Audit-1985
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
ANNUAL REPORT
December 31, 1985
CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INDEX
ACCOUNTANT'S OPINION
BALANCE SHEET - Exhibit I
STATEMENT OF REVENUE AND EXPENDITURES - Exhibit II
STATEMENT OF CHANGES IN FUND BALANCE - Exhibit III
NOTES TO FINANCIAL STATEMEKT
INVESTt-1ENTS
CO~lPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
TREASURER'S FIDELITY BOND
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CLUBINE AND RETTELE, CHARTERED
SALINA, KANSAS
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To: The Board of Directors
Salina Firemen's Relief Association
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We have examined the balance sheet of the Salina Firemen's Relief Association,
as of December 31, 1985 and 1984, and the related statements of income, retained
earnings and changes in financial position for the years then ended. Our
examination was made in accordance with generally accepted auditing standards
and accordingly, included such tests of the accounting records and such other
auditing procedures that we considered necessary in the circumstances.
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In our opinion, the financial statements present fairly, the financial position
of the Salina Firemen's Relief Association as of December 31, 1985 and 1984, and
the results of its operations and the changes in financial position for the years
then ended, in conformity with generally accepted accounting principles applied
on a basis consistent with that of the preceding years.
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Respectfully submitted,
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I'larch 12,1986
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(1)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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ASSETS
Exhibit I
December 31 ,
1985 1984
$ 87,971 $ 605
34,981
130.000 160,000
$ 217,971 $ 195,586
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BALANCE SHEET
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Cash in bank
Savings account
Certificates of deposit
Total Assets
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LIABILITIES AND FUND BALANCES
Fund Balance
$ 217,971 $ 195,586
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Total Liabilities and Fund Balances
$ 217,971 $ 195,586
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See accompanying notes to financial statements which are an
integral part hereof.
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(2)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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STATEMENT OF REVENUES AND EXPENDITURES
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Revenues
Kansas Commissioner of Insurance
Insurance premium refunds
Interest
Benefits received
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Total Revenues
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Expenditures
Medical payments to injured firemen
Life and disability insurance premiums
Insurance benefits paid out
Blue Cross/Blue Shield
Refunds to Firemen's Benefit Fund from
overpayment to Blue Cross/Blue Shield
Legal and accounting
Treasurer's bond
Other
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Total Expenditures
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Revenues over Expenditures
$ 22,385 $ 29,645
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Exhibit II
For the Year Ended
December 31,
1985 1984
$
54,902 $
370
16 , 148
17,808
89,228
10,138
48,554
7,670
425
27
29
66,843
See accompanying notes to financial statements which are an
integral part hereof.
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(3)
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44,444
25,624
15, 169
7,701
92,938
8,028
31,170
3,516
19.730
625
27
197
63,293
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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Exhibit III
STATEMENT OF CHANGES IN FUND BALANCE
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Fund balance, beginning
For the Year Ended
Dee embe r 31,
1985 1984
$ 195,586 $ 165,941
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Revenues over expenditures
22.385 29,645
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Fund balance, ending
$ 2]7,971 $ 195.586
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See accompanying notes to financial statements which are an
integral part hereof.
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(4)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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NOTES TO FINANCIAL STATEMENTS
December 31. 1985
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1. A summary of significant accounting policies is as follows:
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A. The modified accrual basis of accounting is used. The modifications
from the accrual basis are as follows:
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Revenues are recorded as received in cash, except for
revenues susceptible to accrual and material revenues
that are not received at the normal time of receipt.
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B.
Expenditures are recorded on an accrual basis except for as follows:
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1. Disbursements for inventory type items which are expensed
at the time of purchase.
2. Prepaid expenses which are not normally recorded.
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d. Interest on long-term debt which is normally an expenditure
when due and paid.
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C. Investments are stated at cost.
D. The Salina Firemen's Relief Association has no fixed assets.
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The Salina Firemen's Relief Association has $ 30,000 unsecured coverage which
is invested in a Certificate of Deposit.
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(5)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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Schedule 1
INVEsnlEKTS
December 31, 1985
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t-laturity
Date Number Rate Amount
Cert i f icate of Deposit 5-2-86 103-79218 I . 25~, S 30,000
Certificate of Deposit 5-20-86 103-80544 7.25% 40,000
Cert i f icate of Deposit 6-20-86 106-79002 7.25";; 60.000
Total S 130,000
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See accompanying notes to financial statements which are an
integral part hereof.
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(6)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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Schedule 2
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1985
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Balance
F.D.I.e. Bank Unsecured
First National Bank & Trust Co. Coverage Balance Bv Bank
Dl'mand Deposits $ 87,971 $ 87,971 $
Investments 100,000 130,000 30,000
Total $ 187,971 $ 217,971 $ 30,000
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See accompanying notes to financial statements which are an
integral part hereof.
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(7)
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Treasurer, Salina Firemen's
Relief Association
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
TREASURER'S FIDELITY BOND
December 31, 1985
Date
Effective
9-10-85
Date of
Expiration
9-10-86
See accompanying notes to financial statements which are an
integral part hereof.
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(8)
Schedule 3
Amount
$
10,000