Audit-1987
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
ANNUAL REPORT
December 31, 1987
CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
\....... .'
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
I N D E X
ACCOUNTANT'S OPINION
Page
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BALANCE SHEET - Exhibit I
2
STATEMENT OF REVENUESS AND EXPENDITURES - Exhibit II
3
STATEMENT OF CHANGES IN FUND BALANCE - Exhibit III
4
NOTES TO FINANCIAL STATEMENT
5
INVESTMENTS
6
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
7
TREASURER'S FIDELITY BOND
8
CLUBINE AND RETTELE, CHARTERED
SALINA, KANSAS
To: The Board of Directors
Salina Firemen's Relief Association
We have examined the balance sheet of the Salina Firemen's Relief Association,
as of December 31, 1987 and 1986, and the related statements of revenues
and expenditures, and changes in fund balance, for the years then ended.
Our examination was made in accordance with generally accepted auditing
standards and accordingly, included such tests of the accounting records and
such other auditing procedures that we considered necessary in the circum-
stances.
In our opinion, the financial statements present fairly, the financial
position of the Salina Firemen's Relief Association as of December 31, 1987
and 1986, and the results of its operations and changes in financial position
for the years then ended, in conformity with generally accepted accounting
principles applied on a basis consistent with that of the preceding years.
Respectfully submitted,
tf&~~d~~
September 8, 1988
(1)
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Exhibit I
BALANCE SHEET
ASSETS
December 31,
1987 1986
Cash in bank $ 73,716 $ 65,608
Certificates of deposit 130,000 130,000
Prepaid life insurance 33,613 34,722
Receivable - Trust Fund 1,030
Total Assets $ 238,359 $ 230,330
LIABILITIES
Benefits payable
$
$
2,090
FUND BALANCE
Fund Balance
238,359 228,240
Total Liabilities and Fund Balance
$ 238,359 $ 230,330
See accompanying notes to financial statements which are
an integral part hereof.
(2)
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Exhibit II
STATEMENT OF REVENUES AND EXPENDITURES
For the Year Ended
December 31,
1987 1986
Revenues
Kansas Commissioner of Insurance $ 66,439 $ 56,854
Interest 11,468 13 , 109
Benefits received 30,429 25,079
Total Revenues 108,336 95,042
Expenditures
Medical payments to injured firemen 23,424 12,738
Life and disability insurance premiums 67,197 59,468
Insurance benefits paid out 8,957 12,128
Legal and accounting 450 435
Treasurer's bond 100
Other 41 4
Total Expenditures 100,169 84,773
Revenues Over Expenditures $ 8,167 $ 10,269
See accompanying notes to financial statements which are
an integral part hereof.
(3)
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Exhibit III
STATEMENT OF CHANGES IN FUND BALANCE
Fund Balance, beginning
For the Year Ended
December 31,
1987 1986
$ 228,240 $ 217,971
Adjustment to fund balance
1,952
Revenues Over Expenditures
Fund Balance, ending
8,167 10,269
$ 238,359 $ 228,240
See accompanying notes to financial statements which are
an integral part hereof.
(4)
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1987
1. A summary of significant accounting policies is as follows:
A. 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.
B. 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 which are not normally recorded.
3. Interest on long-term debt which is normally an
expenditure when due and paid.
C. Investments are stated at cost.
D. The Salina Firemen's Relief Association has no fixed assets.
The Salina Firemen's Relief Association has $ 130,000 which is invested
in Certificates of Deposit. Under the Federal Deposit Insurance Coverage
Act, only $ 100,000 would be covered by insurance.
2. The adjustment to fund balance is the result of an entry that should have
been made at December 31, 1986 due to an overpayment to the Trust Fund
of $ 1,030.00, and an increase in benefits payable of that amount.
(5)
Certificate of Deposit
Certificate of Deposit
Certificate of Deposit
Total
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INVESTMENTS
December 31, 1987
Maturity
Date
1-29-88
2-16-88
6-17-88
Number
103-79218
103-80544
106-79002
Rate
6.25
6.25
6.50
See accompanying notes to financial statements which are
an integral part hereof.
(6)
Schedule 1
Amount
$ 30,000
40,000
60.000
$ 130,000
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Schedule 2
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1987
Balance
F.D.I.C. Bank Unsecured
First National Bank & Trust Co. Coverage Balance By Bank
Demand Deposi ts $ 73,716 $ 73,716 $
Investments 100,000 130,000 30,000
Total $ 173,716 $ 203,716 $ 30,000
See accompanying notes to financial statements which are
an integral part hereof.
(7)
~
SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Treasurer, Salina Firemen's
Relief Association
TREASURER'S FIDELITY BOND
December 31, 1987
Date
Effective
Date of
Expiration
9-10-86
9-10-89
See accompanying notes to financial statements which are
an integral part hereof.
(8)
Schedule 3
Amount
$ 10,000
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SALINA FIREFIGHTERS RELIEF ASSOCIATION
Sa1 Lla, Kansas
ANNUAL REPORT
December 31, 1987
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SALINA FIREFIGHTERS TRUST FUND
Auditing Committee
Salina, Kansas
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SALINA FIREFIGHTERS TRUST FUND
Auditing Committee
Salina, Kansas
To: The Board of Directors
Salina Firefighters Relief Association
We have examined the balance sheet of the Salina Firefighters Relief
Association, as of December 31, 1987 and 1986, and tile related
statements of income, retained earnings, and changes in financial
position, for the years then ended. Our examination was made
in accordance with generally accepted auditing standards and
accordingly, included such tests of the accounting records and
such other auditing procedures that we considered necessary in
the circumstances.
In our opinion, the financial statements present fairly, the
financial position of the Salina Firefighters Relief Association
as of December 31, 1987 and 1986, and the results of its operations
and the changes in financial position for the years then ended,
in conformity with generally accepted accounting principles
applied on a basis consistent with that of the preceding years.
Respectfully submitted,
~1frrz '/{//L Jt
Tom Wright, }Trustee
/1/1 D ,
f"''"i ~,lM ~ !,J-f -~
Gary B~ cn, Trustee
Salina Firefighters Trust Fund
( 1)
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SALINA FIREFIGHTERS RELIEF ASSOCIATION
Balance Sheet Exhibit I
Decembe r 31,
1987 1986
ASSETS
Cash in Bank $ 73,716.30 $ 65,608.00
Ce rti fi cate s of deposit 130,000.00 130,000.00
Prepaid life insurance 33,612W85 34,722.00
Total Assets $237,329.15 $230,330.00
LIABILITIES
Benefits payable -0- $ 2,090.00
FUND BALANCE
Fund balance $237,329.15 $228,240.00
e Total Liabilities and fund Balance $ 2 3 7 , 329 . 15 $230,330.00
( 2 )
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SALINA FIREFIGHTERS RELIEF ASSOCIATION
Salina, Kansas
Exhibit II
STATEMENT OF REVENUES AND EXPENDITURES
For the year ended
December 31,
1987 1986
Revenues
KansasCommissioner of Insurance
Insurance Premium Refunds
Interest
Benefits Received
$ 66,439.1.6
1,358.00
11,468.23
29,071.13
$ 56,854.00
-0-
13,109.00
25,079.00
Total Revenues
$108,336.52 $ 95,042.00
Expendi tures
Medical payments to injured firefighters
Life and disability insurance premiums
Insurance benefits paid out
Legal and accounting
Treasurers Bond
Othe r
23,424.00 12, 738.00
66,087.74 59,468.00
10,124.91 12 , 128 .00
450.00 435 .00
100.00 -0-
41.42 4.00
100,228.07 87,773.00
$ 8, 108.45 $10,269.00
Total Expenditures
Revenues Over (Under) Expenditures
( 3)
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SALINA FIREFIGHTERS RELIEF ASSOCIATION
Salina, Kansas
Exhibit III
STATEMENT OF CHANGES IN FUND BALANCE
Fund Balance Beginning
For the Year Ended
December 31,
1987 1986
$ 195,607.85 $ 217,971.00
Revenues Over Expenditures
8 , 108 .45
10,269.00
Fund Balance, ending
$ 203,716.30 $ 228,240.00
(4 )
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SALINA FIREFIGHTERS RELIEF ASSOCIATION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1987
1. A summary of significant accounting p~licies is as follows:
A. The modified accrual basis of accounting lS 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.
B. 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 which are not normally recorded.
3. Interest on long-term debt which is normally an
expenditure when due and paid.
C. Investments are stated at cost.
D. The salina Firefighters Relief Association has no fixed
assets.
( 5)