Sep 30, 2014 and 2013 FBBE Financial Statements

FLORIDA BOARD OF BAR EXAMINERS
FINANCIAL STATEMENTS
SEPTEMBER 30, 2014 AND 2013
TABLE OF CONTENTS
Page(s)
Independent Auditors' Report
1 -3
Management's Discussion and Analysis
4-8
Basic Financial Statements:
Statements of Net Position
Statements of Revenues, Expenses, and Changes in Net Position
10
Statements of Cash Flows
11
Notes to Financial Statements
12 - 20
Supplementary Information
21
Attachment 1: Schedules of Cash and Cash Equivalents
22
Attachment 2: Schedule of Cash Receipts and Disbursements - Budget vs. Actual
23 - 24
Attachment 3: Schedule of Investments
25-26
Independent
Auditors'
Report
on
Internal
Control
Over
Financial
Reporting and on Compliance and Other Matters Based on an Audit of

Financial
Statements
Auditing Standards
Performed
in
Accordance
with
Government
27 - 28
M James Moore
Certified Public Accountants and Consultants
INDEPENDENT AUDITORS' REPORT
To the Board Members,

Florida Board of Bar Examiners:
Report on the Financial Statements
We have audited the accompanying financial statements of Florida Board of Bar Examiners, as of and for
the years ended September 30, 2014 and 2013, and the related notes to the financial statements, which
collectively comprise Florida Board of Bar Examiners' basic financial statements as listed in the table of
contents.
Management's Responsibility for the Financial Statements

Florida Board of Bar Examiners' 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.

Auditors' Responsibility
Our responsibility is to express an opinion 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 Government Auditing Standards,
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issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free of
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 auditors' 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 opinion.
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121 Executive Circle
5931 NW 1st Place
2477 Tim Gamble Place, Suite 200
Daytona Beach, FL 32114-1180
Gainesville, FL 32607-2063
Tallahassee, FL 32308-4386
Telephone: 386/257-4100
Telephone: 352/378-1331
Telephone: 850/386-6184
Fax: 386/255-3261
Fax: 352/372-3741
Fax: 850/422-2074
dab@jmco.com
gnv@jmco.com
tlh@jmco.com
Member ofACN International with offices in principal cities worldwide
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the net
position of Florida Board of Bar Examiners, as of September 30, 2014 and 2013, and the respective
changes in net position and cash flows thereof for the years then ended in accordance with accounting
principles generally accepted in the United States of America.
Other Matters
Required Supplemental-}' Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis as listed in the table of contents 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 Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that
collectively comprise Florida Board of Bar Examiners' basic financial statements. The supplementary
information identified in the table of contents as Schedule 1 and Schedule 3 is presented for purposes of
additional analysis and is not a required part of the basic financial statements. The supplementary
information 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
underlying accounting and other records used to prepare the basic financial statements or to the basic
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
financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the supplementary information is
fairly stated, in all material respects, in relation to the basic financial statements as a whole.
The accompanying supplementary information identified in the table of contents as Schedule 2
has not been subjected to the auditing procedures applied in the audit of the basic financial
statements, and accordingly, we do not express an opinion or provide any assurance on it.
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Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 10,
2014 on our consideration of Florida Board of Bar Examiners' 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.
That report is an integral part
of an audit performed, in accordance with Government Auditing Standards in considering Florida Board
of Bar Examiners internal control over financial reporting and compliance.
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Tallahassee, Florida
December 10,2014
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Florida Board of Bar Examiners
As management of the Florida Board of Bar Examiners (the "Board"), we offer readers of the Board's
September 30, 2014 and 2013
financial statements this narrative overview and analysis of the financial activities of the Florida Board of
Bar Examiners for the fiscal year ended September 30, 2014.
The Board is an agency established by the Supreme Court of Florida pursuant to the Court's
constitutional authority to regulate the admission of persons to the practice of law in Florida. The Board
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evaluates the character, fitness and minimum technical competency of all candidates for admission by
conducting background investigations and administering the bar examination.
The Board is financed solely by applicant fees; therefore, it is important to the long-term existence of the
Board, to maintain financial stability.
Net position is accumulated to ensure that there are sufficient
funds for future operations and for new capital needs.

Financial Highlights
Total assets increased $923,605.
Cash and cash equivalents decreased $2,845,797.
Net position increase was $846,450.
The volunteer members of the Board read 1,175 reports (904 of those were reports on applicants and
Investment portfolio increased by $3,825,017.
During fiscal year 2013-2014, the Board received and reviewed 3,767 applications, administered the bar
examination to 5,125 examinees, and recommended 3,291 applicants for admission to The Florida Bar.
registrants with character and fitness issues), and attended eight meetings of the Board with hearings and
one policy session. The board held 413 investigative and 36 formal hearings.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the Florida Board of Bar
Examiners basic financial statements. The Florida Board of Bar Examiners' basic financial statements are
comprised of two components: 1) financial statements and 2) notes to the financial statements.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The Florida Board of Bar
Examiners, like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements.
Proprietary funds. The Florida Board of Bar Examiners maintains one proprietary fund. The Florida
Board of Bar Examiners uses the proprietary fund to account for all operations.
The basic proprietary fund financial statements can be found on pages 9-11 of this report.
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Notes to financial statements. The notes provide additional information that is essential to a full
understanding of the data provided in the financial statements. The notes to financial statements can be
found on pages 12-20 of this report.
Financial Analysis
A portion of the Board's net position (6%) reflects its investment in capital assets (e.g., land,
buildings, furniture and equipment) as of September 30, 2014. The Board uses these capital assets to
provide services; consequently, these assets are not available for future spending.
Florida Board of Bar Examiners Net Position
Current and other assets
Capital assets, not being depreciated

Capital assets being depreciated, net
Total assets
2014
2013
2012
$ 13,153,085
317,625
$ 12,211,958
$ 11,213,208
317,625
317,625
439,172
456.694
615.839
13,909,882
12,986,277
12,146,672
Other liabilities
102,446
65,362
40,456
Long-term liabilities outstanding
323,674
283,603
267,896
426.120
348,965
308,352
Total liabilities
Net position:
756,797
774,319
933,464
12,726,965
11,862,993
10,904,856
$ 13,483,762
$ 12,637.312
$ 11,838,320
Invested in capital assets

Unrestricted
Total net position
The remaining balance of unrestricted net position ($12,726,965) may be used to meet the Board's
ongoing obligations as of September 30, 2014.
At the end of the current fiscal year, the Florida Board of Bar Examiners is able to report positive balances
in both categories of net position.
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Florida Board of Bar Examiners Revenues, Expenses and Changes in Net Position
2014
2013
2012
Revenues
Program revenues:
Charges for services
5,978,162
5,938,280
6,031,975
General revenues:
Investment income
577,386
113,200
88,918
6,555,548
6,051,480
6.120,893
Operations
5,709,098
5,252,488
5.221,304
Total expenses
Changes in net position:
5,709,098
5,252,488
5,221,304
846,450
798,992
899.589
12,637,312
11,838,320
10,938,731
$ 13,483,762
$ 12,637,312
$ 11,838,320
Total revenues
Expenses
Net position, beginning of the year

Net position, end of year
Operating revenues increased .66% ($39,882) in the 2013-2014 fiscal year over the prior fiscal year. As
anticipated, there was a decrease in the number of applicants this fiscal year.
However, the decrease in
applicant fees was offset by an increase in the following fee categories:
There was a 14.98% ($93,475) increase in the number of Re-Exam takers.
This category varies
from year to year depending on the number of exam takers who did not pass and subsequently
file to retake the exam.
There was also an 11.69% ($108,208) increase in the number of practicing attorney applicants over
the prior year. Practicing Attorney applicants are attorneys currently licensed in another state
who apply to become a member of The Florida Bar. This category is variable from year to year.
Investigative hearings increased by 20.37% ($18,534). The board called 84 more applicants for
investigative hearings this fiscal year.
Operating expenses increased 8.36% ($456,610) in the 2013-2014 fiscal year over the prior fiscal year.
This increase is primarily due several categories being higher than prior year.
Salaries, taxes and benefits increased by 8.69% ($260,212).

Evergreen Compensation study were implemented 10/2013.
The recommendations from the

Salaries that were below the
minimum for their classification were adjusted, 6 key positions were adjusted for performance,
equity and employee retention and a cost of living increase of $1,000 was approved for
employees who were making more than $40,000 and $1,400 for employees making less than
$40,000. The increase in salaries increased the board's Florida Retirement contribution and
FICA liability.
The board participates in the state group health plan.
increased in March 2014 by 8.64%.
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Employer paid premiums
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Professional Fees increased by 11.09% ($107,236).
expense,
investigative
hearing
costs,
test and
This is primarily due to increased litigation

measurement
costs,
fingerprint costs
and
investment portfolio fees.
Travel increased by 12.39% ($43,672). This is due to an increase in board and staff travel expenses
related to the additional 15 hearing panels formed separate from regular board meetings and the
special hearing panels on Thursdays prior to the board meeting to accommodate the increase in
investigative hearings.
Facility and equipment usage increased by 15.93% ($50,076). This is due to the increase in the cost
of exam-related expenses.
Building and grounds increased by 38.32% ($32,178).
This is due to the replacement of 2 air
handlers and security equipment upgrade.

Equipment repairs and maintenance increased by 156% ($33,809). This was due to fully expensing
the prepaid maintenance on the server and 3 printers in anticipation of the new server and 3 new
printers being purchased in 2014-15. The unused portion of the maintenance will be refunded to
the board.
Investment income increased $464,186 in the 2013-2014 fiscal year.

prior year Board
adopted
Investment Policy
Statement and
Foundations and Endowments Specialty Practice.
This increase is the result of the
investment
strategy
with
SunTrust
The Investment Policy Statement provides for a
diversified structure and asset allocation to the Board's investment portfolio which will produce a rate of
return that may help delay the need for future fee increases for the applicants beyond the 5-year cycle
anticipated with the last fee increase, which went into effect in July 2010.
Capital Assets
Capital Assets. The board's investment in capital assets as of September 30, 2014, amounts to $756,797
(net of accumulated depreciation). This investment in capital assets includes land, buildings, furniture,
and equipment.
Additional information on the Florida Board of Bar Examiners" capital assets can be found in Note II.c
on page 16 of this report.
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Current Financial Factors
Because applicant fees solely finance the Board, the Board must evaluate its long-term financial position
annually to determine if and when a fee increase might be necessary. The Supreme Court must approve
the fee increase through a change to the bar admission rules.
The fee increase that went into effect in 1996 sustained board operations for 14 years, which was 9 years
past the original projection of a 5-year fee cycle.
Although the board continued to maintain a strong financial position, it was determined that a fee
increase was necessary for fiscal year 2010-11.
A rules change requesting a fee increase was sent to the court in December 2009. The court approved the
rules change and fee increase effective July 1, 2010, 3 months earlier than the anticipated effective date
of October 1,2010.
It was anticipated this fee increase would last 5 years. Income was estimated to exceed expenses in years
1-3 and expenses were estimated to exceed income in years 4 and 5 of the 5-year cycle, with the deficit
covered by invested surplus funds.
This is year 4 of the 5-year cycle.
It is anticipated the board will
continue to operate with a positive cash flow for the fiscal year 2014-15, year 5 into the 5-year cycle. At
this time, there is no need to seek a fee increase.
Future Financial Factors
The number of incoming Florida law school students decreased by 21.85% over the last 4 years. LSAT
takers also continue to decrease.
Law schools are admitting fewer students as a result of these decreases.
It is anticipated the board's revenues will continue to decrease in terms of application fees; however, if
the
passing percentage of the bar examination continues to decrease, it will result in a continued
increase in re-examination revenues.
Anticipate this decrease to affect the board's revenues in 2015-16.
The board's Budget for fiscal year 2014-15 estimates net assets to increase $494,000.
Requests for Information
This financial report is designed to provide a general overview of the Florida Board of Bar Examiners'
finances for all those with an interest in the Board's finances. Questions concerning any of the
information provided in this report or requests for additional financial information should be addressed to
Director of Finance, 1891 Eider Court, Tallahassee, Florida 32399-1750.
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STATEMENTS OF NET POSITION
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2014
2013
ASSETS
Current assets
Cash and cash equivalents
Investments
1,041,251
3,887,048
11,992,207
8,167,190
103,743
146,122
Prepaid items
Accrued interest receivable

Total current assets
15,884
11,598
13,153,085
12,211,958
Noncurrent Assets
Capital assets, not being depreciated
317,625
317,625
Capital assets, being depreciated, net
439,172
456,694
756,797
774,319
Total noncurrent assets
Total Assets
13,909.882
12,986,277
_$
102,446
_$
65,362
LIABILITIES
Current liabilities
Accounts payable and accrued expenses

Total current liabilities
102,446
65,362
Compensated absences due within one year
169,535
166,346
Compensated absences due in more than one year
154,139
117.257
426,120
348,965
Noncurrent liabilities
Total liabilities
NET POSITION
Invested in capital assets
756,797
774,319
Unrestricted
12,726,965
11,862,993
Total net position
13,483,762
12,637,312
Total Liabilities and Net Position
13,909.882
The accompanying notes to financial statements
are an integral part of these statements.

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12.986,277
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES

IN NET POSITION
FOR THE YEARS ENDED SEPTEMBER 30, 2014 AND 2013
2014
2013
5,972,837
5,933,930
5,325
4,350
5,978,162
5,938,280
Salaries, benefits and related taxes
3,255,268
2,995,056
Professional fees and consultant services
1,074,092
966,856
Travel and subsistence
396.124
352,452
Facility and equipment usage
364,413
314,337
86,683
178,081
Communication and transportation
172,474
166,674
Building and grounds
116,151
83,973
General printing and reproduction
83,101
61,346
Office materials and supplies
51,232
61,202
Insurance
30,444
30,035
Repairs and maintenance
55.387
21,578
Operating revenues
Fees
Preparation of certificates
Total operating revenues
Operating expenses
Depreciation
Miscellaneous and contingencies
23,729
20,898
5,709,098
5,252,488
269,064
685,792
Investment income
577,386
113.200
Change in net position
846,450
798,992
12,637,312
11,838,320
Total operating expenses

Operating income
Nonoperating revenues
Net position, beginning of year
Net position, end of year
13,483,762

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12,637.312
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STATEMENTS OF CASH FLOWS
Increase (Decrease) in Cash and Cash Equivalents
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2014
2013
Cash flows from operating activities
Cash received from applicants and others
it
5.978.162
:$
5.938.280
Cash paid to suppliers
(2,287,684)
(2.053.752)
Cash paid to employees
(3.215.197)
(2.976.890)
Net cash provided by operating activities
475.281
907.638
(69.161)
(18.936)
(69.161)
(18.936)
Cash flows from capital and related financing activities

Acquisition of capital assets
Net cash used in capital and related financing activities
Cash flows from investing activities
Interest and other nonoperating revenues
801,114
Purchase of investments
Sale of investments
Net cash used in investing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year
57,717
(6,844.894)
(5.068.014)
2,791.863
1.765.603
(3.251,917)
(3.244.694)
(2,845,797)
(2.355,992)
3,887.048
6,243,040
1.041.251
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3.887.048
269.064
685.792
Reconciliation of operating income

to net cash provided by operating activities
Operating income
Adjustments to reconcile operating income to net cash
provided by operating activities:
Depreciation
86.683
Decrease in prepaid items
42.379
3,152
Increase in accounts payable and accrued expenses
37,084
24,906
Increase in compensated absences
178.081
40,071
15.707
Total adjustments
206.217
221.846
Net cash provided by operating activities
475.281

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NOTES TO FINANCIAL STATEMENTS
I.
Summary of Significant Accounting Policies:
(a) Reporting EntityFlorida Board of Bar Examiners (the "Board") is an agency established
by the Supreme Court of Florida pursuant to the Court's constitutional authority to regulate the
admission of persons to the practice of law. The Board evaluates the character, fitness and
minimum technical competency of all candidates for admission by conducting background
investigations and administering the bar examination.
(b) Measurement focus, basis of accounting, and financial statement presentationThe

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.
(c)
Assets, Liabilities and Equity

1.
Cash and cash equivalents are considered to be cash on hand, demand deposits and short-term
investments with original maturities of three months or less from the date of acquisition.
2.
Investments
Investments are stated at fair value in the statement of net position. Interest and investment
income, realized gains and losses on the sale of investments and the changes in fair value of
investments are included in investment income on the statements of revenues, expenses and
changes in net position.
3.
Capital Assets
Capital assets, which include land, buildings, furniture and equipment, are defined by the
Board as assets with an initial, individual cost of more than $1,000 (amount not rounded) and
an estimated useful life in excess of one year.
Such assets are recorded at historical cost or
estimated historical cost if purchased or constructed.
Donated capital assets are recorded at
estimated fair value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or
materially extend assets' lives are not capitalized.
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I.
Summary of Significant Accounting Policies: (Continued)

(c)
Assets, Liabilities and Equity(Continued)
3.
Capital Assets (Continued)
Land is not depreciated. Buildings, furniture and equipment of the Board are depreciated using
the straight line method over the following estimated useful lives:
Assets
4.
Years
Buildings and improvements
10-30
Furniture and equipment
3-10
Prepaid items
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaid items in the financial statements. The cost of prepaid items are recorded as
expenses when consumed rather than when purchased.
5.
Use ofEstimates
The preparation of financial statements in conformity with accounting principles generally

accepted in the United States of America requires management to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.
6.
Compensated absences
The Board's policy permits employees to accumulate earned but unused sick and vacation
benefits, which are eligible for payment upon separation from service.
leave is reported as incurred on the financial statements.
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The liability for such
Accrued annual leave in excess of
360 hours at September 30 converted to sick leave on an hour per hour basis. Upon
termination, an employee who has completed the minimum of six months of creditable service
is paid at their current rate for any unused annual leave up to a maximum of 360 hours. Senior
management may accrue annual leave up to the maximum of 480 hours and annual leave
accrued in excess of 480 hours at September 30 is converted to sick leave on an hour-per-hour
basis.
Upon termination, an employee who has completed a minimum of ten years of
creditable service is paid at their current rate of pay for 25% of any unused sick leave up to a
maximum of 480 hours.
7.
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Net position
Sometimes the Board will fund outlays for a particular purpose from both restricted and
unrestricted resources.
In order to calculate the amounts to report as restricted - net position
and unrestricted - net position in the financial statements, a flow assumption must be made
about the order in which the resources are considered to be applied. It is the Board's policy to
consider restricted - net position to have been depleted before unrestricted - net position is
applied.
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II.
Detailed Notes on all Funds:

(a)
Cash deposits with financial institutions
Custodial Credit risk - deposits.
In the case of deposits, this is the risk that in the event of a bank
failure, the Board's deposits will not be returned to it. The Board does not have a deposit policy for
custodial credit risk.
As of September 30, 2014, the Board's bank balance was $1,129,738 and
$879,738 of that amount was exposed to custodial credit risk because it was uninsured and
collateralized with securities held by the pledging or financial institution's trust department or
agent, but not in the Board's name.
(b)
Investments.
The Board established an investment policy in 2013 for a Reserve Investment Fund and a Long
Term Investment Fund.
The Board's primary investment objective for both funds is to provide
increased yield and long-term growth of capital to meet the future obligations of the Board with a
secondary objective of providing the necessary income to meet the current operational needs of the
Board. The long-term objective is to maximize the real return, or the nominal return less inflation,
of the assets over a complete market cycle with emphasis on preserving capital and reducing
volatility through prudent diversification.
As of September 30, 2014, the Board had the following investments:

Investment Type
Fair value
Reserve Investment Fund:

Mutual funds
1,272,976
Long Term Investment Fund:

Mutual funds
Total fair value
10.719,231
11,992,207
As of September 30, 2013, the Board had the following investments:

Investment Type
Fair value
Reserve Investment Fund:

Certificates of deposit
982,640
Long Term Investment Fund:

1,452,616
Corporate bonds
309,411
5,139,268
Mutual funds
Other Investments:
283,255
Total fair value
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8,167,190
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II.
Detailed Notes on all Funds: (Continued)
(b)
Investments. (Continued)
Credit Risk- The Board's investment policy for the Reserve Investment Fund has a time horizon of
1 to 3 years. The Board has authorized the following investments for the Reserve Investment Fund:
U.S. Treasury obligations; obligations of the U.S. Government and U.S. Government sponsored
agencies and enterprises; corporate bonds rated "A" or better by either Moody's or Standard &
Poor's, including U.S. dollar denominated bonds of foreign issuers; mortgage-backed securities,
collateralized mortgage obligations, and asset backed securities rated "Aaa" by Moody's or "AAA"
by Standard & Poor's; mutual funds and ETF's that meet the investment objectives and guidelines
of the fund and whose average credit quality is "A" or better; repurchase agreements collateralized
at 102% by obligations of the U.S. Government or U.S. Government sponsored agencies and
enterprises; and money market mutual funds investing in the eligible investments noted previously.
The Board's investment policy for the Long Term Investment Fund is to provide a higher level of
capital appreciation in order to realize long-term growth above inflation. The Board's investments
in the Long term investment fund are limited to the following: the fixed income portion must have
an average credit rating of A or better, with any bonds being held as individual securities having a
rating of BBB or higher and any bonds rated below BBB being held only through a mutual fund or
other comingled vehicle; the equity portion of this fund cannot exceed 40% of the total fund value
and the fixed income portion cannot exceed 80% of the total fund value.
Concentration credit risks. The Board's investment policy for the Reserve Fund does not allow for
an investment in any one issuer that is in excess of 5% of Board's investment account ( obligations
of the U.S. Government and U.S. Government sponsored agencies and enterprises, mutual funds,
money market mutual funds and repurchase agreements are not subject to fund diversification
guidelines.) The Board's investment policy for the Long-term Fund does not allow the following:
equity investments to exceed 40% of the portfolio; fixed income investments to exceed 80% of the
portfolio; and cash reserves to exceed 10% of the portfolio.
Interest rate risk- In accordance with its investment policy, the Board manages its exposure to
declines in fair values by limiting the weighted average maturity of its investments.
At September 30, 2014 and 2013, the Board designated cash and investments for future use. These
designations include:
Accrued leave
2014
201,839
2013
174,337
121,835
109,266
Building maintenance
50,000
50,000
Depreciated equipment fund
53,894
53,894
Litigation Reserve
350,000
350,000
Exam disaster contingency reserve
300,000
300,000
13,213
13,213
550,000
550,000
Total
Sick leave
Conference expense reserve

Equipment disaster contingency reserve
-15-
1,640,781
1,600,710

II.

(c)
Capital Assets
Capital asset activity for the year ended September 30, 2014 was as follows:
Beginning
Ending
Balance
Increases
Decreases
Balance
Capital assets, not being depreciated:

Land
317,625
317,625
Total capital assets, not being depreciated
$
-
317,625
317,625
Capital assets, being depreciated

Equipment
649,482
Building and improvements

Less accumulated depreciation
(51,634)
667,009
1,082,563
(1.275,351)
(86,683)
456,694
Total capital assets, being depreciated, net

Capital assets, net
69,161
1,082,563
774,319
(17.522)
(1,310,400)
51.634
(17,522)
439,172
756,797
Capital asset activity for the year ended September 30, 2013 was as follows:
Beginning
Ending
Balance
Increases
Decreases
Balance
Capital assets, not being depreciated:
Land
317,625
Total capital assets, not being depreciated
Equipment
983,206
18,936
317,625
317,625
Less accumulated depreciation

Capital assets, net
(352,660)
649,482
1,082,563
1,082,563
(1,449,930)
(178,081)
615,839
Total capital assets, being depreciated, net

$
933,464
352,660
(1.275,351)
(159,145)
(159,145) $
456,694
774,319
For the years ended September 30, 2014 and 2013, depreciation expense was $86,683 and $178,081,
respectively.
I
I
Capital assets, being depreciated

Building and improvements
317,625
- 16-

II.

(d)
Changes in Long-term Liabilities
Changes in the Board's compensated absences long-term liability for the year ended September 30,
2014 are as follows:
Balance
Balance
October 1,
September 30,
Due within
2014
one year
Additions
2013
283,603
209,606
Reductions
169,535
323,674
169,535
Changes in the Board's compensated absences long-term liability for the year ended September 30,
2013 are as follows:
Balance
Balance
October 1,
Additions
2012
III.
267,896
182,053
September 30,
Due within
2013
one year
Reductions
166,346
283,603
166,346
Other Information
a.
Subsequent Events
The Board has evaluated events and transactions for potential recognition or disclosure in the
financial statements through December 10, 2014, the date which the financial statements were
available to be issued. No subsequent events have been recognized or disclosed.
b.
Employee Retirement Systems and Plans
Statewide Local Government Retirement System (SLGRS)

Plan Description:
The Board participates in the State of Florida administered Retirement System
(FRS), a cost sharing, multiple-employer public employee retirement system administrated by the
State of Florida Department of Management Services, Division of Retirement to provide retirement

and survivor benefits to participating public employees. Provisions relating to the FRS are
established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes;
Chapter 238, Florida Statutes; and Florida Retirement System Rules,
Chapter 60S, Florida
Administrative Code; wherein eligibility, contributions, and benefits are defined and described in
detail.
-17-

III.
Other Information: (Continued)

c.
Employee Retirement Systems and Plans (Continued)
The FRS is a single retirement system administered by the Department of Management Services,
Division of Retirement, and consists of two cost-sharing, multiple-employer retirement plans and
other nonintegrated programs.
These include the defined-benefit pension plan (Plan), with a
Deferred Retirement Option Program (DROP), and a defined-contribution plan, referred to as the
FRS Investment Plan.
The Pension Plan issues a publicly available financial report that includes financial statements, 10year historical trend information, and other required supplementary information. That report may be
obtained by writing to the:
State of Florida, Department of Management Services
Division of Retirement
4050 Esplanade Way
Tallahassee, Florida 32399-0950
The Pension Plan provides vesting of benefits after six years of creditable service for those
enrolled prior to July 1, 2011; for those enrolled on or after July 1, 2011 eight years of creditable
service are required for vesting. Regular members are eligible for normal retirement after six years
of service and attaining age 62 or 30 years of service regardless of age for those enrolled prior to
July 1, 2011 and age 65 or 33 years of service for those enrolled on or after July 1, 2011.
Early
retirement may be taken at any time after completing the required years of service for vesting;
however, there is a 5% benefit reduction for each year prior to normal retirement.
The Deferred Retirement Option Program (DROP), implemented on July 1, 1998, is a program that
allows the employee to retire without terminating employment for up to five years while retirement
benefits accumulate and earn interest compounded monthly at an effective annual rate of 6.5%.
This was reduced to 1.3% per year for any member whose DROP participation date is effective on
or after July 1, 2011.
This program is available to eligible members of the Florida Retirement
System who are in the FRS Pension Plan.
Employee participation in DROP does not change the
employee's condition of employment. When the DROP period ends, the employee must terminate
employment.
At that time, the employee will receive the accumulated DROP benefits and begin
receiving monthly retirement benefits.
Eligible members may participate in DROP when they are
vested and have reached the normal retirement age or years of service.
If an employee completes
30 years of service before the age of 57, the employee may elect to defer the DROP election until
age 57.
-18-

III.

c.
Employee Retirement Systems and Plans (Continued)
As of June 1, 2003, the FRS offered members the option of participating in the Florida Retirement
Investment Plan (Investment Plan), a defined contribution plan qualified under Section 401 (a) of
the Internal Revenue Code.
The Investment Plan is administered by the State of Florida
Department of Management Services, Division of Retirement to provide retirement and survivor
benefits to participating public employees. Chapter
121,
F.S.
establishes the authority for
participant eligibility, contribution requirements, vesting eligibility, and benefit provisions.
The
Investment Plan provides vesting of benefits after one year of creditable service. Employees were
eligible to make an election to participate in the Investment Plan instead of the Pension Plan.
Existing employees were able to make the election beginning December 1, 2003. New employees
could make the election within five months of their month of hire.
Participants in the Investment
Plan also have a one-time opportunity to switch back to the Pension Plan at any time by "buying
back" into the Pension Plan. The rates for the Investment Plan are the same as the Pension Plan.
Funding Policy: Effective July 1, 2014, the Board was required to contribute 7.37% for regular
annual covered employee's salary and 12.28% for employees participating in the Deferred
Retirement Option Program (DROP). Effective July 1, 2013, the Board was required to contribute
5.18% for regular annual covered employee's salary and 5.44% for employees participating in the
Deferred Retirement Option Program (DROP). Employer rates include 1.2 percent for the
postemployment health insurance subsidy. Also employer rates, other than for DROP participants,
include .03 percent for administrative costs of the Investment Plan.
Contribution rates are
dependent upon retirement class in which reemployed. Effective July 1, 2011, employees were
required to make a 3% contribution toward their retirement account. The contribution requirements
of the Board may be changed by the Florida Retirement System.
The Board's liability for
participation is limited to the payment of the required contribution at the rates and frequencies
established by law on future payrolls of the Board.
For each of the three years ended
September 30, 2014, 2013 and 2012, the Board and Board employees contributions to the Florida
Retirement System for the years ended September 30, 2014, 2013, and 2012 were $232,209,
$188,311, and $174,630, respectively, which were equal to the required contributions for each
fiscal year.
d.
Risk Management
The Board 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. Workers' compensation,
property, directors and officers, and general liability coverage are provided through commercial
carriers.
Management continuously reviews the limits of coverage and believes that current
coverage is adequate.
There were no significant reductions in insurance coverage from the
previous year.
- 19-

III.

e.
Commitments and Contingencies
The Board has contracted with a third party for the use of their facilities to administer the bar exam
through 2015, but holds a right of first refusal through 2022. For the February 2015 exam and the
July 2015 exam, the Board has committed to pay $45,500 and $28,375, respectively, for the use of
the convention center and various meeting rooms. For each of the following years, the Board will
pay fair value for the use of the facilities.
The Board has contracted with various hotels for upcoming board meetings and other future events.
These agreements contain financial penalties for termination of the contracts, as well as, minimum
financial guarantees related to room sales.
As of September 30, 2014, management has no
intentions to terminate any of the existing agreements. Additionally, in the case of an unforeseen
cancellation, the resulting costs would not be material to the financial statements.
The Board is party to routine legal proceedings and litigation arising in the ordinary course of
business. In the opinion of management, the outcome of such actions will have no material impact
on the Board's financial condition.
f.
Reclassifications
Certain reclassifications have been made to the 2013 financial statement information to conform to
the current year presentation. These reclassifications had no effect on the increase in net assets for
2013.
-20-
SUPPLEMENTARY INFORMATION
-21 -
SCHEDULE 1
SCHEDULE OF CASH AND CASH EQUIVALENTS

2014
2013

Fifth Third Bank- business savings
ING Direct- savings account

Petty Cash
Gibraltar Private Bank

Score Federal Credit Union
SunTrust- checking
SunTrust- Long Term Fund- money market account

SunTrust- Reserve Fund- money market account
SunTrust- Long Term Fund- cash
Total cash and cash equivalents
See Independent Auditors' Report.

-22-
95,258
681
100
95
7,146
66
678,673
SunTrust- money market- fully FDIC insured
$
-
614,662
939
286,076
2,807,924
74,745
358,997
1,657
1.280
1,041,251
3,887,048
wm
wwm
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS - BUDGET VS ACTUAL
pm
(5.275)
(1,005)
5,537
5,975
45.000
4,605
7,000
17,000
5,600
4,150
515,625
39.725
3,600
12,537
22.975
5.325
4.650
530.235
Copies of documents
Copies of bar application
Preparation of certificates
Essay answers
5,230
63,000
654,300
717.300
40,275
(6.000)
12,000
6.000
37,400
349,375
1,500
2,100
22.000
4.360
1.860
Defective application fees
Returned check fees
Total cash receipts
Proceeds from sale of investments
Non-budgeted:
Total budgeted receipts
Interest income
Miscellaneous income
Impound fees
375,000
6,346,855
-23-
See Independent Auditors' Report
9.571,139
2.791,863
6,346,855
801,114
6.779.276
100
200
6,650
6,533
74
114,750
132.900
Hearing fees
Postpone hearing fees
36,750
49,315
Stale tile fees
Late filing fees
Rehabilitation application fees

342,225
Laptops
Petition for reconsideration
Postponement fees
Re-examination fees
3,224,284
2,791,863
432,421
426,114
(98)
(126)
(117)
18,150
12,565
(240)
2,860
(7,150)
(15.400)
7,761,600
1,765,603
5,995,997
57,717
9,640
113,518
37,285
2,555
2,250
339,350
31,700
3,750
516,000
14,610
4,350
19,870
8,831
623,825
500
(275)
200
(31.996)
1,066,200
1,861,007
1.034.204
Student applications (converter fees)
Practicing attorney fees
Disbarred fees
925,996
(12,993)
1,988,630
(48,925)
900,000
938,725
139,175
7,350
179,775
1,874,000
2013 Actual
SCHEDULE 2
851.075
Non-registered applications
(2.225)
(5.515)
20,450
136,800
173,250
157.250
Certified legal interns
Registrant fees
Budget
(Unaudited)
7,500
167.735
Over/(Under)
2014 Budget
5.275
2014 Actual
UNAUDITED
YEAR ENDED SEPTEMBER 30, 2014, YEAR ENDED SEPTEMBER, 2013 ACTUAL ONLY
Early registrant fees
Budgeted:
Receipts
wm
wm
mm
mi
mm
4.388
39.103
4,887
11,062
12,751
7.694
42.792
20.348
10.000
4.750
4.653
31,730
7,597
6,285
2,489
Repairs and maintenance
Miscellaneous and contingencies
Books, pamphlets and periodicals
Memorials and awards
5,556.288
5,502,881
(2,845,797)
790,567
(3,636,364)
(2,355,992)
wm
-24-
the schedule of actual cash receipts and disbursements for each year to show total cash activity.
Note: Purchases of investments, proceeds from investments and purchases of property and equipment are not budgeted items. The amounts are included in
Excess (deficiency) of cash receipts over disbursements
10,117.592
(6,860.648)
5,556.288
12,416,936
Total disbursements
18.936
5.086,950
-
6,914,055
Total non-budgeted disbursements
5,068,014
(6,914.055)
(69.161)
Purchases of investments
(6,844,894)
4,433
5.030.642
53,407
69,161
6.465
5,041
12,041
6,844,894
-
9,800
22.840
4,759
10,799
2.858
2,261
Purchases of property and equipment
Non-budgeted:
Total budgeted disbursements
Training education
Insurance
56,481
1,466
3,041
48.748
47,282
Office materials and supplies
82.411
60,234
6.457
90.957
84,500
General printing and reproduction
166,096
(8.562)
101.836
110,398
Building and grounds
323.711
(7.715)
162.969
170,684
Facility and equipment usage
Communication and transportation
347.510
(11.402)
354.657
366,059
Travel and subsistence
3,715
300.685
23,009
414.648
391,639
Office furniture and equipment
654,490
6,047
309.541
2,976.890
303,494
Other contractual services
(58,632)
52,827
3,163,100
2013 Actual
(CONTINUED)
SCHEDULE 2
wm
791,608
Budget
(Unaudited)
738,781
3,221,732
Over/(Under)
2014 Budget
Professional fees
2014 Actual
UNAUDITED
YEAR ENDED SEPTEMBER 30, 2014, YEAR ENDED SEPTEMBER, 2013 ACTUAL ONLY
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS - BUDGET VS ACTUAL
Salaries, benefits and related taxes
Budgeted:
Disbursements
wm
wm
wm
SCHEDULE 3
SCHEDULE OF INVESTMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 2014
2014 Fair Value

Mutual funds
362,841
Doubleline Total Return Bond Fund
Eaton Vance Atlanta Capital SMID CAP Fund
321,524
Eaton Vance Floating Rate Fund
272,377
Federated Government Ultrashort Duration Fund
268,983
Federated Strategic Val Div IS
594,794
Federated Ultrashort Bond Fund
268,733
Goldman Sachs Local Emerging Mkt Debt Fund
248,415
John Hancock Funds III Disciplined Value Fund
615,029
JP Morgan US Equity Fund
404,676
Mainstay ICAP International Fund
186,613
Manning & Napier Fund Inc-World Opportunity Series Fund
326,000
Oppenheimer Developing Markets Fund
321,742
Osterweis Strategic Income Fund
260,170
PIMCO Emerging Local Bond INSH Fund
253,544'
2,120,973
PIMCO Investment Grade Corp. Bond Fund

PIMCO Low Duration Fund
200,098
T. Rowe Price Inst. Large-Cap Growth Fund
623,723
T. Rowe Price Real Estate Fund
215,352
Vanguard Mortgage-Backed Securities Index Fund
923,015
Vanguard Short-term Bond ETF
333,972
Western Asset Mortgage Backed Securities Fund
549,595
Ishares Barclays 1-3 Year CR ETF
201,190
1,276,893
Ishares Barclays 3-7 Year ETF
841,955
PIMCO 1-5 Year USTIPS Index
11,992,207
Total Mutual Funds

Presented on Statement of Net Position as:
11,992,207
Investments

-25-
SCHEDULE 3
(CONTINUED)
SCHEDULE OF INVESTMENTS
FOR THE YEAR ENDED SEPTEMBER 30, 2013
Credit
Interest
Rating
Rate (%)
2013 Fair Value
Corporate and Gov't Bonds

Bank of America
Baa2/A-
5.375% $
103.225
Citifinancial
Baa2/A-
5.125%
102.694
General Electric
A1/AA+
5.500%
103.492
Total Corporate Bonds
309.411
Alarion Bank
N/A
0.500%
80.000
Alarion Bank
N/A
0.500%
80.000
Alarion Bank
N/A
0.500%
80.000
Ascencia Bank
N/A
0.850%
97.000
Ascencia Bank
N/A
0.850%
46.000
Ascencia Bank
N/A
0.850%
97.000
California First National Bank
N/A
1.290%
240.000
First Internet Bank
N/A
0.950%
240.000
Intervest National Bank
N/A
1.490%
247.509
Landmark Giant Bank
N/A
1.090%
245.108
Gibraltar CD
N/A
0.399%
249.117
Gulf Winds CD
N/A
0.250%
252.944
Hancock CD
N/A
0.100%
238.414
SunShine CD
N/A
0.599%
242.164
SunTrust
N/A
0.000%
32.375
ING Bank
N/A
0.399%
250.880
Total Certificates of deposit
I
I
2.718.511
Mutual funds
Doubleline Return Bond Fund
N/A
N/A
95.849
Eaton Vance Atlanta Capital Fund
N/A
N/A
190.603
Eaton Vance Atlanta Capital Fund
N/A
N/A
153.610
Federated Strategic Val Div IS
N/A
N/A
280.651
Goldman Sachs Local Emerging Mkt Debt Fund
N/A
N/A
157.990
John Hancock Funds III Disciplined Value fund
N/A
N/A
342.023
JP Morgan US Equity Fund
N/A
N/A
283.147
Manning & Napier Fund Inc-World Opp Fund
N/A
N/A
259.060
Oppenheimer Developing MKT Fund
N/A
N/A
197.888
Osterweis Strategic Income Fund
N/A
N/A
153.293
PIMCO Emerging Local Bond Fund
N/A
N/A
158.645
PIMCO Investment Grade Corp. Bond Fund
N/A
N/A
443.600
T. Rowe Price Inst. Large-Cap Growth Fund
N/A
N/A
356,365
Vanguard Mortgage Backed Securities Index Fund
N/A
N/A
529.607
Western Asset Mortgage Backed Securities Fund
N/A
N/A
290.026
Ishares Barclays
N/A
N/A
752.853
PIMCO Index
N/A
N/A
494.058
Total Mutual Funds
5,139.268
Presented on Statement of Net Position as:
Investments

-26-
8,167.190
M James Moore
Certified Public Accountants and Consultants
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT
A UDITING STANDARDS
To the Board Members,

Florida Board of Bar Examiners:
We have audited in accordance with 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, the financial statements of Florida Board of Bar
Examiners (the "Board") as of and for the year ended September 30, 2014 and the related notes to the
financial statements, which collectively comprise the Board's basic financial statements, and have issued
our report thereon dated December 10, 2014.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Board'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 opinion on the financial statements, but not for the
purpose of expressing an opinion on the effectiveness of the Board's internal control. Accordingly, we do
not express an opinion on the effectiveness of the Board'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 entity'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 over financial reporting 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
financial reporting that might be material weaknesses or significant deficiencies. Given these limitations,
during our audit we did not identify any deficiencies in internal control over financial reporting that we
consider to be material weaknesses. However, material weaknesses may exist that have not been
identified.
-27121 Executive Circle
5931 NW 1st Place
2477 Tim Gamble Place, Suite 200
Daytona Beach, FL 32114-1180
Gainesville, FL 32607-2063
Tallahassee, FL 32308-4386
Telephone: 386/257-4100
Telephone: 352/378-1331
Telephone: 850/386-6184
Fax: 386/255-3261
Fax: 352/372-3741
Fax: 850/422-2074
dab@jmco.com
gnv@jmco.com
tlh@jmco.com
Member ofAGN International with offices in principal cities worldwide
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board'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.
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 entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
W^
Tallahassee, Florida
December 10,2014
-28-

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FLORIDA BOARD OF BAR EXAMINERS

FLORIDA BOARD OF BAR EXAMINERS

Management's Discussion and Analysis

Basic Financial Statements:

Statements of Net Position

Statements of Revenues, Expenses, and Changes in Net Position

Statements of Cash Flows

Notes to Financial Statements

Attachment 1: Schedules of Cash and Cash Equivalents

Attachment 2: Schedule of Cash Receipts and Disbursements - Budget vs. Actual

Attachment 3: Schedule of Investments

Reporting and on Compliance and Other Matters Based on an Audit of

Certified Public Accountants and Consultants

INDEPENDENT AUDITORS' REPORT

To the Board Members,

Report on the Financial Statements

Management's Responsibility for the Financial Statements

whether due to fraud or error.

121 Executive Circle

5931 NW 1st Place

2477 Tim Gamble Place, Suite 200

Daytona Beach, FL 32114-1180

Member ofACN International with offices in principal cities worldwide

The accompanying supplementary information identified in the table of contents as Schedule 2

The purpose of that report is to describe the scope of our testing of

an opinion on internal control over financial reporting or on compliance.

That report is an integral part

Management's Discussion and Analysis

September 30, 2014 and 2013

Net position is accumulated to ensure that there are sufficient

funds for future operations and for new capital needs.

Total assets increased $923,605.

Cash and cash equivalents decreased $2,845,797.

Net position increase was $846,450.

Investment portfolio increased by $3,825,017.

compliance with finance-related legal requirements.

September 30, 2014 and 2013

Current and other assets

Capital assets, not being depreciated

Long-term liabilities outstanding

Invested in capital assets

Florida Board of Bar Examiners

Charges for services

Net position, beginning of the year

However, the decrease in

applicant fees was offset by an increase in the following fee categories:

There was a 14.98% ($93,475) increase in the number of Re-Exam takers.

This category varies

Salaries, taxes and benefits increased by 8.69% ($260,212).

The recommendations from the

The board participates in the state group health plan.

increased in March 2014 by 8.64%.

Employer paid premiums

This is primarily due to increased litigation

investment portfolio fees.

Building and grounds increased by 38.32% ($32,178).

This is due to the replacement of 2 air

handlers and security equipment upgrade.

Investment income increased $464,186 in the 2013-2014 fiscal year.