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JEFFERSON CITY AREA
CHAMBER OF COMMERCE
AND SUBSIDIARIES
INDEPENDENT AUDITORS’ REPORT
For The Years Ended December 31, 2011 and 2010
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 Statement of Financial Position (2011) 14 - 15
Consolidating Statement of Activities (2011) 16 - 17
Consolidating Statement of Cash Flows (2011) 18
Consolidating Statement of Financial Position (2010) 19 - 20
Consolidating Statement of Activities (2010) 21 - 22
Consolidating Statement of Cash Flows (2010) 23
Jefferson City Area Chamber of Commerce:
Statements of Financial Position (2011 and
2010) 24
Statements of Activities (2011 and 2010) 25 - 26
JC Chamber 21st Century Land Investment, LLC:
Statements of Financial Position (2011 and
2010) 27
Statements of Activities (2011 and 2010) 28
JC Chamber Properties, LLC:
Statements of Financial Position (2011 and
2010) 29
Statements of Activities (2011 and 2010) 30
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,
2011 and 2010, 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, 2011 and 2010, and its changes in net assets and its cash flows for the years then
ended in conformity with accounting principles generally accepted in the United States of America.
1
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.
GRAVES AND ASSOCIATES, CPAs, LLC
Jefferson City, Missouri
March 29, 2012
2
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2011 and 2010
2011 2010
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 1,052,722$ 1,503,624$
Accounts Receivable, net of allowance for doubtful
accounts of $3,691 and $1,544, respectively 29,389 7,750
Accrued Interest 241 445
Prepaid Expenses 7,247 8,629
Total Current Assets 1,089,599 1,520,448
PROPERTY, BUILDING, AND EQUIPMENT
Land 15,000 15,000
Building 276,262 276,262
Building and Land Improvements 454,497 455,699
Furniture and Fixtures 159,288 144,662
Less: Accumulated Depreciation (509,639) (482,231)
Net Property, Building, and Equipment 395,408 409,392
OTHER ASSETS
Investment in Land 3,394,573 3,394,573
Less: Accumulated Depletion (5,232) (5,232)
Investment in Speculative Building 1,074,143 1,074,143
Note Receivable - 1,937
Total Other Assets 4,463,484 4,465,421
TOTAL ASSETS 5,948,492$ 6,395,262$
See accompanying Notes to the Consolidated Financial Statements.
3
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2011 and 2010
2011 2010
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses 37,163$ 41,573$
Deferred Membership Dues 103,137 110,357
Unapplied Credits 11,309 19,847
Deferred Revenue 48,858 47,210
Total Current Liabilities 200,468 218,987
LONG-TERM LIABILITIES
Note Payable - Building 1,000,000 1,000,000
Total Long-Term Liabilities 1,000,000 1,000,000
TOTAL LIABILITIES 1,200,468 1,218,988
NET ASSETS
Unrestricted 4,748,024 5,176,274
Total Net Assets 4,748,024 5,176,274
TOTAL LIABILITIES AND NET ASSETS 5,948,492$ 6,395,262$
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, 2011 and 2010
2011 2010
REVENUE
Membership Dues 442,479$ 454,760$
Economic Development Support 300,000 300,000
Committees 8,883 12,242
Special Events 222,649 229,346
Leadership Jefferson City 28,891 28,312
Government Relations 15,725 17,475
Publications and Marketing 23,813 16,143
Management Fees 900 900
Other Income 6,498 35,055
Civic Progress 27,235 26,000
Partners in Education 19,340 18,300
Rental Income 6,000 4,800
Royalty Income 35 4,360
Investment Income 5,507 6,244
Total Revenue 1,107,956 1,153,937
EXPENSES
Program Expenses
Membership Affairs 11,601 10,735
Economic Development 167,549 268,419
Committees 8,936 12,628
Special Events 149,050 149,671
Leadership Jefferson City 13,701 13,535
Government Relations 9,642 16,113
Publications and Marketing 7,394 9,234
Civic Progress 50,053 35,046
Partners in Education 6,771 2,981
Community Development 4,760 2,815
Total Program Expenses 429,457 521,177
General and Administrative 1,106,033 1,216,898
Total Expenses 1,535,490 1,738,075
Change in Net Assets Before Other Income (427,534) (584,137)
Other Income (Expense)
Gain (Loss) on Sale/Disposal of Assets (714) 1,573,969
Total Other Income (Expense) (714) 1,573,969
Change in Net Assets (428,248) 989,832
Net Assets, Beginning 5,176,274 4,186,442
Net Assets. Ending 4,748,024$ 5,176,274$
See accompanying Notes to the Consolidated Financial Statements.
5
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2011 and 2010
2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Change in Net Assets (428,249)$ 989,831$
Adjustments to Reconcile Change in Net Assets
Net Cash Provided by Operating Activities
Depreciation 31,362 33,531
Depletion - 218
(Gain) Loss on Asset Sale 714 (1,573,969)
(Increase) Decrease in:
Accounts Receivable, (Net) (21,639) 109
Other Receivables 204 (6)
Note Receivable 1,937 1,828
Prepaid Expenses 1,382 11,658
Increase (Decrease) in:
Accounts Payable (4,410) 10,943
Deferred Membership Dues (7,220) (4,671)
Unapplied Credits (8,538) (25,656)
Deferred Revenues 1,648 (7,934)
Current Portion Note Payable - Land - (616,307)
Total Adjustments (4,558) (2,170,256)
Net Cash Provided (Used) by Operating Activities (432,807) (1,180,425)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Assets (18,096) (9,741)
Proceeds From Sale of Land - 1,632,629
Net Cash Provided (Used) In Investing Activities (18,096) 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 (450,903) 368,320
Cash and Cash Equivalents, Beginning 1,503,624 1,135,304
Cash and Cash Equivalents, Ending 1,052,722$ 1,503,624$
See accompanying Notes to the Consolidated Financial Statements.
6
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDIARIES
STATEMENT OF CASH FLOWS
For the Years Ended December 31, 2011 and 2010
(Continued)
2011
Cash and Cash Equivalents
Beginning of
Year
End
of Year
Increase or
(Decrease)
JCCC
Checking and Money Market Accounts 152,352$ 108,379$ (43,973)$
Cafeteria Plan 4,278 5,716 1,438
Certificates of Deposit 644,018 648,555 4,537
Petty Cash 125 125 -
JCCC Totals 800,772 762,775 (37,998)
21st Century Land Investment, LLC 699,562 289,883 (409,679)
JC Chamber Properties, LLC 3,290 64 (3,226)
Subsidiaries' Totals 702,852 289,947 (412,905)
Total Cash and Cash Equivalents 1,503,624$ 1,052,722$ (450,902)$
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest 45,625$
Income Taxes -$
2010
Cash and Cash Equivalents
Beginning of
Year
End
of Year
Increase or
(Decrease)
JCCC
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 57,752
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 -$
Disclosure of Accounting Policy:
For purposes of the statement of cash flows, Jefferson City 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 SUBSIDARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2011 and 2010
8
NOTE 1 – 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 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 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 as of the years ended.
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 and JC
Chamber Properties, LLC. All material inter-company accounts and transactions have been
eliminated.
Investment in Land
Land held for development is stated at cost. Cost includes the purchase price and all improvement-
related expenses.
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2011 and 2010
9
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 were
$34,181 and $33,592, 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.
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 the years ended was $31,361
and $33,530, respectively. Depletion is computed as 5% of royalty income derived from quarried
stone tonnage. Depletion expense for the years ended was $0 and $218, respectively.
Taxable Status
The Chamber 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 21st Century Land Investment, LLC and JC Chamber
Properties, LLC are filed under the umbrella of the Jefferson City Area Chamber of Commerce.
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. As of the years ended, the allowance for uncollectible accounts totaled
$3,691 and $1,544, 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.
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2011 and 2010
10
NOTE 2 – INVESTMENT IN SUBSIDIARIES
The JC Chamber 21st 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 Commerce. During the years
ended, JC Chamber 21st Century Land Investment, LLC paid $300,000 and $300,000, respectively,
to JC Chamber of Commerce for economic development. During the years ended, JC Chamber 21st
Century Land Investment, LLC also paid $14,227 and $30,878, respectively, to JC Chamber
Properties, LLC for general operations.
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 the years ended, JC Chamber Properties, LLC received $14,227 and $30,878,
respectively, from JC Chamber 21st 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 were $48,846 and $53,478, respectively.
NOTE 4 – 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. As of the years ended, the
Chamber and its Subsidiaries had $322,149 and $0, respectively, in uninsured deposits.
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2011 and 2010
11
NOTE 5 – INVESTMENT IN LAND
Land held for development included the following as of the years ended:
2011 2010
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 184,894 184,894
Total $ 3,394,573 $ 3,394,573
NOTE 6 – NOTES PAYABLE
The Chamber's notes payable consists of the following:
2011 2010
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 $ 1,000,000
Interest expense for the years ended was $45,625 and $67,633, respectively.
NOTE 7 – COMPENSATED ABSENCES
Vacation time is awarded to Chamber employees on January 1st 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 both of
the years ended was $20,973, respectively.
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2011 and 2010
12
NOTE 8 – RELATED PARTY TRANSACTIONS
Various business owners, officers, and key employees of local businesses and organizations had
direct business dealings with the Chamber in the years ended. The highest total of expenditures
paid to the business with the most direct benefit to the owner was $74,230 and $50,281, as of the
years ended, respectively.
During 2011, the Chamber paid fees for services and/or products to three entities for a total of
$22,947. 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 2011.
During 2010, the Chamber paid fees for services and/or products to four 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.
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:
2011 2010
21st Century Properties 21st Century Properties
Rental Income $ 36,000 $ 29,000
Land Management Fee $ -0- $ 163,263
NOTE 9 - 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.
JEFFERSON CITY AREA CHAMBER OF COMMERCE AND SUBSIDARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2011 and 2010
13
NOTE 10 – UNCERTAIN TAX POSITIONS:
The Chamber is exempt from federal income taxes under Section 501(c)(6) of the Internal
Revenue Code and application of state law. The accounting standard on accounting for
uncertainty in income taxes addresses the determination of whether tax benefits claimed or
expected to be claimed on a tax return should be recorded in the financial statements. Under that
guidance, the Chamber may recognize the tax benefit from an uncertain tax position only if it is
more likely than not that the tax position will be sustained on examination by taxing authorities
based on the technical merits of the position. Examples of tax positions include the tax-exempt
status of the Chamber and various positions related to the potential sources of unrelated business
taxable income (UBIT). The Chamber was not subject to UBIT for the years ended.
The Chamber files forms 990 in the U.S. federal jurisdiction. The Chamber is generally no
longer subject to examination by the Internal Revenue Service three years after the forms were
filed.
NOTE 11 - EVALUATION OF SUBSEQUENT EVENTS
The Chamber has evaluated subsequent events through March 29, 2012, the date which the
financial statements were available to be issued.
ACCOMPANYING
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(
7
1
4
)
Ex
c
e
s
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f
R
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v
e
n
u
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O
v
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r
(
U
n
d
e
r
)
E
x
p
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n
s
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s
B
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f
o
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e
Eq
u
i
t
y
i
n
S
u
b
s
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d
i
a
r
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s
(
2
9
4
,
0
8
4
)
(
1
0
4
,
9
1
9
)
(
2
9
,
2
4
4
)
-
(
4
2
8
,
2
4
8
)
Eq
u
i
t
y
I
n
N
e
t
I
n
c
o
m
e
o
f
W
h
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S
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b
s
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i
a
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(
4
3
4
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(
0
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Ch
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1
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9
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2
9
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2
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4
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4
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4
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NE
T
A
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S
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B
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G
I
N
N
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5
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1
7
6
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2
7
2
4
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2
8
9
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3
8
1
2
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4
,
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7
5
(
4
,
5
5
3
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8
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5
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2
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Tr
a
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s
f
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n
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t
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3
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0
0
0
(
3
1
4
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2
2
7
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2
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7
-
-
NE
T
A
S
S
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T
S
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E
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G
4
,
7
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$
3
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8
7
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2
3
5
$
2
4
9
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4
5
8
$
(
4
,
1
1
9
,
6
9
3
)
$
4
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7
4
8
,
0
2
4
$
17
JE
F
F
E
R
S
O
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C
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Y
A
R
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A
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JC
C
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JC
C
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Ch
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$
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2
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2
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4
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$
Ad
j
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3
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(G
a
i
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L
o
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(I
n
c
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a
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D
e
c
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a
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Ac
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n
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3
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)
Ot
h
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r
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No
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R
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v
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1
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9
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-
-
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Pr
e
p
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d
E
x
p
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n
s
e
s
1
,
3
8
2
-
-
-
1
,
3
8
2
In
c
r
e
a
s
e
(
D
e
c
r
e
a
s
e
)
i
n
:
Ac
c
o
u
n
t
s
P
a
y
a
b
l
e
(
4
,
4
1
0
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-
-
-
(
4
,
4
1
0
)
De
f
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r
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d
M
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m
b
e
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s
(
7
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2
2
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-
-
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(
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2
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Un
a
p
p
l
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d
C
r
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d
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t
s
(
8
,
5
3
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(
8
,
5
3
8
)
De
f
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R
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To
t
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l
A
d
j
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t
m
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n
t
s
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2
6
,
2
6
7
)
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,
4
6
6
1
2
,
2
4
3
-
(
4
,
5
5
8
)
Ne
t
C
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P
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v
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t
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e
s
(
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4
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5
1
6
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9
5
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4
5
3
)
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1
7
,
0
0
1
)
4
3
4
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1
6
3
(
4
3
2
,
8
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7
)
CA
S
H
F
L
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Pu
r
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A
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(
1
7
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6
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(
4
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(
1
8
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6
)
(I
n
c
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a
s
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D
e
c
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s
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1
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-
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(
4
3
4
,
1
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3
)
-
Ne
t
C
a
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P
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v
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d
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d
(
U
s
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I
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I
n
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s
t
i
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g
A
c
t
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v
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t
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e
s
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6
,
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9
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(
4
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(
4
3
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3
)
(
1
8
,
0
9
6
)
Ne
t
I
n
c
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a
s
e
(
D
e
c
r
e
a
s
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i
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C
a
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s
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3
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9
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)
(
9
5
,
4
5
3
)
(
1
7
,
4
5
3
)
(
0
)
(
4
5
0
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9
0
3
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Ca
s
h
a
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C
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q
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B
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0
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,
7
7
2
6
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9
,
5
6
2
3
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2
9
0
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1
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5
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3
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6
2
4
Tr
a
n
s
f
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s
I
n
(
O
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t
)
3
0
0
,
0
0
0
(
3
1
4
,
2
2
7
)
1
4
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2
2
7
-
-
Ca
s
h
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n
d
C
a
s
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q
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i
v
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l
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E
n
d
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n
g
7
6
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,
7
7
5
$
2
8
9
,
8
8
3
$
6
4
$
(
0
)
$
1
,
0
5
2
,
7
2
2
$
18
JE
F
F
E
R
S
O
N
C
I
T
Y
A
R
E
A
C
H
A
M
B
E
R
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C
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M
M
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R
C
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A
N
D
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B
S
I
D
I
A
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CO
N
S
O
L
I
D
A
T
I
N
G
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T
A
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M
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T
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F
F
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A
N
C
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A
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P
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S
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T
I
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N
De
c
e
m
b
e
r
3
1
,
2
0
1
0
JC
C
H
A
M
B
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R
2
1
s
t
J
C
JC
C
E
N
T
U
R
Y
L
A
N
D
C
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A
M
B
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2
0
1
0
CH
A
M
B
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R
I
N
V
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S
T
M
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N
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,
L
L
C
P
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L
L
C
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M
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C
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S
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CU
R
R
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Ca
s
h
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s
8
0
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7
7
2
$
6
9
9
,
5
6
2
$
3
,
2
9
0
$
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$
1
,
5
0
3
,
6
2
4
$
Ac
c
o
u
n
t
s
R
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c
e
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v
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b
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,
n
e
t
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a
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c
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s
o
f
$
1
,
5
4
4
7
,
7
5
0
-
-
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7
,
7
5
0
Ac
c
r
u
e
d
I
n
t
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t
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4
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4
5
Pr
e
p
a
i
d
E
x
p
e
n
s
e
s
8
,
6
2
9
-
-
-
8
,
6
2
9
To
t
a
l
C
u
r
r
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t
A
s
s
e
t
s
8
1
7
,
5
9
6
6
9
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5
6
2
3
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2
9
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1
,
5
2
0
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4
4
8
PR
O
P
E
R
T
Y
,
B
U
I
L
D
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N
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,
A
N
D
E
Q
U
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P
M
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La
n
d
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0
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Bu
i
l
d
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g
-
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2
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2
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Bu
i
l
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6
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Fu
r
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r
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a
n
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F
i
x
t
u
r
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s
1
4
4
,
6
6
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-
-
-
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4
4
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6
6
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Le
s
s
:
A
c
c
u
m
u
l
a
t
e
d
D
e
p
r
e
c
i
a
t
i
o
n
(
1
2
2
,
7
9
4
)
(
3
6
,
3
5
4
)
(
3
2
3
,
0
8
3
)
-
(
4
8
2
,
2
3
1
)
Ne
t
P
r
o
p
e
r
t
y
,
B
u
i
l
d
i
n
g
,
a
n
d
E
q
u
i
p
m
e
n
t
2
1
,
8
6
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1
0
6
,
3
3
8
2
8
1
,
1
8
6
-
4
0
9
,
3
9
2
OT
H
E
R
A
S
S
E
T
S
In
v
e
s
t
m
e
n
t
i
n
S
u
b
s
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d
i
a
r
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e
s
4
,
5
5
3
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8
5
6
-
-
(
4
,
5
5
3
,
8
5
6
)
-
In
v
e
s
t
m
e
n
t
i
n
L
a
n
d
-
3
,
3
9
4
,
5
7
3
-
-
3
,
3
9
4
,
5
7
3
Le
s
s
:
A
c
c
u
m
u
l
a
t
e
d
D
e
p
l
e
t
i
o
n
-
(
5
,
2
3
2
)
-
-
(
5
,
2
3
2
)
In
v
e
s
t
m
e
n
t
i
n
B
u
i
l
d
i
n
g
-
1
,
0
7
4
,
1
4
3
-
-
1
,
0
7
4
,
1
4
3
Du
e
f
r
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m
O
t
h
e
r
S
u
b
s
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d
i
a
r
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e
s
-
2
0
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0
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(
2
0
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0
0
0
)
-
No
t
e
R
e
c
e
i
v
a
b
l
e
1
,
9
3
7
-
-
-
1
,
9
3
7
To
t
a
l
O
t
h
e
r
A
s
s
e
t
s
4
,
5
5
5
,
7
9
4
4
,
4
8
3
,
4
8
4
-
(
4
,
5
7
3
,
8
5
6
)
4
,
4
6
5
,
4
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23
JEFFERSON CITY AREA CHAMBER OF COMMERCE
STATEMENTS OF FINANCIAL POSITION
December 31, 2011 and 2010
2011 2010
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 762,775$ 800,772$
Accounts Receivable, net of allowance for doubtful
accounts of $3,691 and $1,544, respectively 29,389 7,750
Accrued Interest 241 445
Prepaid Expenses 7,247 8,629
Total Current Assets 799,652 817,596
PROPERTY, BUILDING, AND EQUIPMENT
Furniture and Fixtures 159,288 144,662
Less: Accumulated Depreciation (130,147) (122,794)
Net Property, Building, and Equipment 29,140 21,868
OTHER ASSETS
Investment in Subsidiaries 4,119,699 4,553,856
Note Receivable - 1,937
Total Other Assets 4,119,699 4,555,794
TOTAL ASSETS 4,948,491$ 5,395,258
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts Payable and Accrued Expenses 37,162$ 41,572$
Deferred Membership Dues 103,137 110,357
Unapplied Credits 11,309 19,847
Deferred Revenue 48,858 47,210
TOTAL LIABILITIES 200,467 218,987
UNRESTRICTED NET ASSETS 4,748,024 5,176,272
TOTAL LIABILITIES AND NET ASSETS 4,948,491$ 5,395,258$
24
JEFFERSON CITY AREA CHAMBER OF COMMERCE
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2011 and 2010
2011 2010
REVENUE
Membership Dues 442,479$ 454,760$
Economic Development Support 300,000 300,000
Committees 8,883 12,242
Special Events 222,649 229,346
Leadership Jefferson City 28,891 28,312
Government Relations 15,725 17,475
Publications and Marketing 23,813 16,143
Management Fees 900 164,163
Other Income 6,498 35,055
Civic Progress 27,235 26,000
Partners in Education 19,340 18,300
Investment Income 5,165 5,407
Total Revenue 1,101,578 1,307,203
EXPENSES
Program Expenses
Membership Affairs 11,601 10,735
Economic Development 162,055 261,867
Committees 8,936 12,628
Special Events 149,050 149,671
Leadership Jefferson City 13,701 13,535
Government Relations 9,642 16,113
Publications and Marketing 7,394 9,234
Civic Progress 50,053 35,046
Partners in Education 6,771 2,981
Community Development 4,760 2,815
Total Program Expenses 423,963 514,625
Management and General
Salaries 591,374 645,626
Employee Benefits 127,424 136,833
Payroll Taxes 45,039 48,189
Other Employee Expenses 3,754 5,579
Bad Debts 42,000 44,151
Dues and Subscriptions 3,923 3,873
Insurance 8,530 8,724
Professional Fees 5,191 4,692
Rent 36,000 29,000
Telephone 15,026 16,126
25
JEFFERSON CITY AREA CHAMBER OF COMMERCE
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2011 and 2010
2011 2010
EXPENSES (Continued)
Postage 2,902$ 2,817$
Supplies 1,883 1,919
Printing / Stationery 5,215 4,474
Travel and Professional Development 15,268 12,618
Office Machines / Equipment 4,762 6,977
Depreciation Expense 10,367 11,568
Purchased Services 13,156 9,097
Computerization 34,088 34,708
Parking Fees 4,683 4,540
Miscellaneous 1,115 431
Total Management and General Expenses 971,700 1,031,944
Total Expenses 1,395,663 1,546,569
Change in Net Assets Before Other Income (Expense) (294,084) (239,366)
Other Income (Expense)
Gain (Loss) on Sale/Disposal of Assets - (632)
Total Other Income (Expense) - (632)
Increase (Decrease) in Net Assets Before
Equity in Net Income of Wholly-Owned Subsidiaries (294,084) (239,998)
Equity in Net Income of Wholly-Owned Subsidiaries (434,163) 929,829
Change in Net Assets (728,248) 689,832
NET ASSETS, BEGINNING 5,176,272 4,186,440
Transfers In (Out) 300,000 300,000
NET ASSETS, ENDING 4,748,024$ 5,176,272$
26
JC CHAMBER 21ST CENTURY LAND INVESTMENT, LLC
STATEMENTS OF FINANCIAL POSITION
December 31, 2011 and 2010
2011 2010
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 289,883$ 699,562$
Total Current Assets 289,883 699,562
PROPERTY, BUILDING, AND EQUIPMENT
Land Improvements 142,692 142,692
Less: Accumulated Depreciation (45,819) (36,354)
Net Property, Building, and Equipment 96,873 106,338
OTHER ASSETS
Land 3,394,573 3,394,573
Less: Accumulated Depletion (5,232) (5,232)
Speculative Building 1,074,143 1,074,143
Due from JC Chamber Properties, LLC 20,000 20,000
Total Other Assets 4,483,484 4,483,484
TOTAL ASSETS 4,870,235$ 5,289,381$
LIABILITIES AND NET ASSETS
LONG-TERM LIABILITIES
Note Payable - Building 1,000,000 1,000,000
Total Long-Term Liabilities 1,000,000 1,000,000
TOTAL LIABILITIES 1,000,000 1,000,000
NET ASSETS
UNRESTRICTED NET ASSETS
Unrestricted Net Assets 3,870,235 4,289,381
Total Unrestricted Net Assets 3,870,235 4,289,381
TOTAL LIABILITIES NET ASSETS 4,870,235$ 5,289,381$
27
JC CHAMBER 21ST CENTURY LAND INVESTMENT, LLC
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2011 and 2010
2011 2010
REVENUE
Quarry Contract 35$ 4,360$
Interest 343 838
Total Revenue 378 5,197
EXPENSES
Land Expenses 5,494 6,552
Depreciation Expense 9,465 9,464
Depletion Expense - 218
Interest 45,625 67,633
Insurance 5,902 3,116
Land Management Fee - JCCC - 163,263
Professional fees 11,425 1,472
Taxes 23,269 26,832
Speculative Building 451 1,092
Gas Extension 3,625 25,318
Miscellaneous 41 3,358
Total Expenses 105,297 308,319
Change in Net Assets Before Other Income (104,919) (303,122)
Other Income
Gain (Loss) on Sale/Disposal of Assets - 1,582,558
Total Other Income - 1,582,558
Change in Net Assets (104,919) 1,279,436
NET ASSETS, BEGINNING 4,289,381 3,340,823
Transfers In (Out) (314,227) (330,878)
NET ASSETS, ENDING 3,870,235$ 4,289,381$
28
JC CHAMBER PROPERTIES, LLC
STATEMENTS OF FINANCIAL POSITION
December 31, 2011 and 2010
2011 2010
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents 64$ 3,290$
Total Current Assets 64 3,290
PROPERTY, BUILDING, AND EQUIPMENT
Land 15,000 15,000
Building 276,262 276,262
Building and Land Improvements 311,805 313,007
Less: Accumulated Depreciation (333,672) (323,083)
Net Property, Building, and Equipment 269,395 281,186
TOTAL ASSETS 269,458$ 284,475$
LIABILITIES AND NET ASSETS
LONG TERM LIABILITIES
Due to JC Chamber 21st Century Land Investment, LLC 20,000 20,000
Total Long Term Liabilities 20,000 20,000
TOTAL LIABILITIES 20,000 20,000
UNRESTRICTED NET ASSETS
Unrestricted Net Assets 249,458 264,475
Total Unrestricted Net Assets 249,458 264,475
TOTAL LIABILITIES NET ASSETS 269,458$ 284,475$
29
JC CHAMBER PROPERTIES, LLC
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2011 and 2010
2011 2010
REVENUE
Rental Income 42,000$ 33,800$
Total Revenue 42,000 33,800
EXPENSES
Building Maintenance 8,719 13,574
Depreciation Expense 11,529 12,498
Insurance 4,567 4,493
Professional Fees 1,075 487
Janitorial Service 9,053 9,000
Supplies 3,719 3,566
Trash 956 1,006
Utilities 13,665 13,787
Taxes 11,470 11,534
Lawn Care and Snow Removal 3,205 3,100
Miscellaneous 2,572 2,405
Total Expenses 70,530 75,450
Change in Net Assets Before Other Income (Expense) (28,530) (41,650)
Other Income (Expense)
Gain (Loss) on Sale/Disposal of Assets (714) (7,957)
Total Other Income (Expense) (714) (7,957)
Change in Net Assets (29,244) (49,607)
NET ASSETS, BEGINNING 264,475 283,204
Transfers In (Out) 14,227 30,878
NET ASSETS, ENDING 249,458$ 264,475$
30
COMMUNICATION OF
AUDIT RESULTS
JEFFERSON CITY AREA CHAMBER
OF COMMERCE AND SUBSIDIARIES
December 31, 2011
March 29, 2012
To the Board of Directors of the
Jefferson City Area Chamber of Commerce and Subsidiaries:
We have audited the financial statements of Jefferson City Area Chamber of Commerce and
Subsidiaries for the year ended December 31, 2011, and have issued our report thereon dated
March 29, 2012. Professional standards require that we provide you with information about our
responsibilities under generally accepted auditing standards, as well as certain information
related to the planned scope and timing of our audit. We have communicated such information
in our letter to you dated February 14, 2011. Professional standards also require that we
communicate to you the following information related to our audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The
significant accounting policies used by the Chamber are described in Note 1 to the financial
statements. No new accounting policies were adopted and the application of existing policies was
not changed during 2011. We noted no transactions entered into by the Chamber during the year
for which there is a lack of authoritative guidance or consensus. All significant transactions have
been recognized in the financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management
and are based on management’s knowledge and experience about past and current events and
assumptions about future events. Certain accounting estimates are particularly sensitive because
of their significance to the financial statements and because of the possibility that future events
affecting them may differ significantly from those expected. The most sensitive estimates
affecting the financial statements were:
Management’s estimate of the useful lives of depreciable assets used to calculate
depreciation expense is based on past experience. We evaluated the key factors and
assumptions used to develop the useful lives estimate in determining that it is reasonable
in relation to the financial statements taken as a whole.
Management’s estimate of the allowance for doubtful accounts. We evaluated the key
factors and assumptions used to develop the estimate in determining that it is reasonable
in relation to the financial statements taken as a whole.
The financial statement disclosures are neutral, consistent, and clear.
3702 West Truman Boulevard, Suite 213 • Jefferson City, MO 65109
573-893-7700 • Fax 573-893-6649
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and
completing our audit. All of the Chamber’s personnel cooperated with us fully during our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified
during the audit, other than those that are trivial, and communicate them to the appropriate level
of management. Management has corrected all such misstatements.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a
financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction,
that could be significant to the financial statements or the auditor’s report. We are pleased to
report that no such disagreements arose during the course of our audit.
Management Representations
We have requested certain representations from management that are included in the
management representation letter dated March 29, 2012.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters, similar to obtaining a “second opinion” on certain situations. If a
consultation involves application of an accounting principle to the Chamber’s financial
statements or a determination of the type of auditor’s opinion that may be expressed on those
statements, our professional standards require the consulting accountant to check with us to
determine that the consultant has all the relevant facts. To our knowledge, there were no such
consultations with other accountants.
Other Audit Findings or Issues
Generally accepted accounting principles (GAAP) requires classification of net assets according
to the existence of either internal or external restrictions as to how resources may be spent/used.
Currently, the Chamber manually tracks funds donated/received for Civic Progress separately
from other funds, such as general operating expenses. However, no formal recognition or
designation has been made by the Board of Directors as to whether these funds have restrictions
as to how they can be spent/used as of the date of this letter.
It is our recommendation for the Board of Directors to formally classify these funds according to
the definitions set forth by GAAP. The definitions are as follows:
Temporarily Restricted: This classification comes from external restriction(s). Net assets are
classified as temporarily restricted if their use has been limited by donor stipulations to a specific
time period or purpose.
Example: The persons providing the support are doing so with the requirement those funds be
used only for Civic Progress activities.
Unrestricted - Designated: This classification comes from internal restriction(s). Net assets are
classified as unrestricted - designated if their use has been limited by a governing body.
Example: The Board of Directors determines these funds may be used only for Civic Progress
activities.
Unrestricted: No restriction(s) to the use of the funds exists.
Example: As of the date of this letter, this is how the funds are currently classified.
Note: The definition of permanently restricted net assets has been omitted as it is believed it
does not apply to this situation.
We generally discuss a variety of matters, including the application of accounting principles and
auditing standards, with management each year prior to retention as the Chamber’s auditors.
However, these discussions occurred in the normal course of our professional relationship and
our responses were not a condition to our retention.
This information is intended solely for the use of the Board of Directors and the management of
Jefferson City Area Chamber of Commerce and Subsidiaries and is not intended to be and should
not be used by anyone other than these specified parties.
Very truly yours,
GRAVES AND ASSOCIATES, CPAs, LLC
Jefferson City, Missouri
MANAGEMENT LETTER
JEFFERSON CITY AREA CHAMBER
OF COMMERCE AND SUBSIDIARIES
December 31, 2011
To the Board of Directors and Management of
Jefferson City Area Chamber of Commerce and Subsidiaries
Jefferson City, Missouri:
In planning and performing our audit of the financial statements of Jefferson City Area Chamber of
Commerce and Subsidiaries as of and for the year ended December 31, 2011, in accordance with auditing
standards generally accepted in the United States of America, we considered Jefferson City Area
Chamber of Commerce and Subsidiaries’ internal control over financial reporting (internal control) as a
basis for designing audit procedures that are appropriate in the circumstances for the purpose of
expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on
the effectiveness of the Chamber’s internal control. Accordingly, we do not express an opinion on the
effectiveness of the Chamber’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a
timely basis.
Our consideration of internal control was for the limited purpose described in the first paragraph and
was not designed to identify all deficiencies in internal control that might be material weaknesses. Given
these limitations, during our audit we did not identify any deficiencies in internal control that we
consider to be material weaknesses. However, material weaknesses may exist that have not been
identified.
3702 West Truman Boulevard, Suite 213 • Jefferson City, MO 65109
573-893-7700 • Fax 573-893-6649
During our audit we became aware of instances for the communication of control deficiencies:
Segregation of Duties
We are required to assess the internal controls of the Chamber, which includes proper segregation of
duties. As in many smaller to medium-sized organizations, it is difficult to obtain optimum segregation
of duties due to limited number of employees. We recommend management review these processes and
adjust them according to optimize the functionality of internal controls.
Oversight of the Financial Reporting Progress
Establish internal control over financial statement preparation and review
The Chamber’s management is responsible for establishing and maintaining internal control and for the
fair presentation of the financial statements, accompanying schedules, and disclosures to the financial
statements, in conformity with accounting principles generally accepted in the U.S. The Chamber does
not have a system of internal control that would provide management with reasonable assurance that the
Chamber’s financial statements, accompanying schedules, and related disclosures are complete and
presented in accordance with accounting principles generally accepted in the U.S. As such,
management has requested us to draft the financial statements and accompanying schedules from the
trial balance, including the related note disclosures.
We will review the status of these comments during our next audit engagement. We have already
discussed these comments with the appropriate Chamber personnel.
We wish to thank management and staff for their support and assistance during our audit.
This communication is intended solely for the information and use of management, the Board of
Directors, and others within the organization, and is not intended to be and should not be used by anyone
other than these specified parties.
GRAVES AND ASSOCIATES, CPAs, LLC
Jefferson City, Missouri
March 29, 2012