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MORGAN COUNTY QUALITY WATER DISTRICT <br /> Notes to Financial Statements <br /> Note A- Summary of significant accounting policies (continued) , <br /> A.S-Compensated absences <br /> The District reports compensated absences in accordance with the provisions of GASB <br /> Statement No 16, "Accounting for Compensated Absences." <br /> All permanent, full-time and part-time employees are provided with vacation leave,which is <br /> earned and credited each month at a rate based on the number of years an employee has <br /> worked for the District. Permanent, full-time employees accrue vacation in accordance with <br /> the following schedule: ' <br /> Years of Service Accrual Rate Per Year <br /> 1-5 years 12 days <br /> 6-10 years 15 days <br /> 11-15 years 18 days <br /> 16-20 years 21 days <br /> 21 and more 24 days <br /> Employees who terminate their employment with accrued but unused vacation shall be <br /> paid for such vacation time at the rate of pay in effect at the time of termination and, as <br /> such, is reported as a liability on the statement of net assets. <br /> All regular, full-time and part-time employees are entitled to leaves of absence with pay for I <br /> sick leave. Sick leave shall accrue at the rate of 1.25 days per month for full-time <br /> employees and at a percentage for part-time employees. Employees who separate from <br /> employment with the District for any reason including disciplinary termination, layoff, <br /> resignation or retirement are entitled to 25% or a maximum of 30 days of sick leave pay for <br /> accrued sick leave. This portion is considered to be a vested benefit and is reported as a <br /> liability on the statement of net assets. <br /> District employees in supervisory positions are considered to be exempt from the Fair Labor <br /> Standards Act as executive, administrative or professional employees and are therefore not <br /> entitled, by law, to overtime compensation. However, when conditions result in necessary I <br /> overtime for supervisory personnel, compensatory time, may be granted. Overtime actually <br /> worked by exempt employees may be compensated in compensatory time of one and one- <br /> half hour for each overtime hour worked. Employees who terminate their employment with <br /> accrued but unused compensatory time shall be paid for such compensatory time at the <br /> rate of pay in effect at the time of termination and, as such, is reported as a liability on the <br /> statement of net assets. <br /> • <br /> -16- <br /> 1 <br />