Details for AVALON FREE PUBLIC - LEGAL

AVALON FREE PUBLIC LIBRARY BOARD OF TRUSTEES SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION Attention is directed to the fact that a summary or synopsis of the audit report, together with the recommendations, is the minimum required to be published by N.J.S. 40A:5-7. Summary or Synopsis of the 2019 Audit Report of the Borough of Avalon Free Public Library as required by N.J.S. 40A:5-7. COMPARATIVE BALANCE SHEET- REGULATORY BASIS Balance Balance Dec. 31, 2019 Dec. 31 2018 Assets Cash in Bank and Investments $ 1,135l,186.76 $ 110,341,350.57 Petty Cash and Change Funds 100.00 100.00 $ 1,351,286.76 $ 1,1034,450.57 Liabilities and Fund Balance Liabilities: Accounts Payable $ 83,065.81 $ 661,139.52 Accrued Salaries and Wages 58,590.92 731,099.59 Due to Friends of AFPL 4,057.89 Total Liabilities 141,656.73 431,297.00 Fund Balances: Designated for Capital Outlay 285,000.00 303,000.00 Unrestricted 708,630.03 588,153.57 Total Fund Balances 993,630.03 891,153.57 $ 1,135,286.76 $ 1,034,450.57 STATEMENT OF REVENUES1 EXPENSES AND CHANGES IN FUND BALANCE- REGULATORY BASIS Year 2019 Year 2018 Revenues and Other Income Realized Borough of Avalon- Appropriation $ 3,006,110.65 $ 2,808,187.00 Interest Income 659.79 428.25 Donations 3,391.90 796.74 Miscellaneous Revenues 31,592.25 10,523.20 State Aid for Libraries 584.00 584.00 Total Revenues 3,042,338.59 2,820,519.19 Expenditures Salaries and Beneļ¬ts 1,043,014.90 963,020.13 Library Operations 739,870.31 749,709.50 Building and Utilities 734,476.60 740,931.97 Library Board Expenditures 136,730.61 138,352.62 Capital Outlay 154,058.71 101,671.53 Total Expenditures 2,808,151.13 2,693,685.75 Excess of Revenues Over Expenditures 234,187.46 126,833.44 Fund Balance January 1 891,153.57 968,923.13 Transfers in/(Out) Transfer of Excess Library Surplus (NJSA 40:54-15a) (131,711.00) (204,603.00) Fund Balance December 31 $ 993,630.03 $ 891,153.57 Printers Fee: $44.45 Order No. 0000151752-01 Pub. Date: September 15, 2020

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.