HoumaAreaConvention andvisitorsbureau

Transcription

1 HoumaAreaConvention andvisitorsbureau AnualFinancialReport YearEndedDecember Asofandforthe Underprevisie~z~f~tat~!~,*,~thisregort{sa~)ubtic docurt~ent?,co':,':[f,~:;~){:;r~h~:;b~:'er~sl,bmitedto therqtit7~ndc;e8ppr~}9[~:~:','!:~ublco~!;:ia[sthe report~s:~:,/:-!a~;i:2~;:;p:~b:~):.~5~t(:[ionat%}',esaton ROL:]~Ofi(:~tofd"~[.e(:~!~Yv~z:".~id]t:rs~idwhere ap,-opnate,at~eofi~,:i~ofti;eisa~ishclerkofcourt ReleaseDate~M~13~1}~ Undertheprovisionsofstatelaw,thisreportisapublicdocument.Acopyofthisreporthas bensubmitedtothegovemor,totheatorneygeneral,andtotherpublicoficialsas requiredbystatelaw.acopyofthisreporthasbenmadeavailableforpublicinspectionathe BatonRougeoficeoftheLegislativeAuditorandatheoficeoftheparishclerkofcourt.

2 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember AnualFinancialReport Page IndependentAuditor'sReport Management'sDiscusionandAnalysis FinancialStatements StatementofNetAsets 8 StatementofActivities BalanceShet-GovernmentalFund 10 9 StatementofRevenues,ExpendituresandChangesinFundBalance- GovernmentalFundType-GeneralFund

3 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember AnualFinancialReport TableofContents SpecialReportsofCertifiedPublicAcountants ndependentauditor'sreportoncomplianceandonintemalcontrol overfinancialreportingbasedonanauditoffinancialstatements PerformedinAcordancewithGovernmentAuditingStandards ScheduleofFindingsandQuestionedCosts Management'sCorectiveActionPlanforCurentYearFindings 2829 ScheduleofPriorFindingsandResolutionMaters -i-

4 Penegrin Martinand 103RameyRoad Hourna,Louisiana70360 'AProfesionalCorporati~) CertifiedPublicA~n:ants Fax(985) INDEPENDENTAUDITOR'SREPORT TotheBoardofComisioners HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment Houma.Louisiana WehaveauditedtheacompanyingbasicfinancialstatementsoftheHoumaArea thetableofcontents.thesebasicfinancialstatementsaretheresponsibilityofthebureau's ConventionandVisitorsBureau(theBureau),acomponentunitoftheTereboneParish ConsolidatedGovernment,asofandfortheyearendedDecember31,202,aslistedin management.ouresponsibilityistoexpresanopiniononthesebasicfinancial statementsbasedonouraudit. Weconductedourauditinacordancewithauditingstandardsgeneralyaceptedinthe UnitedStatesofAmericandthestandardsaplicabletofinancialauditscontainedin GovernmentAuditingStandards,isuedbytheComptrolerGeneraloftheUnitedStates. Anauditincludesexamining,onatestbasis,evidencesuportingtheamountsand Thosestandardsrequirethatweplanandperformtheauditobtainreasonable asuranceaboutwhetherthebasicfinancialstatementsarefreofmaterialmistatement. disclosuresinthebasicfinancialstatements.anauditalsoincludesasesingthe acountingprinciplesusedandsignificantestimatesmadebymanagement,aswelas evaluatingtheoveralbasicfinancialstatementpresentation.webelievethatouraudit providesareasonablebasisforouropinion. Inouropinion,thebasicfinancialstatementsreferedtoabovepresentfairly,inalmaterial withacountingprinciplesgeneralyaceptedintheunitedstatesofamerica. respects,thefinancialpositionofthehoumaareaconventionandvisitorsbureauasof December31,202,andtheresultsofitsoperationsfortheyearthenendedinconformity InacordancewithGovernmentAuditingStandards,wehavealsoisuedoureportdated April2,203,onourconsiderationoftheBureau'sinternalcontroloverfinancialreporting andourtestsofitscompliancewithcertainprovisionsoflaws,regulations,contracts,and AuditingStandardsandshouldbereadinconjunctionwiththisreportinconsideringthe grants.thatreportisanintegralpartofanauditperformedinacordancewithgovernment resultsofouraudit. -1-

5 TotheBoardofComisioners HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsdescribedinNote1tothebasicfinancialstatements,theHoumaAreaConventionand VisitorsBureauadoptedtheprovisionsofGovernmentalAcountingStandardsBoard Statement34,BasicFinancialStatements-andManagement'sDiscusionandAnalysis- ForStateandLocalGovernmentsandStatementNo.37,BasicFinancialStatements-and Management'sDiscusionandAnalysis-ForStateandLocalGovernments:Omnibus,as ofjanuary1,202.thisresultsinachangeintheformatandcontentofthebasicfinancial statements. TheManagement'sDiscusionandAnalysisonpage3through7andthebudgetary compadsoninformationon2arenotarequiredpartofthebasicfinancialstatementsbut isuplementaryinformationrequiredbythegovernmentalacountingstandardsboard. Wehaveapliedcertainlimitedprocedures,whichconsistedprincipalyofinquiriesof managementregardingthemethodsofmeasurementandpresentationofthe suplementaryinformation.however,wedidnotauditheinformationandexpresno opiniononit. Ourauditwasconductedforthepurposeoforminganopiniononthebasicfinancial statementstakenasawhole.thesuplementalinformationscheduleofexpenditures- GeneralFundonpage23ispresentedforthepurposeofaditionalanalysisandisnota requiredpartofthegeneralpurposefinancialstatementsofthehoumaareaconvention andvisitorsbureau.suchinformationhasbensubjectedtotheauditingprocedures apliedintheauditofthebasicfinancialstatementsand,inouropinion,isfairlypresented inalmaterialrespectsinrelationtothebasicfinancialstatementstakenasawhole. -2-

6 MANAGEMENT'SDISCUSIONANDANALYSIS

7 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment Management'sDiscusionandAnalysis December AsmanagementoftheHoumaAreaConventionandVisitorsBureau(HACVB),weofer readersofhacvb'sfinancialstatementsthisnarativeoverviewandanalysisofthe financialactivitiesofhacvbfortheyearendeddecember31,202. FINANCIALHIGHLIGHTS HoumaAreaConventionandVisitorsBureau'sasetsexcededitsliabilities by$1,48,4(netasets)asofdecember31,202. Expendituresexcededrevenuesby$58,92duringtheyear OVERVIEWOFTHEFINANCIALSTATEMENTS ThisdiscusionandanalysiservesasanintroductiontoHACVB'sbasicfinancial statements.thehoumaareaconventionandvisitorsbureau'sbasicfinancialstatements consistofthefolowingcomponents: StatementofNetAsets.Thistatementcombinesandconsolidatesthegovernmental fund'scurentfinancialresources(short-termspendableresources)withcapitalasetsand long-termobligations,regardlesiftheyarecurentlyavailableornot. StatementofActivities.Consistentwiththefulacrualbasismethodofacounting,this statementacountsforthentity-widecurentyearevenuesandexpensesregardlesof whencashisreceivedorpaid. BalanceShet-GovernmentalFund.ThistatementpresentstheHACVB'sasets liabilities,andfundbalanceforitsgeneralfundonly. StatementofRevenues,Expenditures,andChangesinFundBalance- GovernmentalFundType-GeneralFund.Consistentwiththemodifiedacrualbasis methodofacounting,thistatementacountsforcurentyearevenueswhenreceived exceptwhentheyaremeasurableandavailable.expendituresareacountedforinthe periodthatgodsandservicesareusedinthegovernment'sactivities.inadition,capital asetpurchasesarexpensedandnotrecordedasanaset.thestatementalsoexhibits therelationshipofrevenuesandexpenditureswiththechangeinetasets. CombinedBalanceShet-AlFundTypes.ThistatementpresentstheHoumaArea ConventionandVisitorsBureau'sasetsandliabilitiesforalfundtypes,withthediference ofasetsandliabilitiesreportedasfundbalance.thefluctuationinfundbalancecanbe usedasanindicationofwhetherthefinancialpositionofhacvbisimprovingor deteriorating.thistatementdoesnotincludecapitalasetsorlongtermobligations. -3-

8 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment Management'sDiscusionandAnalysis December31,202 VERVI informationesentialtoafulunderstandingofthedataprovidedinthebasicfinancia statements. NotestotheFinancialStatements.Theacompanyingnotesprovideaditiona Asnotedearlier,fundbalancemayserveovertimeasausefulindicatorofanentity's financialposition.inthecaseofhacvb,asetsexcededliabilitiesby$1,48,4athe closeofthemostrecentyear,december31,202.thelargestportionofhacvb'stotal asetsisnetfixedasets(52%)andcash(29%). HACVB'sNetAsets ASETS Curentasets Capitalasets,netacumulated $ 730,312 Otherasets depreciation $ ,935 LIABILITIES TOTALASETS Acountspayableandacrued NETASETS expenses Fundbalance-unreserved Investedincaptialasets 767,87 Totalnetasets ,172 TOTALIABILITIESAND ,264 NETASETS

9 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment Management'sDiscusionandAnalysis December31,202 BASICFINANCIALANALYSIS(Cont. ~Capitalasets,whichwerereportednetofacumulatedepreciation,acountfor51% ofthetotalasetsofhacvbforthemostrecentyearended. ~Investmentincapitalasetsacountsfor51.5%ofnetasets DuringtheyearHACVB'snetasetsdecreasedby$58,92.Thelementsofthedecrease areasfolows: HACVB'sChangesinNetAsets REVENUES Taxes:Parish State Miscelaneous Interestearned Other Totaloperatingrevenues EXPENSES Personalservices Supliesandmaterials Otherservicesandcharges Repairsandmaintenance Depreciation Totaloperatingexpense OTHERFINANCINGSOURCES Saleofixedasets CHANGEINETASETS FortheYearEndedDecember , , ,680 19, ,60 21,818 42, (58,92) 30, ,983 2, ,73 17, ,78 14, Asindicatedabove,netasetsdecreasedby$58,92.Thisdecreaseisatributedtothe decreaseininterestincomeandtheincreaseinadvertisingexpense,depreciation,and contributions.

10 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment Management'sDiscusionandAnalysis December31,202 AtDecember31,202,theBureauhad$914,10investedincapitalasets Land Buildings Autoandtrucks 673,307 50,0 Oficequipment Lesacumulatedepreciation Subtotal (146,23) 914, ,606 84,705 $ 767,87 $ (103,53) 781,172 Thisisanincreaseincapitalasetof$29,405overlastyearwhichisduetothepurchases ofportabletradeshowboths.depreciationexpensefortheyearis$42,690. Asamaterofpractice,theBureauamendsitsbudgetonceduringthefiscalyear.Forthe INALVS. T yearendeddecember31,202,thebudgetwasamendedindecember202.thebudget forevenueswasincreasedby35%. Revenues Totalrevenuesrevisedbudget Totalrevenuesoriginalbudget 606,90 $ 451,0 15,90 IncreaseinRevenueBudget TheBureau'sactualrevenuesweremorethantherevisedbudgetedrevenuesby$5,82,a varianceofles1%.

11 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment Management'sDiscusionandAnalysis Expenditures December31,202 TheBureau'sbudgetforexpendituresdecreasedby20%fortheyearendedDecember Totalexpendituresrevisedbudget Totalexpendituresodginalbudget $ 63,60 $(164,870) 828,470 DecreaseinExpenditureBudget TheBureau'sactualexpenditureswerelesthantherevisedbudgetbylesthan1% ThisfinancialreportisdesignedtoprovideageneraloverviewofHACVB'sfinancesforal STFORINF thosewithsuchaninterest.calthehacvbofice( )atentionsharonalford, ExecutiveDirector,ifyoushouldhaveanyfurtherquestionsconcerninganyofthe informationprovidedinthisreportorhavearequestforaditionalfinancialinformation. -7-

12 FINAN

13 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment StatementofNetAsets December Government Activities ASETS Cash Taxesreceivable Investments $426, ,084 DuefromTereboneParish Prepaidinsurance ConsolidatedGovernment 75,943 24,53 Securitydeposits 65 Acumulatedepreciation Fixedasets 914,10 75 $1,498,274 (146,23) LIABILITIES Acountspayableand NETASETS acruedexpenses Investmentingeneralfixedasets Fundbalance-Unreserved 767, TOTALIABILITIESANDNETASETS $1,498,274 Theacompanyingnotesareanintegralpartofthistatement. -8-

14 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment FortheYearEndedDecember StatementofActivities REVENUES Governement Activities Taxes:Parish Miscelaneous: State 327, Interestearned Other 1,721 EXPENSES Economicdevelopmentand asistance: Personalservices Supliesandmaterials Otherservicesandcharges 178,680 Repairsandmaintenance Depreciation 408,60 19,925 21, TOTALEXPENSES CHANGEINETASETS NETASETS (58,92) Beginingofyear Endofyear $1,48, Theacompanyingnotesareantegralpartofthistatement -9-

15 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment GovernmentalFundType BalanceShet December ASETS Cash Investments Taxesreceivable DuefromTereboneParish Prepaidinsurance ConsolidatedGovernment Securitydeposits TOTALASETS Acountspayableand LIABILITIES acruedexpenses Fundbalance-Unreserved TOTALIABILITIESAND FUNDBALANCE 426, , , $730,387 $9, $730,387

16 HoumaAreaConventionandVisitorsBureau TersboneParishConsolidatedGovernment StatementofRevenues,Expenditures andchangesinfundbalance- GovernmentalFundType FortheYearEndedDecember31,202 GeneralFund REVENUES Taxes:Parish Miscelaneous: State 327,42 Interestearned Other 1,721 EXPENDITURES TOTALREVENUES Economicdevelopmentand asistance: Personalservices Supliesandmaterials 178,680 Otherservicesandcharges Repairsandmaintenance Capitalexpenditures 408,60 19,925 21,818 TOTALECONOMICDEVELOPMENT EXCESOFEXPENDITURESOVEREVENUES ANDASISTANCE 658,429 FUNDBALANCE (45,707) Beginingofyear Endofyear $720,57 76,264 Theacompanyingnotesareanntegralpartofthistatement. -1-

17 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment ReconciliationoftheBalanceShetoftheGovernmentalFund tothestatementofnetasets December Totalfundbalance-totalgovermentalfunds Amountsreportedforgovernmentalactivitiesinthestatementof netasetsarediferentbecause: Capitalasetsof$914,10,netofacumulatedepreciationof $146,23,arenotfinancialresourcesand,therefore,arenot reportedinthefunds. 767,87 Netasetsofgovernmentalactivities $1,48,4 ReconciliationoftheStatementofRevenue,Expenditures,and ChangesinFundBalance-GovernmentalFundtothe StatementofActivities December Changeinfundbalance-governmentalfund Amountsreportedforgovernmentalactivitiesinthestatement (45,707) ofactivitiesarediferentbecause: whereasinthestatementofactivities,thesecostsare Governmentalfundreportscapitaloutlaysasexpenditures depreciatedovertheirestimatedusefulives Depreciationexpense Changeinetasetsofgovernmentactivities Capitaloutlays (42,691)

18 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment CombinedBalanceShet- AlFundTypes December Govemental ASETS GeneralFund FundType FundType Fiduciary AQency (Memorandum Total Only) Cash Investments Taxesreceivable 426,097 DuefromTereboneParish 203,084 Prepaidinsurance Securitydeposits ConsolidatedGovernment 75,943 $6,546 $426, ,084 24, ,489 $730,387$14,707$745,094 32, LIABILITIES Acountspayableandacrued DuetoHouma-TeraboneCivicCenter expenses $9, ,830

19 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovement AsofandfortheYearEndedDecember NotestoFinancialStatements NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES TheHoumaAreaConventionandVisitorsBureau(theBureau)wascreatedand establishedbytereboneparishpolicejuryordinanceno.197onmay3,197, authorizedbyact19ofthelouisianalegislatureof1975(r.s ,3).the BureauwasformedforthepurposeofpromotingtourismwithintheParishofTerebone. TheBureauiscomposedofninemembers,knownascomisioners,whoareauthorized todoalthingsnecesaryforthepromotion,advertisement,andpublicationofinformation relatingtotouristatractionswithinitsjurisdiction.thebureaumayalsosueandbesued, aceptgrantsordonationsofeverytype,andmakecapitalimprovementsforthepurpose ofobtainingfederalfunds.however,thebureaumaynotexerciseanyfunctionthatresults incompetitionwithlocalretailbusinesesorenterpdses.thebureauisfundedbya3% withintheboundariesofterebonepadshandtaxescolectedbythestateonthe taxontheocupancyofhotelroms,motelroms,andovernightcampingfacilitieslocated Bureau'sbehalf. TheacountingandreportingpoliciesoftheBureauconformtogeneralyacepted acountingprinciplesasaplicabletogovernments.thefolowingisasumaryof significantacountingpolicies: A.REPORTINGENTITY GASBStatementNo.14establishedcritedafordeterminingthegovernmentalreporting entityandcomponentunitsthatshouldbeincludedwithinthereportingentity.financial acountabilitybytheconsolidatedgovernmentisdeterminedonthebasisofthe folowingcriteda: Apointmentofvotingmajorityofgoverningboard Impositionofwil Financialbenefitorburden Fiscaldependence Designationofmanagement Becausetheconsolidatedgovernmentapointsthegoverningboardandcanimpose itswil,thehoumaareaconventionandvisitorsbureauwasdeterminedtobea componentunitofthetereboneparishconsolidatedgovernment,thegoverning bodyoftheparishandthegovernmentalbodywithfinancialacountability. -14-

20 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember31,202 NotestoFinancialStatements NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Cont. A.REPORTINGENTITY(Cont. Theacompanyingfinancialstatementspresentinformationonlyonthefunds government,thegeneralgovernmentservicesprovidedbythatgovernmentalunit,or maintainedbythebureauandonotpresentinformationontheconsolidated theothergovernmentalunitsthatcomprisethegovernmentalreportingentity. TheBureauhasreviewedalofitsactivitiesandeterminedthatherearenopotential componentunitsthatshouldbeincludedinitsfinancialstatements. B.GASB34-FUNDFINANCIALSTATEMENTS DuringtheyearendedDecember31,202,theBureauadoptedGASBStatementNo. 34,BasicFinancialStatementsandManagement'sDiscusionandAnalysis-forState andlocalgovernments,asamendedbygasbstatementno.37andno.38,and Thefundstatementsaresimilartofinancialpresentationsofyearspast.TheAcount apliedthosestandardsonaretroactivebasis. thefundstatementsarereportedusingthemodifiedacrualmethodofacounting. Group:GeneralFixedAsetsisnolongereported.Consistentwithpreviousyears, theyaremeasurableandavailable.expendituresareacountedforintheperiodthat Underthisbasisofacounting,revenuesarerecordedwhenreceivedexceptwhere godsandservicesareused.inadition,capitalasetpurchasesarexpensedand notrecordedasanaset. Theacountingsystemisorganizedandoperatedonafundbasiswherebyaseparate self-balancingsetofacountsismaintainedforthepurposeofcaryingonspecific activitiesoratainingcertainobjectivesinacordancewithspecialregulations, restrictionsorlimitations.themajorfundcategoriesare: GovementalFundsarethosethroughwhichgovernmentalfunctionsoftheBureau arefinanced.theacquisition,useandbalancesofthebureau'sexpendable financialresourcesandtherelatedliabilitiesareacountedforthrough GovernmentalFunds.Themeasurementfocusisupondeterminationofchangesin financialposition,ratherthanuponetincomedetermination.thefolowingisthe -15-

21 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember NotestoFinancialStatements NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Cont. C.FUNDACOUNTING(Cont. GovernmentalFundoftheBureau GeneralFund-TheGeneralFundisthegeneraloperatingfundoftheBureau.It isusedtoacountforalfinancialresourcesexcepthosethatarerequiredtobe acountedforinanotherfund. FiduciaryfundsacountforasetsheldbytheBureauinatrusteoragency capacity.agencyfundsarecustodialinatureandonotinvolvemeasurementof resultsofoperations.thefolowingisthefiduciaryfundofthebureau: AgencyFund-TheAgencyFundisusedbytheBureautoreceiveandtransfer fundsalocatedtothehouma-tereboneciviccenterbasedona1%increase totheparishocupancytaxefectiveapril1,19. D Basisofacountingreferstowhenrevenuesandexpendituresarerecognizedinthe acountsandreportedinthefinancialstatements.basisofacountingrelatestothe timingofthemeasurementsmade,regardlesofthemeasurementfocusaplied. TheGovernmentalandAgencyFundsareacountedforusingthemodifiedacrual basisofacounting.theirevenuesarerecognizedwhentheybecomemeasurable andavailableasnetcurentasets.hotel/motelsalesandusetaxesarerecordedas revenuesinthemonthdue.parishtaxrevenuesarecolectedbytheterebone ParishSalesandUseTaxDepartment,remitedtotheTereboneParish ConsolidatedGovernment,andsubsequentlysentotheBureau.Decembertaxes wereremitedtothetereboneparishsalesandusetaxdepartmentinjanuaryand paidtothebureauinfebruary.thestatetaxrevenuesarecolectedbythetreasurer ofthestateoflouisianandremitedtothebureauonaquarterlybasis. Miscelaneousrevenuesarerecordedasrevenueswhenreceivedincashbythe Bureaubecausetheyaregeneralynotmeasurableuntilactualyreceived. Expendituresarerecognizedunderthemodifiedacrualbasisofacountingwhenthe relatedfundliabilityisincured

22 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember NotestoFinancialStatements NOTE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(Cont. E.OPERATINGBUDGETARYDATA AsrequiredbyLouisianaRevisedStatute39:1303,theBoardofComisioners(the Board)adoptedabudgetfortheBureau'sGeneralFund.Anyamendmentinvolving thetransferofmoniesfromonefunctiontoanotherorincreasesinexpendituresmust beaprovedbytheboard.albudgetedamountsthatarenotexpendedorobligated throughcontractslapseatyear-end.thebudgetwasamendedonceduringtheyear. TheGeneralFundbudgetisadoptedonabasismaterialyconsistentwithgeneraly aceptedacountingprinciples. ThefinancialstatementsoftheBureaucontainoalowanceforbaddebts. Uncolectibleamountsduefortaxesandothereceivablesarerecognizedasbadebts athetimeinformationbecomesavailablewhichwouldindicatetheuncolectibilityof theparticulareceivable.theseamountsarenotconsideredtobematerialinrelation tothefinancialpositionoroperationofthebureau. G.CASHANDCASHEQUIVALENTS TheBureauconsidersalhighlyliquidinvestmentspurchasedwithaninitialmaturityof thremonthsorlestobecashequivalents. nvestmentsarestatedatcost,whichaproximatesmarket. CapitalasetsarepresentedontheStatementofNetAsets Depreciationofalfixedasetsiscomputedonthestraight-linebasis.Estimatedusefu livesofpropertyandequipmentareasfolows: Oficequipment Automobiles Building 5-7years 5years 39years -17-

23 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember NotestoFinancialStatements TE1-SUMARYOFSIGNIFICANTACOUNTINGPOLICIE FIXEDASETS Alfixedasetsarevaluedathistoricalcostorestimatedhistoricalcostifactual historicalcostisnotavailable.donatedfixedasetsarevaluedatheirestimatedfair valueonthedatedonated. J.COMPENSATEDABSENCES Ful-timemployesmayacrueuptothirtydaysofvacationtime,whichbeginsto acrueafteronemonthofemployment.noemployeiseligibleforanyvacationtime beforethendofhisorherfirstyearofemploymenṭacumulatedvacationisdueto themployeathetimeofterminationordeath.eachfultimemployereceivesten daysofsickleaveperyear;however,sickleavedoesnotacumulateorvest.ful-time employesmaybegrantedmaternityleaveoftwowekswithpayandtwowekson half-payprovidedsuchrequestisubmitedinwritingtotheexecutivedirector. TheamountofacumulatedvacationbenefitswasnotsignificantatDecember TheBureaudoesnotutilizencumbranceacounting,underwhichpurchaseorders contractsandothercomitmentsarerecordedinthefundgeneraledgers. L.MEMORANDUMONLY-TOTALCOLUMNS Thetotalcolumnonthecombinedfinancialstatementsiscaptionedmemorandumonly toindicatethatitispresentedonlytofacilitatefinancialanalysis.datainthiscolumn donotpresentfinancialpositionoresultsofoperationsinconformitywithgeneraly aceptedacountingprinciples.suchdataisnotcomparabletoaconsolidatioṇ Interfundeliminationshavenotbenmadeintheagregationofthisdata. -18-

24 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember NotestoFinancialStatements Louisianastatelawalowsalpoliticalsubdivisionstoinvestexcesfundsinobligationsof theunitedstates,certificatesofdepositofstatebanksorganizedunderlouisianalawor nationalbankshavingabranchinlouisianaoranyotherfederalyinsuredinvestment. Statelawalsorequiresthatdepositsofalpoliticalsubdivisionsbefulycolateralizedatal times.aceptablecolateralizationincludesfdicinsuranceandthemarketvalueof securitiespurchasedandpledgedtothepoliticalsubdivision.obligationsoftheunited States,theStateofLouisianandcertainpoliticalsubdivisionsarealowedasecurityfor deposits.obligationsfurnished,asecudtymustbeheldbythepoliticalsubdivisionorwith anunafiliatedbankortrustcompanyfortheacountofthepoliticalsubdivision.the Bureau'sdepositsarecategorizedtogiveanindicationofthelevelofriskasumedat December31,202.Thecategoriesareasfolows: Category1- Category2- agentinthebureau'sname. Colateralizedwithsecudtiesheldbythepledgingfinancialinstitution's trustdepartmentoragentinthebureau'sname. Uncolateralized InsuredorcolateralizedwithsecuritiesheldbytheBureauorbyits Deposits,categorizedbylevelofrisk,are Balance Bank 1 Cateqory 2 3 Cashandcashequivalents$49,726$129,976$319,750$ TheBureau'sdepositswerenotinexcesofFDICinsurancelimitsandaceptablepledged securitiesatdecember Understatelaw,theBureaumayinvestinUnitedStatesbonds,treasurynotesandbils,or certificatesofdepositofstatebanksorganizedunderlouisianalawandnationalbanks havingoficesinlouisiana.inadition,localgovernmentsinlouisianareauthorizedto investinthelouisianaasetmanagementpol,inc.(lamp),anonprofitcorporation formedbyaninitiativeofthestatetreasurerandorganizedunderthelawsofthestateof Louisiana,whichoperatesalocalgovernmentinvestmentpol.AtDecember31,202,the BureauholdsinvestmentsconsistingofcertificatesofdepositsandepositsinLAMP. -19-

25 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember31,202 NotestoFinancialStatements NOTE2-DEPOSITSANDINVESTMENTStCont. TheBureau'sinvestmentsarecategorizedtogiveanindicationofthelevelofriskasumed bythebureauatdecember31,202.thecategoriesaredescribedasfolows: Category1-Insuredoregistered,withsecuritiesheldbytheBureauoritsagentin Category2-Uninsuredandunregistered,withsecuritiesheldbythecounterparty's thebureau'sname. Category3-Uninsuredandunregistered,withsecuritiesheldbytheceunterparty, trustdepartmentoragentinthebureau'sname. oritstrustdepartmentoragentbutnotinthebureau'sname. nvestments,categorizedbylevelofrisk,are: 1 Category 2 3 Value Fair Cost CertificatesofDeposit$29,904$ $- $29,904$29,904 Thiscostdidnotdifermaterialyfromthemarketvalueoftheinvestmentsonthatdate. Investmentswithacostof$173,180wereondepositwithLAMPatDecember31,202. TheinvestmentwithLAMPisnotcategorizedinthethreriskcategoriesaboveprovidedby GASBCodificationSection becausetheinvestmentisinapolofundsand thereforenotevidencedbysecuritiesthatexistinphysicalorbokentryform.thelamp Louisianareauthorizedtoinvest. portfolioincludesonlysecuritiesandotherobligationsinwhichlocalgovernmentsin -20-

26 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment AsofandfortheYearEndedDecember31,202 NotestoFinancialStatements NOTE3-CHANGESINFIXEDASETS Asumaryofchangesinfixedasetsfolows January1, Balance 202 AditionsRetirements December 31,202 Balance Automobiles Oficefurniture,fixtures, $40,606 Building Land andequipment 120, , ,405 $40, , , Lesacumulated Totals $781,172$(13,285) $ $767,87 AsetforthintheBureau'sby-laws,theBoardserveswithoutcompensation NOTE4-COMPENSATIONOFBOARDMEMBERS NOTE5-DEFEREDCOMPENSATIONPLAN TheBureauestablishedanIRCSection457DeferedCompensationPlanonApril18, 201.Employesarealowedtocontributethelesorof31/3%ofincludible compensationor$8,50.thebureauhaselectedtomakemployermatchingfunds availabletothosemployeswhohavecompletedtwoyearsofactiveservice.thebureau madematchingcontributionstotheplanfortheyearendeddecember31,202inthe amountof$15,

27 REQUIREDSUPLEMENTALINFORMATION

28 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment BudgetaryComparisonSchedule YearEndedDecember31,202 Valancewith REVENUES Amounts Actual RevisedBudget (Unde~ Over ParishTaxes StateTaxes InterestEarned 270,0$345,50 161,0 OtherTOTALREVENUES 20,0 250,10 1,30 $327,42 271, ,0 606,90 1,721 $ (18,058) 1,827 21, ,827 5, EXPENDITURES PersonalServices Salaries Pension Groupinsurance 160,0 Payroltaxes 14,0 20,0 136,0 SupliesandMaterials Totalpersonalservices 1,0 19,0 205,0 12,0 137,803 1,0 15, ,0 14,20 1,803 10,84 (3,207) 178,680 2,20 (16I680 Oficesuplies PostageTotalsupliesandmaterials 12,0 15,0 27, , ,925 1,549 8, (24)525 Advertising Travelandentertainment Seminarsandconventions 37,0 Contributions Generalinsurance 30,0 321,10 19,750 Telephone 18,30 19,0 305,82 Profesionalfes 12,0 7,0 18,426 15,30 16,943 (15,218) Duesandsubscriptions Automobile 8,0 10,0 14,486 1,436 (2,057) 7,486 (574) 8,40 Utilities 9,128 Equipmentrental Specialevents 7,07,07,104,0 5,50 7,976 (3,864) 5,80 5,890 (872) 4,30 5,3 Miscelaneous Databasedevelopment Printingandpublications 20,04,0 3,50 4,749 4,287 (1,o51) (424)390(167) 430 3, (13) 135 Uniforms Totalotherservicesandcharges ,01,501, ,090O (1,o) (1) RepairsandMaintenance CapitalExpenditures TOTALEXPENDITURES 828,470 29,320 50,0 23,70 15, ,60 21,818 (16,13o) (90) 29, (1,952)

29 SUPLEMENTALINFORMATION

30 HoumaAreaConventionandVisitorsBureau TerebonePalishConsolidatedGovernment SuplementalInformationSchedule- ScheduleofExpenditures-GeneralFund FortheYearEndedDecember PersonalServices Salaries Pension Groupinsurance Payroltaxes Totalpersonalservices Oficesuplies Postage Totalsupliesandmaterials Advertising Travelandentertainment Seminarsandconventions Education Generalinsurance Telephone Profesionalfes Duesandsubscriptions Automobile Utilities Equipmentrental SpecialEvents Miscelaneous Totalotherservicesand charges TOTALECONOMICDEVELOPMENT ANDASISTANCE -23- $137,803 15,793 14,20 10, , ,82 18,426 16,943 14,486 1,436 9,128 7,976 5,890 5,3 4,749 4,287 3, $658,429

31 SPECIALREPORTSOFCERTIFIEDPUBLICACOUNTANTS

32 Peilegrin Martinand 103RameyRoad Houma,Louisiana7036( CertifiedPublicA~o~twzts (APwfesionalCorporati~) Fax(985) REPORTONCOMPLIANCEANDONINTERNALCONTROL TotheBoardofComisioners HoumaAreaConventionandVisitorsBureau Houma.Louisiana WehaveauditedthebasicfinancialstatementsoftheHoumaAreaConventionandVisitors oureporthereondatedapril2,203.weconductedourauditinacordancewith auditingstandardsgeneralyaceptedintheunitedstatesofamericandthestandards Bureau(theBureau),asofandfortheyearendedDecember31,202,andhaveisued aplicabletofinancialauditscontainedingovernmentauditingstandards,isuedbythe ComptrolerGeneraloftheUnitedStates. AspartofobtainingreasonableasuranceaboutwhethertheBureau'sbasicfinancial statementsarefreofmatedalmistatement,weperformedtestsofitscompliancewith certainprovisionsoflaws,regulations,contractsandgrants,noncompliancewithwhich couldhaveadirectandmaterialefectonthedeterminationofinancialstatementamounts. However,providinganopiniononcompliancewiththoseprovisionswasnotanobjectiveof ourauditand,acordingly,wedonotexpresuchanopinion.theresultsofourtests disclosednoinstancesofnoncompliancethatarerequiredtobereportedunder GovernmentAuditingStandards. nternalcontroloverfinancialreortina financialreportinginordertodetermineourauditingproceduresforthepurposeof Inplaningandperformingouraudit,weconsideredtheOrganization'sinternalcontrolover expresingouropiniononthefinancialstatementsandnotoprovideasuranceonthe internalcontroloverfinancialreporting.however,wenotedacertainmaterinvolving -24-

33 TotheBoardofComisioners HoumaAreaConventionandVisitorsBureau Houma.Louisiana theinternalcontroloverfinancialreportinganditsoperationthatweconsidertobea reportablecondition.reportableconditionsinvolvematerscomingtouratentionrelating tosignificantdeficienciesinthedesignoroperationoftheinternalcontroloverfinancial reportingthat,inourjudgment,couldadverselyafectheorganization'sabilitytorecord, proces,sumarizeandreportfinancialdataconsistentwiththeasertionsofmanagement inthefinancialstatements.areportableconditionisdescribedintheacompanying scheduleofindingsandquestionedcostsasitem Amaterialweaknesisaconditioninwhichthedesignoroperationofoneormoreofthe internalcontrolcomponentsdoesnotreducetoarelativelylowleveltheriskthat mistatementsinamountsthatwouldbematerialinrelationtothefinancialstatements beingauditingmayocurandnotbedetectedwithinatimelyperiodbyemployesinthe normalcourseofperformingtheirasignedfunctions.ourconsiderationoftheinternal controloverfinancialreportingwouldnotnecesarilydisclosealmatersintheinternal controlthatmightbereportableconditionsand,acordingly,wouldnotnecesarilydisclose alreportableconditionsthatarealsoconsideredtobematerialweakneses.however,we believethathereportableconditiondescribedaboveisnotamaterialweaknes. ThisreportisintendedsolelyfortheinformationanduseoftheBoardofComisioners, management,thereportingentity,andthelouisianalegislativeauditor,andisnot intendedtobeandshouldnotbeusedbyanyoneotherthanthesespecifiedparties. April23,203 7~.L -25-

34 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment ScheduleofFindingsandQuestionedCosts FortheYearEndedDecember SectionI-SumaryofAuditor'sResults 1.Theauditor'sreportexpresesanunqualifiedopiniononthebasicfinancia statementsofthehoumaareaconventionandvisitorsbureau. 2.Onereportablecondition(finding02-01)wasnoteduringtheauditofthefinancial 3.Noinstancesofnoncompliancematerialtothebasicfinancialstatementsofthe statements.thisreportableconditionwasnotconsideredamaterialweaknes. 4.Amanagementleterwasnotisued HoumaAreaConventionandVisitorsBureauwerediscloseduringtheaudit. SectionI-FinancialStatementFindings NofindingsmaterialtothebasicfinancialstatementsoftheHoumaAreaConvention andvisitorsbureauwerediscloseduringtheaudit. SectionI-InternalControlFindings StatementofConditions:AreportableconditionintheBureau'sintema control. Cdteda:Inourconsiderationofinternalcontrol,wenotedthathesizeofthe acountingstafprecludeanadequatesegregationofdutiesandother HoumaAreaConventionandVisitorsBureau'soperationsanditslimited featuresofanadequatesystemofinternalcontrol. afecthentity'sabilitytorecord,proces,sumarize,andreportfinancial EfectsofCondition:Theinternalcontrol,inourjudgment,couldadversely dataconsistentwiththeasertionsofmanagementinthefinancial statements. CauseofConditions:ThesizeoftheHoumaAreaConventionandVisitors dutiesandotherfeaturesofanadequatesystemofinternalcontrol. Bureauanditslimitedacountingstafprecludeanadequatesegregationof -26-

35 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment ScheduleofFindingsandQuestionedCosts FortheYearEndedDecember Recomendation:TheBoardofDirectorsoftheHoumaAreaConvention andvisitorsbureaushouldcloselymonitortheday-to-dayactivitiesofthe Bureau. Response:ThemanagementoftheHoumaAreaConventionandVisitors Bureauagreswiththisfinding. QuestionedCosts SectionIV-FindingsandQuestionedCosts-MajorFederalAwardProgram Thisectionisnotaplicable Audit -27-

36 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment Management'sCorectiveActionPlanforCurentYearFindings FortheYearEndedDecember31,202 SECTIONI-InternalControlandComplianceMaterialtotheFinancialStatements uateintemalcontrol Condition:Areportableconditionintheinternalcontrolrelatedtolackof segregationofduties. Recomendation:TheBoardofDirectorsoftheBureaushouldcloselymonitorthe day-to-dayactivitiesofthebureau. PlanedAction:TheBoardofDirectorswilcloselymonitortheday-to-dayactivities ofthebureauntilitisfinancialyfeasibletoemployaditionalstaf. Thisectionisnotaplicable SECTIONI-InternalControlandComplianceMaterialtoFederalAwards SECTIONI-ManagementLeter Thisectionisnotaplicable -28-

37 HoumaAreaConventionandVisitorsBureau TereboneParishConsolidatedGovernment ScheduleofPriorFindingsandResolutionMaters FortheYearEndedDecember Note:ThepriorfindingsalrelatetotheDecember31,201auditengagement SectionI-InternalControlandComplianceMaterialtotheFinancialStatements Thisectionisnotaplicable. SectionI-InternalControlandComplianceMaterialtoFederalAwards Thisectionisnotaplicable SectionI-ManagementLeter Thisectionisnotaplicable -29-