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Home My Public Portal About2008JCCCAuditJEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES INDEPENDENT AUDITORS' REPORT For The Years Ended December 31, 2008 and 2007 TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT .................................................. 1 - 2 FINANCIAL STATEMENTS: Consolidated Statements of Financial Position .................................. 3 - 4 Consolidated Statements of Activities .............................................. 5 Consolidated Statements of Cash Flows ......................................... 6 - 7 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .............. 8-12 ACCOMPANYING SCHEDULES: Consolidating Statements of Financial Position (2008) ....................... 13-14 Consolidating Statements of Activities (2008) ................................. 15-16 Consolidating Statements of Cash Flows (2008) .............................. 17 Consolidating Statement of Financial Position (2007) ........................ 18-19 Consolidating Statement of Activities (2007) .................................. 20-21 Consolidated Statements of Cash Flows (2007) ............................... 22 Jefferson City Area Chamber of Commerce Statements of Financial Position (2008 and 2007) ............................. 23-24 Statements of Activities (2008 and 2007) ....................................... 25-26 JC Chamber 21St Century Land Investment, L.L.C. Statements of Financial Position (2008 and 2007) ............................. 27 Statements of Activities (2008 and 2007) ....................................... 28 JC Chamber Properties, L.L.C. Statements of Financial Position (2008 and 2007) ............................. 29 Statements of Activities (2008 and 2007) ....................................... 30 JC Chamber Partnerships Statements of Financial Position (2008 and 2007) ............................. 31 Statements of Activities (2008 and 2007) ....................................... 32 Partnerships 2020, Inc. Statements of Financial Position (2008 and 2007) ............................. 33 Statements of Activities (2008 and 2007) ....................................... 34 RAV E S Lynn J. Graves, CPA INDEPENDENT AUDITORS' REPORT To the Board of Directors of Jefferson City Area Chamber of Commerce and Subsidiaries Jefferson City, Missouri: We have audited the accompanying consolidated statements of financial position of the Jefferson City Area Chamber of Commerce and Subsidiaries as of December 31, 2008 and 2007, and the related consolidated statements of activities and cash flows for the years then ended. These consolidated financial statements are the responsibility of the Chamber's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits 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 consolidated financial statements are free of 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 financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Jefferson City Area Chamber of Commerce and Subsidiaries as of December 31, 2008 and 2007, and its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. 3702 West Truman Boulevard, Suite 213, Jefferson City, MO 65109 573-893-7700 • Fax 573-893-6649 Our audits were made for the purpose of forming an opinion on the consolidated financial statements taken as a whole. The consolidating information is presented for purposes of additional analysis of the consolidated financial statements rather than to present the financial position, results of operations, and cash flows of the individual companies. Such information has been subjected to the auditing procedures applied in the audits of the consolidated financial statements and, in our opinion, is fairly stated in all material respects in relation to the consolidated financial statements taken as a whole. QW0-mcs n^cissoc.aS) CPokS , GRAVES AND ASSOCIATES, CPAs, LLC Jefferson City, Missouri July 15, 2009 2 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 ASSETS CURRENT ASSETS Cash & Cash Equivalents Accounts Receivable Allowance for Doubtful Accounts Accrued Interest Prepaid Expenses Total Current Assets PROPERTY, BUILDING, AND EQUIPMENT Land Building Building and Land Improvements Furniture and Fixtures Less: Accumulated Depreciation Net Property, Building, and Equipment OTHER ASSETS Investment in Land Less: Accumulated Depletion Investment in Building Note Receivable Total Other Assets TOTAL ASSETS 2008 $ 1,500,921 34,805 (3,083) 4,269 5,855 1,542,767 15,000 418,085 467,326 146,938 (566,928) 480,421 3,444,644 (4,407) 1,074,143 5,489 4,519,870 $ 6,543,057 See accompanying Notes to the Consolidated Financial Statements. 3 2007 $ 2,708,395 14,412 (4,893) 5,418 5,069 2,728,401 15,000 418,244 365,771 181,836 (581,160) 399,691 3,444,644 1,074,143 6,000 4,524,787 $ 7,652,879 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable and Accrued Expenses Deferred Membership Dues Unapplied Credits Deferred Revenue Current Portion Note Payable - Building Current Portion Note Payable - Land Total Current Liabilities LONG-TERM LIABILITIES Note Payable - Building Note Payable - Land Total Long -Term Liabilities TOTAL LIABILITIES NET ASSETS Unrestricted Total Net Assets TOTAL LIABILITIES AND NET ASSETS 2008 $ 38,243 117,934 5,140 47,880 209,197 616,307 1,074,143 1,690,450 1,899,647 4,643,410 4,643,410 $ 6,543,057 See accompanying Notes to the Consolidated Financial Statements. 4 2007 $ 39,229 115,157 31,550 24,816 14,238 224,990 591,491 1,059,905 1,651,396 1;876,386 5,776,493 5,776,493 $ 7,652,879 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2008 and 2007 REVENUE Membership Dues Economic Development Committees Special Events Leadership Jefferson City Government Relations Publications and Marketing Management Fees Other Income Civic Progress Partners in Education Escrow Income Rental Income Royalty Income Infrastructure Reimbursement Investment Income Total Revenue EXPENSES Program Expenses Membership Affairs Economic Development Committees Special Events Leadership Jefferson City Government Relations Publications and Marketing Civic Progress Partners in Education Community Development Total Program Expenses General and Administrative Total Expenses Change in Net Assets Before Other Income Other Income Gain (Loss) on Sale of Assets Total Other Income Change in Net Assets Net Assets, Beginning Net Assets. Ending 2008 2007 $ 454,957 $ 456,039 414,609 313,339 3,898 3,590 227,686 221,698 28,773 24,265 26,296 19,890 39,027 34,353 900 900 7,209 8,103 33,383 40,902 19,710 19,782 - 103,693 1,125 50,888 32,722 - 560,859 - 43,750 56.606 1,894,905 1,354,048 16,673 18,730 1,734,404 172,001 12,069 14,842 146,766 133,787 16,886 12,106 24,101 15,666 33,416 29,141 27,047 60,263 4,890 4,213 3,840 - 2,020,094 460,749 1,006,873 1.291,238 3,026,967 1,751,987 (1,132,061) (397,939) (1,021) 3,106,958 (1,021) 3,106,958 (1,133,082) 2,709,019 5,776,493 3,067,474 $ 4,643,410 See accompanying Notes to the Consolidated Financial Statements. 5 $ 5,776,493 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2008 and 2007 CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets Adjustments to Reconcile Change in Net Assets Net Cash Provided by Operating Activities Depreciation Depletion Gain (Loss) on Asset Sale (Increase) Decrease in: Accounts Receivable, (Net) Other Receivables Note Receivable Prepaid Expenses Increase (Decrease)in: Accounts Payable Unapplied Credits Deferred Revenues Current Portion Note Payable - Building Current Portion Note Payable - Land Total Adjustments Net Cash Provided (Used) by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Assets Proceeds From Land Sale Transfer of Assets Net Cash Provided (Used) In Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Note Payable - Building Payments on Note Payable - Land Payments on Lease Net Cash Provided (Used) by Financing Activities Net Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning Cash and Cash Equivalents, Ending 2008 2007 $ (1,133,082) $ 2,709,019 32,136 35,300 4,407 - 1,021 (3,107,552) (22,203) 3,715 1,149 (5,188) 511 2,000 (786) 13,743 (987) 13,533 5,140 - 19,107 (7,198) - 24,816 - 14,238 39,495 (3,012,595) (1,093,588) (303,576) (113,886) (680,236) 3,726,560 11,146 (113,886) 3,057,471 (1,207,474) 2,708,395 413,281 (1,427,813) (1,964) (1,016,495) 1,737,400 970,995 $ 1,500,921 $ 2,708,395 See accompanying Notes to the Consolidated Financial Statements. JEFFERSON CITY AREA CHAMBER OF COMMERCE SUBSIDIARIES STATEMENT OF CASH FLOWS For the Years Ended December 31, 2008 and 2007 2008 Beginning of End Increase or Cash & Cash Equivalents Year of Year (Decrease) JCCC Checking & Money Market Accounts $ 142,328 $ 50,604 $ (91,724) Cafeteria Plan 1,000 1,000 - Certificates of Deposit 481,562 500,159 18,597 Petty Cash 125 125 - JCCC Totals 625,015 551,888 (73,127) 21st Century Land Investment, L.L.C. 1,157,025 8,900 (1,148,126) - JC Chamber Properties, L.L.C. 55 213 158 Partnerships 2020 926,300 939,920 13,620 Subsidiaries Totals 2,083,380 949,033 (1,134,347) Total Cash & Cash Equivalents $ 2,708,395 $ 1,500,921 $ (1,207,474) Supplemental Disclosure of Cash Flow Information: Cash paid during the year for: Interest $ 89,747 Taxes $ 2007 Beginning of End Increase or Cash & Cash Equivalents Year of Year (Decrease) JCCC Checking & Money Market Accounts $ 132,097 $ 142,328 $ 10,231 Cafeteria Plan 1,000 1,000 - Certificates of Deposit - 481,562 481,562 Petty Cash 125 125 - JCCC Totals 133,222 625,015 491,793 21st Century Land Investment, L.L.C. 111,127 1,157,025 1,045,898 JC Chamber Properties, L.L.C. 1,233 55 (1,178) JC Partnerships 49,528 (49,528) Partnerships 2020 675,884 926,300 250,415 Subsidiaries Totals 837,773 2,083,380 1,245,607 Total Cash & Cash Equivalents $ 970,995 $ 2,708,395 $ 1.737,400 Supplemental Disclosure of Cash Flow Information: Cash paid during the year for: .Interest $ 159,351 Taxes $ _ Disclosure of Accounting Policy: For purposes of the statement of cash flows, Jefferson City Area Chamber of Commerce & Subsidiaries, Inc. considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. See accompanying Notes to the Consolidated Financial Statements. 7 JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2008 and 2007 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business The Jefferson City Area Chamber of Commerce (the Chamber) is a nonprofit trade association. The Chamber was formed to cultivate, promote and disseminate knowledge and information concerning the City of Jefferson and surrounding area. Basis of Accounting The books and records are maintained and the financial statements are prepared on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred. Principles of Consolidation The consolidated financial statements of the Jefferson City Area Chamber of Commerce and Subsidiaries include the accounts of the JC Chamber 2151 Century Land Investment, L.L.C., JC Chamber Properties, L.L.C., JC Chamber Partnerships, and Partnerships 2020, Inc. All material inter -company accounts and transactions have been eliminated. JC Chamber Partnerships is considered a department of the Chamber and is included in the consolidating statements for information only. Property and Equi ment Property and equipment are carried at cost. The Chamber capitalizes all expenditures for property and equipment in excess of $500. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets. Depreciation expense for 2008 and 2007 are $32,136 and $35,299, respectively. Depletion is computed as 5% of royalty income derived from quarried stone tonnage. Depletion expense for 2008 is $4,407. Taxable Status The Jefferson City Area Chamber of Commerce is a not-for-profit organization exempt from state and federal income tax under Internal Revenue Code Section 501(c)(6) except for unrelated business income which is taxed at regular corporate rates. Partnerships 2020, Inc. is exempt from state and federal income tax under Internal Revenue Code Section 501(c)(2) except for unrelated business income which is taxed at regular corporate rates. It includes the accounts of JC Chamber Partnerships. JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2008 and 2007 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Confd.) Taxable Status (Cont'd.) JC Chamber 2151 Century Land Investment, L.L.C. and JC Chamber Properties, L.L.C. are filed under the umbrella of the Jefferson City Area Chamber of Commerce. Investment in Land Land held for development is stated at cost. Cost includes all development costs. Basis of Presentation The Chamber is required to report information regarding its financial position and activities accounting to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Grants and other contributions of cash and other assets are reported as temporarily restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Contributions received with donor -imposed restrictions that are met in the same year in which the contributions are received are classified as unrestricted contributions. The Chamber has no temporarily or permanently restricted net assets at December 31, 2008 and 2007. Use of Estimates The preparation of financial statements in conformity with the accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Advertisine Advertising costs are expensed as incurred. The advertising cost incurred for the years ended December 31, 2008 and 2007 were $28,512 and $38,055, respectively. 9 JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2008 and 2007 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) Allowance for Doubtful Accounts The Chamber records a monthly allowance for uncollectible memberships. Those accounts determined during the year to be uncollectible are written off against the allowance based on the initial estimate for the year. Throughout the year the accounts are reviewed and the allowance adjusted as necessary. At December 31, 2008 and 2007, the allowance for uncollectible accounts totaled $3,083 and $4,893, respectively. Deferred Revenues Membership dues, seminar fees, pledges and annual meeting registrations collected in advance have been included in deferred revenue and recognized as revenue in the period earned. NOTE 2 — INVESTMENT IN SUBSIDIARIES In 1996, Partnerships 2020 formed for the purpose to own and manage real and personal property for the purposes and benefit of the Jefferson City Area Chamber of Commerce in order to promote the economic development mission of the Chamber. Partnerships 2020 has its own Board of Directors. In 2009, Partnerships 2020 merged with 2151 Century Land Investment, L.L.C. and all of Partnerships 2020 assets were transferred to 2151 Century Land Investment, L.L.C. The Jefferson City Chamber Partnerships (CHIPS) formed to act as the financial arm for Partnerships 2020. CHIPS is considered a department of the Chamber and is managed by the Chamber's Board. An economic development contract from the City of Jefferson is managed through this department. The Chamber Partnerships is included in the supplementary information in order to help management maintain the Department's transactions separate from those of the Chamber. CHIPS was dissolved in 2007. All of CHIPS assets were transferred to the Jefferson City Chamber. The JC Chamber 21" Century Land Investment, L.L.C. was formed in 2003 for the purpose of promoting economic development through real estate development and sales in the Jefferson City Area. It is owned and managed by the Jefferson City Area Chamber of Commerce. During 2008, JC Chamber 2151 Century Land Investment paid $200,000 to JC Chamber of Commerce for economic development and paid $31,945 to JC Chamber Properties for general operations. 10 JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2008 and 2007 NOTE 2 — INVESTMENT IN SUBSIDIARIES (Cont'd.) The JC Chamber of Commerce also formed the JC Chamber Properties, L.L.C. in 2003 for the purpose of renting, leasing, and managing property on behalf of the Chamber. It is also owned and managed by the Chamber. During 2008, JC Chamber Properties received $31,945 from JC Chamber 2151 Century Land Investment for general operations. NOTE 3 — PENSION PLAN The Chamber participates in a multiple -employer plan with the American Chamber of Commerce Executives Retirement Plan. The Chamber contributes monthly up to 8% of the salary for qualified employees. Accumulated benefits and plan assets are not determined or allocated separately by individual employer. Employees with one year of service are eligible to participate. Employees are 20% vested after 2 years, 40% after 3 years, 60% after four years, 80% after 5 years, and 100% after six years in the plan. Total contributions made by the Chamber to the plan for the years ended December 31, 2008 and 2007 were $42,992 and $29,623, respectively. NOTE 4 — CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Organization to concentrations of credit risk are cash and investments. The Organization maintains its cash and investment balances at several financial institutions. Accounts, other than mutual funds, government issues and taxable bonds, are secured by the Federal Deposit Insurance Corporation (FDIC) up to $100,000 before October 3, 2008. From October 3, 2008 through December 31, 2013, FDIC insurance increased to $250,000. At December 31, 2008 and 2007, the Chamber and its Subsidiaries had $933,078 and $2,383,959, respectively, in uninsured accounts. NOTE 5 — INVESTMENT IN LAND Land held for development included the following at December 31; 11 2008 2007 Algoa—West $ 399,640 $ 399,640 Algoa— West (Partnerships 2020) 742,867 742,867 Algoa — East 1,829,251 1,829,251 Speculative Building — Land 237,921 237,921 West Edgewood Development 234,965 234,965 Total SIA14 644 3.444.644 11 JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2008 and 2007 NOTE 6 — NOTES PAYABLE The Chamber's notes payable consists of the following: 2008 2007 Note payable to Hawthorn Bank bearing interest at 7.25%. Quarterly interest only payments are being made. No principle payments are currently being paid. The loan is collateralized by a Speculative Building. $1,074,144 $1,074,144 Note payable to Hawthorn Bank bearing interest at 7.25%. Quarterly interest only payments are being made. No principle payments are currently being paid. The loan is collateralized by Land. 616,306 616,306 1 90 450 1 0 45 NOTE 7 — COMPENSATED ABSENCES Chamber employees accrue vacation time each month based on years of service. Vacation time may be carried over up to 80 hours beyond the employee's anniversary date and sick leave may be carried over up to 720 hours. The vacation earned but not yet paid, as of the year-end was $33,333 and $27,927 in 2008 and 2007 respectively. NOTE 8 — CHAMBER GIFT CERTIFICATES In early 2009, the Chamber was informed that the company that administered the Chamber's gift certificate program was filing for bankruptcy protection. The Chamber made the decision to refund any unused gift certificates that are turned in to the Chamber. The estimated exposure to the Chamber is $16,000. NOTE 9 — RELATED PARTY TRANSACTION As business owners, officers and key employees of local businesses and organizations, several Chamber Board members had business dealings with the Chamber in 2008. The highest total of expenditures paid to the business with the most direct benefit to the owner was $20,442. 12 ACCOMPANYING SCHEDULES r. a W 000mP �n P w eo co �o .n o yl M v P N N w F 7_ on V bo.l b o w r r 00o Po r a � n V O V b V MO r o v r a — O vn NO E 'm > V u O Op N � E °' O 'S a D S m = E c N c E E c y s L m W a v mm .'z F C p4 p G O p a� V oo rn O V_ � V vnj v o r a rn a v a w z4 O O O 0 0 0 0o m o0 N N N eo r 00 r 00 r N N N n or n se w 0 0 0 0 o C vii 0 v`ti 0 vii 0 0 0 o eo 00 — N N � w � 6 0 o vi vi r b O o. 1p rn b o ^ N N vi sv v� v m rn r m m v ao r vi r" a� v ^ o N o N v b e b vdi c0 V � < F m � W � h Q n a ti F Z W Q❑ W r Op w F j Q 0? 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P ✓a ♦'1 V P r < N N � < r o P N ^ n Q N b O b ^ N N r V1 N Yi F L E v _6 (y P o-] W ❑ C p C E � x 6 d E >z 22 I w w w y 'I I� F u m v w � z d m tl y 'I I� F u m y F u m v w � z d m z D T T as �Z Z F2� o _ Z o OzzO W F 0 M � m w'C�«tli 'a oEoo�c°c c a n S V 0 0 N I 1I II w\ } } 72 u \§ : { }»f{ƒ :E- _ _ no = i , = : z �)< w - \ () ! / \///2 / \»>2 \ \ } ) f JEFFERSON CITY AREA CHAMBER OF STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 ASSETS CURRENT ASSETS Cash & Cash Equivalents Accounts Receivable Allowance for Doubtful Accounts Accrued Interest Prepaid Expenses Total Current Assets PROPERTY, BUILDING, AND EQUIPMENT Furniture and Fixtures Less: Accumulated Depreciation Net Property, Building, and Equipment OTHER ASSETS Investment in Subsidiaries Note Receivable Total Other Assets TOTAL ASSETS 23 2008 $ 551,888 33,680 (3,083) 4,269 5,855 592,609 124,962 (86,524) 38,438 4,218,179 5,489 4,223,668 $ 4,854,714 2007 $ 625,015 14,412 (4,893) 5,418 5,069 645,021 126,217 (84,327) 41,890 5,271,626 6,000 5,277,626 $ 5,964,536 JEFFERSON CITY AREA CHAMBER OF STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable & Accrued Expenses Deferred Membership Dues Unapplied Credits Deferred Revenue Total Current Liabilities TOTAL LIABILITIES UNRESTRICTED NET ASSETS TOTAL LIABILITIES AND NET ASSETS 24 2008 $ 38,243 117,934 5,140 47,880 2007 $ 39,229 115,157 31,550 209,197 185,936 209,197 185,936 4,645,518 5,778,600 $ 4,854,714 $ 5,964,536 JEFFERSON CITY AREA CHAMBER OF STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2008 and 2007 25 2008 2007 REVENUE Membership Dues $ 454,957 $ 456,039 Economic Development 614,609 313,339 Committees 3,898 3,590 Special Events 227,686 221,698 Leadership Jefferson City 28,773 24,265 Government Relations 26,296 19,890 Publications and Marketing 39,027 34,353 Management Fees 900 373,577 Other Income 2,199 8,103 Civic Progress 33,383 40,902 Partners in Education 19,710 19,782 Investment Income 21,238 12,265 Total Revenue 1,472,676 1,527,803 EXPENSES Program Expenses Membership Affairs 16,673 18,730 Economic Development 261,407 172,001 Committees 12,069 14,842 Special Events 146,766 133,787 Leadership Jefferson City 16,886 12,106 Government Relations 24,101 15,666 Publications and Marketing 33,416 29,141 Civic Progress 27,047 60,263 Partners in Education 4,890 4,213 Community Development 3,840 - Total Program Expenses 547,097 460,749 Management & General Salaries 622,141 552,429 Employee Benefits 110,082 103,783 Payroll Taxes 47,737 43,902 Other Employee Expenses 5,002 5,355 Bad Debts 36,000 36,000 Dues & Subscriptions 4,019 4,857 Insurance 7,944 7,545 Professional Fees 2,494 4,535 Rent 25,008 15,000 Telephone 18,537 14,673 25 JEFFERSON CITY AREA CHAMBER OF STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2008 and 2007 EXPENSES (Cont'd) Postage Supplies Printing / Stationery Travel and Professional Development Office Machines / Equipment Depreciation Expense Purchased Services Computerization Parking Fees Loss on Sale of Assets Miscellaneous Total Management & General Expenses Total Expenses Increase in Net Assets Before Equity in Net Income of Wholly -Owned Subsidiaries Equity in Net Income of Wholly -Owned Subsidiaries Change in Net Assets NET ASSETS, BEGINNING Transfers In/Out NET ASSETS, ENDING 26 2008 2007 $ 2,203 $ 3,629 4,768 5,900 4,516 3,729 15,805 22,116 6,314 19,000 14,839 19,411 23,352 13,741 47,786 41,820 4,895 4,510 945 - 829 2,979 1,005,215 924,914 1,552,312 1,385,663 (79,635) 142,140 (1,053,447) 2,208,312 (1,133,082) 2,350,452 5,778,600 3,067,474 - 360,674 $ 4,645,518 $ 5,778,600 JC CHAMBER 21ST CENTURY LAND INVESTMENT, L.L.C. STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 2008 2007 ASSETS CURRENTASSETS Cash & Cash Equivalents $ 8,900 $ 1,157,025 Total Current Assets 8,900 1,157,025 PROPERTY, BUILDING, AND EQUIPMENT Land Improvements 142,692 41,137 Less: Accumulated Depreciation (17,425) (12.845) Net Property, Building, and Equipment 125,267 28,293 OTHER ASSETS Land 2,701,777 2,701,777 Less: Accumulated Depletion (4,407) - Speculative Building 1,074,143 1,074,143 Total Other Assets 3,771,513 3,775,920 TOTAL ASSETS $ 3.905,680 $ 4.961,238 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Current Portion Note Payable - Building $ - $ 24.816 Current Portion Note Payable - Land - 14,238 Total Current Liabilities - 39,054 LONG-TERM LIABILITIES Note Payable - Building 616,307 591,491 Note Payable - Land 1,074,143 1,059,905 Total Long -Term Liabilities 1,690,450 1,651,396 TOTAL LIABILITIES 1,690,450 1,690,450 NET ASSETS UNRESTRICTED NET ASSETS Unrestricted Net Assets 2,215,230 3,270,788 Total Unrestricted Net Assets 2,215,230 3,270,788 TOTAL LIABILITIES NET ASSETS $ 3,905,680 $ 4,961,238 27 JC CHAMBER 21ST CENTURY LAND INVESTMENT, L.L.C. STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2008 and 2007 REVENUE Quarry Contract Interest Infrastructure Reimbursement Escrow Income Miscellaneous Total Revenue EXPENSES Land Expenses Economic Development Depreciation Expense Depletion Expense Interest Insurance JC Chamber Properties Expenses Land Management Fee - JCCC Professional fees Taxes Miscellaneous Total Expenses Change in Net Assets Before Other Income Other Income Gain on Sale of Assets Total Other Income Change in Net Assets NET ASSETS, BEGINNING Transfer of Net Assets NET ASSETS, ENDING 28 2008 $ 32,722 6,517 560,859 5,000 605,098 1,272,997 200,000 4,581 4,407 89,747 2,201 31,945 1,150 30,235 23,394 1,660,656 (1,055,558) (1,055,558) 3,270,788 2007 $ 18,768 22,454 103,693 144,914 38,276 2,479 191,869 4,071 346,601 31,095 12,526 2,483 629,400 (484,486) 3,107,552 3,107,552 2,623,067 1,007,605 - (359,884) $ 2,215,230 $ 3,270,788 JC CHAMBER PROPERTIES, L.L.C. STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 ASSETS CURRENT ASSETS Cash & Cash Equivalents Accounts Receivable Total Current Assets PROPERTY, BUILDING, AND EQUIPMENT Land Building Building and Land Improvements Furniture and Fixtures Less: Accumulated Depreciation Net Property, Building, and Equipment TOTAL ASSETS LIABILITIES AND NET ASSETS CURRENT LIABILITIES Due to Partnerships 2020 Total Current Liabilities UNRESTRICTED NET ASSETS Unrestricted Net Assets Total Unrestricted Net Assets TOTAL LIABILITIES NET ASSETS 29 2008 $ 213 1,125 1,338 15,000 418,085 324,634 21,976 (462,979) 316,716 $ 318,054 $ 20,000 20,000 298,054 298,054 $ 318,054 2007 $ 55 55 15,000 418,244 324,634 55,619 (483,989) 329,508 $ 329,564 $ 20,000 20,000 309,564 309,564 $ 329,564 JC CHAMBER PROPERTIES, L.L.C. STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2008 and 2007 REVENUE Rental Income 21 st Century Income Total Revenue EXPENSES Building Maintenance Depreciation Expense Insurance Professional fees Janitorial Service Supplies Trash Utilities Taxes Loss on Sale of Assets Lawn Care and Snow Removal Miscellaneous Total Expenses Change in Net Assets NET ASSETS, BEGINNING Transfer of Net Assets NET ASSETS, ENDING 30 2008 $ 26,133 31,945 58,078 6,617 12,716 4,454 525 8,790 4,381 892 12,447 13,895 76 2,085 2,710 69,588 (11,509) 309,564 $ 298,054 2007 $ 32,120 32,120 8,964 13,409 6,583 750 8,431 3,876 916 13,103 13,082 1,591 6,659 77,363 (45,243) 294,923 59,884 S 309,564 JC CHAMBER PARTNERSHIPS STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 ASSETS CURRENT ASSETS Cash & Cash Equivalents Total Current Assets PROPERTY, BUILDING, AND EQUIPMENT Furniture and Fixtures Accumulated Depreciation Net Property, Building, and Equipment TOTAL ASSETS NET ASSETS UNRESTRICTED NET ASSETS Unrestricted Net Assets TOTAL NET ASSETS 31 2008 2007 $ $ $ $ JC CHAMBER PARTNERSHIPS STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2008 and 2007 REVENUE Economic Development Contracts Interest Income Miscellaneous Income Total Revenue EXPENSES Program Expenses Marketing Programs Small Business Research/Planning Human Resources Travel/Professional Development Public Relations Prospect Relations Marketing Marketing Materials Special Projects Economic Development Plan Total Program Expenses Management & General Management Fees Professional Fees Supplies Depreciation Expense Miscellaneous Total Management & General Expenses Total Expenses Change in Net Assets NET ASSETS, BEGINNING Transfer of Net Assets NET ASSETS, ENDING 32 2008 2007 60,674 (60,674) PARTNERSHIPS 2020, INC. STATEMENTS OF FINANCIAL POSITION December 31, 2008 and 2007 ASSETS CURRENT ASSETS Cash & Cash Equivalents Total Current Assets OTHER ASSETS Land LONG TERM ASSETS Due from JC Chamber Properties TOTAL ASSETS NET ASSETS UNRESTRICTED NET ASSETS Unrestricted Net Assets Total Unrestricted Net Assets TOTAL NET ASSETS 33 2008 $ 939,920 939,920 742,867 20,000 $ 1,702,787 $ 1,702,787 1,702,787 $ 1,702,787 2007 $ 926,300 926,300 742,867 20,000 $ 1,689,167 $ 1,689,167 1,689,167 $ 1,689,167 PARTNERSIPS 2020, INC. STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2008 and 2007 REVENUE Interest Income Miscellaneous Income Total Revenue EXPENSES Professional Fees Taxes Miscellaneous Land Expense Land Management Fee Total Expenses Change in Net Assets Before Other Income Other Income Loss on Sale of Assets Total Other Income Change in Net Assets Net Assets, Beginning Net Assets. Ending 34 2008 2007 $ 15,996 $ 21,887 10 - 16,006 21,887 881 2,575 54 84 - 32 1,450 3,470 - 26,077 2,385 32,238 13,620 (10,351) (594) - (594) 13,620 (10,945) 1,689,167 1,700,112 $ 1,702,787 $ 1,689,167