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2009 New Hackensack Fire District Town of Wappinger County of Dutchess Audit Report December 31,2009 ..i - I I I I I I I I~ I, I I I I I I I I r Table of Contents Statements Of Financial Transactions Exhibit Balance Sheet Statement of Revenues and Expenditures Statement of Cash Flows Notes to Financial Statements A B C o " .. ROBERT G. SHEPHEARD JR., C.P.A., P.C. Certified Public Accoulltallt 488 FREEDOM PLAINS RD., SUITE 139 POUGHKEEPSIE, NY 12603 Robert G. Shepheard Jr., C.P.A Dwight Townsend, Enrolled Agent Phone: (845) 485-3000 Fax: (845) 485-3257 Board of Fire Commissioners New Hackensack Fire District. 217 Myers Comers Road Wappingers Falls, NY 12590 We have audited the accompanying balance sheet of the New Hackensack Fire District as of December 31, 2009 and the related statements of revenues and expenditures and cash flows for the year then ended. These financial statements are the responsibility of the organization's management. Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from 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 presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the New Hackensack Fire District as of December 31, 2009, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. J'2w- ~~I Cr~P4 P.<:. Robert G. Shepheard Jr. CPA P.c. June 28, 2010 ,4 ~. ;.ssets Cash - Checking Cash - Money Market Funds Cash - Certificates of Deposit - ::tal Assets _aoilities Accounts Payable = ..;-;d Balance _' :"!restricted ~estricted -::al Fund Balance -:::al Liabilities and Fund Balance New Hackensack Fire District Balance Sheet December 31,2009 Exhibit A Reserve Funds General Land and Fund Apparatus BuildinQ Repairs Total $ (45,722) $ - $ 322,144 $ - $ 276,422 557,545 84,835 21,154 663,534 743,224 763,888 1,507,112 $ 511,823 $ 828,059 $1,086,032 $ 21,154 $2,447,068 $ 3,025 $ - $ - $ - $ 3,025 $ 231,701 $ - $ - $ - $ 231,701 277,097 828,059 1,086,032 21,154 2,212,342 $ 508,798 $ 828,059 $1,086,032 $ 21,154 $2,444,043 $ 511,823 $ 828,059 $1,086,032 $ 21,154 $2,447,068 See Accountant's Letter Robert G. Shepheard Jr. CPA P.C. ~' . New Hackensack Fire District Statement of Revenues and Expenditures F or the Year Ended December 31, 2009 Exhibit B Reserve Funds General Buildings Revenues Fund Apparatus & Grounds Repairs Total Real Property Taxes $1,020,672 $ - $ - $ - $ 1,020,672 Interest Income 3,569 12,718 12,913 225 29,425 Transfers From Other Funds 180,000 180,000 Other Revenues 100,067 89,500 189,567 Total Revenues $1,124,308 $ 282,218 $ 12,913 $ 225 $1,419,664 Expenditures Personal Services $ 109,949 $ - $ - $ - $ 109,949 Fire Equipment 61,707 566,278 627,985 Fire - Contractual Expenditures 295,131 295,131 Employee Benefits 146,112 146,112 Transfers To Other Funds 180,000 180,000 Total Expenditures $ 792,899 $ 566,278 $ - $ - $1,359,177 Excess Revenues over Expenditures $ 331 ,409 $ (284,060) $ 12,913 $ 225 $ 60,487 Fund Balance, January 1, 2009 177,389 1,112,119 1,073,119 20,929 2,383,556 Fund Balance, December 31,2009 $ 508,798 $ 828,059 $1,086,032 $ 21,154 $ 2,444,043 See Accountant's Letter Robert G. Shepheard Jr. CPA P.C. New Hackensack Fire District Statement of Cash Flows For the Year Ended December 31,2009 Exhibit C Reserve Funds General Buildings Fund Apparatus & Grounds Repairs Total Cash Flows from Operatina Activities Excess Revenue over Expenditures $ 331 ,409 $ (284,060) $ 12,913 $ 225 $ 60,487 Increase ( Decrease) in: Accounts Payable (400) (400) Net Cash Provided By Operating Activities $ 331,009 $ (284,060) $ 12,913 $ 225 $ 60,087 Net Increase ( decrease) in Cash $ 331,009 $ (284,060) $ 12,913 $ 225 $ 60,087 Cash, January 1, 2009 180,814 1,112,119 1,073,119 20,929 2,386,981 Cash, December 31,2009 $ 511,823 $ 828,059 $1,086,032 $ 21,154 $2,447,068 See Accountant's Letter Robert G. Shepheard Jr. CPA P.C. Exhibit D New Hackensack Fire District Notes to Financial Statements For The Year Ended December 31, 2009 Note 1 Basis Presentation ?rior to 2006, the Fire District maintained its records on a single-entry cash basis of accounting, as prescribed =/ the State Comptroller in the Uniform System of Accounts for Fire Districts. Due to recent legislation as e"1acted by the Office of the State Controller, the Fire District is required to maintain its financial records and -S:Jort its financial activity using a modified accrual basis of accounting, with one exception, as stated below: 1. A general fixed assets group of accounts, used to record the fixed assets of the district, is not maintained. = _-oj Accountinq --e:istrict's accounting system is organized on a fund basis. Each fund is an independent fiscal e-: ::,' designed to provide for an accounting of resources available to the district, the purpose of ,'.~:h is to provide services to the general public in accordance with specific regulations, -ss:'"':tions and limitations. A description of the types of funds used herein follows: 1. General Fund - is used to account for all transactions of the district except those required to be segregated or otherwise restricted by law. 2. Reserve Fund - are used for specific purposes as establised by the Board of Commissioners, Le., Fire Apparatus Additions and Building and Ground Improvements. Se-.'ice Award Proqram --e fire district retains a program administrator for its service award program. As of December 31,2009, :-s service award program had assets and liabilities of $ 624,029. ::-er --e fire district elected to appropriate $277,097 in the General Fund for the purchase of a tanker truck in 2010. --'S amount is shown as restricted on the Balance Sheet. See Accountant's Letter Robert G. Shepheard Jr. CPA P.C.