Audit-1983
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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REPORT ON EXAMINATION
December 31, 1983
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WOODS & DURHAM
Certified Public Accountants
Salina, Kansas
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
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OFFICERS AND REPRESENTATIVES
1983
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President:
Gary Beach
Vice-President:
Gail Aills
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Secretary-Treasurer:
James Weese
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Representatives:
Thomas Wright
Leland Tinkler
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I Exhibi t IIAII
Exhib it liB II
I Exhib it IICII
Schedule 1
I Schedule 2
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
on Deposit . . . . . .
Treasurer's Fidelity Bond. . . .
with Balances
Page
Number
1
2
3
4
5
6
7
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WOODS & DURHAM
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
605 W, NORTH STREET
P,O, BOX 1324
SALINA, KANSAS 67401
AREA 913 825-5494
Board of Directors
Salina Firemen's Relief Association
Salina, Kansas
We have examined the balance sheet of the Salina Firemen's Relief Associa-
tion at December 31, 1982 and 1983, and the related statements of revenue,
expenditures and changes in fund balance, for the years then ended. Our
examination was made in accordance with generally accepted auditing stand-
ards and the Minimum Standard Audit Program approved by the State Munici-
pal Accounting Board, and accordingly included such tests of the account-
ing records and such other auditing procedures as we considered necessary
in the circumstances.
In our opinion, the aforementioned financial statements present fairly the
financial position of the Salina Firemen's Relief Association at December
31, 1982 and 1983, and the results of operations 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 fi-
nancial 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 statements taken as a whole.
January 10, 1984
WOODS & DURHAM
~')1La { VtMu{~
James A. Trower~ CPA
In Charge Of and Actively
Engaged On This Audit
WfWtel1 ;. )';lilL h?~
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
BALANCE SHEET
December 31,
1983
ASSETS
Cash
Savings Account
Certificates of Deposit
$ 2,014
43,927
120,000
TOTAL ASSETS
$165.941
LIABILITIES AND FUND BALANCES
Fund Balance
$165,941
TOTAL LIABILITIES AND FUND BALANCES
$165.941
See Notes to Financial Statements.
Exhibit "A"
1982
$ 1,202
58,936
120,000
$180.138
$180,138
$180.138
2.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE Exhibit "B"
For The Years Ended December 31,
REVENUES
Kansas Commissioner of Insurance
Insurance Premium Refunds
Interest
Benefits Received from Insurance Policies
Reimbursement from Trust Fund for Wages
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 Overpay-
ment to Blue Cross - Blue Shield
City of Salina - Insurance Reimbursement
Insurance Benefits Paid Out
Other
Treasurer's Bond
Treasurer's Wages
TOTAL EXPENDITURES
REVENUES OVER (UNDER) EXPENDITURES
FUND BALANCE - January 1,
FUND BALANCE - December 31,
See Notes to Financial Statements.
1983
$ 45,426
1,906
12,561
5,117
100
65,110
1,600
30,952
40,164
305
1,048
4,513
595
30
100
79,307
(14,197)
180,138
$165.941
1982
$ 45,110
16 ,738
12,179
74,027
6,402
21 , 828
34,792
2,722
572
30
66,346
7,681
172,457
$180.138
3.
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I NOTE 1 -
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
For The Year Ended December 31, 1983
Exhibit "c"
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the Salina Firemen's Relief Associa-
tion 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 accrual basis except for:
a. disbursements for inventory type items which are con-
sidered expenditures at the time of purchase or at
the time the items are used.
b. prepaid expenses which normally are not recorded.
c. interest on long-term debt which is normally an ex-
penditure when due and paid.
d. the encumbrance method of accounting which is adopted
as an additional modification.
INVESTMENTS
Investments are stated at cost.
FIXED ASSETS
Firemen's Relief Association has no fixed assets.
OTHER
The Association maintains one General Fund to account for the
transactions of the Association. The financial statements pre-
sented in this report reflect the activity of this fund.
4.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
INVESTMENTS
December 31, 1983
Issue
Date
Maturity
Date
Number
Certificate of Deposit
12-2-83
1-30-84
0050017789
Schedule 1
Rate Amount
9% $120..000
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT Schedule 2
December 31, 1983
Bank
F.D.I.C.
Coverage
First National Bank and
Trust Company
Demand Deposits
$ 45,941
Investment s
100,000
TOTALS
$145,941
Bank
Balance
$ 45,941
120,000
$165,941
Balance
Unsecured
By Bank
$
20,000
$20,000
--
*Legally Adequate Per K.S.A. 9-1402.
Security
Pledged
$
$
--
*Bank
Balance
Unsecured
$
$
*
6.
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SALINA FIREMEN'S RELIEF ASSOCIATION
Salina, Kansas
TREASURER'S FIDELITY BOND
December 3l~ 1983
Date
Effective
Treasurer~ Salina Firemen's
Relief Association
9-10-83
Date of
Expiration
9-10-84
Schedule 3
Amount
$10,000
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