Audit- 1991
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
FINANCIAL STATEMENT AND INDEPENDENT AUDITORS' REPORT
December 31, 1991
CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
I N D E X
INDEPENDENT AUDITORS' REPORT
BALANCE SHEET - Exhibit I
STATEMENTS OF REVENUE AND EXPENDITURES - Exhibit II
STATEMENTS OF CHANGES IN FUND BALANCE - Exhibit III
NOTES TO FINANCIAL STATEMENTS
INVESTMENTS - Schedule 1
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES
ON DEPOSIT - Schedule 2
TREASURER'S FIDELITY BOND - Schedule 3
Paqe
1
2
3
4
5
6
7
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CLUBINE AND RETTELE, CHARTERED
SALINA, KANSAS
INDEPENDENT AUDITORS' REPORT
To: The Board of Directors
Firefighter's Relief Association of Salina
We were engaged to audit the accompanying balance sheet of Fire-
fighter's Relief Association of Salina, Salina, Kansas, as of December
31, 1991 and 1990, and the related statements of revenue and
expenditures and changes in fund balance, for the years then ended.
These financial statements are the responsibility of Firefighter's
Relief Association of Salina's management.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to in the first
paragraph above, present fairly, in all material respects, the
financial position of Firefighter's Relief Association of Salina, as
of December 31, 1991 and 1990, and the results of its operations, for
the years then ended, in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. Schedules 1 - 3 are
presented for purposes of additional analysis and are not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken
as a ~.,hole.
CLUBINE AND RETTELE, CHARTERED
~.~~
Hay 25, 1992
( 1 )
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
BALANCE SHEET
ASSETS
Cash in bank
Certificate of deposit
Cash surrender value of life insurance (Note 3)
Total Assets
FUND BALANCE
Fund Balance - Exhibit III
Total Liabilities and Fund Balance
Exhibit I
December 31,
1991 1990
S 79,740
90,000
291,675
S 66,523
90,000
254,627
S 461,415 S 411,150
S 461,415 S 411,150
S 461,415 S 411,150
See notes which are an integral part of the financial statements.
(2 )
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
Exhibit II
STATEMENTS OF REVENUES AND EXPENDITURES
For the Year Ended
December 31,
1991 1990
Revenues
Kansas Commissioner of Insurance $ 58,183 $ 59,804
Interest and dividends 9,193 9,135
Benefits received 5,000 27,587
Other revenue 6,504 3,394
Total Revenues 78,880 99,920
Expenditures
Medical payments to injured firemen 5,000 21,524
Life and disability insurance premiums 18,714 39,676
Insurance benefits paid out 468 4,599
Legal and accounting 575 525
Reimbursement 3,386
Fiduciary fees 449
Office supplies 23
Total Expenditures 28,615 66,324
Excess of Revenues Over Expenditures $ 50,265 $ 33,596
See notes which are an integral part of the financial statements.
(3 )
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
Exhibit III
STATEMENTS OF CHANGES IN FUND BALANCE
Fund Balance, beginning
For the Year Ended
December 31,
1991 1990
$ 411,150 $ 377,554
Excess of Revenue Over Expenses
50,265 33,596
Fund Balance, ending
$ 461,415 $ 411,150
See notes which are an integral part of the financial statements.
( 4 )
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1991
1. A summary of significant accounting policies is as follows:
A. The financial statements have been prepared on the modified
accrual basis. Firefighter's Relief Association of Salina,
Salina, Kansas is exempt from federal and state income taxes
under Internal Revenue Code Section 501(c)(3). The
significant accounting policies are described below to
enhance the usefulness of the financial statements to the
reader.
B. The modified accrual basis of accounting is used. The
modifications from the accrual basis are as follows:
1. Revenues are recorded as received in cash except
for revenues susceptible to accrual and material
revenues that are not received at the normal time of
receipt.
C. Expenditures are recorded on an accrual basis except for
as follows:
1. Disbursements for inventory type items which are
expensed at the time of purchase.
2. Prepaid expenses are normally recorded as expenses at
the time of payment.
3. Interest on long-term debt which is normally an
expenditure when due and paid.
D. Investments are stated at cost.
E. The Firefighter's Relief Association of Salina has no
fixed assets.
2. The Firefighter's Relief Association of Salina has $ 90,000 which
is invested in Certificates of Deposit and $ 75,568 in a money
market account. Under the Federal Deposit Insurance Coverage
Act, interest bearing accounts are only covered up to $ 100,000,
therefore, the bank has pledged securities of $ 300,000 to the
Association.
4. The cash surrender value of the life insurance policies held by
the Association reflects the amount the Association would receive
if the life insurance policies were terminated as of December 31,
1991.
( 5 )
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
First Federal of Michigan
Glendale Federal
Total
INVESTHENTS
December 31, 1991
Haturity
Date
10-14-92
2-7-92
'rype
C of D
C of D
Rate
6.45
6.85
Schedule 1
Amount
$ 30,000
60,000
$ 90,000
See notes which are an integral part of the financial statements.
( 6 )
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
Schedule 2
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1991
Balance
F.D.I.C. Bank Unsecured
First National Bank & Trust Co. Coveraqe Balance By Bank
Demand Deposits $ 4,172 $ 4,172 $
Investments 100,000 165,568
Total (Note 3) 104,172 $ 169,740 $
Pledged Securities by Bank 300,000
Total Coverage $ 404,172
See notes which are an integral part of the financial statements.
( 7 )
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FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
TREASURER'S FIDELITY BOND
December 31, 1991
Date
Effective
Date of
Expiration
Treasurer, Firefighter's Relief
Association of Salina
9-10-89
9-10-92
Schedule 3
Amount
S 10,000
( 8 )
See notes which are an integral part of the financial statements.