The Academy for Teaching & Learning of the Chester County School Dist

“A copy of the return is provided to the board prior to filing.”

“Government documents are made available to the public upon request.”

“Change in net pension liability -22,646”

“The academy implemented gasb statement no. 68 accounting and financial reporting for pensions - an amendment of gasb statement no. 27 ("gasb 68") and gasb statement no. 71, pension transition for contributions made subsequent to the measurement date - an amendment of gasb statement no. 68 ("gasb 71" and collectively "statements") in 2015. The primary objective of these statements is to improve accounting and financial reporting by state and local governments for pensions. In addition, state and local governments who participate in a cost-sharing multiple employer plan are now required to recognize a liability for its proportionate share of the net pension liability of that plan. It is gasb's intention that these statements will provide citizens and other users of the financial statements with a clearer picture of the size and nature of the academy's financial obligations to current and former employees for past services rendered. In particular, these statements require the academy to recognize a net pension liability, deferred outflows of resources, and deferred inflows of resources for its participation in the south carolina retirement system ("plan"), a cost-sharing multiple-employer defined benefit pension plan, on financial statements prepared on the economic resources measurement focus and accrual basis of accounting (i.e., the statement of net position) and present more extensive note disclosures. The adoption of these statements had no impact on the academy's governmental fund financial statements, which continue to report expenditures in the amount of the contractually required contributions, as required by the south carolina public employee benefit authority ("peba") who administers the plan. However, the adoption has resulted in the restatement of the academy's net position as of july 1, 2014 for its government-wide financial statements to reflect the reporting of net pension liabilities and deferred outflows of resources for the plan in accordance with the provisions of these statements. Net position of the academy's government-wide wide financial statements as of july 1, 2014 was decreased by approximately 2,235,000, reflecting the cumulative change in accounting principle related to the adoption of these statements . See note iv.a for more information regarding the academy's retirement plan.”