Audit - 1982
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REPORT ON EXAMINATION
December 31,1982
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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OFFICERS AND REPRESENTATIVES
1982
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Presiden t:
Gary Beach
Vice President:
Jim Weese
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Secretary-Treasurer:
Thomas Wright
Representatives:
Bob Humiston
Don Stewart
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Exhibit "A"
I Exhibit "B"
Exhibit "c"
I Schedule 1
Schedule 2
I Schedule 3
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INDEX
Accountant's Report
. . . . . . . . . . . . . . . .
BalanceSheet..................... .
Revenues, Expenditures and Changes in Fund Balance
Note to Financial Statements. . . . . . . . . . . . . .
Supplemental Information
Investments......................
Comparison of Depository Security with Balances
on Deposit ...... ............
Treasurer's Fideli ty Bond. . . . . . . . . . . .
Page
Number
1
2
3
4
5
6
7
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WOODS & DURHAM
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
605 W. NORTH STREET
P.O. BOX 1324
SALINA, KANSAS 67401
AREA 913 825-5494
Board of Directors
Salina Firemen's Relief Association
Salina, Kansas
We have examined the balance sheet of the Salina Firemen's Relief Associa-
tion at December 31,1981 and 1982, and the related statements of revenue,
expenditures and changes in fund balance, for the years then ended. Our
examination was made in accordance with generally accepted auditing stand-
ards and the Minimum Standard Audit Program approved by the State Munici-
pal Accounting Board, and accordingly included such tests of the account-
ing records and such other auditing procedures as we considered necessary
in the circumstances.
In our opinion, the aforementioned financial statements present fairly the
financial position of the various funds and account groups of the Salina
Firemen's Relief Association at December 31, 1981 and 1982, and the re-
sults of operations of such funds for the years then ended, in conformity
with generally accepted accounting principles applied on a consistent ba-
sis.
The accompanying supplemental schedules and related information listed in
the table of contents are not necessary for a fair presentation of the fi-
nancial statements, but are presented as additional analytical data. This
information has been subjected to the tests and other auditing procedures
applied in the examination of the financial statements mentioned above"
and, in our opinion, is fairly stated in all material respects in relation
to the financial statements taken as a whole.
February 21~ 1983
æ~iw~~~
~n Charge Of and Actively
Engaged On This Audit
WOODS & DURHAM
U)()(J~ ~ ~UA h~~
1.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
BALANCE SHEET
December 31,
ASSETS
Cash
Savings Account
Certificates of Deposit
TOTAL ASSETS
LIABILITIES AND FUND BALANCES
Fund Balance
TOTAL LIABILITIES AND FUND BALANCES
1982
$ 1,202
58,936
120,000
$180.138
$180,138
$180.138
Exhibit "A"
1981
$ 870
51,587
120,000
$172.457
$172,457
$172 .457
2.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE Exhibit "B"
For The Years Ended December 31,
REVENUES
Kansas Commissioner of Insurance
Insurance Premium Refunds
Interest
Benefits Received From Insurance Policies
TOTAL REVENUES
EXPENDITURES
Medical and Other Payments to Injured Firemen
Life and Disability Insurance Premiums
Blue Cross - Blue Shield
Refund to Firemen's Benefit Fund of Overpayment
to Blue Cross - Blue Shield
Insurance Benefits Paid Out
Other
Treasurer's Bond
TOTAL EXPENDITURES
REVENUES OVER (UNDER) EXPENDITURES
FUND BALANCE - January 1,
FUND BALANCE - December 31,
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1982 1981
$ 45,110 $ 44,956
9,297
16,738 24,269
12,179 11,445
74,027 89,967
6,402 9,169
21,828 18,118
34, 792 27,336
3,098
2,722 2,983
572 910
30 30
66,346 61,644
7,681 28,323
172 ,457 144,134
$180 .138 $172 .457
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NOTE I-
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
For The Year Ended December 31,1982
Exhibit "c"
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Salina Firemen's Relief Associa-
tion conform to generally accepted accounting principles.
BASIS OF ACCOUNTING
The modified accrual basis of accounting is used. Modifications
in such method from the accrual basis follow:
1. Revenues are recorded as received in cash except for:
a. revenues susceptible to accrual.
b. material revenues that are not received at the normal
time of receipt.
2. Expenditures are recorded on an
a. disbursements for inventory
sidered expenditures at the
time the items are used.
b. prepaid expenses which normally are not recorded.
c. interest on long-term debt which is normally an expend-
iture when due and paid.
d. the encumbrance method of accounting which is adopted
as an additional modification.
accrual basis except for:
type items which are con-
time of purchase or at the
INVESTMENTS
Investments are stated at cost.
FIXED ASSETS
Firemen's Relief Association has no fixed assets.
4.
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SALINA FIREMEN'S RELIEF ASSOCIATIDN
Salina, Kansas
INVESTMENTS
December 31, 1982
Issue
Date
Maturity
Date
Certificate of Deposit
12-03-82
01-03-83
Number
10517571
Rate
8.625%
Schedule 1
Amount
$120.000
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT Schedule 2
December 31, 1982
Balance *Bank
F.D.I.C. Bank Unsecured Security Balance
Bank Coverage Balance By Bank Pledged Unsecured
First National Bank and
Trust Company
Demand Deposits $ 60,671 $ 60,671 $ $ $
Investments 100,000 120,000 20,000 20,000
TOTALS $160.671 $180 .671 $20.000 $ $20.000
*Legally Adequate Per K.S.A. 9-1402.
6.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Treasurer, Salina Firemen's
Relief Association
TREASURER'S FIDELITY BOND
December 31,1982
Schedule 3
Date Date of
Eff ec tive Expiration Amount
9-10-82 9-10- 83 $10,000
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