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Dubuque Five Flags Center Fund_12.29.1976DUBUQUE FIVE FLAGS CENTER FUND DUBUQUE, IOWA DECEMBER 29, 1976 DUBUQUE FIVE FLAGS CENTER FUND DUBUQUE IOWA DECEMBER 29, 1976 AND 1975 CONTENTS EXHIBIT STATEMENT OF ASSETS AND LIABILITIES A STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS B NOTES TO FINANCIAL STATEMENTS C SUPPLEMENTAL INFORMATION SCHEDULES PLEDGES RECEIVABLE 1 GAIN (LOSS) FROM OPERATION 2 SUMMARY OF CONTRACTS 3 DETAIL OF ARCHITECT AND ENGINEERS COSTS AND BUILDING IMPROVEMENT COST 4 O'CONNOR, BROOKS & CO. C. O. 0 CONNOR. CPA CERTIFIED PUBLIC ACCOUNTANTS (DECEASED) Ews=_DI 1415 LOCUST STREET _ P. O. BOX 743 ' R. K. BROOKS, CPA DUBUQUE. IOWA 52001 G. L. HARDIN. CPA W. H. LEGLAR. CPA J. R. ES.LING, CPA J. J. KIRCHER, CPA January 25, 1977 D.N. MELBY. CPA Board of Directors Dubuque Five Flags Center Fund Dubuque, Iowa Gentlemen. - lie have made an examination of the assets and liabilities of the Dubuque Five Flags Center Fund, Dubuque, Iowa, for the years ended December 29, 1976 and 1975, and the related statements of cash receipts and disbursements. 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 con- sidered necessary in the circumstances. In our opinion, the aforementioned statements present fairly the assets and liabilities of the Dubuque Five Flags Center Fund, Dubuque, Iowa, arising from cash transactions, and the revenues collected and expenditures made by it ( and changes in fund balance etc., where reflected in cash basis statements) during the year then ended, on a basis consistent with that of the preceding year. Respectfully submitted, O'CONNOR, BROOKS & CO. By Certified Public Public Accountant MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS IOWA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS EXHIBIT "A" DUBUQUE FIVE FLAGS CENTER FUND. DUBUQUE, IOWA STATEMENT OF ASSETS AND LIABILITIES AT DECEMBER 29 1976 AND 1975 Assets: (Note 1) 1976 1975 First National Bank: Checking Savings $ 12,886.17 $ 4,305.34 189.75 657.01 Time Certificates 12,-0- 134,314 40 $ 25,075.92 $ 139,276.75 Total Pledges Net of Collections to Date (Note 2) (Schedule 1) Multi -Media Equipment - (2) Carousel Zooms Donated Equipment (Note 3) Preliminary Survey Costs Architect, Engineers_ and Building Improvements Costs Donated Building Improvements Theater and Property Purchased from City of Dubuque (Note 4) Flag and Other Memorials Inventory TOTAL ASSETS Liabilities and Net Worth: Liabilities: Note Payable - 9.M, due 4/1/81 Secured by all Capital Fund Pledges Fund Balance: Beginning of year Additions- New and Additional Pledges Gain (Loss) -from -Operations Charge -Off of Uncollectible Pledges Fund Balance - End of Year TOTAL LIABILITIES AND FUND BALANCE 3 /S6 ry7 0 JA0 , F-e-d - �y ". ':,r. 126,��� 1'�7yn PtiT ir/a!� 125,201.88 982.83 4,571.09 12,731.05 639,374.68 3,382.57 115,741.61 166.58 296,259.60 982.83 -0- 12,731.05 369,360.01 -0- 115,741.61 166.58 $ 927 22O 21 $ 93— ¢ 51g G3 $ 156,000.00 $ 18_ 7,000 00 $ 747,518.43 $ 719,903.21 53,916.54 24,135.80 (12,845.56) 3,479.42 (17,361 20) 0- $ 771,228.21 ,$ 74' 7 51g 43 DUBUQUE FIVE FLAGS CENTER FUND DUBUQUE, IOWA STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 29 1976 AND 1975 Balance - Beginning of Year Receipts• Collections on Pledges Interest; Savings Time Certificates Flags and Other Memorials Sold Bank Loan $ 660.91 4,029.43 Disbursements: Interest Notes Payments Payroll Audit Office Postage Continuing Campaign Architects, Engineers and Building Improvements Theater & Property Purchased from City of Dubuque Multi -Media Purchase of Flags & Other Memorials Total Disbursements 1976 $ 139,276.75 $ 198,529.40 $ 2,053.74 4,690.34 _ 6,690.76 -0- 125,000.00 $ 328,219.74 $ 11,549.58 156,000.00 2,392.44 512.50 1,476.57 326.87 147.94 270,014.67 -0- -0- -0- $ 442,420.57 EXHIBIT "B" 1975 182,986.91 $ 109,718.96 8,744.50 3,659.20 187,000.00 309,122 66 $ -0- -0- 3,120.25 500.00 716.81 260.26 1,706.57 228,152.08 115,741.61 67.84 2,567 40 352,832 82 Balance - End of Year S 25.075 99 � 13_�?767.5 EXHIBI� T' _C" DUB_UQUE FIVE FLAGS CENTER FUND DUBUQUE IOWA NOTES TO FINANCIAL STATEMENTS (1) Significant Accounting Policies The organization uses the cash method of accounting. Under the cash method of accounting, accounts payable and accrued liabilities are not recorded. The effect of not recording accounts payable and accrued expenses as of December 29, 1976, is indeterminable but.is considered immaterial to fair presentation. (2) Pledges - All contributions are considered available for unrestricted use. Pledges for contributions are recorded as received and amounts considered as uncollectible are deducted periodically. The amount of pledges.considered as uncoliectible for the year ended December 29, 1976, was $17,361.20. Q Donated Materials: Donated materials and equipment are reflected in the accompanying statements at their estimated values at date of receipt. S4) Subsequent.Events: Subsequent to December 29, 1976, the organization will enter into the following transactions with the City of Dubuque. (a) The organization will donate to the City of Dubuque the restored theater building and the land on which it stands. (b) The City of Dubuque will purchase from the organization the reminaing prop- erty at an amount equal to the cost of $80,257.60. (c) The City of Dubuque will refund to the organization $9,208.56 which is a deposit on Lot 2 Block 15 and will release the organization from any obliga- tion to purchase the lot. DUBUQUE FIVE FLAGS CENTER FUND DUBUQUE, IOWA PLEDGES RECEIVABLE DECEMBER 29 1976 AND 1975 Pledges Receivable: Beginning of Year New and Additional Pledges Amounts Charged Off as Uncollectible Total Pledges Receivable Amounts Collected• Beginning o£ Year Cash Collections In -Rind Collections Total Amounts Collected Net Pledges Receivable SCHEDULE "1" 1976 1975 $ 810,487.27 $ 786— ,351,47 53,916.54 24,135.80 7,361 20) -0- $ 847,042 61 $ 810,487'27" $ 514,227.67 $ 404,508.71 198,529.40 109,718.96 _ 9,083.66 ___0- 721,840 73 $ 5167 DUBUQUE FIVE FLAGS CENTER FUND DUBUQUE IOWA GAIN (LOSS) FROM OPERATION FOR YEAR ENDED DECEMBER 29 1976 AND 1975 Income• Interest Flags Sold Total Income Expenses:• Payroll Audit Office Postage Continuing Campaign Including In -Kind Pledges Multi -Media Cost of Flags and Other Memorials Sold Interest Total Expenses Gain (Loss) From Operations SS CHE�2111 1976 1975 $ 4,690.34 $ 8,744.50 --0- _ 31659.20 $ 4,690,34 12,403.70 $ 2,392.44 $ 3,120.25 512,50 500,00 1,476.57 716,81 326.87 260,26 1,277.94 1,706.57 -0- 53.73 -0- 2,566.66 11,549.58 O_ $ 17,535.90 $ 99`24.28 479 4 SCHEDULE «3'f Original Contract` Change Orders Contract Paid at Paid at Amount Additions Deductions Amount 12/29/76 12/29/76 $ 376,393.00 $ 23,751.00 $ -0- $ 400,149.00 $-40,149.00 ✓ 100 85,579.00 1,449.03 _0- 87,028.03 47,028.03 r 100 15,158.00 67.53 125.00 15,100.53 ✓15,100.53 100 10,000.00 -0_ _0_ l0,000.00 �g 000.00 loo 19,248.00 _0- _0_. 19,248.06 [19,248.00 100 5,500.00 500.00 -0_ 6,000.00 ✓61000.00 ✓ . 100 1,055.79 _0_ -0- 1,055.79 -1,055.79 ✓ 100 1,840.74 -0- -0- 1,840.74 1o0 83,909.21 1,517.00 _0- 852426.21 ��,840.74 -' 85,426.21 100 106,533.05 -0- -0- 106,533.05 106,533.05 ✓ 100 92,085.62 -0- -0- 92,084.62 9,208.56 10 S 797.307 4i $ 27 2RG $ 125_nn S 824.466 97 747. 89 90 SCHEDULE "4, DUBUQUE FIVE FLAGS CENTER FUND DUBUQUE, IOWA DETAIL OF ARCHITECT AND ENGINEERS COSTS AND BUILDING IMPROVEMENT COSTS 12/30/72 12/27/73 12/31/74 12/31/75 to to to to 12/26/73 12/30/74 12/29/75 12/29/76 Total Cullen, Kilby, Carolan & Assoc. Warzen Engineering and Service Company, Inc. Bowen & Kanazama Interstate Power Co. Braconier, Inc. City Water Dept. Pepples Natural Gas N.W. Bell Telephone Berwanger Boiler Friedman Insurance Burke, Brennan and Associates Heitzman Construc- tion Co. Chicago Used Chair Mart Walsh Stores Dubuque County Recorder Five Flags Civic Center Fund Resale of Items Purchased at Theater Auction City of Dubuque Hanche Auditorium Design Galaries, Inc. Frank Hardie Advertising, Inc. Vesperman's Duraclean Service Village Gallery John C. Kaiser Inter- ior Decorators & Designers Moldt Electrical Service, Inc. Smith -Cornell Homestead Kahle Carpet Miscellaneous Freight Charges $ 15,114.84 $ 45,076.06 $ 22,793.31 $ -0- $ 82,984.21 1,055.79 -0- -0_ -0- 1,055.79 -0- 340.73 1,500.00 -0- 1,840.74 -0- 238.45 464.07 240.00 942.52 -0- 73,355.16 183,031.37 2312171.51 487,558.04 -0- 57.53 126.82 31.87 216.22 -0- 200.11 1,132.41 1,497.50 2,830.02 -0- 28.24 19.66 (7.59) 40.31 -0- 196.51 93.61 _O-. 290.12 -0- 1,207.00 -0- _0- 1,207.00 -0- 4,337.50 3,562.50 2,100.00 10,000.00 _0- -0- 15,100.53 ;0- 15,100.53 -0- -0- 1,000.00 5,304.75 6,304.75 -0- -0- 22.80 -0_ 22.80 -0- -0- 3.50 _0- `3.50 -0- -0- 326.50 -0- 326.50 -0- _0- (1,025.00) -0- (1,025.00) -0- -0- 115,741.61 -0-. 115,741.61 -0- ,-0- -0- 26.10 26.10 -0- -0- _0- 19,248.00 19,248.00 -0- -0- -0- 2,072.74 2,072.74 -0- -0- -0- 370.80 370.80 -0- -0- -0- 80.50 80.50 -0- -0- -0- 2,143.56 2,143.56 -0- -0- -0- 104.34 104.34 -0- _0- -0- 85.00 85.00 -0- _0- -0- 51516.43 5,516.43 0.. :• ,• , Rk"I. Ji. 1'L 1 I2 c5ilociaZel, Y'zo. PAUL D, sPEE R, pRR 51DENT ELWOOD SARCE MUNICIPAL FINANCE C CONSULTANTS RONALD V- NORENE THOM ASE.COUGHLAN '9gL—"�011f'/�tC/�F�y ('l JOHN W. ILLYE5, JR.tlPF' PAUL D_(PETE) SPEER,JR- LAWRE J. RIMMER WATERLOO.00. IOWA 50703 (319)135-T059 AREA 312 FINANCIAL 6-0656 THEODORE 8. KUNZ. 9ROOY"ELD, WIS 53005 (ala)oe 5-aoso September 20, 1976 Mr. Gilbert D. Chavenelle City Maager City Hall Dubuque, Iowa 52001 Dear Gil: I was quite embarrassed when Frank called me this morning calling my attention to a series of errors in the final column on the amortization schedule which I sent to you last week. I believe that there must have been a misinterpretation of the figures on the table and that the old figures were used. In any event, I enclose herewith a revised table. The totals on all columns were correct, as of course, were the summaries at the bottom. We are proceeding to get ready for the issue on October 21. Romo expects to be in the office tomorrow morning with information concerning the Solid Waste Disposal Project. Best regards, Fresi PDS:tc PAUL D. SPEER &\associates, Inc. Enclosure $3,700,0o0 CITY OF DUBUQUE, IOWA General Obligation Bonds Five Flags Civic Center -- A.V. $550,023,500 Dated November 1, 1976. Estimated debt service by fiscal years. FAY Maturity Interest (il 5 1/ Principal Debt 1977-78 1978 $ 305,250 May 1 I $ Service 1978-79 1979-80 1979 1980 200,750 50,000 150,000 $ 350,750 350,750 1980-81 1981 192,500 171,875 175,000 367,500 1981-82 1983 t71,875 200,000 382 875 1982-83 1983-84 1983 1984 160,875 200,000 225,000 371:875 385,875 1984-85 1985 148,500 134,750 250,000 338,500 1985-86 1986 121,000 250,000 384,75o 1986-87 1987 105,875 275,000 380,875 1987-88 t988 90,750 75,000 380,875 1988-89 1989 74,250 300,000 390,750 1989-90 1990 56375 325,000 399,250 1990-91 1991 38,500 325,000 381,375 1991-92 1992 , 1925 0 350,000 388,500 350,000 369,250 $2,003,375 $3,700,000 $5,703,375 Average ..................... $380,225 Average Tax per $1,000 ...... $ 0.69 Total Tax per $1,000 ........ $10.37 PAUL D. SPEER & Associates, Inc. September 20, 1976 PDS:tc