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Home My WebLink About931130.tiff 3 WELD COUNTY FAIR (A Department of the General Fund of the County of Weld, Colorado) FINANCIAL STATEMENTS Years Ended December 31, 1992 and 1991 ANdErtsoN ©WliiTNEy pi - 3 931130 ex obv WELD COUNTY FAIR (A Department of the General Fund of the County of Weld, Colorado) FINANCIAL STATEMENTS Years Ended December 31, 1992 and 1991 TABLE OF CONTENTS Independent Auditors' Report 2 BALANCE SHEETS 3 STATEMENTS OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE 4 NOTES TO FINANCIAL STATEMENTS 5 -1- ANDERSON & WHITNEY, PL. ANCIERSON CERTIFIED PUBLIC ACCOUNTANTS • 1001 Ninth Avenue ©W-IITNE 1V Greeley, 0do 80631 ■ ■ ■ ■ ■ (303)352-7990 FAX(303)3 352-1855 Independent Auditors' Report Board of County Commissioners County of Weld, Colorado Greeley, Colorado We have audited the balance sheets of the Weld County Fair as of December 31, 1992 and 1991, and the related statements of revenue, expenditures, and changes in fund balance for the years then ended. These financial statements are the responsibility of the County's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 1 to the financial statements, the financial statements of the Weld County Fair are intended to present the financial position and results of operations of only that portion of the general fund of the County of Weld, Colorado that is attributable to the transactions of the Weld County Fair. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Weld County Fair as of December 31, 1992 and 1991, and the results of its operations for the years then ended in conformity with generally accepted accounting principles. auditA4ty✓ + &ti 7 yo. C May 12, 1993 MEMBERS OF AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS SEC AND PRIVATE COMPANIES PRACTICE SECTIONS-AICPA DIVISION FOR CPA FIRMS ACCOUNTING FIRMS ASSOCIATED.INC. WELD COUNTY FAL. (A Department of the General Fund of the County of Weld, Colorado) BALANCE SHEETS December 31 1992 1991 ASSETS Cash. in bank $ 4.011 $ 875 TOTAL ASSETS $ 4.011 $ 875 LIABILITIES AND FUND BALANCE Current Liabilities: Due to General Fund $ 500 $ 525 Accounts payable -- 350 Total Liabilities 500 875 FUND BALANCE 3.511 -- TOTAL LIABILITIES AND FUND BALANCE $ 4,011 $ 875 See Accompanying Notes to Financial Statements. -3- WELD COUNTY FAIR _ (A Department of the General Fund of the County of Weld, Colorado) STATEMENTS OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE Years Ended December 31 1992 1991 Variance Variance Favorable Favorable Actual Budget (Unfavorable) Actual Budget (Unfavorable) Revenue: Supreme champion carcass contest $ 53,987 $ — $ 53,987 $ 44,197 $ — $ 44,197 Trophy donations 3,866 4,000 (134) 4,228 4,000 228 Fair book 3,959 4,500 (541) 4,750 4,500 250 Junior livestock sale -- -- -- 1,733 — 1,733 Entry fees 2,778 4,250 (1,472) 2,876 4,250 (1,374) Special events 4,994 3,850 1,144 4,541 3,850 691 Interest 509 7(X) (191) 806 700 106 Miscellaneous 557 -- 557 1,816 -- 1,816 Commercial sales and rental of booths and stalls 575 1.500 (925) 2,055 1,500 555 Total Revenue 71,225 18,800 52,425 67,002 18,800 48,202 Expenditures: Supreme champion carcass contest 53,987 -- (53,987) 44,197 -- (44,197) Contract services 10,811 8,100 (2,711) 10,131 8,100 (2,031) Premiums 7,575 10,350 2,775 7,334 10,350 3,016 Awards and prizes 8,275 6,550 (1,725) 7,603 6,550 (1,053) Special events 4,385 4,300 (85) 3,863 4,300 437 Junior livestock sale 674 -- (674) 1,733 -- (1,733) Fair book 2,524 4,500 1,976 4,015 4,500 485 Office supplies 2,954 3,000 46 3,916 3,000 (916) Miscellaneous/capital outlay 2,132 1,429 (703) 3,783 1,429 (2,354) Advertising 3,181 3,900 719 3,766 3,900 134 Postage 636 1,900 1,264 967 1,900 933 Meetings 277 700 423 969 700 (269) Dues and subscriptions 740 30 (710) 726 30 (696) Utilities 332 400 68 333 400 67 Total Expenditures 98,483 45,159 (53,324) 93,336 45,159 (48,177) Excess of Revenue Over (Under) Expenditures (27,258) (26,359) (899) (26,334) (26,359) 25 Other Financing Source: Transfers from Weld County General Fund 30,769 26,359 4,410 26,359 26,359 -- Excess of Revenue and Other Financing Source Over Expenditures 3,511 -- 3,511 25 -- 25 Fund Balance, Beginning of Year -- -- -- -- -- Residual Equity Transfer to Weld County General Fund -- -- -- (25) -- (25) FUND BALANCE, End of Year $ 3,511 $ -- $ 3,511 $ -- $ -- $ -- See Accompanying Notes to Financial Statements. 4- WELD COUNTY FAIT, (A Department of the General Fund of the County of Weld, Colorado) NOTES TO FINANCIAL STATEMENTS Note 1 - Summary of Significant Accounting Policies: Basis of Presentation: Activities of the Weld County Fair (Fair) are accounted for and budgeted as a separate department of the general fund of County of Weld, Colorado. The Fair's fmancial statements are intended to present the financial position and results of operations of only that portion of the general fund that is attributable to the transactions of the Fair. Basis of Accounting: The Fair uses the modified accrual method of accounting. Under this method, expenditures are recorded when incurred and revenues are recorded when they are both available and measurable. Note 2 - Cash: The Fair's cash at year end was entirely covered by federal depository insurance. -5- Hello