Audit - 1979
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REPORT ON EXAMINATION
December 31,1979
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
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SALINA FIREMEN'S RELIEF ASSOCIATION
Sa1 ina, Kansas
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OFFICERS AND REPRESENTATIVES
1979
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President:
Thomas C. Girard
Vice President:
Leland Tinkler
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Secretary-Treasurer:
Thomas Wright
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Representatives
Gary Beach
Gary Willard
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Exhib it "A"
I Exhib it "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. . . . . . . . . . . . . . . . . . . . .
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
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2
3
4
5
6
7
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WOODS
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&
DURHAM
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605 W. NORTH STREET
P.O. BOX 1324
SALINA, KANSAS 67401
TELEPHONE - AREA 913 - 825-5494
Board of Directors
Salina Firemen's Relief Association
Sa1 ina, Kansas
We have examined the balance sheet of the Salina Firemen's Relief Association
at December 31, 1978 and 1979, 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, 1978 and 1979, 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.
WOOD S & DURHAM
August 25,1980
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,
Exhibit "A"
1978
1979
ASSETS
Cash
Savings Account
Certificates of Deposit
Treasury Bill
TOTAL ASSETS
$ 1,657 $ 787
21,505 15,034
60,000 110,000
46,757
$129.919 $125.821
LIABILITIES, RESERVES AND FUND BALANCES
Fund Balance
$129,919
$125,821
TOTAL LIABILITIES, RESERVES
AND FUND BALANCES
$129.919
$125.821
2.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
For The Years Ended December 31,
Exhibit "B"
REVENUES
Kansas Commissioner of Insurance
Insurance Premium Refunds
Interest
Benefits Received From Insurance Policies
1978 1979
$ 41,358 $ 42,773
467 265
9,181 9,491
2,464 4,014
53,470 56,543
22 424
20,516 22,072
33,416 33,352
122 168
2,071 3,670
925
30 30
56 , 177 60,641
(2,707) (4,098)
132,626 129,919
$129.919 $125.821
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,
3.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
NOTE TO FINANCIAL STATEMENTS
For The Year Ended December 31, 1979
Exhibit "c"
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Salina Firemen's Relief Association
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
expenditures at the time of
items are used.
b. prepaid expenses which normally are not recorded.
c. interest on long-term debt which is normally an expenditure
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 considered
purchase or at the time 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 ASSOCIATION
Salina, Kansas
INVESTMENTS
December 31, 1979
Schedule 1
Issue Maturity Maturity
Date Date Number Rate Cost Value
Certificate of Deposit 8-24-76 8-24-80 12974 7.25 % $ 10,000 $ 10,000
Certificate of Deposit 7-28-79 1-28-80 14711 10.125% 100,000 100,000
$110.000 $110.000
5.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1979
Bank
First National Bank and
Trust Company
Demand Deposits
Investments
TOTALS
F.D.I.C.
Coverage
$
843
100,000
$100.843
Bank
Balance
$
843
Balance
Unsecured
By Bank
$
25,034
$25.034
*Lega11y Adequate Per K.S.A. 9-1402.
125,034
$125.877
Security
Pledged
$
$
Schedule 2
Bank
Balance
Unsecured
$
25,034
$25.034
6.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
TREASURER'S FIDELITY BOND
December 31,1979
Date
Effective
Treasurer, Salina Firemen's Relief
Association
9-10-79
Date of
Expiration
9-10-80
Schedule 3
Amount
$10,000
7.