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Audit-1983 I I I I SALINA FIREMEN'S RELIEF ASSOCIATION Salina, Kansas I I I I I I REPORT ON EXAMINATION December 31, 1983 I I I I I I I I I WOODS & DURHAM Certified Public Accountants Salina, Kansas I I I I I I I I SALINA FIREMEN'S RELIEF ASSOCIATION Salina, Kansas I OFFICERS AND REPRESENTATIVES 1983 I President: Gary Beach Vice-President: Gail Aills I Secretary-Treasurer: James Weese I Representatives: Thomas Wright Leland Tinkler I I I I I I I I I I I I I I I Exhibi t IIAII Exhib it liB II I Exhib it IICII Schedule 1 I Schedule 2 Schedule 3 I I I I I I I I I 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 I I I I I I I I I I I I I I I I I I I 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?~ 1. I I I I I I I I I I I I I I I I I I I 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. I I I I I I I I I I I I I I I I I I I I 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. I I I I I I NOTE 1 - I I I I I I I I I I I I I 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. I I I I I I I I I I I I I I I I I I I 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 5. I I I I I I I I I I I I I I I I I I I 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. I I I I I I I I I I I I I I I I I I I 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 7.