Annual Audit for Five Flags Center Fund_01.16.1975THE CITY OF
DUBUQUE
GILBERT D. CHAVENELLE
CITY MANAGER
January 16, 1975
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Mr. Gilbert D. Chavenelle
City Manager
City of Dubuque
City Hall
Dubuque, Iowa
DEPARTMENT OF
COMMUNITY DEVELOPMENT
GENT M. WITTENBERG • DIRECTOR
SUITE 10-B FISCHER BUILDING PHONE 319 586-0017
DUBUQUE, IOWA 52001
,
Dear Gil:
We enclose the annual audit for the Five Flags Center Fund, and you
will note that the audit does not list any outstanding liabilities. The
following data will help fill that void.
Total Resources
Disbursements to Date
Outstanding Contract Obligation
$ 236,400.25
35,000.00
$ 801,229.92
271,400.25
$ 529,829.67
None of the outstanding pledges have been examined or written off as
uncollectible. Additionally, it appears that some $178,000 of the out-
standing pledges are contingent upon a total project.
Also enclosed is a copy of an application prepared by Dick Slattery and
Wayne Norman for some program money from the Humanities.
Newly elected officers for the Five Flags Center Fund are:
President and General Chairman - David Clemens
Secretary - Wayne Norman
Treasurer - William Woodward
It is anticipated that the Vice -Chairman will be a union representative,
and this position will not be filled until the unions conduct their annual
election to determine a new president to succeed Bob Runde.
Si erely yo -
Gent M. Wi'
GMW/vt
Enclosures
A BICENTENNIAL CITY
DUBUQUE FIVE FLAGS CENTER FUND
DUBUQUE, IOWA
DECEMBER 30, 1974
O'CONNOR, BROOKS & CO.
CERTIFIED PUBLIC ACCOUNTANTS
C. D. O'CONNOR, C.P.A. TENTH AND LOCUST STREET
R. K. BROOKS, C.P.A. DUBUQUE. IOWA 62DO1
B. L. HARDIN. C.P.A.
W. H. LEDLAR, C.P.A.
J. R. ESTLINO, C.P.A.
J. J. KIRCHER. C.P.A. January 9, 1975
Board of Directors
Dubuque Five Flags Center Fund
Dubuque, Iowa
Gentlemen:
lie have made an examination of cash transactions of the DUBUQUE FIVE FLAGS
CENTER FUND, Dubuque, Iowa, for the period December 27, 1973 through December 30,
1974, Our examination was made in accordance with generally accepted auditing
standards, and accordingly included such tests of the accounting records and
other auditing procedures as we considered necessary in the circumstances.
Our report consists of:
EXHIBIT "A" PLEDGES RECEIVABLE
EXHIBIT
"B"
STATEMENT
OF CASH RECEIPTS AND DISBURSEMENTS
DECEMBER
27, 1973 THROUGH DECEMBER
30, 1974
EXHIBIT
"C"
STATEMENT
OF ASSETS AT DECEMBER 30,
1974
EXHIBIT
"D"
GAIN FROM
OPERATIONS - DECEMBER 27,
1973
TIiROUGH DECEMBER 30, 1974
SCHEDULE
"1"
DETAIL OF
ARCHITECT AND ENGINEER COSTS AND
BUILDING
IMPROVEMENT COSTS
SCHEDULE
112"
BANK RECONCILIATION AT DECEMBER 30,
1974
We believe that the accompanying statements of cash transactions and
assets present fairly the financial position of the DUBUQUE FIVE FLAGS CENTER FUND,
Dubuque, Iowa, and the results of its operations for the period December 27, 1973
through December 30, 1974, in conformity with generally accepted auditing
principles.
Respectfully submitted,
O'CONNOR, BROOKS & CO.
By
Certified Public Accountant
,, ,
EXHIBIT "A"
DUBUQUE FIVE FLAGS CENTER FUND
DUBUQUE IOWA
PLEDGES RECEIVABLE
One Year Accumulated
Transactions Totals
Through Through Through
December 27, December 30, December 30,
1973 1974 1974
Total Pledges $ 748,947.03 $ 37,404.44 $ 786,351.47
Amounts Collected 332,208.62 72,300.09 404,508.71
Net Pledges Receivable S 416.738.41_�4 895.65)S, 381.842�
DUBUQUE FIVE FIACS CENTER FUND
DUBUQUE IOWA
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
DECEiMBER 27, 1973 THROUGH DECEMBER 30, 1974
Balance - December 27, 1973
Receipts:
Collections on Pledges
Interest:
Savings
Time Certificates
Flags Sold,
Total Receipts
Total to Account For
Disbursements:
Payroll
Audit
Office
Postage
Meetings
Continuing Campaign.
Architects, Engineers and
Building Improvements
Multi -Media
Purchase of Flags
Total Disbursements
Balance - December 30, 1974
Composed Of.
First National Bank:
Checking #13-870-3
Savings #76-223-7
Time Certificates:
#2978C, due 1/5/75, 6%
#3051C, due 2/1/75, 5 1/2%
#14231, due 3/14/75, 5 1/2%
Total Time Certificates
$ 5,657.93
4,946.34
$ 72,300.09
E
10,604.27
110.00
23169.23
370.00
1,876.78
287.64
396.06
1,646.86
125,037.30
23.18
723.68
$ 48,934.30
10,851.88
61,672.66
EXHIBIT "Bin
$ 232.,503.28
83,014.36
$ 315,517.64
132,530.73
4-182 986.91
$ 3,350.00
58,178.07
121,458.84
182a986.91
EXHIBIT "C"
DUBTIQUE FIVE. FLAGS CENTER FUND
DUBUQUE IONA
STATEMENT OF ASSETS AT DECEMBER 30, 1974
Assets:
First National Bank:
Checking
Savings
Time Certificates
Total Pledges
.Less: Collections to Date
Multi -Media Equipment - (2) Carousel Zooms
Preliminary Survey Costs
Architect, Engineers and
Building Improvements Costs
Flags Inventory (33 at $5.025556)
TOTAL ASSETS
Fund Balance:
December 27, 1973
Additions:
New and Additional Pledges
Cain from Operations
TOTAL FUND BALANCE
$ 3,350.00
58,178.07
121,458.84 $ 182,986.91
$ 786,351.47
404,508.71 381,842.76
968.72
12,731.05
141,207.93
165.84
19 903.2�
$ 679,088.91
$ 37,404.44
3,409.86 40,814.30
$ 719 903.21
DUSUQUE FIVE FIACS CENTER FUND
DUBUQ i IOWA
GAIN FROM OPERATION - DECEMBER 27. 1973 THROUGH
DECEMBER 30, 1974
Income-
Interest
Flags Sold
Total Income
Expenses:
Payroll
Audit
Office
Postage
Meetings
Continuing Campaign
Cost of Flags Sold
Flags Used in Continuing Campaign
Total Expenses
Gain from Operations December 27, 1973
Through December 30, 1974
$ 10,604.27
110.00
$ 2,169.23
370.00
1,876.78
287.64
396.06
1,646.86
55.28
502.56
EXIIIBIT "W'
$ 10,714.27
7,304.41
$ 3 409.86
SCHEDULE "1"
DUBUQUE FIVE FLAGS CENTER FUND
DUBUQUE IOWA
DETAIL OF ARCHITECT AND ENGINEERS COSTS
AND BUILDING IMPROVEMENT COSTS
Date Paid
5-7-73 Cullen-Schiltz & Associates
Topographical Survey
$
635.84
6-27-73 Cullen-Schiltz & Associates
Schematics Per Contract - April 23,
1973
2,000.00
9-5-73 Cullen-Schiltz & Associates
Schematics Per Contract - April 23,
1973
11,095.00
10-25-73 Warzen Engineering & Service Company,
Inc.
Subsurface Investigation
1,055.79
12-7-73 Cullen-Schiltz & Associates
Additional Schematics Time
.1,384.00
Total - December 26, 1973
$
16,170.63
Cullen-Schiltz. & Associates
$
45,076.06
Bowen & Kanazama
340.74
Interstate Power Co.
238.45
Braconier, Inc.
73,355.16
City Water Department
57.53
Peoples Natural Gas -
200.11
N.W. Bell Telephone
28.24
Berwanger Boiler
196.51
Friedman Insurance
1,207.00
Burke, Brennan & Associates
4,337.50
125,037.30
Total - December 30, 1974
S 141.207.93
SCHEDULE "2"
DUBUgUB FIVE FLAGS CENTER FUND
DUBUIT'l I014A
BANK RECONCILIATION AT DECEMBER 30, 1974
First National Bank #13-870-3
Balance Per Bank - December 30, 1974
Add: Deposit in Transit
Total
Less: Outstanding Checks:
Number
290
293
297
298
299
300
301
Amount
$ 299.82
4.50
2.23
10.45
196.51
1,207.00 .
7,149.51
$ 8,964.02
3,256.00
$ 12,220.02
8,870.02
Book Balance - December 30, 1974 $ 3.350.00