Audit - 1980
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REPORT ON EXAMINATION
December 31, 1980
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
1980
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President:
Gary Beach
Vice President:
Jim Weese
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Secretary-Treasurer:
Thomas Wright
Representatives:
Bob Humiston
Gary Gullickson
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I I Exhibit "A"
Exhibit "B"
I Exhibit ItC"
I Schedule 1
Schedule 2
I Schedule 3
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INDEX
Accountant's Report
. . . . . . . . . . .
. . . . .
Balance Sheet. . . . . . . . . . . . . . . . . . .
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
2
3
4
5
6
7
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WOODS
&
DURHAM
.1]£,I<J£(, .Y( ()l
7/1<,// rr?elllr>i, .J{.Y'
X)l<b~f/e, JlI¿c
9hlùw. .fI/f
( /Iirl'.) ,."
~ &>uPi< .Ñ<a;un/anM
605 W. NORTH STREET
P.O. BOX 1324
SALINA, KANSAS 67401
TELEPHONE - 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 Association
at December 31, 1979 and 1980, 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.
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 31,1979 and 1980, 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.
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.
WOODS & DURHAM
April 7, 1981
James A. Trower, CPA
In Charge Of and Actively
Engaged On This Audit
1.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
BALANCE SHEET
December 31,
1979
ASSETS
Cash
Savings Account
Certificates of Deposit
$ 787
15,034
110,000
$125.821
TOTAL ASSETS
LIABILITIES, RESERVES AND FUND BALANCES
Fund Balance
$125,821
TOTAL LIABILITIES, RESERVES
AND FUND BALANCES
$125.821
Exhibit "A"
1980
$ 271
23,863
120,000
$144.134
$144,134
$144.134
2.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Exhibit ItB"
REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
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 AND ENCUMBRANCES
REVENUES OVER (UNDER) EXPENDITURES
FUND BALANCE - January 1,
FUND BALANCE - December 31,
1979 1980
$ 42,773 $ 42,927
265 22
9,491 13,553
4,014 20,045
56,543 76,547
424 5,213
22,072 18,463
33,352 28,549
168
3,670 5,979
925
30 30
60,641 58,234
(4,098) 18,313
129,919 125,821
$125.821 $144.134
3.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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NOTES TO FINANCIAL STATEMENTS
For The Year Ended December 31,1980
Exhibit "c"
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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The accounting policies of the Salina Firemen's Relief Associa-
tion conform to generally accepted accounting principles.
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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
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INVESTMENTS
Investments are stated at cost.
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FIXED ASSETS
Firemen's Relief Association has no fixed assets.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INVESTIIENTS
December 31,1980
Issue
Date
Maturity
Date
Certificate of Deposit
12-2-80
3-2-81
Number
16001
Rate
11.25%
Schedule 1
Amount
$120.000
5.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT Schedule 2
December 31, 1980
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 $ 24,134 $ 24,134 $ $ $
Investments 100,000 120,000 20,000 20,000
TOTALS $100.271 $144.134 $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'S FIDELITY BOND
December 31, 1980
Date
Effective
Treasurer, Salina Firemen's Relief
Association
9-10-80
Date of
Expiration
9-10-81
Schedule 3
Amount
$10,000
7.