Details for OTTO BRUYNS LIBRARY

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 2020 Audit Report of The Otto Bruyns Public Library of Northfield
as required by N.J.S. 40A:5-7.
BALANCE SHEET - REGULATORY BASIS
Assets
Cash

Balance
Dec. 31, 2020
$195,015.82

$234,216.61

-

12,000.00

Accounts Receivable - Due from City
Prepaid Expense

Balance
Dec. 31,2019

37,637.76

-

232,653.58

246,216.61

-

28,670.34

Liabilities and Fund Balance
Liabilities:
Accounts Payable
Reserve for State Aid

3,737.00

3,779.00

3,737.00

32,449.34

Fund Balance - Designated

113,563.69

121,751.41

Fund Balance - Unrestricted

115,352.89

92,015.86

228,916.58

213,767.27

$232,653.58

246,216.61

Total Liabilities
Fund Balances:

Total Fund Balances

STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE- REGULATORY BASIS
Year 2020

Year 2019

Revenues and Other Income Realized
$296,629.00

$305,347.00

State Aid Allotment

City of Northfield - Municipal Appropriation

3,779.00

3,775.00

Other Budget Revenues

3,086.80

5,397.21

303,494.80

314,519.21

280,157.77

301,185.29

Total Revenues
Expenditures
Budgeted Expenditures
Capital Expenditures

8,187.72

43,150.68

Total Expenditures

288,345.49

344,335.97

Excess of Revenues Over Expenditures
Fund Balance January 1
Fund Balance December 31

15,149.31

(29,816.76)

213,767.27

243,584.03

$228,916.58

213,767.27

RECOMMENDATIONS:
1.
A Cash Management Plan should be approved by the governing body annually in
accordance with N.J.S. 40A:5-14.
The above summary or synopsis was prepared from the report of the audit of The Otto Bruyns
Public Library of Northfield, County of Atlantic, for the year 2020.This report of audit, submitted by
Michael S. Garcia, Registered Municipal Accountant, of Ford, Scott & Associates, L.L.C. is on file at
the Library’s office and may be inspected by any interested person.

Andrea Merline, Secretary
Printer Fee: $75.60
Pub Date: July 16, 2021

Order #: 0000169543

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