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