SEVENTH DISTRICT VOLUNTEER FIRE DEPARTMENT Gonzales, Louisiana. FINANCIAL REPORT (Compiled) December 31, 2010

Transcription

1 ^250^ FINANCIAL REPORT (Compiled) December 31, 2010 Under provisions of state law, this report is a public document. A copy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office ofthe LegislativeAuditor and, where appropriate, at the office of the parish clerk of court. Release Date HU^l (I 'JMI

2 TABLE OF CONTENTS December 31,2010 Exhibit Page INDEPENDENT ACCOUNTANTS' COMPILATION REPORT 1 FINANCIAL STATEMENTS Statement of Assets and Net Assets Cash Basis A 2 Stateitient of Revenues and Support, Expenses tmd Net Assets Cash Basis B 3 Notes to Financial Statements C 4

3 mulk Certified Public Atcouiitntu.'; t Business Advisori INDEPENDENT AUDITORS' REPORT Board of Directors Seventh District Volunteer Fire Department We have compiled the accompanying statement of assets and net assetscash basis ofthe SEVENTH DISTRICT VOLUNTEER FIRE DEPARTMENT (a nonprofit organization) (the Department) as of December 31, 2010, and the related statement of revenues and support, expenses and net assetscash basis for the year then ended. We have not audited or reviev^^ed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether these fmancial statements are in accordance with accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the fmancial statements in accordance with accounting principles generally accepted in the United States of America and tor designing, implementing, and maintaining internal control relevant to the preparation and fair presentation ofthe fmancial statements. Our responsibility is to conduct the compilation in accordance with Statement on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting fmancial infomiation in the form of financial statements without undertaking to obtain or provide any assurance that there are no material tnodifications that should be made to the fmancial statements. As described in Note 1, these fmancial statements were prepared on the cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. laji r i^^lju, LLC Certified Public Accountants Baton Rouge, Louisiana April4,2011 (SS! 1 kocimin lli<;liw.iv li.iimi Kduf;^, \j\ 70«06 {lls) ^nid'^x 1 ' I'licsimilc: {IIS) y.^2n()(h) I'iOi.S. iiiiiii.sitic kw'iwk t i.ui/;i]r.s, [,'\ {US) r;.i7('.811

4 Exhibit A STATEMENT OF ASSETS AND NET ASSETS CASH BASIS December 31, 2010 (See Independent Accountants' Compilation Repoil) ASSETSCURRENT Cash 04,474 NET ASSETS NET ASSETS Unrestricted Temporarily restricted 96,600 7,874 $ 104,474 Tlie accompanying notes to tiie financial statenients are an integral part of this statement. 2

5 Exhibit B STATEMENT OF REVENUES AND SUPPORT, EXPENSES, AND NET ASSETS CASH BASIS For the year ended December 31, 2010 (See Independent Accountants' Compilation Report) REVENUES AND SUPPORT Insurance rebate Donations Membership dues and interest Total revenues and support Net assets released from restrictions EXPENSES Professional services Utilities Supplies Banquet Equipment Training Benefit Repairs and maintenance Other Fund drive Unrestricted % 27,523 10, ,963 1,332 19,238 10,614 5,153 2,333 1,600 1, ,020 3, Temporarily Restricted $ S & 27,523 10, (1,332) ,963 19,238 10,614 5,153 2,333 1,600 1,476 1,332 1,020 3, Total expenses 46, ,195 Change in net assets (6,900) (1.332) (8,232) NET ASSETS Beginning of year 103,500 9, ,706 End of year $ 96,600 S 7,874 3 ; 104,474 The accompanying notes to the financial statements are an integral part of this.statement. 3

6 Exhibit C NOTES TO FINANCIAL STATEMENTS CASH BASIS (See Independent Accountants' Compilation Report) NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operations The Seventh Districl Volunteer Fire Department (Department) is a nonprofit corporation. The puipose of the Department is to provide fire protection, emergency medical service, and hazardous materials handling to the citizens ofthe Department's district. Basis of accounting The Department's accounts are maintained on the cash basis, and the statement of assets and net assets and the statement of revenues and support, expenses, and changes in net assets reflect only cash received and disbursed. Therefore, receivables, property, payables, accrued income and expenses, which may be material in amount, are not reflected in the accompanying financial statements. As such, these statements are not intended to present the financial position, results of operations and cash flows in conformity with generally accepted accounting principles. The Department reports information regarding their financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. The Department does not have any permanently restricted net assets at December 31, Temporarily restricted net assets relate to a fundraiser held to pay certain medical expenses for a Department officer. Income Taxes T1ie Department is a notforprofit organization that is exempt from income taxes under Section 501(c)(4) ofthe Internal Revenue Code and classified by the Internal Revenue Service as other than a private foundation. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

7 Exhibit C (Continued) NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue recognition The Department is primarily funded by an allocation of insurance rebate provided by the State of Louisiana through the Parish of Ascension. Supplemental funding is provided by donations solicited from the general public, local businesses, and civic organizations, which are recognized as received. Cash and cash equivalents Cash equivalents include investments with original maturities of three months or less. The Department has no cash equivalents at December 31, Fair value of financial instruments The caitying value of cash approximates fair value due to the shortterm maturity of this instrument. Financial instruments are not held for trading purposes. NOTE 2 RELATED PARTY TRANSACTIONS Since the Department provides a service that would otheiavise be provided by Ascension Parish Council (the Council), the Council provides support including assuming certain costs and providing the facilities and equipment used by the Department. Additionally, during 2008, a fundraiser was held to pay certain medical expenses for a Department officer. During 2010, $ 1,332 was spent for such puiposes. NOTE 3 SUBSEQUENT EVENTS In preparing the financial statements, the Department has evaluated events and transactions for potential recognition or disclosure through April 4, 2011, the date the financial statements were available to be issued.