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Audit - 2007/2006 I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT December 31, 2007 and 2006 CLUBINE AND RETTELE, CHARTERED CERTIFIED PUBLIC ACCOUNTANTS SALINA, KANSAS I I I I I I I I I I I I I I I I I I I ,.;r.;; SALINA AREA CHAMBER elf COMMERCE, INC. Salina; Kansas TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 STATEMENTS OF FINANCIAL POSITION - Exhibit I 2 STATEMENTS OF ACTIVITIES - Exhibit II 3 STATEMENTS OF CASH FLOWS - Exhibit III 4 STATEMENT OF FUNCTIONAL EXPENSES - Exhibit IV 5-6 7-10 NOTES TO FINANCIAL STATEMENTS SCHEDULES OF PROGRAM REVENUES 11 SCHEDULES OF DIRECT PROGRAM EXPENSES 12-13 SCHEDULES OF REVENUES AND EXPENSES UNDER AGREEMENT WITH THE CITY OF SALINA, SALINE COUNTY AND THE SALINA AIRPORT AUTHORITY TO PROVIDE ECONOMIC DEVELOPMENT SERVICES 14-16 SCHEDULES OF REVENUES AND EXPENSES UNDER CONTRACT WITH THE CITY OF SALINA TO PROVIDE CONVENTION AND TOURISM SERVICES 17-18 I I I I I CLUBlNE& REITELE CHARIERED Certified Public Accountants ff/I I I I I I Robert L Clubine, C.P.A. David A Rettele, C.P.A. Jay D. Langley, C.P.A. Jon K. Bell, C.P.A. Leslie M. Corbett, C.P.A. Stacy J. Sokol, C.P.A. Marci K. Fox, C.P.A. John T. Millikin, C.P.A. Linda A. Suelter, C.P.A. I I I I 218 South Santa Fe P.O. Box 2267 Salina, Kansas 67402-2267 I I I I Salina 785 / 825-5479 Salina Fax 785/825-2446 Ellsworth 785/472-3915 Ellsworth Fax 785/472-5478 I INDEPENDENT AUDITORS' REPORT To: The Board of Directors Salina Area Chamber of Commerce, Inc. Salina, Kansas We have audited the accompanying statements of financial position of the Salina Area Chamber of Commerce, Inc. (a nonprofit organization) as of December 31,2007, and 2006, imd the related statements of activities, functional expenses, and cash flows for the years then ended. These financial statements are the responsibility of the Organization's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Salina Area Chamber of Commerce, Inc. as of December 31,2007 and 2006, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. . Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information contained in pages 11 through 18 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. CLUBINE AND RETTELE, CHARTERED ell L '. a...tkav April 11 , 2008 (1) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas Exhibit I STATEMENTS OF FINANCIAL POSITION For the Year Ended December 31, 2007 2006 ASSETS Cash and cash equivalents Accounts receivable Unconditional promises to give, net (Note 6) Prepaid expenses land, building and equipment, net (Note 2) Investment land at market value (Note 3) $ 795,885 $ 680,692 62,549 99,061 684,540 108,894 97,576 626,241 657,975 100,000 100,000 2,378,109 $ 1,635,304 Total Assets $ LIABILITIES AND NET ASSETS Liabilities Accounts payable $ 100,118 $ 11,785 Accrued taxes and other liabilities 71,240 93,402 Dues collected in advance 121,817 124,244 Program income collected in advance 140,367 113,676 Total Liabilities 433,542 343,107 Net Assets Unrestricted Net Assets Designated for fixed assets 726,241 757,975 Designated for convention and tourism 104,360 109,259 Undesignated 505,373 424,963 Total Unrestricted Net Assets 1,335,974 1,292,197 Temporarily Restricted Net Assets 608,593 Total Net Assets 1,944,567 1,292,197 Total liabilities and Net Assets $ 2,378,109 $ 1,635,304 SEE THE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS WHICH ARE AN INTEGRAL PART HEREOF. (2) I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas I Exhibit II STATEMENTS OF ACTIVITIES For the Year Ended I December 31, 2007 2006 Change in Unrestricted Net Assets I Support and Revenue Membership dues $ 340,946 $ 328,345 Program revenue 199,347 234,704 I Economic development contract 120,000 120,000 Grant services 15,300 Convention and tourism contract 679,517 654,574 I Facility Rental 5,650 8,110 Interest 33,636 25,956 Miscellaneous 11,899 21,615 I Total Unrestricted Support and Revenue 1,406,295 1,393,304 Net Assets Released from Restriction 208,147 I Total Unresricted Support and Revenue 1,614,442 1,393,304 Expenses I Program Services Agriculture 49,893 46,550 Community development 6,259 5,361 I Internal Affairs 142,851 83,629 Economic development 57,856 104,052 Convention and tourism 305,771 271,725 I Total Program Services 562,630 511,317 Supporting Services Administrative and general expenses 92,426 114,363 I Staff expenses 839,609 704,806 Building operation expenses 76,000 81,578 Total Supporting Services 1,008,035 900,747 I T olal Expenses 1,570,665 1,412,064 Increase (Decrease) in Unrestricted Net assets 43,777 (18,760) I Changes in Temporarily Restricted Net Assets Economic development strategic plan contributions 816,740 I Net Assets Released From Restriction (208,147) Increase in Temporarily Restricted Net Assets 608,593 I Increase (Decrease) in Net Assets 652,370 (18,760) Beginning Net Assets. 1,292,197 1,310,957 I Ending Net Assets $ 1,944,567 $ 1,292,197 I SEE THE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS WHICH ARE AN INTEGRAL PART HEREOF. I (3) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas Exhibit III j STATEMENTS OF CASH FLOWS Forthe Year Ended December 31 , 2007 2006 Cash Flows From Operating Activities Cash received from dues and projects Cash received from government entities Cash received from other operating activities Interest received Cash paid to employees and suppliers Net Cash Provided (Used) by Operating Activities $ 831 ,376 $ 652,113 692,446 669,468 17,549 29,725 33,636 25,956 (1,456,556) (1,507,722) 118,451 (130,460) Net Cash Used by Investing Activities Purchase of equipment (3,258) (20,026) Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year 115,193 680,692 (150,486) 831,178 Cash and Cash Equivalents at End of Year $ 795,885 $ 680,692 RECONCILIATION OF INCREASE (DECREASE) IN NET ASSETS TO NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Increase (Decrease) in net assets $ 652,370 $ (18,760) Adjustments to reconcile increase (decrease) in net assets to net cash provided (used) by operating activities Depreciation Decrease (Increase) in accounts receivable Increase in promises to give Increase in prepaid expenses Increase (decrease) in accounts payable and accrued expenses Decrease in dues collected in advance Increase (Decrease) in program income collected in advance Total Adjustments Net Cash Provided (Used) by Operating Activities 34,992 33,745 36,512 (16,042) (684,540) (11,318) (55,894) 66,171 (35,122) (2,427) (27,615) 26,691 (10,772) (533,919) (111,700) $ 118,451 $ (130,460) SEE THE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS WHICH ARE AN INTEGRAL PART HEREOF. (4) I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas I Exhibit IV a STATEMENT OF FUNCTIONAL EXPENSES For the Year Ended December 31,2007 I Economic Develop- Convention I Chamber ment Tourism Total Direct Program Expenses $ 199,003 $ 57,856 $ 305,771 $ 562,630 I Administrative and General Expenses Legal and accounting 1,779 1,402 2,210 5,391 Travel expense 5,638 3,965 8,092 17,695 I Office supplies 6,397 4,960 7,882 19,239 Postage 2,515 1,849 3,016 7,380 Communications 5,223 1,669 2,532 9,424 Computer services 2,030 1,600 2,522 6,152 I Equipment services 2,267 1,786 2,817 6,870 Dues and subscriptions 8,666 1,874 2,003 12,543 Insurance 910 717 1,131 2,758 I Contingency fund 4,974 4,974 Total Administrative and General Expenses 40,399 19,822 32,205 92,426 I Staff Expenses Salaries 216,591 177,237 228,603 622,431 Contract labor 36 36 Payroll taxes 15,398 12,075 16,028 43,501 I Group medical insurance 27,868 35,256 44,198 107,322 Retirement 9,906 11,090 14,076 35,072 Group life insurance 237 317 1,040 1,594 I Cafeteria plan 195 220 300 715 Disability 939 1,063 1,328 3,330 Unemployment tax 1,019 882 1,191 3,092 I Workers compensation insurance 837 622 825 2,284 Professional development 5,143 7,380 7,709 20,232 Total Staff Expenses 278,169 246,142 315,298 839,609 I Building Operation Expenses Property insurance 2,313 1,822 2,873 7,008 Utilities 4,671 3,515 5,667 13,853 I Taxes 2,767 2,140 3,405 8,312 Maintenance and janitorial 3,935 3,052 4,849 11,836 Depreciation 11,547 9,098 14,346 34,991 I Total Building Operation Expenses 25,233 19,627 31,140 76,000 Total Expenses $ 542,804 $ 343,447 $ 684,414 $ 1,570,665 I I I SEE THE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS WHICH ARE AN INTEGRAL PART HEREOF. I (5) I SALINA AREA CHAMBER OF COMMERCE, INC, Salina, Kansas I Exhibit IV b STATEMENT OF FUNCTIONAL EXPENSES For the Year Ended December 31,2006 I Economic Develop- Convention I Chamber ment Tourism Total Direct Program Expenses $ 135,540 $ 104,052 $ 271,725 $ 511,317 I Administrative and General Expenses Legal and accounting 2,957 1,370 2,884 7,211 Travel expense 8,107 5,003 9,747 22,857 I Office supplies 8,502 3,940 8,295 20,737 Postage 4,412 2,045 4,305 10,762 Communications . 2,588 1,261 2,985 6,834 Computer services 4,543 2,137 4,432 11,112 I Equipment services 3,917 1,815 3,822 9,554 Dues and subscriptions 7,565 1,923 1,464 10,952 Insurance 1,013 470 989 2,472 I Contingency fund 10,370 484 1,018 11,872 Total Administrative and General Expenses 53,974 20,448 39,941 114,363 I Staff Expenses Salaries 192,164 136,930 190,715 519,809 Contract labor 63 63 I Payroll taxes 13,741 9,666 13,368 36,775 Group medical insurance 29,530 29,421 41,399 100,350 Retirement 10,822 8,579 12,765 32,166 Group life insurance (182) 250 747 815 I Cafeteria plan 265 240 340 845 Unemployment tax 2,133 1,554 2,428 6,115 Workers compensation insurance 1,182 662 919 2,763 I .. Professional development 2,767 1,133 1,205 5,105 Total Staff Expenses 252,485 188,435 263,886 704,806 I Building Operation Expenses Property insurance 2,721 1,261 2,654 6,636 Utilities 5,199 2,409 5,072 12,680 Taxes 6,049 2,803 5,901 14,753 I Maintenance and janitorial 5,643 2,616 5,506 13,765 Depreciation 13,835 6,411 13,498 33,744 Total Building Operation Expenses 33,447 15,500 32,631 81,578 I Total Expenses $ 475,446 $ 328,435 $ 608,183 $ 1,412,064 I I I SEE THE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS WHICH ARE AN INTEGRAL PART HEREOF, I (6) 1 1 11 1 1 I 1 1 1 1 1 1 1 1 1 1 1 I 1 SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31,2007 and 2006 Nature of Organization and Significant Accounting Policies A. Nature of Organization Salina Area Chamber of Commerce, Inc. (the "Chamber") is a nonprofit organization iocated in Salina, Kansas. Its purpose is to administer various activities advancing the general welfare and prosperity of the Salina area especially in the areas of economic development and tourism. B. Income Tax Exemption The Chamber is exempt from income tax under Internal Revenue Code Section 501(c)(6). C. Accounting Method The books of the Chamber are maintained and these financial statements were prepared on the accrual method of accounting. Under this method revenues are recognized when earned and expenses are recognized when incurred. D. Net Assets Salina Area Chamber of Commerce, Inc. has adopted Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements of Not-for-Profit Organizations. SFAS No. 117 establishes standards for externai financial reporting by not-for-profit organizations and requires that resources be classified for accounting and reporting purposes into three net asset categories according to externally (donor) imposed restrictions. The Chamber has no permanently restricted net assets and therefore all net assets are classified as either temporarily unrestricted or unrestricted. The Chamber has established a policy of dividing unrestricted net assets into three components: designated for fixed assets, designated for convention and tourism and undesignated. Unrestricted net assets designated for fixed assets is an amount equal to the Chamber's investment in building, furniture, fixtures, equipment, land improvements and land less accumulated'depreciation. Unrestricted net assets designated for economic development is an arbitrary amount the Board of Directors has designated for economic development projects. Unrestricted net assets designated for convention and tourism is the excess income over expenditures of the convention and tourism program. Unrestricted net assets in excess of that designated for fixed assets, economic development and convention and tourism areundesignated. E. Cash and Cash Equivalents For the purpose of the cash flows statement, the Chamber considers all short-term investment securities purchased with a maturity of three months or less to be cash equivalents. The Chamber maintains checking, certificate of deposit, and deposits under repurchase agreements with nine financial institutions in Salina, Kansas. The amount not covered by F.D.I.C. insurance totaled $209,036. Of the $209,036, $194,044 was heid under repurchase agreements at Sunflower Bank and is secured by dire,ct or indirect obligations of the United States Government. With the exception of the aforementioned deposits under repurchase agreement, accounts at each institution are insured by the Federal Deposit Insurance Corporation up to $100,000, leaving $14,992 uninsured. F. Accounts Receivable Accounts receivable are considered to be fully collectible. Accordingly, the allowance for doubtful accounts is zero. G. Inventories Purchases of supplies that might be considered as inventory are expensed when purchased. Actual amounts on hand are considered immaterial. (7) I I I I I I I I I I I 2. I I I I I I I I ,. SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31,2007 and 2006 H. Membership Dues and Program Income Membership dues and program income are recognized as revenue in the year in which they are earned. The Chamber bills dues in December for the coming membership year, consequently a significant amount of dues are collected in advance and recorded as dues collected in advance in the financial statements. Program revenues are sometimes received in the year preceding the actual event, consequently these revenues are recorded as deferred income in the financial statements. I. Contributions Unconditional promises to give, are recognized in the period received. Conditional promises to give are not recognized until they become unconditional; that is, when the conditions on which they depend are substantially met. Contributions to be received after one year are discounted at an appropriate discount rate commensurate with the risks involved. Amortization of discounts is recorded as additional contribution revenue in accordance with donor-imposed restrictions, if any, on the contributions. J. Allocation of expenses The basis for allocation of expenses to specific programs is determined by management. Expenses that can be directly identified with specific programs are charged to that program. Other expenses are allocated using predetermined percentages. K. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires the use of management's estimates. L. Products and services received in payment of dues are recorded at estimated market value by the Chamber. Land, Building and Equipment Land, Building and Equipment can be summarized as follows: 2007 2006 633,538 $ 633,538 341,806 338,548 15,280 15,280 192,691 192,691 1,183,315 1,180,057 (557,074) (522,082) 626,241 $ 657,975 Land, Building and Equipment Buildings Furniture, fixtures and equipment Land improvements Land $ Less: Accumulated depreciation Total Land, Building and Equipment (net) $ Land, building and equipment are carried at cost. Depreciation of the building and equipment is computed on a straight-line basis over the estimated useful lives of the respective assets. The building, parking lot and landscaping are depreciated over their estimated useful lives which range from 8 to 35 years and the estimated useful lives of the furniture, fixtures and equipment range from 3 to 10 years. 3. Investment Land The Chamber purchased land on May 31, 1985 for $335,382. One-half of this land was used to construct the building which now serves as the Chamber's office and remains on the books at its original cost. The remaining east half of the land was recorded as investment land and is not an integral part of Chamber operations. Subsequent to its original purchase, it was appraised for $100,000 and consequently written down to its fair market value. (8) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 2007 and 2006 4. Agreement Relating to Economic Development The Chamber receives contributions from the City of Salina, Saline County and the Salina Airport Authority (Grantors) to help fund a program, the purpose of which is to encourage economic development in the Salina/Saline County area. The agreement provides that the Chamber will expend funds received on programs and services that the parties to this agreement believe will enhance the economic development of the area. 5. Agreement Relating to Convention and Tourism The Chamber has entered into an agreement with the City of Salina to provide convention and tourism programs to encourage, promote and solicit conventions and tourism for the City of Salina, and the City has appointed a Convention and Tourism Advisory Committee to recommend to the Chamber, programs in connection with this agreement. Under this agreement the City makes contributions to the Chamber of a portion of the proceeds of the local transient guest tax levied on hotel and motel guests. The Chamber board has designated excess income over expenditures for 2007 and 2006 in the amount of $104,360 and $109,259 respectively, as a reserved net asset for convention and tourism in order to fund future contracted obligations. 6. Promises to give Unconditional promises to give at December 31,2007, are as follows: Promises to give expected to be collected in: Receivable within 1 year Receivable beyond 1 year but within 5 years Receivable beyond 5 years $ 319,950 395,650 715,600 (31,060) $ 684,540 Less discount on promises to give Net unconditional promises to give A rate of 2.7% has been used to discount promises to give that management expects to collect more than one year from the date of the financial statements. The rate is based on the yield of a US treasury note with a similar maturity date to the collection period. Management considers promises to give to be 100% collectible. Amounts considered uncollectible, if any, will be written off at the time they are deemed uncollectible. 7. Retirement Plan The Chamber has established a defined contribution retirement plan covering substantially all qualified employees. Qualified employees are at least 21 years of age and have completed one year of service. Contributions are made by the Chamber equal to 6% of eligible compensation. The total expense under the plan was $35,072 and $32,166 for the years ended December 31,2007 and 2006, respectively. (9) I I I I 8 I I I 9. I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas NOTES TO FINANCIAL STATEMENTS December 31, 2007 and 2006 Compensated Absences The Chamber grants annual paid vacations to its full time employees based on the following schedule: Years of Service 1-9 10 or more Annual Vacation Allowance 10 days 15 days Vacation days earned must be used within one year and do not accumulate. The Chamber leases two automobiies used in its operations. Total iease expense for the years ended December 31,2007 and 2006 is $10,780 and $13,951, respectively. The following is a schedule of future minimum lease payments required under these operating leases as of December 31,2007: Year Ended December 31, 2008 $ 2009 Subsequent to 2010 6,561 4,787 1,596 .10. The following information sets forth the amount oftemporariiy restricted contributions received and expended in relation to the Chamber's Economic Development Strategic Plan. Beginning Temporarily Restricted Net Assets Contributions Expenditures Ending Temporarily Restricted Net Assets $ $ (10) I I I I I I I I 1 1 I 1 I I I 1 1 1 I- SUPPLEMENTAL INFORMATION I I I I I I I I I I I I I I I I I I I Program Revenues Farm show Dairy show Leadership Salina Membership meetings Chamber - Net Legislative action Annual meeting Assessments Business services Grant services Fund drive Special functions Total Program Revenues SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas SCHEDULES OF PROGRAM REVENUES For the Year Ended December 31, 2007 2006 $ 82,510 $ 12,227 6,750 8,850 6,985 1,200 80,825 81,825 12,291 7,500 10,120 7,160 2,081 75,050 320 2,800 15,115 19,750 692 $ 199,347 $ 234,704 (11) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas SCHEDULES OF DIRECT PROGRAM EXPENSES For the Year Ended . December 31, 2007 2006 Chamber Direct Program Expenses Agriculture Farm show Agriculture development Dairy show Total Agriculture Direct Program Expenses Community Development Leadership Salina Transportation Total Community Development Direct Program Expenses Internal Affairs Ambassadors Membership services Plans and directors Communication and image Chamber - Net Legislative action Membership meetings Annual meeting Total Internal Affairs Direct Program Expenses Total Chamber Direct Program Expenses Economic Development Program Expenses Business Retention and Expansion Marketing Travel/Corporate visits Research Software Professional membership dues Other Total Business Retention and Expansion New Business Attraction Advertising Marketing Printed collateral materials Travel/call trips & trade shows Software Professional membership dues Total New Business Attraction $ 36,907 $ 31,667 1,006 3,027 11,980 11,856 49,893 46,550 6,209 5,361 50 6,259 5,361 4,700 4,646 6,640 2,890 2,722 2,509 21,669 16,439 4,281 3,880 1,822 1,830 9,553 10,439 91,464 40,996 142,851 83,629 199,003 135,540 12,263 612 965 1,933 33 4,703 15,806 31,875 36:578 2,016 15,612 2,803 6,095 1,802 1,578 29,906 13,645 52,028 65,673 (12) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas SCHEDULES OF DIRECT PROGRAM EXPENSES (Continued) For the Year Ended December 31, 2007 2006 Commercial Development Marketing Travel/developers Professional membership dues Total Commercial Development Workforce Development STC Web services Travel/employee recruitment/job fairs Software Professional membership dues Total Workforce Development Total Economic Development Direct Program Expenses 258 26 34 318 1,801 1,801 263 944 10,232 37 350 11,826 57,856 104,052 Convention and Tourism Direct Program Expenses Sign age Advertising Convention marketing Convention services Tourism marketing 1-70 Association T.I.A.K. Regional marketing Magazine - Discover the Crossroads KATT Global Flyer City tour brochure Special events SJBB women's basketball High school sports ASA softball Hospitality services Smoky Hill River Festival Visit Salina organization dues Calendar of Events Total Convention and Tourism Direct Program Expenses 10,570 83,160 40,065 13,424 9,568 13,779 15,292 30,592 32,755 710 342 4,308 2,348 26 1,200 918 278 1,390 405 3,097 1,650 13,154 . 13,000 78,232 83,918 46,666 44,188 5,148 3,368 1,047 480 5,000 5,000 3,750 4,268 2,200 2,200 305,771 271,725 (13) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas SCHEDULES OF REVENUES AND EXPENSES UNDER AGREEMENT WITH THE CITY OF SALINA, SALINE COUNTY AND THE SALINA AIRPORT AUTHORITY TO PROVIDE ECONOMIC DEVELOPMENT SERVICES For the Year Ended December 31, 2007 .2006 Revenues City of Salina Saline County Salina Airport Authority Economic Development Strategic Plan Grant Services Total Revenues $ 85,000 $ 85,000 15,000 15,000 20,000 20,000 816,740 15,300 952,040 $ 120,000 57,856 $ 104,052 19,822 20,448 246,142 188,435 19,627 15,500 343,447 $ 328,435 $ Expenses Program expenses (Schedule 1A) Administrative and general expenses (Schedule 2A) Staff expenses (Schedule 3A) Building operation expenses (Schedule 4A) Total Expenses $ $ (14) I I I . . . .' . I I I I I I I I I I . SALINA AREA CHAMBER OF COMMERCE, INC, Salina, Kansas SCHEDULES OF REVENUES AND EXPENSES UNDER AGREEMENT WITH THE CITY OF SALINA, SALINE COUNTY AND THE SALINA AIRPORT AUTHORITY TO PROVIDE ECONOMIC DEVELOPMENT SERVICES $ For the Year Ended December 31, 2007 2006 15,806 $ 36,578 29,906 65,673 318 1,801 11,826 57,856 $ 104,052 1,402 $ 1,370 3,965 5,003 4,960 3,940 1,849 2,045 1,669 1,261 1,600 2,137 1,786 1,815 1,874 1,923 717 470 484 19,822 $ 20,448 177,237 $ 136,930 12,075 9,666 35,256 29,421 11,090 8,579 317 250 220 240 1,063 882 1,554 622 662 7,380 1,133 246,142 $ 188,435 Schedule 1 A - Program Expenses Business retention New business attraction Commercial development Workforce development Total Program Expenses Schedule 2A - Administrative and General Expenses Legal and accounting Travel expense Office supplies Postage Communications Computer services Equipment services Dues and subscriptions Insurance Contingency fund Total Administrative and General Expenses $ $ $ Schedule 3A - Staff Expenses Salaries Payroll taxes Group medical insurance Retirement Group life insurance Cafeteria plan Disability Unemployment tax Workers compensation insurance Professional development Total Staff Expenses $ $ (15) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas SCHEDULES OF REVENUES AND EXPENSES UNDER AGREEMENT WITH THE CITY OF SALINA, SALINE COUNTY AND THE SALINA AIRPORT AUTHORITY TO PROVIDE ECONOMIC DEVELOPMENT SERVICES (Continued) For the Year Ended December 31, 2007 2006 Schedule 4A -Building Operation Expenses Property insurance Utilities Taxes Maintenance and janitorial Depreciation Total Building Operation Expenses $ 1,822 $ 3,515 2,140 3,052 9,098 19,627 $ 1,261 2,409 2,803 2,616 6,411 15,500 $ (16) I I I I I I I I I I I I I I I I I I I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas SCHEDULES OF REVENUES AND EXPENSES UNDER CONTRACT WITH THE CITY OF SALINA TO PROVIDE CONVENTION AND TOURISM SERVICES Revenues City of Salina SJBB High school sports Special functions Total Revenues Expenses Program expenses (Schedule 1 B) Administrative and general expenses (Schedule 2B) Staff expenses (Schedule 3B) Building operation expenses (Schedule 4B) Total Expenses (17) For the Year Ended December 31, 2007 2006 $ 572,447 $ 549,468 58,581 59,419 48,459 44,450 30 1,237 679,517 $ 654,574 $ $ 305,771 $ 271,725 32,205 39,941 315,298 263,886 31,141 32,631 684,415 $ 608,183 $ I SALINA AREA CHAMBER OF COMMERCE, INC. Salina, Kansas I SCHEDULES OF REVENUES AND EXPENSES UNDER CONTRACT WITH THE CITY OF SALINA TO PROVIDE CONVENTION AND TOURISM SERVICES I For the Year Ended December 31, 2007 2006 I Schedule 1 B - Program Expenses Signage $ $ 10,570 Advertising 83,160 40,065 I Convention marketing 13,424 9,568 Convention services 13,779 15,292 Tourism marketing 40,211 39,808 Sports 143,200 144,474 I Special projects 11,997 11,948 Total Program Expenses $ 305,771 $ 271,725 I Schedule 2B - Administration and General Expenses Legal and accounting $ 2,210 $ 2,884 Travel expense 8,092 9,747 I Office supplies 7,882 8,295 Postage 3,016 4,305 Communications 2,532 2,985 Computer services 2,522 4,432 I Equipment services 2,817 3,822 Dues and subscriptions 2,003 1,464 Insurance 1,131 989 I Contingency fund 1,018 Total Administration and General Expenses $ 32,205 $ 39,941 Schedule 3B - Staff Expenses I Salaries $ 228,603 $ 190,715 Payroll tax 16,028 13,368 Group medical insurance 44,198 41,399 I Retirement 14,076 12,765 Group life insurance 1,040 747 Cafeteria plan 300 340 Disability 1,328 I Unemployment tax 1,191 2,428 Workers compensation insurance 825 919 Professional development 7,709 1,205 I Total Staff Expenses $ 315,298 $ 263,886 Schedule 4B - Building Operation Expenses Property insurance $ 2,873 $ 2,654 I Utilities 5,667 5,072 Taxes 3,405 5,901 Maintenance and janitorial 4,849 5,506 I Depreciation 14,346 13,498 Total Building Operation Expenses $ 31,140 $ 32,631 I I I (18)