Type B Programs: $469,484

Auditee qualified as low-risk auditee? Yes

Type of auditor’s report issued on compliance for major programs Unmodified

Internal Control over major programs:

1) Material weakness(es) identified? No 2) Significant deficiencies identified that are not considered To be material weaknesses? No

Any audit findings disclosed that are required to be reported in accordance With NJ OMB Circular Letter 04-04? None Reported

Identification of major programs:

GMIS Number(s) Name of State Program

14-495-034-5120-078 Equalization Aid 14-495-034-5120-089 Special Education Categorical Aid 14-495-034-5120-084 Security Aid 14-495-034-5095-002 Reimbursed TPAF Social Security

Section II – Financial Statement Findings

This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements and abuse related to the financial statements for which Government Auditing Standards requires reporting in a Circular A-133 audit.

No Current Year Findings

Section III – Federal Financial Assistance Finding & Questioned Costs

This section identifies audit findings required to be reported by section .510(a) of Circular A-133 and New Jersey OMB’s Circular Letter 04-04.

No Current Year Findings

EXHIBIT K-7 BURLINGTON COUNTY INSTITUTE OF TECHNOLOGY

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT


This section identifies the status of prior-year findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 6.12 of Government Auditing Standards, U.S. OMB Circular A-133 (section .315 (a)(b)) and New Jersey OMB’s Circular 04-04.

Status of Prior Year Findings:

Finding 2013-03:

Condition:

Our audit has revealed that some of the enterprise funds of the District have material internal control weaknesses dealing with the procedural and reporting processes.

Current Status:

This has been corrected.

Finding 2012-01:

Condition:

Our audit has revealed that some of the enterprise funds of the District have material internal control weaknesses dealing with the procedural and reporting processes.

Current Status:

This has been corrected.

Documents

Westampton, New Jersey County of Burlington