Audit - 1981
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REPORT ON EXAMINATION
December 31, 1981
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
1981
President:
Gary Beach
Vice President:
Jim Weese
Secretary-Treasurer:
Thomas Wright
Representatives:
Bob Humiston
Don Stewart
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I Exhibit "A"
Exhibit tlBtI
I Exhibit tiC"
I Schedule 1
Schedule 2
Schedule 3
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INDEX
Accountant'sReport....................
Ba1anceSheet....................
Revenues, Expenditures and Changes in Fund Balance. . . .
Note to Financial Statements. . . . . . . . . . . . . . .
Supplemental Information
Investments....................
Comparison of Depository Security with Balances
on Deposit ......... ..........
Treasurer's Fidelity Bond. . . . . . . . . . . . .
Page
Number
1
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5
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7
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WOODS & DURHAM
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
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605 W. NORTH STREET
P.O. BOX 1324
SALINA, KANSAS 67401
AREA 913 825-5494
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Board of Directors
Salina Firemen's Relief Association
Salina, Kansas
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We have examined the balance sheet of the Salina Firemen's Relief Association
at December 31,1980 and 1981, and the related statements of revenue, expendi-
tures and changes in fund balance, for the years then ended. Our examination
was made in accordance with generally accepted auditing standards and the Min-
imum Standard Audit Program approved by the State Municipal Accounting Board,
and accordingly included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
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In our opinion, the aforementioned financial statements present fairly the fi-
nancial position of the various funds and account groups of the Salina Fire-
men's Relief Association at December 31, 1980 and 1981, and the results of op-
erations of such funds for the years then ended, in conformity with generally
accepted accounting principles applied on a consistent basis.
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The accompanying supplemental schedules and related information listed in the
table of contents are not necessary for a fair presentation of the financial
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 state-
ments taken as a whole.
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April 22, 1982
kn Á-~
(:tm~~. ber. CPA~
'In Charge Of and Actively
Engaged On This Audit
WOODS & DURHAM
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UJ&<JtfÞ .<i rh ~
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
BALANCE SHEET
December 31,
1981
ASSETS
Cash
Savings Account
Certificates of Deposit
$ 870
51, 587
120,000
TOTAL ASSETS
$172.457
LIABILITIES AND FUND BALANCES
Fund Balance
$172,457
$172.457
--
TOTAL LIABILITIES AND FUND BALANCES
Exhibit "A"
1980
$ 271
23,863
120,000
$144.134
$144,134
$144.134
2.1
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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 Overpay-
ment 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,
1981 1980
$ 44,956 $ 42,927
9 , 2 97 22
24, 269 13,553
11, 445 20,045
89, 967 76,547
9, 169 5,213
18, 118 18,463
27,336 28,549
3, 098
2, 983 5 , 979
910
30 30
61, 644 58, 234
28, 323 18,313
144,134 125,821
$172.457 $144.134
3.
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I NOTE 1 -
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
For The Year Ended December 31, 1981
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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Certificate
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INVESTMENTS
December 31, 1981
Issue
Date
Maturity
Date
of Deposit
12-30-81
1-29-82
Number
17042
Rate
12.25%
Schedule 1
Amount
$120,000
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1981
Bank
First National Bank and
Trust Company
Demand Deposits
Investments
TOTALS
F.D.I.C.
Coverage
Balance
Unsecured
By Bank
Bank
Balance
$ 57,757 $ 52,757 $
100,000 120,000 20,000
$157.757 $172.757 $20.000
*Lega1ly Adequate Per K.S.A. 9-1402.
Security
Pledged
$
$
Schedule 2
*Bank
Balance
Unsecured
$
20,000
$20.000
6.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Treasurer, Salina Firemen's
Relief Association
TREASURER'S FIDELITY BOND
December 31, 1981
Date
Effective
9-10-81
Date of
Expiration
9-10-82
Schedule 3
Amount
$10,000
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