Loading...
HomeMy Public PortalAbout2010JCCCAuditJEFFERSON CITY AREA CNAMBER OF COMMERCE AND SUBSIDIARIES INDEPENDENT AUDITORS' REPORT For The Years Ended December 31, 2010 and 2009 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 .............. 8-13 ACCOMPANYING SCHEDULES: Consolidating Statements of Financial Position (2010) ....................... 14-15 Consolidating Statements of Activities (2010) ................................. 16-17 Consolidating Statements of Cash Flows (20 10) .............................. 18 Consolidating Statement of Financial Position (2009) ........................ 19-20 Consolidating Statement of Activities (2009) ................................... 21-22 Consolidated Statements of Cash Flows (2009) ............................... 23 Jefferson Citv Area Chamber of Commerce Statements of Financial Position (20 10 and 2009) ............................. 24 Statements of Activities (2010 and 2009) ....................................... 25-26 JC Cbamber 21" Century Land Investment, LLC Statements of Financial Position (20 10 and 2009) ............................. 27 Statements of Activities (2010 and 2009) ....................................... 28 JC Chamber Properties, LLC Statements of Financial Position (20 10 and 2009) ............................. 29 Statements of Activities (2010 and 2009) ....................................... 30 I Es and ASSQCI.ATES, 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, 2010 and 2009, 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, 2010 and 2009, 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, .lcfferson 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. COV -mm - 5 Q -"A ttSSG C ja i g Q7MS , � GRAVES AND ASSOCIATES, CPAs, LLC Jefferson City, Missouri July 19, 2011 2 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2010 and 2009 ASSETS CURRENT ASSETS Cash and Cash Equivalents Accounts Receivable, net of allowance for doubtful accounts of $1,544 and $1,494, respectively 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 2010 $ 1,503,624 7,750 445 8.629 1,520,448 15,000 276,262 455,699 144,662 (482,231) 409,392 3,394,573 (5,232) 1,074,143 1,937 4,465,422 $ 6,395,262 See accompanying Notes to the Consolidated Financial Statements. 3 2009 S 1,135,303 7,859 439 20,287 1,163,888 15,000 293,822 455,699 137,850 (46I,323) 441,048 3,444,644 (5,016) 1,074,143 3,765 4,517,536 S 6,122,472 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION December 31, 2010 and 2009 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable and Accrued Expenses Deferred Membership Dues Unapplied Credits Deferred Revenue Current Portion Note Payable - Land Total Current Liabilities LONG-TERM LIABILITIES Note Payable - Building Total Long -Term Liabilities TOTAL LIABILITIES NET ASSETS Unrestricted Total Net Assets TOTAL LIABILITIES AND NET ASSETS 2010 2009 $ 41,573 $ 29,907 110,357 115,028 19,847 45,503 47,210 55,144 - 616,307 218,988 861,889 1,000,000 1,074,143 1,000,000 1,074,143 1,2I8,988 1,936,032 5,176,274 4,186,440 5,176,274 4,186,440 $ 6,395,262 $ 6,122,472 See accompanying Notes to the Consolidated Financial Statements. 4 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2010 and 2009 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 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/Disposal of Assets Total Other Income (Expense) Change in Net Assets Net Assets, Beginning Net Assets. Ending 2010 $ 454,760 300,000 12,242 229,346 28,312 17,475 16,143 90a 35,055 26,000 18,300 4,800 4,360 6.244 1,153,937 10,735 268,419 12,628 149,671 13,535 16,113 9,234 35,046 2,981 2.815 521,177 1,216,898 1,738,075 (584,137) 1.573.969 1,573,969 989,832 4.186,442 $ 5,176,274 See accompanying Notes to the Consolidated Financial Statements. M 2009 $ 456,646 300,000 7,109 217.293 26,720 29,850 20,488 900 185 25,500 19,360 12,136 7,986 1,124,173 12,723 161,571 12,082 133,349 15,023 24,327 21,201 6,937 4,104 7.510 398,827 1.181 ,205 1,580.032 (455,859) (3,217) (3,217) (459,076) 4,645,518 $ 4,186,442 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES CONSOLIDATED STA'T'EMENTS OF CASH FLOWS For the Years Ended December 31, 2010 and 2009 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets $ 989,831 $ (451,510) Adjustments to Reconcile Change in Net Assets Net Cash Provided by Operating Activities Depreciation 33,531 36,155 Depletion 218 609 (Gain) Loss on Asset 'Sale (1,573,969) 3,217 (Increase) Decrease in: Accounts Receivable, (Net) 109 18,403 Other Receivables (6) 3,830 Note Receivable 1,828 1,724 Prepaid Expenses 11,658 (14,432) Increase (Decrease) in: Accounts Payable 10,943 (8,336) Deferred Membership Dues (4,671) (2,906) Unapplied Credits (25,656) 40,363 Deferred Revenues (7,934) 7,264 Current Portion Note Payable - Land (616,307) - Total Adjustments (2,170,256) 85,891 Net Cash Provided (Used) by Operating Activities (1,180,425) (365,619) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of Assets (9,741) - Proceeds From Sale of Land 1,632,629 - Net Cash Provided (Used) In Investing Activities 1,622,888 - CASH FLOWS FROM FINANCING ACTIVITIES Payments on Note Payable - Building (74,143) - Net Cash Provided (Used) by Financing Activities (74,143) - Net Increase (Decrease) in Cash and Cash Equivalents 368,320 (365,619) Cash and Cash Equivalents, Beginning 1,135,304 1,500,921 Cash and Cash Equivalents, Ending $ 1,503,624 $ 1,135,303 See accompanying Notes to the Consolidated Financial Statements. 0 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES STATEMENT OF CASH FLOWS For the fears Ended December 31, 2010 and 2009 2009 Beginning of End (Continued) 2010 Year of Year (Decrease) JCCC Beginning of End Increase or Cash and Cash Equivalents Year of Year (Decrease) .JCCC 1,000 2,711 1,711 Checking and Money Market Accounts $ 313,439 $ 152,352 $ (161,087) Cafeteria Plan 2,711 4,278 1,567 Certificates of Deposit 426,746 644,018 217,272 Petty Cash 125 125 - JCCC Totals 743,021 800,772 57,751 21st Century Land Investment, LLC 392,179 699,562 307,383 JC Chamber Properties, LLC 104 3,290 3,186 Subsidiaries' Totals 392,283 702,852 310,569 Total Cash and Cash Equivalents $ 1,135,303 $ 1,503,624 $ 368,321 Supplemental Disclosure of Cash Flow Information; Cash paid during the year for: Interest $ 67,633 Income Taxes $ _ 2009 Sunylemental Disclosure of Cash Flaw Information: Cash paid during the year for: Interest $ 55.562 Income Taxes $ Disclosure of Accounting Policy: For purposes of the statement of cash flows, Jefferson Cit}, Area Chamber of Commerce and Subsidiaries considers all highly liquid debt instruments purchased with a maturity of three months or less from the date of purchase to be cash equivalents. See accompanying Notes to the Consolidated financial Statements. 7 Beginning of End Increase or Cash and Cash Equivalents Year of Year (Decrease) JCCC Checking and Money Market Accounts $ 50,604 $ 313,439 $ 262,835 Cafeteria Plan 1,000 2,711 1,711 Certificates of Deposit 500,159 426,746 (73,413) Petty Cash 125 125 - JCCC Totals 551,888 743,021 191,133 21st Century Land Investment, LLC 8,900 392,179 383,279 JC Chamber Properties, LLC 213 104 (109) Partnerships 2020 939,920 - (939,920) Subsidiaries' Totals 949,033 392,283 (556,750) Total Cash and Cash Equivalents $ 1,500.921 $ 1,135,303 $ (365,617) Sunylemental Disclosure of Cash Flaw Information: Cash paid during the year for: Interest $ 55.562 Income Taxes $ Disclosure of Accounting Policy: For purposes of the statement of cash flows, Jefferson Cit}, Area Chamber of Commerce and Subsidiaries considers all highly liquid debt instruments purchased with a maturity of three months or less from the date of purchase to be cash equivalents. See accompanying Notes to the Consolidated financial Statements. 7 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 NOTE I — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business The Jefferson City Area Chamber of Commerce (the "Chamber") is a nonprofit business association. The Chamber was foamed 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 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. Basis of Presentation The Chamber is required to report information regarding its financial position and activities according 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 had no temporarily or permanently restricted net assets at December 31, 2010 and 2009. 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, LLC, JC Chamber Properties, LLC, and Partnerships 2020, Inc. All material inter -company accounts and transactions have been eliminated. 0 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 NOTE I — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Investment in Land Land held for development is stated at cost. Cost includes the purchase price and all improvement - related expenses. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Advertising Advertising costs are expensed as incurred. The advertising costs incurred for the years ended December 31, 2010 and 2009, were $33,592 and $43,104, respectively. Cash and Cash Equivalents The Chamber considers all highly liquid investments, except for those held for long-term investment, with maturities of three months or less when purchased to be cash and cash equivalents. Pro eegy and E uipment Property and equipment are carried at cost. The Chamber capitalizes all expenditures for properly 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 2010 and 2009 are $33,530 and $36,154, respectively. Depletion is computed as 5% of royalty income derived from quarried stone tonnage. Depletion expense for 2010 and 2009 was $218 and $608, respectively. Taxable Status The Cbaniber 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. JC Chamber 21" Century Land Investment, LLC and JC Chamber Properties, LLC are filed under the umbrella of the Jefferson City Area Chamber of Commerce. 0 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Taxable Status (Continued) 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. 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, 2010 and 2009, the allowance for uncollectible accounts totaled $1,544 and $1,494, 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 had its own Board of Directors. In 2009, Partnerships 2020 merged with 21St Century Land Investment,. LLC and all of Partnerships 2020 assets were transferred to 21St Century Land Investment, LLC. The JC Chamber 21s' Century Land Investment, LLC 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 Conunerce. During 2010 and 2009, JC Chamber 21St Century Land Investment, LLC paid $300,000 and $400,000, respectively, to JC Chamber of Commerce for economic development. During 2010 and 2009, JC Chamber 21St Century Land Investment, LLC also paid $30,878 and $22,844, respectively, to JC Chamber Properties, LLC for general operations. 10 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 NOTE 2 — INVESTMENT IN SUBSIDIARIES (Continued) The Chamber also formed the JC Chamber Properties, LLC 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 2010 and 2009, JC Chamber Properties, LLC received $30,878 and $22,844, respectively, from JC Chamber 21" Century Land Investment, LLC 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 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, 2010 and 2009 were $53,478 and $51,444, 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. As of December 31, 2010, the Chamber estimated the exposure to be at or near zero. NOTE 5 — CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Chamber to concentrations of credit risk are cash and investments. The Chamber 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, 2010 and 2009, the Chamber and its Subsidiaries had $0 and $684,797, respectively, in uninsured accounts. 11 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 NOTE 6 — INVESTMENT IN LAND Land held for development included the following at December 31: 2010 2009 Algoa— West $ 1,142,507 $ 1,142,507 Algoa — East 1,829,251 1,829,251 Speculative Building — Land 237,921 237,921 West Edgewood Development _ 184,894 234,965 Total kjjL4 644 NOTE 7 — NOTES PAYABLE The Chamber's notes payable consists of the following: 2010 2009 Note payable to Hawthorn Bank bearing interest at 4.50% Quarterly interest only payments are required to be made per the loan agreement with the full balance of the loan due at maturity. The loan is collateralized by a speculative building. $1,000,000 $1,074,143 Note payable to Hawthorn Bank bearing interest at 4.50%. Quarterly interest only payments are being made per the loan agreement with the full balance of the loan due at maturity. The loan is collateralized by land. -0- $1,000,000: 0- 1000000 NOTE 8 — COMPENSATED ABSENCES 616.307 $1,690451 Vacation time is awarded to Chamber employees on January 1" 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 earned, but not yet paid, as of the year- end was $20,973 and $22,508 in 2010 and 2009, respectively. 12 JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Years Ended December 31, 2010 and 2009 NOTE 9 — RELATED PARTY TRANSACTIONS Various business owners, officers, and key employees of local businesses and organizations had direct business dealings with the Chamber in 2010 and 2004. The highest total of expenditures paid to the business with the most direct benefit to the owner was $50,281 and $71,881, in 2010 and 2009, respectively. During 2010, the Chamber paid fees for services and/or products to three entities for a total of $26,876. Each of these entities had a business owner and/or key employee who also served as a voting member of the Chamber's Board of Directors during 2010. During 2009, the Chamber paid fees for services and/or products to four entities for a total of $26,662. Each of these entities had a business owner and/or key employee who also served as a voting member of the Chamber's Board of Directors during 2004. As described in Note 1, JC Chamber 21St Century Land Investment, LLC and JC Chamber Properties, LLC are wholly owned subsidiaries of the Chamber. Separate books and records are maintained for these entities. The Chamber received the following payments from these subsidiaries during the years ended.. 2010 2011 21St Century Properties Properties Rental Income $ 29,000 $ 2.8,608 Land Management Fee $163,263 NOTE 10 - FUNCTIONAL ALLOCATION OF EXPENSES The costs of providing the various programs and other activities have been summarized on a functional basis in the statements of revenues and expenses. Accordingly, certain costs have been allocated among the programs benefited. NOTE 11 - EVALUATION OF SUBSEQUENT EVENTS The Chamber has evaluated subsequent events through July 19, 2011, the date which the financial statements were available to be issued. 13 ACCOMPANYING SCHEDULES it O v') O� o0 N v 'S N V '�4 n V' tiCJ t M [� W O O N Vl I N O ul C)" { IG n vi -,r NI!{i! o, a Dc 00 = N C, N -- N O 'o Q, �o M E7, vl 10 vi 7 N T n v 7 oa O o N n - m z o b o ao 00 Q N Q Q nN o0 N M M N N Do C3, h M 1D M M � � N M N m , n N M O ct C o D, oDO kn cV n v -r N O o��nN a d. C L7 0 Gw d ed C u Z Q. Q ^J ro f- c W ro ro I-- p n a a Ed ,C a3 a-. U q w V] svJ v O ¢4ni i u 4=7 F' G C "Z o o Ln n c w O K � rn ♦ ,JU¢ c �aWQw SM7- U o, C7 a d. . A N r al [-- 00 'n M o4 N Oi N 6] N r r 0 r-- 1) 'n - -- ao 'n M D0 N o rn r o_o --� N Ge H oQ r O O 00 C O oa C C Q C N O C O 6 O O Q O O Q O O N v .N... C C d O C O 0 0 0 N N N C C� O O 6 0 0 0 Q o 0 0 0 Cl N N N N r r � N N N b Lr LZM +n vi 59 W) m 00 00 W DO M un u -y In M M1 v> vy +n 64 r r r 10 cc N N N C�i M N1 00 oc o0 00 00 N N N bR N N Qa N N N M 64 W I69 I V) � b F -I 'rr H rt C a W c�. tfi 6] N r r 0 r-- 1) 'n - -- ao 'n M D0 N o rn r o_o --� N Ge H oQ r O O 00 C O oa C C Q C N O C O 6 O O Q O O Q O O N v .N... C C d O C O 0 0 0 N N N C C� O O 6 0 0 0 Q o 0 0 0 Cl N N N N r r � N N N b Lr LZM +n vi 59 W) m 00 00 W DO M un u -y In M M1 v> vy +n 64 r r r 10 cc N N N C�i M N1 00 oc o0 00 00 N N N bR N N Qa N N N M 64 W V) � 'rr H rt W c�. W � Ln ai L A it, a h 8 F P- s w�� o 'i ' [~ Z Q 7 C < �ac�Q bz❑ o� a o U n r/5 z F" z z W O G N 10 N � i m O 'n = O O Q- r- 10 ver—ao+noo0 vnzt r O N ll1 llz 4i O O s+'1 ll r•1 N rn 4 N N N e�n'1 N vro lzr d' �p 61) 4 00 U " � M ha W � U � x W U p O a c., da tD r*] f'l d0 N � � �zW w h � � © Q o �t v — r er o rn o o ca G N O O rr1 : 6 N N w r-- 'o -t 'n N 8p 'n ti U v; FT o4 ^ rn ^ tl � ^ R 7 1p 1p Vii N N 117 r = 7 r 06 tC '� v1 r-• N O T 00 1p O N 7 M Z O" M N N -r N v �^ w d yh O P d o � E- � ��wUcnaC7�Uac� W �^ Fit r^1 N O O In O 00 ao 7 e oNo oN0 9 T CT V N N N M r � v es C V R W w � � O Lo w R. w O 7 F-14 y r. Lon u c/J y � h 1 w U d w W U z F 7 r EA oMfa as In N cn oo 1p M M I I I I I I D V1 M' M n = �3 ' :-:l In 4 M W I ' 1 yp 1 1 iZ 1 1 4D M O N 7 pt 1+ r 1n I/1 �D GO p v1 U V� lG � 4t fN"1 EA � w1 N � 4 M W I ' 1 yp 1 1 iZ 1 1 4D M O N 7 pt 1+ r 1n I/1 �D GO p v1 U V� lG � 4t fN"1 EA •� Q `a � � acs .� F •� c W m z bC ty m C GG Q N • v w .-7 �, � c W G :7 .�-I �+➢ c � C 'c eC CL L6 h u c G A v CS C p❑ W � •� O > C 7 A � O .0 L N U C❑ CJ — .� t� q o Q0z p udUQ7OpF U w ° c U �^ u r = rc U 4 7 U 7 U Z Z U U F�1 CC Q '7 ' O� [- G o N D• O zS r ' 'rt V� r*1 ' U^, �n rel K. c M � C9 7 CIL M I lloc ] O 00 V� PO M In W n o M rn L L1 � M N � -• b1 n M V N V •--�T 7 CY 't `-' r 7 Q -- rn M \O M O {6 Cit _ L OL O C V u U i V :J u 5 a � n -cjC �, ., •a u 7 M Ca mud ESQ It d V' C-- d F- � � r -I CID C4 0 (� N N z M i rv- o N nl O m cF Q+ rn C N o 4 oa O O� rT rry C M o o rn Gil �1] M Q N N M In OCl M M w U U � a � EI; Fe3 00_ ^ N '� ll BO �D O C, Ln [y 1.0 N -IV rn -Ct C lz:l v t- N m aF" M �. rani Q d =' H � U � W U Z bs c� c C, oo '- ' ' o M r- N O Ln M n 0,, 00 rn In rq U i to F{ I �yy K. W Cl Q L {6 Cit _ L OL C u U i V :J u 5 a � n -cjC �, ., •a u 7 t= -i ^� a Ca mud ESQ F- I IMP 'o w Mst I r oc C N C V O o0 Q� G V7 — i"7 Otl N Ln � 69 c7 --* � rry r*9 M i I I I I r l I � �CD © C, s5 In op m 7 ' 1 O rn c� h N ^ N rl DO N N 6s 0 65 Ul con V) cl� v cl� ami u z y y v to V] CLF - 0 N �o C O, M C3 C v O 'n C7. C7 ' �o �o m V C> O Cf. N 'n to O o0 "J 10 m oa n 'O CY, O vl Q-, [V n 4 - CN N N N CN N $ M N 643 0 pq u Do N 4 OO N %e3 00 0 W N M N N 10 Q U M O O GO O' O O I 19 Ch ���-0�LQ'D �, 2s C� h 7 n o N N N N C7 tf M N 19 m N cT M n -- n *7 =I r- -,t A N N c=e+7 C7. N N Cn n Vl O M O M V DO W b m N N m N G M N PO .-- O N N i -CD mO= Cl C, I o INS G N M In 7 1.0 C-- I w M M— N N U pq u F O .Q O. p .� rnu � Cl 'O U u� a5 0 c�; z c y � a aJ O cR, bL i C= w n E E '� w`—' u C p W? GD co C Q aha a y 0 r �mUv,-1 aC= CL ?y U'L�C2 a r W U W � U z a N C 0O C V'1 m o4 00 Op O 4 00 oc N N DO v n rq N N m b� 49 G r'1 N n M CT w'i �D ��j M Cls ofl d O N N O a o n 4 ~ C 10 69 F.q W 1. 4Qw W �L � m q a u ¢ V � c Q '�' % ✓ � rr hh E _ O u a E- 7 N N h � O -tF a r— M 4 •C N l S G M '� O O w GO '(1 C7 -- Q rrl C -i M m O V N Un c, N .= bA Ib r1 �" 06 N Ci f� vl In Y r•1 M rl •-� .._� `-' `:Y br 00 V^ N Q of w p N N 17Ch, G lr1 V) v v I C+FI V] rV w W o0 oc N G� N N tt Ch 4 a D O M O C [- Ol — I— U C, Crq v v icz ¢i Nl I I I 1 1 I I I ! I q 23 I M f; > :5 u �' ?% CC, cl I G Cl rn a, u 6L�¢a�aQ� Q N r C^ ri N Y-15 U �1 z a w � w � ry F C.I a IT CC .— N � •--i � LYe U � 10 rr5 f �9 O I 1 J I I I I p. T s� In 00 ol Waz On F F U U U 09 O M ' '9' C3, W R m N N Q+ C O 10 m U -- t~ O Cl UW t v .._. �` -7 I✓1 0000 "S U 6� h � Ir7 O O Y N N GO O 1;; [V N xn Q 00 .= bA Y r•1 M I I I'll br w Y bO r oa O Q of w p N T 17Ch, G lr1 V) v v I U V] rV w W o0 oc N G� N N tt Ch 4 tic D O M O C [- Ol — I— C, Crq v v icz ¢i N y v4� v W q 23 w = f; > :5 u �' ?% CC, w r I G rn a, u 6L�¢a�aQ� v r Y-15 U �1 v'J Ir7 O O N N GO O 1;; [V N xn Q 00 10 Q Y r•1 M I I I'll br oa O Q of 00 N T 17Ch, O lr1 V) Il] v I V] rV w W o0 oc N G� N N tt Ch 4 tic D O M O C [- Ol — I— C, Crq N N N v'J Ir7 O O GO O 1;; [V N 60 00 MM o0 oa I'll br oa O O of 00 Ll O lr1 In n v h 69 w � � C 7 n. L) V] w rq C rn 6d L•' w = I+ I G rn rs JEFFERSON CITY AREA CHAMBER OF COMMERCE STATEMENTS OF FINANCIAL POSITION December 31, 2010 and 2009 ASSETS CURRENT ASSETS Cash and Cash Equivalents Accounts Receivable, net of allowance for doubtful accounts of S 1,544 and S 1,494, respectively Accrued Interest Prepaid Expenses Due from JC Chamber 21 st Century Land Investment, Inc. 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 LIABILITIES Accounts Payable and Accrued Expenses Deferred Membership Dues Unapplied Credits Deferred Revenue TOTAL LIABILITIES UNRESTRICTED NET ASSETS TOTAL LIABILITIES AND NET ASSETS 24 2010 $ 800,772 7,750 445 8,629 817,596 144,662 (122,794) 21,868 4,553,856 1,937 4,555,794 $ 5,395,258 $ 41,572 110,357 19,847 47,210 218,987 5,176,272 $ 5,395,258 7009 S 743,021 7,859 439 12,678 13,594 777,591 137,850 (113,523) 24,327 3,624,027 3,765 3,627,792 4,429,710 S 27,595 115,028 45,503 55,144 243,270 4,186,440 $ 4,429,710 JEFFERSON CITY AREA CHAMBER OF COMMERCE STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2010 and 2009 25 2010 2009 REVENUE Membership Dues $ 454,760 $ 456,646 Economic Development Support 300,000 300,000 Committees 12,242 7,109 Special Events 229,346 217,293 Leadership Jefferson City 28,312 26,720 Government Relations 17,475 29,850 Publications and Marketing 16,143 20,488 Management Fees 164,163 900 Other Income 35,055 185 Civic Progress 26,000 25,500 Partners in Education 1000 19,360 Investment Income 5,407 4,138 Total Revenue 1,307,203 1,108,189 EXPENSES Program Expenses Membership Affairs 10,735 12,723 Economic Development 261,867 130,748 Committees 12,628 12,082 Special Events 149,671 133,349 Leadership Jefferson City 13,535 15,023 Government Relations 16,113 24,327 Publications and Marketing 9,234 21,201 Civic Progress 35,046 6,937 Partners in Education 2,981 4,104 Community Development 2,815 7,510 Total Program Expenses 514,625 368,004 Management and General Salaries 645,626 622,385 Employee Benefits 136,833 128,485 Payroll Taxes 48,189 48,260 Other Employee Expenses 5,579 4,510 Bad Debts 44,151 43,569 Dues and Subscriptions 3,873 3,665 Insurance 8,724 8,035 Professional Fees 4,692 4,408 Rent 29,000 25,008 Telephone 16,126 I6,777 25 JEFFERSON CITY AREA CHAMBER OF COMMERCE STATEMENTS OF ACTIVITIES For The Years Ended December 31, 20110 and 2009 EXPENSES (Continued) Postage Supplies Printing / Stationery Travel and Professional Development Office Machines / Equipment Depreciation Expense Purchased Services Computerization Parking Fees Miscellaneous Total Management and General Expenses Total Expenses Change in Net Assets Before Other Income (Expense) Other Income (Expense) Gain (Loss) on Sale/Disposal. 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 26 2010 2009 2,817 $ 3,009 1,919 2,319 4,474 3,795 12,618 14,629 6,977 4,514 11,568 14,1I0 9,097 I5,581 34,708 35,516 4,540 4,685 431 3,960 1,031,944 1,007,220 1,546,568 1,375,224 (239,366) (267,035) (632) (632) (239,998) (267,035) 929,829 (592,043) 689,832 (859,078) 4,186,440 4,645,518 300,000 400,000 $ 5,176,272 $ 4,186,440 JC CHAMBER 21ST CENTURY LAND INVESTMENT, LLC STATEMENTS OF FINANCIAL POSITION December 31, 2010 and 2009 ASSETS CURRENT ASSETS Cash and Cash Equivalents Prepaid Expenses Total Current Assets PROPERTY, BUILDING, AND EQUIPMENT Land Improvements Less: Accumulated Depreciation Net Property, Building, and Equipment OTHER ASSETS Land Less; Accumulated Depletion Speculative Building, Due from JC Chamber Properties, LLC Total Other Assets TOTAL ASSETS LIABILITIES AND NET ASSETS CURRENT LIABILITIES Current Portion Note Payable - Land ]due to JC Chamber of Commerce Total Current Liabilities LONG-TERM LIABILITIES Note Payable - Building Total Long -Term Liabilities TOTAL LIABILITIES NET ASSETS UNRESTRICTED NET ASSETS Unrestricted Net Assets Total Unrestricted Net Assets TOTAL LIABILITIES NET ASSETS 27 2010 2009 $ 699,562 $ 392,179 - 3,116 699,562 395,295 142,692 142,692 (36,354) (26,890) 106,338 115;802 3,394,573 (5,232) 1,074,143 20,000 4,483,484 $ 5,289,381 3,444,644 (5,016) 1,074,143 20,000 4,533,771 $ 5,044,868 $ $ 616,307 13,594 629,901 1,000.000 1,074,143 1,000, 000 1,074,143 1,000, 000 1,704,044 4,289,381 3,340,823 47289,381 3,340,823 5,289,381 $ 5,044,868 JC CHAMBER 21ST CENTURY LAND INVESTMENT, LLC STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2010 and 2009 REVENUE Quarry Contract Interest Total Revenue EXPENSES Land Expenses Land Options Depreciation Expense Depiction Expense Interest Insurance Land Management Fee - ]CCC Professional fees Taxes Speculative Building Gas Extension Miscellaneous Total Expenses Change in Net Assets Before Other Income Other Income Gain (Loss) on Sale/Disposal of Assets Total Other Income Change in Net Assets NET ASSETS, BEGINNING Transfers In (Out) NET ASSETS, ENDING 28 2010 2009 S 4,360 $ 12,136 838 2,175 5,197 14,311 6,552 30,823 - 15,500 9,464 9,464 218 609 67,633 55,562 3,116 2,551 163,263 - 1,472 4,599 26,832 29,205 1,092 549 25,318 20,814 3,358 371 308,319 170,047 (303,122) (155,736) 1,582,558 - 1,582,558 - 1,279,436 (155,736) 3,340,823 2,215,230 (330,878) 1,281,329 $ 4,289,381 $ 3,340,823 JC CHAMBER PROPERTIES, LLC STATEMENTS OF FINANCIAL POSITION December 31, 2010 and 2009 ASSETS CURRENT ASSETS Cash and Cash Equivalents Prepaid Expenses Total Current Assets PROPERTY, BUILDING, AND EQUIPMENT Land Building Building and Land Improvements Less: Accumulated Depreciation Net Property, Building, and Equipment TOTAL ASSETS LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts Payable Total Current Liabilities LONG TERM LIABILITIES Due to IC 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 wt 2010 2009 $ 3,290 $ 104 - 4,493 20,000 20,000 3,290 4,597 15,000 15,000 276,262 293,822 313,007 313,007 (323,083) (320,911) 281,186 300,918 $ 284,475 S 305,515 $ - $ 2,311 2,311 20,000 20,000 20,000 20,000 20,000 22,311 264,475 283,204 264,475 283,204 284,475 $ 305,515 JC CHAMBER PROPERTIES, LLC STATEMENTS OF ACTIVITIES For The Years Ended December 31, 2010 and 20091 30 2010 2009 REVENUE Rental Income $ 33,800 28,608 Total Revenue 33,800 28,608 EXPENSES Building Maintenance 13,574 4,642 Depreciation Expense 12,498 12,580 Insurance 4,493 4,138 Professional Fees 487 567 Janitorial Service 9,000 9,065 Supplies 3,566 3,302 Trash 1,006 753 Utilities 13,787 11,982 Taxes 11,534 11,873 Lawn Care and Snow Removal 3,100 2,109 Miscellaneous 2,405 2,074 Total Expenses 75,450 63,085 Change in Net Assets Before Other Income (Expense) (41,650) (34,477) Other Income (Expense) Gain (Loss) on Sale/Disposal of Assets (7,957) (3,217) Total Other Income (Expense) (7,957) (3,217) Change in Net Assets (49,607) (37,694) NET ASSETS, BEGINNING 283,204 298,054 Transfers In (Out) 30,878 22,844 NET ASSETS, ENDING S 264,475 $ 283,204 30