Schedule of Funds Chamber of Commerce 1
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SALINA AREA CHAMBER OF COMMERCE, INC .
Salina, Kansas
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' SCHEDULES OF BOARD DESIGNATED FUNDS FOR ECONOMIC DEVELOPMENT
AND CONVENTION AND TOURISM
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' INDEPENDENT AUDITORS ' REPORT
December 31 , 1991 and 1990
CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
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SALINA AREA CHAMBER OF COMMERCE, INC .
Salina, Kansas
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' INDEPENDENT AUDITORS ' REPORT Page
' SCHEDULES OF ECONOMIC DEVELOPMENT REVENUE, RELATED EXPENSES,
AND BOARD DESIGNATED FUND BALANCES - Schedule 1 2
SCHEDULES OF CONVENTION AND TOURISM REVENUE, RELATED EXPENSES ,
AND BOARD DESIGNATED FUND BALANCES - Schedule 2 3
NOTES TO FINANCIAL STATEMENTS 4
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CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
INDEPENDENT AUDITORS ' REPORT
' To: The Board of Directors
Salina Area Chamber of Commerce, Inc.
' We have audited the accompanying schedules of Economic Development and
Convention and Tourism revenue, related expenses, and board designated
' fund balances of the Salina Area Chamber of Commerce , Inc . , Salina,
Kansas, for the years ended December 31 , 1991 and 1990 . These
financial statement are the responsibility of the Chamber ' s management.
Our responsibility is to express an opinion on these financial
statements based on our audits .
We conducted our audits in accordance with generally accepted auditing
' standards . 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 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 audit provides a reasonable basis
for our opinion.
These funds are designated by the Board of Directors of the Salina Area
Chamber of Commerce, Inc . to clarify the accounting for specific
' programs administered by the organization and partially funded by
contracts with public entities.
' In our opinion, the financial statements referred to above present
fairly, in all material respects, the results of operations and the
changes in fund balances for the year ended December 31 , 1991 and 1990
of the Economic Development and Convention and Tourism Funds of the
' Salina Area Chamber of Commerce , Inc . , in conformity with generally
accepted accounting principles .
' Respectfully submitted,
Salina, Kansas
February 14 , 1992
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SALINA AREA CHAMBER OF COMMERCE , INC .
' Salina, Kansas
Schedule 1
I SCHEDULES OF ECONOMIC DEVELOPMENT REVENUE, RELATED EXPENSES,
AND BOARD DESIGNATED FUND BALANCES
For the Year Ended
' December 31 ,
1991 1990
Revenue
I Program activities $ 8, 478 $ 10, 617
Allocations for economic development 125 ,000 125,000
Other revenue 558 236
ITotal Revenue 134,036 135, 853
Expenses
Salaries 76 , 778 76 , 487
I Payroll taxes 6 ,044 5, 725
Employees ' insurance 6 , 905 6 , 567
Employees ' retirement 5, 265 4, 749
I Automobile expenses 5 , 144 3,004
Postage 1 , 493 823
Printing 83 642
I Supplies 3,090 2 , 418
Professional services 1 , 134 2, 365
Telephone 1 , 414 1, 453
Dues and subscriptions 1 , 852 2 , 466
I Insurance 1 , 311 1 ,097
Facilities maintenance 15 , 550 15 , 550
Professional development 4, 265 4 , 921
I Equipment 133 100
Contract labor 834 55
Miscellaneous 1 , 378 142
Program expenses
I Prospect development 25 , 946 15, 726
Economic development activities 3, 859 12 , 274
Special functions and activities 10, 301 10, 513
ITotal Expenses 172 , 779 167 ,077
Deficit of Revenue Over Expenses Before
I Transfers ( 38, 743 ) ( 31 , 224 )
, Transfer from Administrative 40,000 35,000
IExcess of Revenue Over Expenses 1 , 257 3, 776
Board Designated Fund Balances, beginning
Iof period 16 , 853 13,077
Board Designated Fund Balances, end of period $ 18, 110 $ 16, 853
' • See accompanying notes which are an integral part
of the financial statements.
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SALINA AREA CHAMBER OF COMMERCE, INC.
ISalina, Kansas
Schedule 2
SCHEDULES OF CONVENTION AND TOURISM REVENUE, RELATED EXPENSES,
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AND BOARD DESIGNATED FUND BALANCES
For the Year Ended
I December 31 ,
1991 1990
Revenue
I Program activities $ 80, 118 $ 83, 175
Allocations for convention and tourism 261 , 228 257 , 797
Other revenue 299 159
Total Revenue 341 , 645 341, 131
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Expenses
Salaries 94, 955 74 , 660
I Payroll taxes 8, 438 6, 492
Employees ' insurance 16 , 194 13, 243
Employees ' retirement 4, 885 4 , 381
I Automobile expenses 11 , 344 5,001
Postage 2, 986 2 , 560
Printing 377 345
Supplies 3,897 3, 289
I Professional services 1 , 323 2, 759
Telephone 2 , 530 2 , 415
Dues and subscriptions 4, 771 3, 513
I Insurance 1, 813 1 , 311
Facilities maintenance 19 , 600 19, 600
Professional development 2 , 297 2, 364
Equipment 500 500
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Contract labor 834 15
Miscellaneous 1, 971 70
Program expenses
I Advertising and promotion 35, 791 33, 781
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Special functions and activities 112 , 655
105 , 895
Convention marketing 9, 946 5, 361
I Convention services 19, 342 20, 554
Tourism marketing 13, 147 5, 189 .
Total Expenses 369 , 596 313, 298
I Excess (Deficit) of Revenue Over Expenses ( 27 , 951 ) 27, 833
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Board Designated Fund Balances, beginning
Iof period 124, 245 96 , 412
Board Designated Fund Balances, end of period $ 96 , 294 $ 124, 245
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I See accompanying notes which are an integral part
of the financial statements.
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SALINA CHAMBER OF COMMERCE , INC .
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31 , 1991 and 1990
1 . The financial statements of the Salina Area Chamber of Commerce,
' Inc . , a Kansas corporation with exempt status under Internal
Revenue Code Section 501 (c ) ( 6 ) , were audited, and the financial
statements were submitted under separate cover. The Board of
' Directors have designated certain funds to establish appropriate
accounting. The Economic Development Fund and the Convention and
Tourism Fund are two such funds. Both funds are programs
administered by the Salina Area Chamber of Commerce , Inc . with
' partial funding from public entities . The significant accounting
policies are described below to enhance the usefulness of the
financial statements to the reader:
' A. Purchases of supplies that might be considered as inventory
are expensed when purchased. Actual amounts on hand are
' considered immaterial as an asset.
B . 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 .
' 2 . Allocations for Economic Development - Payments received for the
economic development program under agreements with the City of
Salina, Saline County, and the Salina Airport Authority for 1991
' and 1990 are summarized as follows:
1991 1990
City of Salina $ 85 ,000 $ 85,000
' Saline County 20 ,000 20,000
Salina Airport Authority 20,000 20,000
$ 125 ,000 $ 125 ,000
3. Allocations for Convention and Tourism - The Chamber has entered
into an agreement with the City of Salina to operate a program
' whose purpose is to encourage , promote and solicit tourism and
conventions for the City of Salina. The agreement provides that
funds will be allocated to the Chamber for budgeted expenditures-
incurred in operation of the program from the proceeds of a tax
levied by the City upon hotel and motel transient guests within the
City. Allocations include $ 261 , 228 and $ 257 , 797 under this
' agreement with the City for 1991 and 1990, respectively.
4 . In 1991 , the Chamber was presented with a $ 30,000 bill for a
BiCentennial Center study that it did not commission. The Chamber
' paid for this study to avoid controversy. The study was not in the
1991 budget and the payment of the study fee accounts for the loss
shown on Schedule 2 .
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