2008
..
New Hackensack Fire District
Town of Wappinger
County of Dutchess
Audit Report
December 31, 2008
ROBERT G. SHEPHEARD JR., C.P.A., P.C.
Certified Public Accountant
488 FREEDOM PLAINS RD., SUITE 122
POUGHKEEPSIE, NY 12603
Robert G. Shepheard Jr., C.P.A
Dwight Townsend, Enrol/ed Agent
Phone: (845) 485-3000
Fax: (845) 485-3257
Board of Fire Commissioners
New Hackensack Fire District.
217 Myers Corners Road
Wappingers Falls, NY 12590
We have audited the accompanying balance sheet of the New Hackensack Fire District as of December 31,
2008 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, 2008, 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.
(JL.i~1 ~PA P.C.
Robert G. Shepheard Jr. CPA P.C.
July 1, 2009
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
Assets
Cash - Checking
Cash - Money Market Funds
Cash - Certificates of Deposit
Total Assets
Liabilities
Accounts Payable
Fund Balance
Unrestricted
Restricted
Total Fund Balance
Total Liabilities and Fund Balance
New Hackensack Fire District
Balance Sheet
December 31,2008
Exhibit A
Reserve Funds
General Land and
Fund Apparatus Buildina Repairs Total
$ 33,257 $ - $ 320,032 $ - $ 353,289
182 250,737 20,929 271,848
147,375 861,382 753,087 1,761,844
$ 180,814 $1 ,112,119 $1,073,119 $ 20,929 $2,386,981
$ 3,425 $ - $ - $ - $ 3,425
$ 177,389 $ - $ - $ - $ 177,389
1 ,112,119 1,073,119 20,929 2,206,167
$ 177,389 $1,112,119 $1,073,119 $ 20,929 $2,383,556
$ 180,814 $1 ,112,119 $1,073,119 $ 20,929 $2,386,981
See Accountant's Letter
Robert G. Shepheard Jr. CPA P.C.
New Hackensack Fire District
Statement of Revenues and Expenditures
For the Year Ended December 31, 2008
Exhibit B
Reserve Funds
General Buildings
Revenues Fund Aooaratus & Grounds Reoairs Total
Real Property Taxes $ 995,558 $ - $ - $ - $ 995,558
Interest Income 14,654 24,062 23,895 288 62,899
Transfers From Other Funds 249,363 112,946 362,309
Other Revenues 35,413 35,413
Total Revenues $ 1,045,625 $ 273,425 $ 136,841 $ 288 $1,456,179
Exoenditures
Personal Services $ 135,853 $ - $ - $ - $ 135,853
Fire Equipment 109,561 109,561
Fire - Contractual Expenditures 291,421 291,421
Employee Benefits 154,639 154,639
Transfers To Other Funds 362,309 362,309
Total Expenditures $1,053,783 $ - $ - $ - $1,053,783
Excess Revenues over Expenditures $ (8,158) $ 273,425 $ 136,841 $ 288 $ 402,396
Fund Balance, January 1, 2008 185,547 838,694 936,278 20,641 1,981,160
Fund Balance, December 31,2008 $ 177,389 $1,112,119 $1,073,119 $ 20,929 $ 2,383,556
See Accountant's Letter
Robert G. Shepheard Jr. CPA P.C.
New Hackensack Fire District
Statement of Cash Flows
For the Year Ended
December 31,2008
Exhibit C
Reserve Funds
General Buildings
Fund Apparatus & Grounds Repairs Total
Cash Flows from Operatina Activities
Excess Revenue over Expenditures $ (8,158) $ 273,425 $ 136,841 $ 288 $ 402,396
Increase ( Decrease) in:
Accounts Payable
Net Cash Provided By Operating Activities $ (8,158) $ 273,425 $ 136,841 $ 288 $ 402,396
Net Increase ( decrease) in Cash $ (8,158) $ 273,425 $ 136,841 $ 288 $ 402,396
Cash, January 1, 2008 188,972 838,694 936,278 20,641 1,984,585
Cash, December 31, 2008 $ 180,814 $1,112,119 $1,073,119 $ 20,929 $2,386,981
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, 2008
Exhibit C
Reserve Funds
General Buildings
Fund Apparatus & Grounds Repairs Total
Cash Flows from Operatina Activities
Excess Revenue over Expenditures $ (8,158) $ 273,425 $ 136,841 $ 288 $ 402,396
Increase ( Decrease) in:
Accounts Payable
Net Cash Provided By Operating Activities $ (8,158) $ 273,425 $ 136,841 $ 288 $ 402,396
Net Increase ( decrease) in Cash $ (8,158) $ 273,425 $ 136,841 $ 288 $ 402,396
Cash, January 1, 2008 188,972 838,694 936,278 20,641 1,984,585
Cash, December 31,2008 $ 180,814 $1,112,119 $1,073,119 $ 20,929 $2,386,981
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 31,2008
~
Note 1
Basis Presentation
Prior to 2006, the Fire District maintained its records on a single-entry cash basis of accounting, as prescribed
by the State Comptroller in the Uniform System of Accounts for Fire Districts. Due to recent legislation as
enacted by the Office of the State Controller, the Fire District is required to maintain its financial records and
report 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.
Fund Accountino
The district's accounting system is organized on a fund basis. Each fund is an independent fiscal
entity designed to provide for an accounting of resources available to the district, the purpose of
which is to provide services to the general public in accordance with specific regulations,
restrictions 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.
Service Award Prooram
The fire district retains a program administrator for its service award program. As of December 31,2008,
the service award program had assets and liabilities of $ 605,129.
See Accountant's Letter
Robert G. Shepheard Jr. CPA P.C.