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Home My WebLink About1986-1987.AuditReport.Library � � � � � � � FINANCIAL STATEMENTS AND AUDITORS' REPORT CAPE GIRARDEAU PUBLIC LIBRARY � June 30, 1987 � � � � '� � � � � � � � � � C 0 N T E N T S Page � AUDITORS' REPORT 3 BALANCE SHEET 4 � STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE � LIBRARY FUND 5 STATE AID SPECIAL REVENUE FUND 6 � CASH COLLECTION SPECIAL REVENUE FUND � NOTE TO FINANCIAL STATEMENTS 8 � � � � � � � � � � � � � KERBER, ECK & BRAECKEL � CERTIFIED PUBLIC ACCOUNTANTS 1221 BROADWAY OFF(CES IN CAPE GIRARDEAU,MISSOURI 63701 MEMBERS AMERICAN CAPE GIRARDEAU,MISSOURI WSTPIZT►'E OF CERTIEIED ST.LOU1S,MISSOURI PUBI.IC ACCOUNTANi'$ � KANSAS CITY,MISSOURI - SPRINGFI ELD.ILLINOIS MILWAUKEE.WISCONS(N 3143340568 � WASHINGTON,D.C. � Board of Trustees Cape Girardeau Public Library � Cape Girardeau, Missouri We have examined the financial statements of the Cape Girardeau Public � Library as of and for the year ended June 30, 1987. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. � The Library has kept its records and has prepared its financia 1 statements for previous years on the cash basis, with no recognition having been accorded � accounts receivable, accounts payable, or accrued expenses. At the beginning of the current year, the Library adopted the accrual basis of accounting. Although appropriate adjustments have been made to fund balances as of the beginning of � the year, it was not practicable to restate the financial statements of the preceding year to conform with the accounting principles used in the current year. � In our opinion, the financial statements referred to above present fairly the financial position of the Cape Girardeau Public Library at June 30, 1987, and the results of its operations for the year then ended, in conformity with � generally accepted accounting principles applied on a basis consistent with that of the preceding year. � K.�, �� .�� I � Cape Girardeau, Missouri September 24, 1987 � � 3 � � Cape Girardeau Public Library � BALANCE SHEET June 30, 1987 � ASSETS � Cash and investments $246,944 Taxes receivable, less allowance � for doubtful receivables of $1,500 18,198 Interest receivable 5,595 Restricted cash and investments Equipment, Gifts and Memorials $ ggg � Taxes paid under protest 2 339 3 227 , , $273,964 � LIABILITIES � � Accounts payable $ 8,629 Accrued payroll and fringe benefits 4,824 13,453 � Fund balance Reserved � Equipment, Gifts and Memorials $ ggg Taxes paid under protest 2�33g 3�22� Unreserved 257,284 � 260,511 $273,964 � _--_ � � � � � The accompanying note is an integral part of this statement. � 4 � � Cape Girardeau Public Library � LIBRARY FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Year ended June 30, 1987 ,� REVENUES � Taxes and special assessments $292,768 Interest received 15,702 Revenue from other agencies 10,882 � Miscellaneous 21,086 340,438 EXPENDITURES � Salaries 189,373 General operations 85,968 Contractual services 52,682 � Capital outlays 2�2 328,295 EXCESS OF REVENUES OVER EXPENDITURES 12,143 � OTHER FINANCING SOURCES Transfers from State Aid and � Cash Collection Funds 34,808 EXCESS OF REVENUES AND OTHER FINANCING � SOURCES OVER EXPENDITURES $ 46,951 FUND BALANCE AT BEGINNING OF YEAR 211,680 � FUND BALANCE AT END OF YEAR $258,631 � � � � � � The accompanying note is an integral part of this statement. � 5 � � Cape Girardeau Public Library � STATE AID SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE � Year ended June 30, 1987 REVENUES � Fees and service charges Reimbursement of dues and registration expenses $ 520 � Reimbursement of other expenses 1,339 Revenues from other agencies 13,736 15,595 � EXPENDITURES � Culture and recreation Dinners � Dues and registration 228 Children's programs 530 Travel 522 Miscellaneous 475 � Books � 191 1,953 � EXCESS OF REVENUES OVER EXPENDITURES 13,642 OTHER FINANCING USES � Transfers to Library Fund (14,310) EXCESS OF REVENUES OVER EXPENDZTURES AND OTHER FINANCING USES � (668) FUND BALANCE AT BEGINNING OF YEAR 1,833 � FUND BALANCE AT END OF YEAR $ 1,165 � � � l � The accompanying note is an integral part of this statement. � 6 I � Cape Girardeau Public Library � CASH COLLECTION SPECIAL REVENUE FUND STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE Year ended June 30, 1987 � REVENUES � Fines $ 8,437 Postage reimbursement 32� Copies and micro prints 3,368 � Lost books 1,386 Book sale 828 Other reimbursements 1,217 Other 95 � Non-resident cards 4,968 20,626 � EXPENDITURES _ EXCESS OF REVENUES OVER EXPENDITURES 20,626 � OTHER FINANCING USES Transfers to Library Fund (20,498) � EXCESS OF REVENUES OVER EXPENDITURES AND OTHER FINANCING USES 128 FUND BALANCE AT BEGINNING OF YEAR 587 � FUND BALANCE AT END OF YRAR $ 715 � � � � � � � The accompanying note is an integral part of this statement. � 7 1 � Cape Girardeau Public Library � NOTE TO FINANCIAL STATEMENTS June 30, 1987 � NOTE A - SUMMARY OF ACCOUNTING POLICIES � A summary of the significant accounting policies consistently applied in the preparation of the accompanying financial statements follows. � 1. Fund Accounting The accounts of the Library are organized on the basis of funds and account � groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self- balancing accounts that comprise its assets, liabilities, fund equity, � revenues and expenditures or expenses, as appropriate. Government resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by � which spending activities are controlled. The various funds are grouped, in the financial statements in this report, into fund categories as follows. � GOVERNMENTAL FUNDS General Fund - The General Fund is the general operating fund of the � Library. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special Revenue Funds are used to account for the � proceeds of specific revenue sources (other than special assessments, expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. � 2. Change in Accounting Methods Prior to July l, 1986, the Library's policy was to prepare its financial � statements on the basis of cash receipts and disbursements. The Library also maintained its accounting records on a single-entry basis. � Effective July 1, 1986, the Library converted to the modified accrual basis of accounting for all governmental funds. I3. Basis of Accounting Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis I of accounting relates to the timing of the measurements made, regardless of the measurement focus applied. I I $ I � Cape Girardeau Public Library � NOTE TO FINANCIAL STATEMENTS - CONTINUED June 30, 1987 � NOTE A - SUMMARY OF ACCOUNTING POLICIES - Continued � 3. Basis of Accounting - Continued � All governmental funds are accounted for by using the modified accrual basis of accounting, Their revenues are recognized when they become measurable and available as net current assets. Taxpayer-assessed income, gross receipts and sales taxes are considered "measurable" when in the hands of � intermediary collecting governments and are recognized as revenue at that time. Anticipated refunds of such taxes are recorded as liabilities and reductions of revenue when they are measurable and their validity seems � certain. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. Exceptions to this � general rule include principal and interest on general long-term debt which is recognized when due. � � � � � ! � 9