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HomeMy WebLinkAbout2008-08-18 - Agendas - Final FAYETTEVrLLE
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AUG 14 2008
Board of Trustees
August 18 , 2008 4 pm CITY
CITY CLERKS OFFICE
Regular Meeting Ann Henry Board Room
Trustees: Beverly Schaffer, Treasurer
Dan Ferritor, President Marla Hunt
Lorraine Brewer, Vice-President Mike Malone
Elizabeth Jordan , Secretary Don Marr
I . Call to order
II . Approval of minutes
A. Minutes 6/16/08 — page 2-3
B. Minutes Special Meeting 7/21/08 - page 4
C. Signed minutes 4/21/08— page 5
III . Reports
A. Management reports ( L. Schaper et al)
1 . June-July strategic plan progress — page 6-7
2. July 2008 performance measures — page 8
3 . June 2008 performance measures — page 9
4. Total items checked out by month— page 10
B. Financial reports (C. Rew)
1 . July 2008 budget comparison — page 11
• 2 . July 2008 balance sheet — page 12- 13
3 . July 2008 profit and loss — page 14- 16
4. June 2008 budget comparison — page 17
5 . June 2008 balance sheet — page 18- 19
6. June 2008 profit and loss — page 20-22
C. Finance Committee report (L. Brewer)
D. Audit Committee report ( B. Schaffer) - BKD audit letter for the year ended 12/31/2007 — page 23-33
IV. Unfinished business
V. New business
A. 2009 budget (submission attached)
B. Staff presentation : Information technology directions
C. Discussion of strategic direction and issues
VI . Adjournment
VII . Executive Session
VIII . Attachments
A. Projected 2008 meeting agendas
B. Key upcoming events
C. 2009 budget request submission to City of Fayetteville — July 23 , 2008
D. 2d quarter report to the City of Fayetteville
E. Letter to Dr. Ashok Saxena re: IEEE grant for solar bug tug, June 25 , 2008
F. Press release from Libraries for the Future re: library leaders chosen for "lifelong libraries" institute
G. "40 under 40 — Mike Malone , " arkansasbusiness.com, June 18, 2008
H. Kenney, Brian. " Make it New: Bookmarks Dallas Public Library NorthPark Center/Dallas, TX, " School
LibraryJournal, July 2008
I . " Libraries Eye More Users, " The Morning News, July 21 , 2008
J . Dahlgren, Anders. " Featured building - Fayetteville Public Library, " IFLA News 2008, no. 1 Section on
Building and Equipment
Enclosures
A. 2007 annual report
1
Fayetteville Public Library •
Board of Trustees Regular Meeting
June 16, 2008
Minutes
Prepared by S. Terry, Manager of Communications
Board Members present: L. Brewer, D. Ferritor, M. Hunt, M. Malone, D. Marr and B. Schaffer.
Absent: E. Jordan. Staff present: L. Greenwood, S. Houk, G. Jelinek, S. Palmer, K. Rago, M.
Raine, C: Raw, L. Schaper, S. Thorup and S. Terry. Press: The Morning News.
Oath of Office administered by Judge Rudy Moore to D. Ferritor.
The Board of Trustees meeting was called to order at 4:07 p.m. by D. Ferritor. A quorum was
present.
1 . Approval of minutes. M. Hunt made a motion to approve minutes. L. Brewer seconded.
All voted aye.
2. Reports. A.) Upcoming events — L. Schaper highlighted key events including. a three-part
design daze for teens that focuses on architecture, interior design and fashion design as part
of Summer Reading Club. Jeff Scherer and Leanne Larson of MS&R donated their time and
travel to do two of the programs. Other events include a parliamentary procedure course on
July 29. B.) Management reports — L. Schaper noted the library hired a new director of
Information Technology, Lynn Yandell. Schaper also noted that Blake Woolsey will be
conducting three library focus groups courtesy of the Care Foundation. Schaper reported that
FPL made a proposal at the recent LDDC group (Library Development District 1) for joint
procurement of downloadable digital resources that would include films, audio books and e-
books. K. Rago reported that about 75 people attended the Volunteer Appreciation Luncheon •
in May and noted that the Volunteer Manager hosts monthly meetings. K. Rago noted that
the Northwest Arkansas Times donated about 15 ads and KUAF is doing weekly
announcements to promote Summer Reading Club at FPL. Rago announced Wal-Mart
Foundation's donation of $35,000 for the Summer Reading Club. Rago also noted the Jim
Blair portrait was unveiled in May. Rago said that Friends of the Library donated
approximately 1200 children's books for the Reading Roadshow. S. Thorup presented the
Operations Team to the Board of Trustees and reported that S. Houk is working on the
Authority Control Project, and L. Greenwood and M. Raine are working on collection
development. S. Thorup noted Raine received a $1 ,000 grant from AUTIS that willgive the
library funds for podcasting. Thorup mentioned the Solar Bug Tug workshop to teach 6t"
through 91" graders how to build small solar-powered boats. It was funded through an IEEE
grant and implemented via a partnership with the UA College of Engineering. C. Rew
reported a new Assistant Facilities Manager has been hired. C. Rew said a short term lease
with Arsaga's was negotiated and an RFP for the cafa will soon be going out. L. Schaper said
circulation continues to rise but slightly less than expected, which was attributed to customers
making fewer trips to the library because of high gas prices. C. ) Financial reports — C. Rew
noted the retirement plan fund has grown because there are several new employees, who
are not eligible for the retirement plan during the first year. C. Rew requested adding more
LED lights in the garage and making one-time expenditures for IT. D. Ferritor asked D. Marr if
any companies reward employees for the first year of service in the retirement fund; D. Marr
said some do. L. Schaper said she would like employees to be able to participate in the
retirement benefit upon hire. In a review of the financial statements, D. Marr asked C. Rew to
use percentages to the budgets along with a dollar amount.
3. Old business. D. Ferritor announced members of the newly-created audit committee: Rhoda
Woods, treasurer of Friends; Amy Sorrel, treasurer of the Foundation; and B. Schaffer,
treasurer of the Board of Trustees.
4. New business. A.) Policies — Library card eligibility and Registration. (1 ) Library card •
eligibility: The change clarified the definition of a person eligible for a non-resident non-fee
2
• card and made provisions for minor children living with non-residents. D. Marr made a
motion to approve the clarified policy. M. Hunt seconded. All voted aye. (2)
Registration clarification : The change clarified that library card applicants must provide
their full name, out-of-town residents who work in Fayetteville must provide a current pay stub
and those attended school in Fayetteville can provide a letter of enrollment, a report card or
student ID. M. Hunt made a motion to approve the policy. L. Brewer seconded. All
voted aye. B.) 2009 Preliminary Budget Discussion — L. Schaper said no information has
been provided by the city, county or state. C. Rew said she anticipated the library will be flat
in its funding from the city. City representatives have asked Rew to provide an estimate of the
increased cost in the salary and insurance during 2009. D. Marr said the decreases
forecasted in the budget have not happened, which should give the library reason to be
somewhat optimistic. The Board of Trustees will revisit the budget discussion in July. D.)
Discussion of strategic directions and issues — The Board of Trustees will meet with
members of the City Council in late July and plan to discuss, among other items, how the city
council considers the library in its budgeting process. D. Marr said it is critical to sell the
library's assets to the council. D. Marr said the library should work to add more hours of
operation until it reaches its goal. D. Marr suggested discussing the library's top three or four
goals with the council. D. Ferritor asked D. Marr to meet with L. Schaper to draft an agenda
for the meeting with the council. C.) Staff presentation: Green building tour
- 5. Adjournment: M. Hunt moved to adjourn. L. Brewer seconded. All voted aye. Meeting
adjourned at 5:38 p.m.
•
•
3
Fayetteville Public Library •
Special Board of Trustees Regular Meeting
July 21 , 2008
Minutes
Prepared by S . Terry, Manager of Communications
Board Members present: L. Brewer, D . Ferritor, M . Hunt, E . Jordan and M. Malone.
Absent: D. Marr and B. Schaffer. Staff present: K. Rago, C. Rew, L. Schaper, S .
Thorup and S . Terry. Press: The Northwest Arkansas Times.
The Board of Trustees special meeting was called to order at 1 :03 p. m. by D. Ferritor. A
quorum was present.
1 . Proposed budget and authorization for submission to City of Fayetteville : L.
Schaper said the city has slated to provide the library the same amount in 2008 as
2009. She noted that funding from the city in 2008 was a $46, 781 decrease from
2007.
• M. Malone asked why the city only funds 48 percent of the library's health insurance
costs. C. Rew responded that the library has a millage to help off set some of the
costs. Other city departments may not have similar outside funding.
• L. Schaper said library circulation is running 5 percent up from this year, slightly
lower than anticipated . While library. use generally increases during economic •
recessions, Schaper said people may be making fewer trips to the library because of
the cost of gas. Schaper projects that circulation will increase slightly in 2009 and
the number of library cards will increase by about 6,500 in 2009.
• The proposed request to the City includes $24, 913 for a 3 percent merit and cost of
living increase, $3,067 for the increases in health insurance costs, $26 ,000 for four
additional hours of service (for a total of 68 hours per week) and $15,000 for
downloadable digital content including e-books, audio-books and film.
• D. Ferritor complimented the staff on the proposal, saying the first two requests are
issues of fairness to staff, benefits they have received in the past and should
continue to receive. The final two requests would be significant benefits to the
community.
L. Brewer moved to accept the tentative budget realizing that as facts become
clearer we will get up-to-date numbers and the four areas of targeted services
we are asking for. M. Hunt seconded. All voted aye.
2. Adjournment: M . Malone moved to adjourn. L. Brewer seconded. Meeting
adjourned at 1 :45 p.m .
•
4
Fayetteville Public Library
Board of Trustees Regular Meeting
April 21 , 2008
• Prepared by S. Thorup, Director of Operations
Board Members present: L. Brewer, D. Ferritor, M. Hunt, E. Jordan, M . Malone, D. Marr and B. Schaffer.
Staff present: M . Burdette, K. Rago, C. Rew, M. Raine, L. Greenwood, L. Schaper, and S. Thorup.
The Board of Trustees meeting was called to order at 4:04 p.m . by D. Ferritor.
1 . Approval of minutes. M. Malone made a motion to approve corrected minutes and L. Brewer
seconded. All voted aye.
2. Taken out of order. Letter from patron. Gail Frederick addressed the Board and answered questions
posed to her. Her comments were referred to staff for response.
3. Reports. A.) Upcoming events — L. Schaper highlighted key events including a book signing with
Anita Huffington, Summer Reading Club and the Jim Blair portrait unveiling. B.) Management
reports — L. Schaper reported David Malone's appointment to the State Library Board. The Board will
send him a letter of congratulations. C. Rew reported energy efficient LED lights were installed in the
staff parking area and the wheelchair-access spaces. Lewis Landscaping is the successful bidder for
grounds care. Many volunteers assisted with spring cleanup of grounds. Two glass panels on the
grand staircase were broken in an accident, but are stabilized; replacement may take time because
the panels are custom made. S. Thorup reported on Cover to Cover's 43% increase in participation,
the addition of a seventh early child development center served by Reading Roadshow, and having
Youth Services fully staffed. L. Schaper reported circulation and library card registrations are up this
quarter over the same period last year. K. Rago reported monthly volunteer meetings have begun
consisting of training and appreciation. Friends welcomed four new Board members and streamlined
membership renewals. A $100,000 gift from the Walker Family Foundation in support of the NEH
Challenge Grant was received and will be announced on 5/9 along with the gift from the Friends.
Other gifts were $35,000 from the Wal-Mart Foundation and $7,000 from P&G both for Summer
Reading Club and $1 ,000 from MAMA for Reading Roadshow. Off the Press Printing was awarded
• the printing contract for the year. C. ) Financial reports —C. Rew reported materials expenditures are
on track and anticipates IT expenditures to be off until the IT Manager position is filled. Landscape
maintenance will be expended now that a contract is secured.
4. New business. A.) Lolly Greenwood, Youth Services Manager, provided an overview of this year's
Summer Reading Club, "Catch the Reading Bug" for elementary and "Metamorphosis" for teens. B.)
Budget line adjustment — C. Rew explained two restricted gifts and the proposed allocation of funds
received. D. Marr moved to budget $36,195 received after the budget was finalized as
recommended by staff. M. Malone seconded. All aye. C.) Policies - 1 .) Drug Free Workplace. L.
Schaper explained the background for the needed revision. M. Hunt moved to approve the revision
of PA-29 to ensure compliance with the Drug-Free Workplace Act of 1988 and related Federal
Regulations. L. Brewer seconded. All aye. 2.) Extended Sick Leave. M. Malone moved to revise
and rename policy PA-13 as recommended by staff. B. Schaffer seconded. M. Hunt, M. Malone,
E. Jordan, B. Schaffer, D. Ferritor, L. Brewer voted for and D. Marr against. Motion carried. 3.)
Bylaws revision. L. Brewer moved to approve the revision to the bylaws deleting the Budget
Committee and establishing a Finance Committee. M. Hunt seconded. All aye. D.) Strategic plan
review. L. Schaper provided an overview of the strategic plan and its priorities. A discussion on the
Board's role and responsibilities under the plan ensued . The need for more focused time to talk
strategy at BOT meetings was identified. It was suggested that an ad hoc committee be formed to
consider ways to meet with the members of the Fayetteville City Council. L. Schaper explained the
situation with the caf6 lessee. Staff was asked to research data on other 3rd party vendors, interim
steps to keeping the current lessee, and a business plan for a library-run cafe. D. Marr moved that
FPL negotiate with Arsaga's for renting on a month-to-month basis at the best possible rate,
while developing an RFP process and assessing projected cost and return on running the cafe
internally, all to be completed by the next Board meeting. Second by L. Brewer. All voted aye.
5. Executive Session. B. Schaffer moved to go into executive session at 6: 52 p.m. Seconded by
D. Marr. All aye. L. Brewer moved to exit executive session; B. Schaffer seconded. All voted
aye. Meeting adjourned upon exit at 7:05 p.m.
5 — a
FAYETTEVILLE PUBLIC LIBRARY
Strategic Plan Progress Report •
June-July 2008
Our Mission: To strengthen our community and empower our citizens through free and public access to knowledge.
Our Vision: To be powerfully relevant and completely accessible.
1 ) Access: Implement strategies to improve and extend access to library collection and services.
a) Hours: NTR
b) Facilities:
i) Conducted annual preventative maintenance with Tech-Logic conveyor system.
ii) Procured LED lights for donor wall; waiting to install.
iii) Installed digital clocks throughout.
iv) Ordered newly available part to quiet hand dryers.
v) Re-mulched landscape.
c) Branches: NTR
d) Website:
i) Created FPL Launchcast radio station on the "New Music" webpage for patron/staff recommendations.
ii) Transferred web updating and maintenance to IT department.
e) Computing and networking resources:
i) Attended webinar/product demo with Userful, a company that manages print and Internet access.
ii) Wrote and issued RFP for AV system upgrade for Wal-Mart Story Time Room.
iii) Hosted meeting with new CEO of Bibliotheca-RFID Systems USA re: next steps on self-check and RFID.
iv) Completed phone system upgrade and reprogramming.
v) Closed 166 IT support tickets.
vi) Upgraded anti-spam and malware protection services on the Exchange serve.
vii) Resolved wireless networking issue with SAM connectivity and the checkout laptops.
viii) Setup new Symantec Endpoint Protection server.
ix) Ordered and received 19 new PCs.
x) Implemented new incremental backup scheme. •
xi) Filmed and digitized numerous Library events.
AD Began evaluating green computing alternatives.
f) Outreach services:
0 Participated in Community Development Block Grant (CDBG) in the Park program.
ii) Completed CDBG for Lending Hands homebound service. Delivered brochures to churches and the Fayetteville Visitor's
Center. Met with activities director at Brookstone Assisted Living Center.
iii) Collaborating with the WAC to do an event related to the The Magic Tree House, a stage adaptation of a book series.
iv) Participated in a coalition to plan community-wide Hispanic Heritage month celebrations.
v) Staffed a table at the Chamber's Business/Career Expo and made contact with 83 people.
2) Collections: Develop collections that are responsive to the needs and demands of its community.
a) Adult materials:
i) Evaluated collection against: Booklist "Spotlight on Biography", Lambda Award Winners of 2008, 2008 PEN/Faulkner
Award, Library Journafs core collection of graphic novels. Ordered titles as necessary and feasible.
ii) Integrated material from the AR Archeological survey into the family history collection.
b) Reference:
i) Attended "Before You Seek a Grant" webinar in support of the Nonprofit Resources Center.
c) World languages:
i) Ordered Spanish language titles for the collection.
d) Youth services:
i) Enhanced solar/alternative energy and science project collections using IEEE Foundation grant funds.
ii) Reviewed 2008-09 Charlie May Simon and Diamond Primary Arkansas award list; ordered missing titles.
iii) Applied to YALSA for FPL teens to be considered as a "pre-pub galley group" to review forthcoming titles.
e) Nonprint: NTR
f) E-collections:
i) Launched Next Good Book, a book-finding aid for nonfiction readers.
ii) Worked with Overdrive on proposal for downloadable books and films for a proposed 10 library consortium.
iii) Five members of reference staff attended training on the Westlaw databases.
3) Services: Define its essential activities and service levels.
a) Programming and events:
i) Approved exhibit of Robert Glick's works for August and September; reception slated for August 29". •
ii) Approved request by Arsaga's Cafe to host an art exhibit after hours on August 29".
iii) Continued three adult book clubs and one adult film club. Also, met with film club and book club leaders to
coordinate topics when possible, and to create tie-ins to the FPL Flicks email newsletter.
iv) Completed the four-part series Yoga in the Stacks. A total of 64 people attended.
Strategic Plan Progress Report 6 June-July 2008
v) Nonprofit Center presented workshop on parliamentary procedure with Jim Longino. 13 attended.
vi) Nonprofit Center presented a Find It, Fund It workshop. 19 attended.
vii) Secured presentation from author Dan Chiras (Eco Kids: Raising Children Who Care for the Earth) for the Twist of Green
• Festival to be held Oct. 4, 2008.
viii) Collaborated with the UA Center for Applied Sustainability to present Amory Lovins. 220 attended.
ix) Met with Bob's Studio re: historic photos to exhibit during Ozark Writer's Live Festival and Octoberfest.
x) Began SRC series, with over 1,400 independent elementary age readers and nearly 200 teens participating.
xi) Held Camps, workshops and programs featuring poet Clayton Scott (funded through an AR Arts Council Grant).
xii) Via an IEEE Foundation grant and in partnership with the UA Engineering Department, held Solar Bug Tug camp where
37 6'h-9'h grade students built and raced solar powered boats.
xiii) Continued regular weekly programs for birth through preschool five mornings a week.
xiv) Accepted 43 7`h graders into 7-Ups and trained them to assist with programs, Book Buddies, etc.
b) Self-service strategies:
i) Set up a dedicated library card registration station.
ii) Repositioned an ExpressCheck station in the Children's Library.
c) Customer service:
i) Conducted survey on holds procedures.
if) Held three focus group interviews conducted by Blake Woolsey; funded by Care Foundation.
iii) Created tour protocol including the addition of tour request webpage.
iv) Five staff members were certified to become passport acceptance agents.
d) Staffing and volunteers:
0 All line staff with M. L.S. degrees or in a M.L.S. program attended public speaking training.
ii) Attended Polaris Fusion webinar.
iii) Participated in YALSA Best Practices webinar.
iv) Attended webinar for producing online videos for the library. S. Terry
v) Attended a learning session about the library's possible Overdrive consortium.
vi) Advertised two open positions in the circulation department.
vii) Accepted the resignation of E. Puckett, Asst. Youth Librarian; she will be a M. L.S. student at the U. of Michigan.
Promoted Kena Bailey to this position.
viii) Accepted resignation of Justin Blum, who will be digital services librarian at the U . of Nevada at Reno, then revised
and advertised the position as an Access Librarian.
ix) Added 13 new volunteers.
x) Attended Association of Fundraising Professionals monthly meeting. (KR)
A) Submitted requests for State Library scholarships for Caitlyn Spaulding and Hotspur Closser.
xii) Hired Jonathan Atha, Assistant Manager, Facilities.
Visibility and value: Promote the contributions and value of the library to the greater Fayetteville area.
a) Marketing plan: 2008 plan completed.
b) Marketing (visibility) and communications
i) Prepared all regular communications including monthly columns, newsletter, event lists, and press releases.
ii) Set up a FPL Facebook account to advertise upcoming teen events at the library.
iii) Appeared on Channel 5 Morning Show to promote ventriloquist Dennis Lee's visit. (ST)
iv) Participated in interviews with The Morning News, The NWA Times, AR Democrat Gazette and KNWA and KHOG about
topics such as adult programming in the summer, increases in circulation and the Solar Bug Tug event.
v) Pitched a story to the newspaper that focuses on the library's Nonprofit Resource Center.
vi) Completed the 2007 Annual Report.
vii) Promoted Amory Lovins visit in June with less than a week's notice; result was a packed meeting room.
viii) Submitted photos and story about the Solar Bug Tug event to American Libraries and Library Journal.
ix) Hosted tours and discussion with Eastern Oklahoma Library System representatives and America in Bloom judges.
c) Collaboration:
i) Collaborating with City of Fayetteville and Twist of Green festival organizers for October event.
ii) Youth services managers from NWA, including L. Greenwood, met to compare notes and find ways to save money.
iii) Librarians, including S. Thorup and M. Raine, from across LDD1 met to share interlibrary loan best practices.
5) Sustainable funding: Seek funding sources that are reliable, sustainable, and adequate to carry out the Library's mission; these
sources will grow as the community grows.
a) Funding strategies and sources:
i) Held first FPL Board finance committee meeting.
ill Completed and submitted city portion of the operating budget and performance measures.
iii) Awarded $500 FRONTLINE/World Social Entrepreneurs Series grant to screen a social entrepreneurship film.
iv) Invited to submit proposal to Kellogg Foundation.
v) Continued solicitation of multiple sources for sustaining program support.
b) Advocacy:
0 Preparing for joint meeting with City Council.
c) Friends and Foundation
0 Attended Foundation Board meeting and Finance Committee meetings.
• ii) FPLF approved 2008-09 officers: K. McDonald, Pres., M. B. Brooks, VP and A. Sorrell, Secretary/Treasurer.
iii) Friends Bookstore sales: June $2402 and July $2699. This is an increase of $ 1564 or a 44.2% increase.
iv) Two new Lifetime Friends Members, Martha Sutherland and Donald Harrington
v) Hosted Volunteer meetings in June and July 30 with 50 attendants.
Strategic Plan Progress Report 7 June-July 2008
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10
Fayetteville Public Library
Budget Comparison
July 31 , 2008
Current Monthly Current % Budget Annual
Month 7 Month Budget YTD YTD YTD Budget
Sources of Funds
Millage Receipts 89, 167 899167 624, 166 58.33% 624, 167 1 ,0701000
City of Fayetteville 130,530 130,530 913,711 58.33% 913, 713 1 ,566,365
City CIP books 25,149 25, 167 176,078 58.30% 176, 167 3023000
City CIP other 23,000 1 ,917 232000 100.00% 13,417 23,000
State Aid 42665 99916 72, 123 60.61 % 69,414 1182996
Foundation 202917 250,359 99.74% 146,417 251 ,000
Friends 2,833 0 0.00% 19,833 34,000
All Other Sources 19,276 22,850 1752814 64. 12% 1593947 274, 195
Total Sources of Funds 291 ,787 280,447 22059,437 56.58% 13963, 127 31639,556
Expenses
Salaries & Wages 1572201 1432497 983,532 57. 12% 1 ,004,477 1 ,7212961
Payroll Taxes & Work Study 12,318 12,717 82,712 54.20% 89,017 152,600
Employee Insurance 81303 11 ,283 64,256 47.46% 78,983 135,400
Retirement 10,744 15,725 702108 37. 15% 110,075 188,700
Processing Supplies 1 ,426 41167 81399 16.80% 29, 167 507000
IT-Hardware 25,251 11 ,750 29,835 21 . 16% 82,250 141 ,000
IT-Software & Maintenance 41031 8,292 92422 9.47% 582042 993500
Cleaning Supplies 1 ,468 1 ,500 71017 38.98% 100500 18,000
• Other Supplies 5,490 82417 52,470 51 .95% 58,917 101 ,000
Youth Programming 11518 2,700 163364 50.51 % 183900 32,400
Adult Programming 21517 42757 15.75% 173617 303200
Library Materials 312978 33,858 196,819 48.44% 2372005 4063295
Telephone & Internet 61876 32083 15,897 42.96% 21 ,583 379000
Utilities 93714 10,583 603115 47.33% 74,083 127,000
Postage 13059 3,517 112192 26.52% 24,617 42,200
Travel & Training 9,637 4,200 28,061 55.68% 29,400 507400
Prof./Contractual Services 12,200 61267 51 ,731 68.79% 43,867 753200
Landscape Maint. 989 3,083 32956 10.69% 212583 373000
Building/Equip. Maint. 7,250 12,058 56,060 38.74% 84,408 1447700
Insurance 750 21970 33.00% 53250 93000
Public Rel. & Other 138 41650 21705 4.85% 322550 55,800
Furniture & Equipment 33750 5,896 13.10% 26,250 45,000
Total Expenses 307,591 308,363 127649274 47.68% 21158,541 317003356
Excess/Deficit -15,804 -27,916 2952163 -195,414 60,800
•
11
9:25 AM Fayetteville Public Library
08/07/08 Balance Sheet
Cash Basis As of July 31 , 2008
Jul 31 , 08 •
ASSETS
Current Assets
Checking/Savings
General Operating Funds
Bank of Fayetteville-Deposits 69,951 .81
Petty Cash 408.00
Total General Operating Funds 70,359.81
Merrill Lynch-WCMA
Operating portion of account 1 ,159,492.68
Total Merrill Lynch-WCMA 1 ,159,492.68
Schwab -Millage 4108-2175 1 ,059,544.26
1125 - Schwab Institutional - longterm 181 ,306.49
For long term Facilities repairs & replacements 264,970.30
For major repair & replacement of furniture & equipment 208,919.30
For major replacements of Tech. items, conveyor, phone system... 239,096.30
Total Checking/Savings 3,183,689.14
Other Current Assets
1220 • Due to/ from other Gov. Units 1 ,177,424.45
1250 • Prepaid Expenses 64,174.77
Accounts Receivable _24.75
Total Other Current Assets 1 ,241 ,574,47
Total Current Assets 4,425,263.61
Fixed Assets
Fixed Assets
Library Buildings 20,754,629.47 •
Equipment 1 ,030,300.23
Furniture & Fixtures 233,599.94
Accumulated Depreciation -1 ,782,080.84
Total Fixed Assets 20,236,448.80
Library Owned Art 150,000.00
Total Fixed Assets 20,386,448.80
TOTAL ASSETS 24,81.1 ,712.41
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Other Current Liabilities
Accounts Payable-Other
A/P Vacation accrual 131 ,196.66
A/P Salaries & Wages Accrual 15,298.87
A/P Other Payroll Liabilities 44,033.53
1929 • A/P Sick Time 58,687.01
Accounts Payable-Other - Other 8,631 .40
Total Accounts Payable-Other 257,847.47
1950 • Accounts Payable - COBRA 0.57
Payroll Tax Liabilities
State Unemployement Payable 280.06
Payroll Tax Liabilities - Other 101 .01
Total Payroll Tax Liabilities 381 .07
Other Payroll Liabilities
Health & Dental Insurance 784.29
2330 • Vision Insurance .62 •
2340 - Vol. Life 8 AD&D 166.00
2345 • Voluntary Group Life 151 .54
Supplemental Insurance 233.52
Employee contributions 380.00
12 Page 1
9:25 AM Fayetteville Public Library
08/07/08 Balance Sheet
Cash Basis As of July 31 , 2008
• Jul 31, 08
Total Other Payroll Liabilities 1 ,573.97
Total Other Current Liabilities 259,803.08
Total Current Liabilities 259,803.08
Total Liabilities 259,803.08
Equity
Investment in Fixed Assets 21 ,361 ,499.04
Fund Balance-Undesignated 1 ,914,586.48
Fund Balance-Reserved
facilitie major repairs & rep 208,919.30
for reparis & replacements 208,919.30
f & f repairs & replacements 208,919.30
Total Fund Balance-Reserved 626,757.90
Fund Balance-Current Year Net 243,133.03
Net Income 405,932.88
Total Equity 24,551 ,909.33
TOTAL LIABILITIES & EQUITY 24,811,712,41
•
•
13 Page 2
9:25 AM Fayetteville Public Library
08/07/08 Profit & Loss YTD Comparison
Cash Basis July 2008
Jul 08 Jan - Jul 08 •
Ordinary Income/Expense
Income
Revenue & Support
4150 - Miscellaneous Income
sale of items, or regist. 0.00 350.00
Sale of new merchandise 263.75 2,213. 10
4500 - Misc. M.J.
4501 • Designated Gifts Other 50.00 295.78
Donations Materials 285.00 36,987.00
non restricted gifts 0.00 18.00
non restricted gifts to child 340.00 1 ,005.00
4500 - Misc. M.J. - Other 66.25 380.07
Total 4500 • Misc. M.J. 741 .25 38,685.85
4150 - Miscellaneous Income - Other 130.00 308.48
Total 4150 - Miscellaneous Income 1 ,135.00 41 ,557.43
Cafe Rental 0.00 8,322.06
charges for set up and equipm 225.00 2,060.00
Fines & Fees
Fees collected at front desk 14,365.30 93,829.76
4315 • Library Cards 120.00 795.00
4320 • Research & Misc. Genealogy 173.00 536.00
Sales of T-Shirts, Wanderer, 0.00 125.00
4360 - Lost and Paid
4365 - Refund of Lost & Paid -37.94 -381 .28
4360 - Lost and Paid - Other 103.96 1 ,242.82
Total 4360 • Lost and Paid 66.02 861 .54
4370 - Damaged and Paid 137.88 583.19 •
4380 • Copier and Printer Income 1 ,800.89 13,304.96
4390 - Short and Over 413.97 509.76
Total Fines & Fees 16,249.12 110,545.21
Interest
4401 Interest-Operating 1 ,666.70 13,329.00
Total Interest 1 ,666.70 13,329.00
State Aid to Libraries
state aid 4,665.00 72,123.00
Total State Aid to Libraries 4,665.00 72, 123.00
Total Revenue & Support 23,940.82 247,936.70
Total Income 23,940.82 247,936.70
Expense
Operating Expenses
Office Supplies
5110 • Administration Expenses 4,069.32 40,997.36
Foundation, marketing and Volunteer needs 1 ,361 .72 11 ,028.81
computer supplies & minor eq.
5113 • Computer Supplies 139.81 139.81
5114 • Computer Software, Lic. & Malnt 4,031 .40 9,422.50
5115 - Computer hardware & supplies 25,111 .67 29,695.96
Total computer supplies & minor eq. 29,282.88 39,258.27
supplies to be reimb by Found 26.54 87,67
5130 • Childrens Program
5131 - Young Children Frog. & Supplies 500.87 9,996.13
5133 • Young Adult Expenses 1 ,017.29 5,520.68 •
Total 5130 • Childrens Program 1 ,518. 16 15,516.81
Adult prog. expenses 0.00 4,758.22
5140 - Book Repair & Circ. Supplies 1 ,425.62 8,396.98
supplies for cleaning the bdg 1 ,467.77 7,016.58
14 Pagel
9:25 AM Fayetteville Public Library
08107/06 Profit & Loss YTD Comparison
Cash Basis July 2008
• Jul 08 Jan - Jul 08
signage materials 32.57 356.59
Total Office Supplies 39, 184.58 127,417.29
Postage 1 ,058.93 11 ,192.35
Travel & Training 9,637.00 28,060.82
Public Notice 128.82 2,407.06
5725 • Public Relations 9.00 613.28
Professional Services 12, 199.80 51 ,414.23
Equipment & furnishings 0.00 5,896.56
Utilities
Telephone & Internet 6,876.01 15,897.18
Utilities - Other 9,714.12 60,114.55
Total Utilities 16,590.13 76,011 .73
Insurance-General 0.00 2,970.00
Total Operating Expenses 78,808.26 305,983.32
Salaries & Wages
Adult Services 24,933.24 161 ,874.52
Materials processing 9,529.86 71 ,758.23
Children's Library 18,221 .60 109,583.02
Circulation 30,649.60 197,492.01
Custodial 6,598.46 43,702.43
Administration 45,302.77 283,017.31
6498 Vacation Time Used 19,000.23 97,285.75
6499 Sick Time Used 2,964.90 18,818.87
Total Salaries & Wages 157,200.66 983,532.14
Payroll Expenses
• FICAIMedicare Expense 11 ,971 .97 74,923.56
Payments to UofA for students 0.00 3,140.32
State Unemployment Expense 287.44 4,154.29
Voluntary AD & D 0.00 236.28
Long Term Disability 0.00 1 ,652.12
Life Insurance 0.00 1 ,939.37
Payroll Expenses - Other 58.44 433.00
Total Payroll Expenses 12,317.85 86,478.94
for yearend accruals 0.00 61 .47
Employee Benefit Expenses
Health & Dental Insurance 7,230.33 51 ,907.81
Company paid portion of HSA 1 ,072.77 8,520.09
Retirement Contributions 10,744.17 66,419.15
6655 • Retirementment Plan Expenses 0.00 3,688.33
Total Employee Benefit Expenses 19,047.27 130,535.38
Publications
Book Acquisitions
all books child & adult 14,425.07 123,705.96
7120 - Adult Reference Materials 300.00 565.40
7140 Genealogical Materials 0.00 50.00
7160 - Childrens Books 0.00 33.05
Book Acquisitions - Other 0.00 -810.50
Total Book Acquisitions 14,725.07 123,543.91
7130 • Electronic Resources 9,452.00 28,879.00
Periodicals 457.12 11 ,423.74
Audio Visuals
7610 - Film/DVD 6,684.54 23,388.46
7620 • Audio 659.55 9,226.31
• 7640 • Music 0.00 356.69
Total Audio Visuals 7,344.09 32,971 .46
Total Publications 31 ,978.28 196,818.11
Building & Equipment
15 Page 2
9:25 AM Fayetteville Public Library
08/07/08 Profit & Loss YTD Comparison
Cash Basis July 2008 •
Jul 08 Jan - Jul 08
Building & Grounds 257.18 257.18
Landscape Maintenance 988.64 3,954.56
Building Maintenance 6,992.95 55,694.02
Office Machine Maintneance 0.00 108.50
Total Building & Equipment 8,238.77 60,014.26
Total Expense - 307,591 .09 1 ,763,423.62
Net Ordinary Income -283,650.27 -1 ,515,486.92
Other Income/Expense
Other Income
Inter-Agency Transfers
Transfer from City 130,530.00 913,710.00
9150 • Transfer-Millage 33,260.33 558,308.59
Transfer for Books 25,148.84 176,041 .80
Transfer from City-CIP Other 23,000.00 23,000.00
Transfers from Foundation 0.00 250,359.41
Total Inter-Agency Transfers 211 ,939.17 1 ,921 ,419.80
Total Other Income 211 ,939. 17 1 ,921 ,419.80
Net Other Income 211 ,939.17 1 ,921 ,419.80
Net Income -71 ,711.10 405,932.88
•
•
16 Page 3
Fayetteville Public Library
Budget Comparison
June 30, 2008
Current Monthly Current % Budget Annual
Month 6 Month Budget YTD YTD YTD Budget
Sources of Funds
Millage Receipts 89, 166 89, 167 5342999 50.00% 535,000 1 ,070,000
City of Fayetteville 130,530 130,530 783, 181 50.00% 783, 183 1 ,566,365
City CIP books 25, 167 25, 167 150,929 49.98% 151 ,000 3022000
City CIP other 13917 0 0.00% 119500 232000
State Aid 33,729 9,916 67,458 56.69% 59,498 118,996
Foundation 20,917 250,359 99.74% 125,500 . 251 ,000
Friends 21833 0 0.00% 172000 34,000
All Other Sources 23,429 222850 156,538 57.09% 137,098 274, 195
Total Sources of Funds 3025021 303,296 1 ,9432464 53.40% 13819,778 316393556
Expenses
Salaries & Wages 146,948 143,497 826,331 47.99% 860,981 1 ,721 ,961
Payroll Taxes & Work Study 113765 12,717 703394 46. 13% 76,300 1522600
Employee Insurance 9,831 11 ,283 55,953 41 .32% 670700 135,400
Retirement 91199 15,725 59,364 31 .46% 94,350 188,700
Processing Supplies 602 41167 61973 13.95% 252000 50,000
IT-Hardware 11 , 750 4,584 3.25% 70,500 141 ,000
IT-Software & Maintenance 82292 51391 5.42% 49,750 99,500
Cleaning Supplies 174 11500 51549 30.83% 92000 18,000
• Other Supplies 4,495 85417 46,980 46.51 % 50,500 101 ,000
Youth Programming 52775 22700 145846 45.82% 16,200 32,400
Adult Programming 2,517 42757 15.75% 15, 100 30,200
Library Materials 35,583 33,858 164,841 40.57% 2033148 406,295
Telephone & Internet 23325 39083 92021 24.38% 18,500 37,000
Utilities 71972 10,583 502401 39.69% 63,500 127,000
Postage 13007 31517 10, 133 24.01 % 212100 42,200
Travel & Training 11568 4,200 182424 36.56% 25,200 50,400
Prof./Contractual Services 83959 61267 39,531 52.57% 37,600 753200
Landscape Maint. 989 3,083 29967 8.02% 18,500 37,000
Building/Equip. Maint. 2,086 12,058 48,810 33.73% 72,350 144,700
Insurance 750 23970 33.00% 4,500 90000
Public Rel. & Other 40650 21567 4.60% 27,900 55,800
Furniture & Equipment 185 31750 5,896 13.10% 22,500 45,000
Total Expenses 249,463 3082363 134565683 39.37% 11850, 178 31700,356
Excess/Deficit 522558 -51067 486,781 30,400 -60,800
•
17
11 :47 AM Fayetteville Public Library
07/16/08 Balance Sheet '
Cash Basis As of June 30, 2008
Jun 30, 08 •
ASSETS
Current Assets ,
Checking/Savings
General Operating Funds
Bank of Fayetteville-Deposits 52,288.97
Petty Cash 408.00
Total General Operating Funds 52,696.97
Merrill Lynch-WCMA
Operating portion of account 1 , 192,756.38
Total Merrill Lynch-WCMA 1 , 192,756.38
Schwab -Millage 4108-2175 959,790.25
1125 - Schwab Institutional - longterm 181 ,306.49
For long term Facilities repairs & replacements 264,970.30
For major repair & replacement of furniture & equipment 208,919.30
For major replacements of Tech. items, conveyor, phone system... 239,096.30
Total Checking/Savings 3,099,535.99
Other Current Assets
1220 • Due to/ from other Gov. Units 1 ,177,424.45
1250 • Prepaid Expenses 64,174.77
Accounts Receivable -24.75
Total Other Current Assets 1 ,241 ,574.47
Total Current Assets 4,341 ,110.46
Fixed Assets
Fixed Assets
Library Buildings 20,754,629.47 •
Equipment 1 ,030,300.23
Furniture & Fixtures 233,599.94
Accumulated Depreciation -1 ,782,080.84
Total Fixed Assets 20,236,448.80
Library Owned Art 150,000.00
Total Fixed Assets 20,386,448.80
TOTAL ASSETS 24,727,559.26
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable -150.00
Total Accounts Payable -150.00
Other Current Liabilities
Accounts Payable-Other
A/P Vacation accrual 131 ,196.66
A/P Salaries & Wages Accrual 15,298.87
AIP Other Payroll Liabilities 44,033.53
1929 - AIP Sick Time 58,687.01
Accounts Payable-Other - Other 8,631 .40
Total Accounts Payable-Other 257,847.47
1950 - Accounts Payable - COBRA 0.57
Payroll Tax Liabilities
State Unemployement Payable -7,38
Payroll Tax Liabilities - Other -58.04
Total Payroll Tax Liabilities -65.42 •
Other Payroll Liabilities
Health & Dental Insurance 784,29
2330 - Vision Insurance 481 .08
2340 • Vol. Life & AD&D 8.00
18 Page 1
11 :47 AM Fayetteville Public Library
07/16/08 Balance Sheet
Cash Basis As of June 30, 2008
• Jun 30, 08
2345 - Voluntary Group Life 98.16
Supplemental Insurance 233.52
Employee contributions 380.00
Total Other Payroll Liabilities 1 ,985.05
Total Other Current Liabilities 259,767.67
Total Current Liabilities 259,617.67
Total Liabilities 259,617.67
Equity
Investment in Fixed Assets 21 ,361 ,499.04
Fund Balance-Undesignated 1 ,914,586.48
Fund Balance-Reserved
facilitie major repairs & rep 208,919.30
for reparis & replacements 208,919.30
f & f repairs & replacements 208,919.30
Total Fund Balance-Reserved 626,757.90
Fund Balance-Current Year Net 243,133.03
Net Income 321 ,965.14
Total Equity 24,467,941 .59
TOTAL LIABILITIES & EQUITY 24,727,559.26
•
•
19 Page 2
11 :45 AM Fayetteville Public Library
07/16/06 Profit & Loss YTD Comparison
Cash Basis June 2008
Jun 08 Jan - Jun 08 •
Ordinary Income/Expense
Income
Revenue & Support
4150 • Miscellaneous Income
sale of items, or regist. 0.00 350.00
Sale of new merchandise 929.55 1 ,949.35
4500 - Misc. M.J.
4501 • Designated Gifts Other 175.50 245.78
Donations Materials 300.00 36,702.00
non restricted gifts 18.00 18.00
non restricted gifts to child 215.00 665.00
4500 • Misc. M.J. - Other 134.05 313.82
Total 4500 - Misc. M.J. 842.55 37,944.60
. 4150 • Miscellaneous Income - Other 120.00 178.48
Total 4150 • Miscellaneous Income 1 ,892.10 40,422.43
Cafe Rental 2,212.70 8,322.06
charges for set up and equipm 335.00 1 ,835.00
Fines & Fees
Fees collected at front desk 14,132.67 79,464.46
4315 - Library Cards 150.00 675.00
4320 - Research & Misc. Genealogy 8.00 363.00
Sales of T-Shirts, Wanderer, 0.00 125.00
4360 • Lost and Paid
4365 • Refund of Lost & Paid -88.94 -343.34
4360 • Lost and Paid - Other 111 .90 1 ,138.86
Total 4360 - Lost and Paid 22.96 795.52
4370 • Damaged and Paid 31 .95 445.31 •
4380 • Copier and Printer Income 1 ,823.51 11 ,504.07
4390 • Short and Over 1 ,173.01 923.73
Total Fines & Fees 17,342.10 94,296.09
Interest
4401 • Interest-Operating 1 ,646.67 11 ,662.30
Total Interest 1 ,646.67 11 ,662.30
State Aid to Libraries
state aid 33,729.00 67,458.00
Total State Aid to Libraries 33,729.00 67,458.00
Total Revenue & Support 57,157.57 223,995.88
Total Income 57,157.57 223,995.88
Expense
Operating Expenses
Office Supplies
5110 • Administration Expenses 2,951 .14 36,928.04
Volunteer needs 1 ,483.28 9,667.09
computer supplies & minor eq.
5114 - Computer Software, Lic. & Maint 0.00 5,391 .10
5115 - Computer hardware & supplies 0.00 4,584.29
Total computer supplies & minor eq. 0.00 9,975.39
supplies to be reimb by Found 61.13 61 .13
5130 - Childrens Program
5131 • Young Children Frog. & Supplies 3,138.11 9,495.26
5133 • Young Adult Expenses 2,636.61 4,503.39
Total 5130 • Childrens Program 5,774.72 13,998.65 •
Adult prog. expenses 0.00 4,758.22
5140 • Book Repair & Circ. Supplies 601 .60 6,971 .36
supplies for cleaning the bdg 174.25 5,548.81
signage materials 0.00 324.02
20 Page 1
11 :45 AM Fayetteville Public Library
07116/08 Profit & Loss YTD Comparison
Cash Basis June 2008
• Jun 08 Jan - Jun 08
Total Office Supplies 11 ,046.12 88,232.71
Postage 1 ,006.79 10, 133.42
Travel & Training 1 ,567.52 18,423.82
Public Notice 94.26 2,278.24
5725 • Public Relations -94.44 604.28
Professional Services 8,958.98 39,214.43
Equipment & furnishings 185.29 5,896.56
Utilities
Telephone & Internet 2,325.09 9,021 .17
Utilities - Other 7,971 .58 50,400.43
Total Utilities 10,296.67 59,421 .60
Insurance-General 0.00 2,970.00
Total Operating Expenses 33,061 . 19 227,175.06
Salaries & Wages
Adult Services 23,750.23 136,941 .28
Materials processing 10,468.59 62,228.37
Children's Library 18,937.28 91 ,361 .42
Circulation 32,032.05 166,842.41
Custodial 4,629.46 37, 103.97
Administration 43,641 .24 237,714.54
6498 Vacation Time Used 12,006.38 78,285.52
6499 Sick Time Used 1 ,483.02 15,853.97
Total Salaries & Wages 146,948.25 826,331 .48
Payroll Expenses
FICA/Medicare Expense 11 ,191 .77 62,951 .59
Payments to UofA for students 154.63 3,140.32
State Unemployment Expense 357.13 3,866.85
Voluntary AD & D 61 .81 236.28
Long Term Disability 352.44 1 ,652.12
Life Insurance 290.13 1 ,939.37
Payroll Expenses - Other 61 .44 374.56
Total Payroll Expenses 12,469.35 74,161 .09
for yearend accruals 0.00 61 .47
Employee Benefit Expenses
Health & Dental Insurance 7,896.76 44,677.48
Company paid portion of HSA 1 ,229.42 7,447.32
Retirement Contributions 9,198.69 55,674.98
6655 • Retirementment Plan Expenses 0.00 3,688.33
Total Employee Benefit Expenses 18,324.87 111 ,488.11
Publications
Book Acquisitions
all books child & adult 18,485.35 109,280.89
7120 • Adult Reference Materials 0.00 265.40
7140 Genealogical Materials. 0.00 50.00
7160 • Chlldrens Books 0.00 33.05
Book Acquisitions - Other 0.00 -810.50 -
Total Book Acquisitions 18,485.35 108,818.84
7130 • Electronic Resources 2,215.00 19,427.00
Periodicals 10,892.62 10,966.62
Audio Visuals
7610 - Film/DVD 3,379.87 16,703.92
7620 - Audio 454.85 8,566.76
7640 • Music 154.81 356.69
• Total Audio Visuals 3,989.53 25,627.37
Total Publications 35,582.50 164,839.83
Building & Equipment
Landscape Maintenance 988.64 2,965.92
21 Page 2
11 :45 AM Fayetteville Public Library
07/16/08 Profit & Loss YTD Comparison
Cash Basis June 2008
Jun 08 Jan - Jun 08 •
Building Maintenance 2,086.21 48,701 .07
Office Machine Maintneance 0.00 108.50
Total Building & Equipment 3,074.85 51 ,775.49
Total Expense 249,461 .01 1 ,455,832.53
Net Ordinary Income -192,303.44 -1 ,231 ,836.65
Other Income/Expense
Other Income
Inter-Agency Transfers
Transfer from City 0.00 652,650.00
9150 - Transfer-Millage 62,551 .00 525,048.26
Transfer for Books 0.00 125,744.12
Transfers from Foundation 0.00 250,359.41
Total Inter-Agency Transfers 62,551 .00 1 ,553,801 .79
Total Other Income 62,551 .00 1 ,553,801 .79
Net Other Income 62,551 .00 1 ,553,801 .79
Net Income -129,752.44 321 ,965.14
•
•
22 Page 3
BD
LLP
Board of Trustees and Management
Fayetteville Public Library
Fayetteville, Arkansas
As part of our audit of the financial statements of the Fayetteville Public Library as of and for the
year ended December 31 , 2007, we wish to communicate the following to you.
AUDIT SCOPE AND RESULTS
Auditor's Responsibility Under Auditing Standards Generally Accepted in the United
States of America
An audit performed in accordance with auditing standards generally accepted in the United
States of America is designed to obtain reasonable, rather than absolute, assurance about the
financial statements. In performing auditing procedures, we establish scopes of audit tests in
relation to the financial statements taken as a whole. Our engagement does not include a detailed
• audit of every transaction. Our engagement letter more specifically describes our
responsibilities.
These standards require communication of significant matters related to the financial statement
audit that are relevant to the responsibilities of those charged with governance in overseeing the
financial reporting process. Such matters are communicated in the remainder of this letter or
have previously been communicated during other phases of the audit. The standards do not
require the auditor to design procedures for the purpose of identifying other matters to be
communicated with those charged with governance.
An audit of the financial statements does not relieve management or those charged with
governance of their responsibilities. Our engagement letter more specifically describes your
responsibilities.
Oualitative Aspects of Significant Accounting Policies and Practices
SLmificant Accounting Policies
The Library's significant accounting policies are described in Note 1 of the audited financial
statements.
No matters reportable.
•
400 W. Capdd Avenue, Suite 2500 200 E. /1 th Avenue
5000 Rogers Avenue, Suite 700 P.O. Box 3667 P.O. Box 8306
Fort Smith,AR 729032079 liNe Rock, AR 722D3-3667 Pine Bluff, AR 71611-8306 Praxi ty :
479.452.1040 Fax 479.452.5542 501.372.1040 Fax 501.372.1250 23 870.534.9172 Fax 870.534.2146 MEMBER
bkd.com Beimed Your Numbers GLOBAL
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Board of Trustees and Management
Fayetteville Public Library
Alternative Accounting Treatments
We had discussions with management regarding alternative accounting treatments within
accounting principles generally accepted in the United States of America for policies and
practices for material items, including recognition, measurement and disclosure considerations
related to the accounting for specific transactions as well as general accounting policies, as
follows:
No matters are reportable
Management Judements and Accounting Estimates
Accounting estimates are an integral part of financial statement preparation by management,
based on its judgments. The following areas involve significant areas of such estimates for
which we are prepared to discuss management' s estimation process and our procedures for
testing the reasonableness of those estimates:
• Deferred revenue
• Pledges receivable present value net of uncollectible amounts
Financial Statement Disclosures •
The following areas involve particularly sensitive financial statement disclosures for which we
are prepared to discuss the issues involved and related judgments made in formulating those
disclosures:
No matters are reportable.
Audit Adjustments
During the course of any audit, an auditor may propose adjustments to financial statement
amounts. Management evaluates our proposals and records those adjustments which, in its
judgment, are required to prevent the financial statements from being materially misstated.
Some adjustments proposed were not recorded because their aggregate effect is not currently
material; however, they involve areas in which adjustments in the future could be material,
individually or in the aggregate.
Areas in which adjustments were proposed include:
Proposed Audit Adjustments Recorded
• Adjustment of.the allowance for present value of pledges
• Entry to removed Planned gifts receivable •
• Deferred revenue
• Beginning net asset reconciling entries.
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Board
3 -Board of Trustees and Management
• Fayetteville Public Library
Proposed Audit Adjustments Not Recorded
No matters are reportable
Attached is a summary of uncorrected misstatements we aggregated during the current
engagement and pertaining to the latest period presented that were determined by management to
be immaterial, both individually and in the aggregate, to the financial statements as a whole.
Auditor's Judgments About the Quality of the Entitv's Accounting Principles
During the course of the audit, we made the following observations regarding the Library ' s
application of accounting principles:
No matters are reportable .
Significant Issues Discussed with Management
Prior to Retention
During our discussion with management prior to our engagement, the following issues regarding
application of accounting principles or auditing standards were discussed:
• Risk Assessment Suite (RAS) of auditing standards (Statement on Auditing Standards
(Nos. 104- 111 ).
During the Audit Process
During the audit process, the following issues were discussed or were the subject of
correspondence with management:
• No matters are reportable
Other Material Written Communications
Listed below are other material written communications between management and us related to
the audit:
List communications here, such as:
• Management representation letter (attached)
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Board of Trustees and Management
Fayetteville Public Library •
INTERNAL CONTROL OVER FINANCIAL REPORTING
In planning and performing our audit of the financial statements of the Fayetteville Public
Library as of and for the year ended December 31 , 2007, in accordance with auditing standards
generally accepted in the United States of America, we considered the Library's internal control
over financial reporting (internal control) as a basis for designing our auditing procedures for the
purpose of expressing our opinion on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Library's internal control . Accordingly, we do
not express an opinion on the effectiveness of the Library' s internal control . As such, our
consideration of internal control would not necessarily identify all deficiencies in internal control
that might be significant deficiencies or material weaknesses.
A control deficiency 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
misstatements of the Library' s financial statements on a timely basis. A control deficiency in
design exists when a control necessary to meet a control objective is missing or an existing
control is not properly designed so that, even if the control operates as designed, a control
objective is not always met. A control deficiency in operation exists when a properly designed
control does not operate as designed or when the person performing the control does not possess
the necessary authority or qualifications to perform the control effectively. I •
A significant deficiency is a control deficiency, or combination of control deficiencies, that
adversely affects the Library' s ability to initiate, authorize, record, process or report financial
data reliably in accordance with generally accepted accounting principle such that there is more
than a remote likelihood that a misstatement of the Library's financial statements that is more
than inconsequential will not be prevented or detected by the Library's internal controls.
A material weakness is a significant deficiency, or a combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the Library' s financial
statements will not be prevented or detected by the Library's internal controls.
We observed the following matters that we consider to be control deficiencies, significant
deficiencies or material weaknesses.
Material Weaknesses
No matters are reportable.
Significant Deficiencies
No matters are reportable.
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Board of Trustees and Management
• Fayetteville Public Library
Control Deficiencies
Segregalion of Duties
Management is responsible for establishing and maintaining effective internal controls over
financial reporting. Duties in theses transaction cycles are not adequately segregated to
safeguard the Library's assets as is difficult with smaller entities. Following is a summary of
various incompatible duties identified:
Cash Disbursements Transaction Cycle
The Director of Administrative Services has the ability to issue purchase orders, issue checks to
be signed, has access to signed checks, maintains sole responsibility for the Library ' s
bookkeeping and reconciles the bank accounts.
Cash Receipts Transaction Cycle
The Director of Administrative Services has the ability to receive payments received in the main
and be the custodian of certain checks, maintains sole responsibility for the Library's
• bookkeeping and reconciles the bank accounts.
Payroll Transaction Cycle
The Director of Administrative Services has the ability to add and change employee information
on the payroll system, issues payroll checks to be signed, maintains sole responsibility for the
Library's bookkeeping and reconciles the bank accounts.
Management should evaluate the benefits of further segregating these duties or consider
implementing review procedures to mitigate the overlapping duties.
NEW AUDITING STANDARDS
The Sarbanes-Oxley Act and other events have dramatically affected the setting of auditing
standards and the focus of the audit process primarily for public companies. Not surprisingly,
the focus has been extended to non-public entities. In 2006, the Auditing Standards Board
(ASB) of the American Institute of Certified Public Accountants (AICPA), the standard setting
body for audits of non-public entities, issued eleven new auditing standards. These auditing
standards include a documentation standard, a suite of eight risk assessment standards, a standard
that defines professional requirements in statements on auditing standards, and a standard that
provides guidance on communicating matters related to an entity's internal control over financial
reporting. The following summarizes some of the more significant changes:
•
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Board of Trustees and Management
Fayetteville Public Library •
Risk Assessment Standards (SAS 104- 111)
Statements on Auditing Standards (SAS) No. 104- 1 1 1 relate to the assessment of risk in an audit
of financial statements. These Statements establish standards and provide guidance concerning
the auditor' s assessment of the risks of material misstatement (whether caused by error or fraud)
in a financial statement audit, and the design and performance of audit procedures whose nature,
timing, and extent are responsive to the assessed risks. Additionally, the Statements establish
standards and provide guidance on planning and supervision, the nature of audit evidence, and
evaluating whether the audit evidence obtained affords a reasonable basis for an opinion
regarding the financial statements under audit.
The primary objective of these Statements is to enhance auditors ' application of the audit risk
model in practice by specifying, among other things :
• More in-depth understanding of the entity and its environment, including its internal
control, to identify the risks of material misstatement in the financial statement and what
the entity is doing to mitigate them.
• More rigorous assessment of the risks of material misstatement of the financial
statements based on that understanding. •
• Improved linkage between the assessed risks and the nature, timing, and extent of audit
procedures performed in response to those risks.
These Statements were effective for the Library's December 31 , 2007 audit.
Communicating Internal Control Related Matters Identified in an Audit (SAS 112)
This SAS establishes standards and provides guidance on communicating matters related to an
entity' s internal control over financial reporting identified in an audit of financial statements. It
is applicable whenever an auditor expresses an opinion on financial statements. Among other
things, the SAS :
• Requires the auditor to communicate control deficiencies that are significant deficiencies
or material weaknesses in internal control.
o A significant deficiency is a control or combination of control deficiencies, that
adversely affects the entity's ability to initiate, authorize, record, process, or
report financial data reliably in accordance with generally accepted accounting
principles such that there is more than a remote likelihood that a misstatement of
the entity's financial statements that is more than inconsequential will not be
prevented or detected. •
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Board of Trustees and Management
Fayetteville Public Library
o A materied tiveokness is a significant deficiency, or combination of control
deficiencies, that results is more than a remote likelihood that a material
misstatement of the financial statements will not be prevented or detected.
• Provides guidance on evaluating the severity of control deficiencies and requires that the
auditor conclude whether prudent officials, having knowledge of the same facts and
circumstances. would agree with the auditor' s classification of the deficiency.
• Identifies areas in which control deficiencies ordinarily are to be evaluated as at least
significant deficiencies, as well as indicators that control deficiencies should be regarded
as at least a significant deficiency and a strong indicator of a material weakness.
• Requires the auditor to communicate significant deficiencies and material weaknesses
identified in the audit, in writing, to management and those charged with governance.
This conununication should be made no later than 60 days following the report release
date.
This SAS was effective for the Library ' s December 31 , 2007 audit.
• This conununication is intended solely for the information and use of management and Board of
Trustees and is not intended to be and should not be used by anyone other than these specified
parties.
May 6, 2008
•
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04 / 22/ 2006 15 : 52 4795710222 FAYETTEVILLE PUB LIB PAGE 02/ 05
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FAYM=VIT .LF, PUALIc LIBRARY
April 17, 2008
BKD, LLP
Certified Public Accountants
5000 Rogers Avenue, Suite 700
Fort Smith, AR 72903-2079
We are providing this letter in connection with your audits of our financial statements as of and
for the year ended December 31 , 2007. We confirm that we are responsible for the fair
presentation of the financial statements in conformity with accounting principles generally
accepted in the United States of America. We are also responsible for adopting sound
accounting policies, establishing and maintaining effective internal control over financial
reporting, operations and compliance, and preventing and detecting fraud. .
Certain representations in this letter are described as being limited to matters that are material. •
Items are considered material, regardless of size, if they involve an omission or misstatement of
accounting information that, in light of surrounding circumstances, makes it probable that the
judgment of a reasonable person relying on the information would be changed or influenced by
the omission or misstatement.
We confirm, to the best of our knowledge and belief, the following:
1 . The financial statements referred to above are fairly presented in conformity with
accounting principles generally accepted in the United States of America each
opinion unit included therein.
2. We have reviewed and approved a draft of the financial statements and related
notes referred to above, which you prepared in connection with your audit of our
financial statements. We acknowledge that we are responsible for the fair
presentation of the financial statements and related notes.
3. We have made available to you:
(a) All financial records and related data.
(b) All minutes of meetings of the governing body held through the date of this
letter.
401 W. Mwnbin $twt I FArJLAMI Arkansas 77.701 •
Teleptwna 479.571.2222 I FacsimJe 479.571.0222
v/ca ate eww.taYllb.o g
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