Audit - 1974
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REPORT ON EXAMINATION
December 31, 1974
WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
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I Exhibit "A"
Exhibit "B"
I Exhibit "c"
I Schedule 1
Schedule 2
Schedule 3
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INDEX
Accountant's Report. . . . . . . . . . . . . . . . . . .
Balance Sheet. . . . . . . . . . . . . . . . . . . . . .
Receipts, Expenditures, Encumbrances, and Fund Balance
Note to Financial Statements. . . . . . . . . . . . . .
Supplemental Information
Investments. . . . . . . . . . . . . . . . . . . . . . .
Comparison of Depository Security with Balances
on Deposit. . . . . . . . . . . . . . . . . . . . . .
Treasurer's Fidelity Bond. . . . . . . . . . . . . . . .
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WOODS
&
DURHAM
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605 W. NORTH STREET
P. O. BOX 1324
TELEPHONE - AREA 913, TAYLORS-S494
SALINA, KANSAS, 67401
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Board of Directors
Salina Firemen's Relief Association
Salina, Kansas
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Gentlemen:
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We have examined the financial statements of the Salina Firemen's Relief
Association, Salina, Kansas, for the years ended December 31, 1973 and
1974. Our examination was performed in accordance with the provisions of
the Minimum Standard Audit Program for Municipalities of the State of
Kansas, and in accordance with generally accepted auditing standards, 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 accompanying financial statements present fairly the
financial position of the Salina Firemen's Relief Association, Salina,
Kansas, at December 31, 1973 and 1974, and the results of operations for
the year then ended in conformity with generally accepted accounting prin-
ciples applied on a basis consistent with that of the preceding year.
Further, in our opinion, the afore~entioned statements present fairly the
cash and unencumbered cash balance of the Salina Firemen's Relief Associa-
tion at December 31,1973 and 1974, and their revenues and expenditures
for the year then ended, in conformity with the cash basis and budget laws
of the State of Kansas, applied on a basis consistent with that of the
preceding year.
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WOODS & DURHAM
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July 18, 1975
cf!~ ¿~~ charge
of and actively engaged on this audit.
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SALINA FIREMEN'S RELIEF ~SSOCIATION
Salina, Kansas
BALANCE SHEET
December 31, 1973 and 1974
ASSETS
Cash
Savings account
Certificate of Deposit
United States Treasury Bills - at cost
(maturity value $50,000.00; market value
$46,537.00)
TOTAL ASSETS
1974
$ 11,834.95
17,919.08
52,265.87
46,105.91
$128,125.81
Fund balance
LIABILITIES, RESERVES AND FUND BALANCES
TOTAL LIABILITIES, RESERVES
. AND FUND BALANCES
$128,125.81
$128,125.81
Exhibit "A"
1973
$ 6,429.48
22,411.57
100,000.00
$128,841.05
$128,841. 05
$128,841. 05
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Exhibit "B"
REVENUE, EXPENDITURES, ENCUMBRANCES AND FUND BALANCE
For The Years Ended December 31, 1973 and 1974
REVENUE
Kansas Commissioner of Insurance
Insurance premium refunds
Interest
Benefits received from insurance policies
TOTAL REVENUE
EXPENDITURES AND ENCUMBRANCES
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
TOTAL EXPENDITURES AND ENCUMBRANCES
REVENUE OVER(UNDER) EXPENDITURES AND
ENCUMBRANCES
FUND BALANCE JANUARY 1,
FUND BALANCE DECEMBER 31,
1974
1973
$ 22,095.73
3,544.70
3,879.29
971. 95
$ 20,264.72
193.22
6,712.42
2,688.72
29,859.08
30,491. 67
215.70 46.42
10,116.45 9,763.20
17,374.60 17 ,598. 75
2,253.21 687.06
971. 95 2,688.72
275.00 479.05
31,206.91 31,263.20
(715.24) (1,404.12)
128,841. 05 130,245.17
$128,125.81 $128,841.05
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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, 1974
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 Association
conform to generally accepted accounting principles as applicable to
governmental units.
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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 accrual basis except
a. Disbursements for inventory type items which are
expenditures at the time of purchase or at the
items are used
b. Prepaid expenses which normally are not recorded
c. Interest on long-term debt which is an expenditure when
due and paid
d. The encumbrance method of accounting which is adopted as
an additional modification.
for:
considered
time the
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INVESTMENTS
Investments are stated at cost.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INVESTMENTS
December 31, 1974
Schedule 1
Issue Maturity Market Maturity
Date Date Rate Cost Value Value
u. S. Treasury Bill 4-15-74 4-8-75 8.39% $27,734.13 $27,921. 00 $30,000.00
u. S. Treasury Bill 7- 1-74 7-1-75 8.92% 18,371. 78 18,616.00 20,000.00
$46,105.91 $46,537.00 $50,000.00
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Schedule 2
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1974
F.D.I.C. coverage
Security pledged by bank
Total depository security
Cash balance per Schedule 1
Add - outstanding checks
Total balance per bank
$ 20,000.00
130,000.00
$150,000.00
$ 82,019.90
792.20
$ 82,812.10
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
TREASURER'S FIDELITY BOND
December 31, 1974
Date
Effective
Date of
Expiration
Treasurer, Salina Firemen's
Relief Association
9-10-74
9-10-75
Schedule 3
Amount
$10,000.00
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