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Home My Public Portal About2009JCCCAuditJEFFERSON CITY AREA CHAMBER OF COMMEW AND SUBSIDIARIES INDEPENDENT AUDITORS' REPORT For The Years Ended December 31, 2009 and 2008 TABLE OF CONTENTS INDEPENDENT AUDITORS' REPORT, FINANCIAL STATEMENTS: Page ......................... 1 -2 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 (2009) ....................... 13 - 14 Consolidating Statements of Activities (2009) ................................. 15 - 16 Consolidating Statements of Cash Flows (2009) .............................. 17 Consolidating Statement of Financial Position (2008) ........................ 18-19 Consolidating Statement of Activities (2008) .................................. 20-21 Consolidated Statements of Cash Flows (2008) ............................... 22 Jefferson City Area Chamber of Commerce Statements of Financial Position (2009 and 2008) ............................. 23 Statements of Activities (2009 and 2008) ....................................... 24-25 JC Chamber 21St Century Land Investment, L.L.C. Statements of Financial Position (2009 and 2008) ............................. 26 Statements of Activities (2009 and 2008) ....................................... 27 JC Chamber Properties, L.L.C. Statements of Financial Position (2009 and 2008) ............................. 28 Statements of Activities (2009 and 2008) ....................................... 29 Partnerships 2020, Inc. Statements of Financial Position (2009 and 2008) ............................. 30 Statements of Activities (2009 and 2008) ....................................... 31 LAVES and ASSOCIATES, CPAs, LLC 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 (a nonprofit organization) as of December 31, 2009 and 2008, 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, 2009 and 2008, and its operations and its cash flows for the years them 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. �prculGS n..�c� ttSSOCia�S� GRAVES AND ASSOCIATES, CPAs, LLC Jefferson City, Missouri October 4, 2010 2 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2009 and 2008 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 Speculative Building Note Receivable Total Other Assets TOTAL ASSETS 2009 $ 1,135,303 9,353 (1,494) 439 20,287 1,163,888 15,000 293,822 455,699 137,850 (461,323) 441,048 3,444,644 (5,016) 1,074,143 3,765 4,517,536 $ 6,122,472 See accompanying Notes to the Consolidated Financial Statements. 91 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 $ 6,545,164 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2009 and 2008 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable and Accrued Expenses Deferred Membership Dues Unapplied Credits Deferred Revenue 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 2009 $ 29,907 115,028 45,503 55,144 245,582 616,307 1,074,143 1,690,450 1,936,032 4,186,440 4,186,440 $ 6,122,472 See accompanying Notes to the Consolidated Financial Statements. 4 2008 $ 38,243 117,934 5,140 47,880 209,197 616,307 1,074,143 1,690,450 1,899,647 4,645,518 4,645,518 $ 6,545,164 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2009 and 2008 REVENUE Membership Dues Economic Development Support Committees Special Events Leadership Jefferson City Government Relations Publications and Marketing Management Fees Other Income Civic Progress Partners in Education 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 (Expense) Gain (Loss) on Sale of Assets Total Other Income (Expense) Change in Net Assets Net Assets, Beginning Net Assets. Ending 2009 2008 $ 456,646 $ 454,957 300,000 414,609 7,109 3,898 217,293 227,686 26,720 28,773 29,850 26,296 20,488 39,027 900 900 185 7,209 25,500 33,383 19,360 19,710 - 1,125 12,136 32,722 - 560,859 7,986 43,750 1,124,172 1,894,905 12,723 16,673 161,571 1,734,404 12,082 12,069 133,349 146,766 15,023 16,886 24,327 24,101 21,201 33,416 6,937 27,047 4,104 4,890 7,510. 3,840 398,828 2,020,094 1,181,205 1,006,873 1,580,033 3,026,967 (455,861) (1,132,061) (3,217) (1,021) (3,217) (1,021) (459,078) 4,645,518 $ 4,186,440 See accompanying Notes to the Consolidated Financial Statements. (1,133,082) 5,778,600 $ 4,645,518 JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2009 and 2008 2009 2008 CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets $ (451,510) $ (1,133,082) Adjustments to Reconcile Change in Net Assets Net Cash Provided by Operating Activities Depreciation 36,155 32,136 Depletion 609 4,407 (Gain) Loss on Asset Sale 3,217 1,021 (Increase) Decrease in: Accounts Receivable, (Net) 18,403 (22,203) Other Receivables 3,830 1,149 Note Receivable 1,724 511 Prepaid Expenses (14,432) (786) Increase (Decrease) in: Accounts Payable (8,336) (987) Deferred membership Dues (2,906) - Unapplied Credits 40,363 5,140 Deferred Revenues 7,264 19,107 Total Adjustments 85,892 39,494 Net Cash Provided (Used) by Operating Activities (365,618) (1,093,588) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Assets - (111886) Net Cash Provided (Used) In Investing Activities - (113,886) Net Increase (Decrease) in Cash and Cash Equivalents (365,618) (1,207,474) Cash and Cash Equivalents, Beginning 1,500,921 2,708,395 Cash and Cash Equivalents, Ending $ 1,135,303 $ 1,500,921 See accompanying Notes to the Consolidated Financial Statements. 0 JEFFERSON CITY AREA CHAMBER OF COMMERCE SUBSIDIARIES STATEMENT OF CASH FLOWS For the Years Ended December 31, 2009 and 2008 2009 Beginning of End Cash & Cash Equivalents Year of Year JCCC Checking & Money Market Accounts $ 50,604 $ 313,439 Cafeteria Plan 1,000 2,711 Certificates of Deposit 500,159 426,746 Petty Cash 125 125 JCCC Totals 551,888 743,021 21st Century Land Investment, L.L.C. 8,900 392,179 JC Chamber Properties, L.L.C. 213 104 Partnerships 2020 939,920 - Subsidiaries Totals 949,033 392,282 Total Cash & Cash Equivalents $ 1,500,921 $ 1,135,303 Supplemental Disclosure of Cash Flow Information• Cash paid during the year for: Interest $ 55,562 Income Taxes $ _ 2008 Beginning of End Cash & Cash Equivalents Year of Year JCCC Checking & Money Market Accounts $ 142,328 $ 50,604 Cafeteria Plan 1,000 1,000 Certificates of Deposit 481,562 500,159 Petty Cash 125 125 JCCC Totals 625,015 551,888 21st Century Land Investment, L.L.C. 1,157,025 8,900 JC Chamber Properties, L.L.C. 55 213 Partnerships 2020 926,300 939,920 Subsidiaries Totals 2,083,380 949,033 Total Cash & Cash Equivalents $ 2,708,395 $ 1,500,921 Supplemental Disclosure of Cash Flow Information: Cash paid during the year for: Interest $ 89,747 Income 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 (Continued) Increase or (Decrease) $ 262,835 1,711 (73,413) 191,133 383,279 (110) (939,920) (556,751) $ (365,618) Increase or (Decrease) $ (91,724) 18,597 (1,148,126) 158 13,620 (1,134,347) $ (1,207,474) JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2009 and 2008 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business The Jefferson City Area Chamber of Commerce (subsequently referred to as the Chamber) is a nonprofit business association. The Chamber was formed to cultivate, promote and improve the overall business climate of Jefferson City and Cole County. The Chamber provides programs and services which stimulate economic growth and enhance the quality of life for the area. Basis of Accountine 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 21st Century Land Investment, L.L.C., JC Chamber Properties, L.L.C., and Partnerships 2020, Inc. All material inter -company accounts and transactions have been eliminated. Property and Equipment 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 2009 and 2008 are $36,154 and $32,136, respectively. Depletion is computed as 5% of royalty income derived from quarried stone tonnage. Depletion expense for 2009 and 2008 was $608 and $4,407, respectively. 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. In 2009, Partnerships 2020, Inc. was merged into JC Chamber 2151 Century Land Investment, LLC. i JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31. 2009 and 2008 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.) 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 the purchase price and all improvement related expenses. 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, 2009 and 2008. 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 costs incurred for the years ended December 31, 2009 and 2008 were $43,104 and $28,512, respectively. 0 JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2009 and 2008 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 is adjusted, as necessary. At December 31, 2009 and 2008, the allowance for uncollectible accounts totaled $1,494 and $3,083, 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 was formed for the purpose of owning and managing real estate property to promote the economic development mission of the Chamber. Partnerships 2020 has its own Board of Directors. In 2009, Partnerships 2020 merged with 21" Century Land Investment, L.L.C. and all of Partnerships 2020 assets were transferred to 21St Century Land Investment, L.L.C. The JC Chamber 21st 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 2009 and 2008, JC Chamber 2151 Century Land Investment paid $400,000 and $200,000, respectively, to JC Chamber of Commerce for economic development. During 2009 and 2008, JC Chamber 21" Century Land Investment also paid $22,844 and $31,945, respectively, to JC Chamber Properties for general operations. 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 2009 and 2008, JC Chamber Properties received $22,844 and $31,945, respectively, from JC Chamber 21st Century Land Investment for general operations. 10 JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2009 and 2008 NOTE 3 — PENSION PLAN The Chamber participates in a multiple -employer plan with the American Chamber of Commerce Executives Retirement Plan. The Chamber contributes 8% of the annual wages and year-end bonuses for qualified employees. Contributions are calculated and deposited at each pay period (24 annually). Accumulated benefits and plan assets are not determined or allocated separately by the employer, but by the individual. 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, 2009 and 2008 were $51,444 and $42,992, respectively. NOTE 4 — 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 was $500 at December 31, 2009. NOTE 5 — 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 $250,000. At December 31, 2009 and 2008, the Chamber and its Subsidiaries had $684,797 and $933,078, respectively, in uninsured accounts. NOTE 6 — INVESTMENT IN LAND Land held for development included the following at December 31: 11 2009 2008 Algoa—West $ 1,142,507 $ 399,640 Algoa — West (Partnerships 2020) -0- 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 3 444 644 3 444 644 11 JEFFERSON CITY AREA CHAMBER OF COMMERCE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2009 and 2008 NOTE 7—NOTES PAYABLE The Chamber's notes payable consists of the following: 2009 2008 Note payable to Hawthorn Bank bearing interest at 7.25%. Quarterly interest only payments are being made. No principal payments are currently being paid. The loan is collateralized by a speculative building. $1,074,143 $1,074,143 Note payable to Hawthorn Bank bearing interest at 7.25%. Quarterly interest only payments are being made. No principal payments are currently being paid. The loan is collateralized by land. 616,307 616,307 $1,690,451 1 690 451 NOTE 8 — COMPENSATED ABSENCES Vacation time is awarded to Chamber employees on January I" each year. Vacation time earned is based on individual years of service. A balance of 80 hours of vacation time can be carried over to the new calendar year. Sick leave time is earned at 96 hours per year; balances are carried over, with a maximum of 720 hours. The vacation eamed, but not yet paid, as of the year- end was $22,508 and $33,333 in 2009 and 2008, respectively. 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 2009. The highest total of expenditures paid to the business with the most direct benefit to the owner was $71,881 and $20,442 in 2009 and 2008, respectively. NOTE 10 - EVALUATION OF SUBSEQUENT EVENTS: The Chamber has evaluated subsequent events through October 4, 2010, the date which the financial statements were available to be issued. 12 ACCOMPANYING SCHEDULES M.narnr O K N M v N "a v y r1 b m o N m o opo Po o w o 1 a a r � o 0 0 d o N b v c v�Oao din do C v O N ni F pW c Li 6 7 _ a Q n ¢ c5 o v v v 0.' 9 v u< y a V aQ6a`q �_tmmw...t F C�Z C U p 0 F eR' R w w 0 C � 6 6 x m a= w N F N �i a d I � I U � a N cC � w m 5�z w U � C . a w e N O C 0 a .. v ao .4 i0 0 d.'_' o UP. a m a � c c E y E c o w o a v.0 a c F F W o�ti]U y,�C7 W Uaitl.0 w m O z 0 G r M 6 M h 1 I b F v m E o 1 I b v m E o ` v W a e O V � 9 O ¢ K W C v m" 'R b a� o W b K bl Q W c b •• e o_ W A F Y P L L 7 K W U O W 1 I 0 a w N - i Q '> z< e m - ' e � G c ° i O = L H O � T V 9 C u G 2 S v U 9 N N 72 G R W W R n c a z p p a 6 0 Z a Q` Q p p p O F V n ^ ° °i Z 0 n .0 G '7 P - - W i= a y - i Q '> z< e m - ' e � G c ° i O = L H O � T V 9 C u G 2 S v U 9 N N 72 G R W W R n c a z p p a 6 0 Z a Q` Q p p p O F V n ^ ° °i Z 0 n .0 G '7 P - - W a y w c = m C E m W C C C G ° U L L 5 C F .. z z U U _ h o w � ¢ ¢ O M v h W Q � y w uJ s e w u a N Q [7 a a 9 z 0 � U z 0 z" w F OD yH G px.,55.°�Sz F O v ,� F d N N a P V1 a O M P M O w N z N F a a H w w U O a Vi " D J rn rn NZJ W o0 w y w _ h o w � ¢ w r M M C vi N F=moo y w uJ s e w u a [7 a a 9 U � _ h o w � ¢ 5 a d F=moo y w uJ s e w u a [7 a a 9 U F z d 5 a a w y w o 0 9 [7 a a 9 U y z" w V O V W w V Z V O V O 0 d F OD p px.,55.°�Sz F O ,� F Y kL" m ar z N a d a n Q a b O �O c0 zs � � y � W W '� o-] s t a t R F d v� •7 m .] J S jQ��O pz',z0 F OFWZU O 0 a r ,+i a� N < < N ss es ss o� o � e ..,, i i i,,. O, O b � N M Y1 es ss o C ro w n o� 6 u m W ouaxxSS a, Q r O b I6 W O V a t a l� W �-+ V O M W O b' b V M r V M r N vl 5 u u d u U 2y Y c E 0 o .9 .E o m n E c E uo u c E ° z�°�oadoS':�a° xa w H U o C ro w n o� 6 u m W ouaxxSS a, Q r O b I6 W O V a t a l� W �-+ V O M W O b' b V M r V M r N vl 5 u u d u U 2y Y c E 0 o .9 .E o m n E c E uo u c E ° z�°�oadoS':�a° xa w H y U w N it w N es v a 0 w w 0 M h N N ry c R V_ .'Y P ¢ 2 R � C U p a x o c C 'O C R CL 9 2 C C = a [p R N F Y A x x y a m z Z 7 U U ry JEFFERSON CITY AREA CHAMBER OF STATEMENTS OF FINANCIAL POSITION December 31, 2009 and 2008 ASSETS CURRENT ASSETS Cash & Cash Equivalents Accounts Receivable Allowance for Doubtful Accounts Accrued Interest Prepaid Expenses Due from 21 st Century 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 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 23 2009 $ 743,021 9,353 (1,494) 439 12,678 13,594 777,591 137,850 (113,523) 24,327 3,624,027 3,765 3,627,792 $ 4,429,710 $ 27,595 115,028 45,503 55,144 243,270 243,270 4,186,440 $ 4,429,710 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 $ 38,243 117,934 5,140 47,880 209,197 209,197 4,645,518 $ 4,854,714 JEFFERSON CITY AREA CHAMBER OF STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2009 and 2008 24 2009 2008 REVENUE Membership Dues $ 456,646 $ 454,957 Economic Development Support 300,000 .614,609 Committees 7,109 3,898 Special Events 217,293 227,686 Leadership Jefferson City 26,720 28,773 Government Relations 29,850 26,296 Publications and Marketing 20,488 39,027 Management Fees 900 900 Other Income 185 2,199 Civic Progress 25,500 33,383 Partners in Education 19,360 19,710 Investment Income 4,138 21,238 Total Revenue 1,108,188 1,472,676 EXPENSES Program Expenses Membership Affairs 12,723 16,673 Economic Development 130,748 261,407 Committees 12,082 12,069 Special Events 133,349 146,766 Leadership Jefferson City 15,023 16,886 Government Relations 24,327 24,101 Publications and Marketing 21,201 33,416 Civic Progress 6,937 27,047 Partners in Education 4,104 4,890 Community Development 7,510 3,840 Total Program Expenses 368,004 547,097 Management & General Salaries 622,385 622,141 Employee Benefits 128,485 110,082 Payroll Taxes 48,260 47,737 Other Employee Expenses 4,510 5,002 Bad Debts 43,569 36,000 Dues & Subscriptions 3,665 4,019 Insurance 8,035 7,944 Professional Fees 4,408 2,494 Rent 25,008 25,008 Telephone 16,777 18,537 24 JEFFERSON CITY AREA CHAMBER OF COMMERCE STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2009 and 2008 EXPENSES (ConVd) Postage Supplies Printing / Stationery Travel and Professional Development Office Machines / Equipment Depreciation Expense Purchased Services Computerization Parking Fees Miscellaneous Total Management & General Expenses Total Expenses Change in Net Assets Before Other Income (Expense) Other Income (Expense) Gain (Loss) on Sale of Assets Total Other Income (Expense) Increase (Decrease) 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 25 2009 2008 $ 3,009 $ 2,203 2,319 4,768 3,795 4,516 14,629 15,805 4,514 6,314 14,110 14,839 15,581 23,352 35,516 47,786 4,685 4,895 3,960 829 1,007,219 1,004,270 1,375,223 1,551,367 (267,035) (78,691) (945) (945) (267,035) (79,636) (592,043) (1,053,447) (859,078) (1,133,082) 4,645,518 5,778,600 400,000 - $ 4,186,440 $ 4,645,518 JC CHAMBER 21ST CENTURY LAND INVESTMENT, L.L.C. STATEMENTS OF FINANCIAL POSITION December 31, 2009 and 2008 26 2009 2008 ASSETS CURRENT ASSETS Cash & Cash Equivalents $ 392,179 $ 8,900 Prepaid Expenses 3,116 - Total Current Assets 395,295 8,900 PROPERTY, BUILDING, AND EQUIPMENT Land Improvements 142,692 142,692 Less: Accumulated Depreciation (26,890) (17,425) Net Property, Building, and Equipment 115,802 125,267 OTHER ASSETS Land 3,444,644 2,701,777 Less: Accumulated Depletion (5,016) (4,407) Speculative Building 1,074,143 1,074,143 Due from JC Chamber Properties 20,000 - Total Other Assets 4,533,771 3,771,513 TOTAL ASSETS $ 5,044,868 $ 3,905,680 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Due to 1C Chamber of Commerce $ 13,594 - $ - Total Current Liabilities 13,594 - LONG-TERM LIABILITIES Note Payable - Building 616,307 616,307 Note Payable - Land 1,074,143 1,074,143 Total Long -Term Liabilities 1,690,450 1,690,450 TOTAL LIABILITIES 1,704,044 1,690,450 NET ASSETS UNRESTRICTED NET ASSETS Unrestricted Net Assets 3,340,822 2,215,230 Total Unrestricted Net Assets 3,340,822 2,215,230 TOTAL LIABILITIES NET ASSETS $ 5,044,868 $ 3,905,680 26 JC CHAMBER 21ST CENTURY LAND INVESTMENT, L.L.C. STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2009 and 2008 27 2009 2008 REVENUE Quarry Contract $ 12,136 $ 32,722 Interest 2,175 6,517 Infrastructure Reimbursement - 560,859 Miscellaneous - 5,000 Total Revenue 14,311 605,098 EXPENSES Land Expenses 30,823 1,272,997 Land Options 15,500 - Economic Development - 200,000 Depreciation Expense 9,464 4,581 Depletion Expense 609 4,407 Interest 55,562 89,747 Insurance 2,551 2,201 JC Chamber Properties Expenses - 31,945 Professional fees 4,599 1,150 Taxes 29,205 30,235 Speculative Building 549 - Gas Extension 20,814 - Miscellaneous 371 23,394 Total Expenses 170,047 1,660,656 Change in Net Assets (155,736) (1,055,558) NET ASSETS, BEGINNING 2,215,230 3,270,788 Transfers In (Out) 1,281,329 NET ASSETS, ENDING $ 3,340,822 $ 2,215,230 27 JC CHAMBER PROPERTIES, L.L.C. STATEMENTS OF FINANCIAL POSITION December 31, 2009 and 2008 ASSETS CURRENT ASSETS Cash & Cash Equivalents Accounts Receivable 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 TOTAL ASSETS LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable Due to Partnership 2020 Total Current Liabilities LONG TERM LIABILITIES Due to JC Chamber 21st Century Land Investment, LLC Total Long Term Liabilities TOTAL LIABILITIES UNRESTRICTED NET ASSETS Unrestricted Net Assets Total Unrestricted Net Assets TOTAL LIABILITIES NET ASSETS 28 2009 2008 $ 104 $ 213 - 1,125 4,493 - 4,597 1,338 15,000 15,000 293,822 418,085 313,007 324,634 - 21,976 (320,911) (462,979) 300,918 316,716 $ 305,515 $ 318,054 $ 2,311 $ - 20,000 2,311 20,000 20,000 20,000 - 22,311 20,000 283,204 298,054 283,204 298,054 $ 305,515 $ 318,054 JC CHAMBER PROPERTIES, L.L.C. STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2009 and 2008 REVENUE Rental Income Total Revenue EXPENSES Building Maintenance Depreciation Expense Insurance Professional Fees Janitorial Service Supplies Trash Utilities Taxes Lawn Care and Snow Removal Miscellaneous Total Expenses Change in Net Assets Before Other Income (Expense) Other Income (Expense) Gain (Loss) on Sale of Assets Total Other Income (Expense) Change in Net Assets NET ASSETS, BEGINNING Transfers In (Out) NET ASSETS, ENDING W 2009 $ 28,608 28,608 4,642 12,580 4,138 567 9,065 3,302 753 11,982 11,873 2,109 2,074 63,085 (34,477) (3,217) (3,217) (37,694) 298,054 22,844 $ 283,204 2008 $ 26,133 26,133 6,617 12,716 4,454 525 8,790 4,381 892 12,447 13,895 2,085 2,710 69.511 (43,378) (76) (76) (43,455) 309,564 31.945 $ 298,054 PARTNERSHIPS 2020, INC. STATEMENTS OF FINANCIAL POSITION December 31, 2009 and 2008 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 30 2009 2008 $ 939,920 939.920 742,867 20,000 $ $ 1,7027787 $ $ 1,702,787 1,702,787 $ - $ 1,702,787 REVENUE Interest Income Miscellaneous income Total Revenue EXPENSES Professional Fees Taxes Land Expense Total Expenses Change in Net Assets Net Assets, Beginning Transfers In (Out) Net Assets. Ending PARTNERSIPS 2020, INC. STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2009 and 2008 31 2009 $ 1,673 1,673 88 198 286 1,387 1,702,787 (1,704,173) 2008 $ 15,996 10 16,006 881 54 1,450 2,385 13,620 1,689,167 $ 1,702,787