Audit-1984
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
ANNUAL REPORT
December 31, 1984
CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INDEX
ACCOUNTANT'S OPINION
BALANCE SHEET - Exhibit I
STATEMENT OF REVENUE AND EXPENDITURES - Exhibit II
STATEMENT OF CHANGES IN FUND BALANCE - Exhibit III
NOTES TO FINANCIAL STATEMENT
INVESTMENTS
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES on DEPOSIT
TREASURER'S FIDELITY BOND
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CLUBlNE AND RETTELE, CHARTERED
SALINA, KNASAS
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To: The Board of Directors
Salina Firemen's Relief Association
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We have examined the balance sheet of the Salina Firemen's Relief Association,
as of December 31, 1984, and the related statements of income, retained earnings,
and changes in financial position for the year 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.
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In our opinion, the financial statements present fairly, the financial position
of the Salina Firemen's Relief Association as of December 31, 1984, and the
results of its operations and the changes in financial position for the year
then ended, in conformity with generally accepted accounting principles applied
on a basis consistent with that of the preceding years.
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Respectfully submitted,
!Y~~~ ~&-/
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March 12, 1985
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(1)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
BALANCE SHEET
December 31, 1984
ASSETS
Cash in bank
Savings account
Certificates of deposit
Total Assets
LIABILITIES AND FUND BALANCES
Fund Balance
Total Liabilities and Fund Balances
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See accompanying notes to financial statements which
integral part hereof.
(2)
ar e an
Exhibit I
$ 605
34,981
160,000
$ 195,586
$ 195,586
$ 195,586
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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STATEMENT OF REVENUES AND EXPENDITURES
For the Year Ended December 31, 1984
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Revenues
Kansas Commissioner of Insurance
Insurance premium refunds
Interest
Benefits received
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Total Revenues
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Expenditures
Medical payments to injured firemen
Life and disability insurance premiums
Blue Cross/Blue Shield
Refunds to Firemen's Benefit Fund from overpayment
to Blue Cross/Blue Shield
Legal and accounting
Treasurer's bond
Other
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Total Expenditures
Revenues over Expenditures
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See accompanying notes to financial statements which are an
integral part hereof.
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(3)
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Exhibit II
$ 44,444
25,624
15,169
7,701
92,938
8,028
31,170
3,516
19,730
625
27
197
63,293
$ 29,645
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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Exhibit III
STATEMENT OF CHANGES IN FUND BALANCE
For the Year Ended December 31, 1984
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Fund balance, beginning
$ 165,941
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Revenues over expenditures
29,645
Fund balance, ending
$ 195,586
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See accompanying notes to financial statements which are an
integral part hereof.
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(4)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1984
1.
A summary of significant accounting policies are 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 $ 60,000 unsecured coverage
which is invested in a certificate of deposit.
(5)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
Schedule 1
INVES TIIENTS
December 31, 1984
Issue Maturity
Date Date Number Rate Amount
Certificate of Deposit 12-22-85 3-25-85 77 900 10.75% $ 120,000
Certificate of Deposit 11-2-84 2-1-85 78800 10.00% 40,000
Total $ 160,000
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See accompanying notes to financial statements which are an
integral part hereof.
(6)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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Schedule 2
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1984
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Balance
F.D.I.C. Bank Unsecured
First National Bank & Trust Co. Coverage Balance By Bank
Demand Deposits $ 35,586 $ 35,586 $
Investments 100,000 160,000 60,000
Total $ 135,586 $ 195,586 $ 60,000
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See accompanying notes to financial statements which are an
integral part hereof.
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(7)
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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TREASURER'S FIDELITY BOND
December 31, 1984
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Date
Effective
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Treasurer, Salina Firemen's
Relief Association
9-10-84
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Schedule 3
Date of
Expiration
Amount
9-10-85
$ 10,000
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See accompanying notes to financial statements which are an
integral part hereof.
(8)
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