HomeMy Public PortalAbout2007JCCCAuditJEFFERSON CITY AREA
CHAMBER OF COMMERCE
AND SUBSIDIARIES
INDEPENDENT AUDITORS' REPORT
For The Years Ended December 31, 2007 and 2006
TABLE OF CONTENTS
Page
INDEPENDENT AUDITORS' REPORT ................................................... 1-2
FINANCIAL STATEMENTS:
Consolidated Statements of Financial Position .................................. 3 - 4
Consolidated Statements of Activities ............................................... 5
Consolidated Statements of Cash Flows ......................................... 6 - 7
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............. 8-12
ACCOMPANYING SCHEDULES:
Consolidating Statements of Financial Position (2007) ........................ 13-14
Consolidating Statements of Activities (2007) ........................... I ..... 15-16
Consolidating Statements of Cash Flows (2007) ............................... 17
Consolidating Statement of Financial Position (2006) ........................ 18-19
Consolidating Statement of Activities (2006) .................................. 20-21
Consolidated Statements of Cash Flows (2006) ............................... 22
Jefferson City Area Chamber of Commerce
Statements of Financial Position (2007 and 2006) ............................. 23-24
Statements of Activities (2007 and 2006) ....................................... 25-26
215f Century Land Investment. L.L.C.
Statements of Financial Position (2007 and 2006) ............................. 27
Statements of Activities (2007 and 2006) ....................................... 28
JC Chamber Properties, L.L.C.
Statements of Financial Position (2007 and 2006) ............................. 29
Statements of Activities (2007 and 2006) ....................................... 30
JC Chamber Partnerships
Statements of Financial Position (2007 and 2006) ............................. 31
Statements of Activities (2007 and 2006) ....................................... 32
Partnerships 2020, Inc.
Statements of Financial Position (2007 and 2006) ............................. 33
Statements of Activities (2007 and 2006) ....................................... 34
Lynn J. Graves, CPA
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of
Jefferson City Area Chamber of Commerce and Subsidiaries
Jefferson City, Missouri:
We have audited the accompanying consolidated statements of financial position of the Jefferson
City Area Chamber of Commerce and Subsidiaries as of December 31, 2007 and 2006, 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, 2007 and 2006, 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.
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.
QW -0 -m' --s a.ec1ssoc.s� .
GRAVES AND ASSOCIATES, CPAs, LLC
Jefferson City, Missouri
August 5, 2008
2
JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
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
Investment in Building
Note Receivable
Total Other Assets
TOTAL ASSETS
2007
$ 2,708,394.88
14,411.77
(4,892.97)
5,418.08
5,069.06
2,728,400.82
15,000.00
418,243.80
365,771.14
181,836.09
(581,159.98)
399,691.05
3,444,644.14
1,074,143.03
6,000.00
4,524,787.17
$ 7,652,879.04
See accompanying Notes to the Consolidated Financial Statements.
3
2006
$ 970,995.07
37,174.00
(23,940.43)
230.36
18,811.75
1,003,270.75
15,000.00
418,243.80
321,019.79
166,433.14
(559,893.17)
360,803.56
3,882,030.70
660,861.85
8,000.00
4,550,892.55
$ 5,914,966.86
JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts Payable and Accrued Expenses
Deferred Membership Dues
Deferred Revenue
Capital Lease Payable - Current Portion
Current Portion Note Payable - Building
Current Portion Note Payable - Land
Total Current Liabilities
LONG-TERM LIABILITIES
Copier Lease Payable
Note Payable - Building
Note Payable - Land
Total Long -Term Liabilities
TOTAL LIABILITIES
NET ASSETS
Unrestricted
Total Net Assets
TOTAL LIABILITIES AND NET ASSETS
2007
$ 39,229.30
115,157.12
31,550.00
24,815.72
14,238.00
224,990.14
591,491.10
1,059,905.03
1,651,396.13
1,876,386.27
5,776,492.77
5,776,492.77
$ 7,652,879.04
See accompanying Notes to the Consolidated Financial Statements.
n
2006
$ 25,696.68
112,500.11
41,405.00
1,801.22
20,387.64
29,622.10
231,412.75
162.39
640,474.21
1,975,443.90
2,616,080.50
2,847,493.25
3,067,473.61
3,067,473.61
$ 5,914,966.86
JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2007 and 2006
REVENUE
2007
2006
Membership Dues
Economic Development
$ 456,039.24
$ 455,847.65
Committees
313,339.33
167,249.00
Special Events
3,590.00
4,960.00
Leadership Jefferson City
221, 698.29
183,589.1324,264.54
Government Relations
22,543.93
Publications and Marketing
19,890.00
22,821.00
Management Fees
34,353.33
18,791.10
Other Income
900.00
900.00
Civic Progress
8,102.71
19,544.59
Partners in Education
40,901.95
24,500.0019,782.00
Escrow Income
19,185.00
Rental Income
103,692.84
_50,887.64
Investment Income
44,157.81
56,605.76
30,468.89
Total Revenue
1,354,047.63
1,014,558.10
EXPENSES
Program Expenses
Membership Affairs
Economic Development
18,730.35
12,112.17
Committees
172,000.79
91,844.05
Special Events
14,841.89
40,270.66
Leadership Jefferson City
133,787.34
108,216.25
Government Relations
12,106,43
11,977.09
Publications and Marketing
15,665.88
22,693.34
Civic Progress
29,140.78
55,255.02
Partners in Education
60,262.52
30,024.69
4,213.20
11,033.74
Total Program Expenses
460,749.18
383,427.01
General and Administrative
1,291,237.61
893,424.80
Total Expenses
1,751,986.79
1,276,851.81
Change in Net Assets Before Other Income
(397,939.16)
(281,408.95)
Other Income
Gain on Sale of Assets
3,106,958.32
209,009.27
Total Other Income
3,106,958.32
209,009.27
Change in Net Assets
2,709,019.16
(72,399.68)
Net Assets, Beginning
3,067,473.61
3,139,873.29
Net Assets. Ending
$ 5,776,492.77
$ 3,067,473.61
See accompanying Notes to the Consolidated Financial Statements.
P
JEFFERSON CITY AREA CHAMBER OF COMMERCE & SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2007 and 2006
CASH FLOWS FROM OPERATING ACTIVITIES
Changes in Net Assets
Adjustments to Reconcile Changes in Net Assets
Net Cash Provided by Operating Activities
Depreciation
Gain on Asset Sale
(Increase) Decrease in:
Accounts Receivable, (Net)
Other Receivables
Note Receivable
Prepaid Expenses
Increase (Decrease)in:
Accounts Payable
Deferred Revenues
Current Portion Note Payable - Building
Current Portion Note Payable - Land
Total Adjustments
Net Cash Provided (Used) by Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of Assets
Purchase of Investments
Proceeds From Land Sale
Transfer of Assets
Net Cash Provided (Used) In Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Note Payable - Building
Payments on Note Payable - Land
Payments on Lease
Net Cash Provided (Used) by Financing Activities
Net Increase (Decrease)in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, Ending
2007
$ 2,709,019.16
35,299.55
(3,107,552.41)
3,714.77
(5,187.72)
2,000.00
13,742.69
13,532.62
(7,197.99)
24,815.72
14,238.00
(3,012,594.77)
(303,575.61)
(680,235.59)
(481,561.95)
3,726,560.44
11,145.90
2,575,908.80
413,281.18
(1,427,812.90)
(1,963.61)
(1,016,495.33)
1,255,837.86
970,995.07
$ 2,226,832.93
See accompanying Notes to the Consolidated Financial Statements.
2
2006
$ (72,399.68)
34,635.64
(209,009.27)
(9,373.51)
(21.60)
2,000.00
(7,939.63)
33.38
9,318.99
20,387.64
29,622.10
(130,346.26)
(202,745.94)
(2,934,143.29)
296,389.85
(2,637,753.44)
640,474.21
1,975,443.90
(927.18)
2,614,990.93
(225,508.45)
1,196,503.52
$ 970,995.07
JEFFERSON CITY AREA CHAMBER OF COMMERCE SUBSIDIARIES
STATEMENT OF CASH FLOWS
For the Years Ended December 31, 2007 and 2006
2007
Beginning of
End
(Continued)
-
Beginning of
End
Increase or
Cash & Cash Equivalents
Year
of Year
(Decrease)
JCCC
$ 236,460.60
$ 132,096.91
$ (104,363.69)
Checking & Money Market Accounts
$ 132,096.91
$ 142,327.67
$ 10,230.76
Cafeteria Plan
1,000.00
1,000.00
-
Petty Cash
125.00
125.00
-
JCCC Totals
133,221.91
143,452.67
10,230.76
21st Century Land Investment, L.L.C.
111,127.18
1,157,025.34
1,045,898.16
JC Chamber Properties, L.L.C.
1,233.48
55.18
(1,178.30)
JC Partnerships
49,528.04
-
(49,528.04)
Partnerships 2020
675,884.46
926,299.74
250,415.28
Subsidiaries Totals
837,773.16
2,083,380.26
1,245,607.10
Total Cash & Cash Equivalents
$ 970,995.07
$ 2,226,832.93
$ 1,255,837.86
Supplemental Disclosure of Cash Flow Information•
Cash paid during the year for:
Interest
$ 159,351.46
Taxes
$
2006
Supplemental Disclosure of Cash Flow Information
Cash paid during the year for:
Interest $ 416.49
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.
YI
Beginning of
End
Increase or
Cash & Cash Equivalents -
Year
of Year
(Decrease)
JCCC
Checking & Money Market Accounts
$ 236,460.60
$ 132,096.91
$ (104,363.69)
Cafeteria Plan
1,000.00
1,000.00
-
Petty Cash
125.00
125.00
-
ICCC Totals
237,585.60
133,221.91
(104,363.69)
21st Century Land Investment, L.L.C.
211,455.20
111,127.18
(100,328.02)
JC Chamber Properties, L.L.C.
705.06
1,233.48
528.42
JC Partnerships
89,142.10
49,528.04
(39,614.06)
Partnerships 2020
657,615.56
675,884.46
18,268.90
Subsidiaries Totals
958,917.92
837,773.16
(121,144.76)
Total Cash & Cash Equivalents
$1,196,503.52
$ 970,995.07
$ (225,508.45)
Supplemental Disclosure of Cash Flow Information
Cash paid during the year for:
Interest $ 416.49
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.
YI
JEFFERSON CITY AREA CHAMBER OF COMMERCE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2007 and 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business
The Jefferson City Area Chamber of Commerce (the Chamber) is a nonprofit trade
association. The Chamber was formed to cultivate, promote and disseminate knowledge and
information concerning the City of Jefferson and surrounding area.
Basis of 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 21" Century Land Investment, L.L.C., JC Chamber
Properties, L.L.C., JC Chamber Partnerships, and Partnerships 2020, Inc. All material inter-
company accounts and transactions have been eliminated. JC Chamber Partnerships is
considered a department of the Chamber and is included in the consolidating statements for
information only.
PropertyaEquipment
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.
Taxable Status
The Jefferson City Area Chamber of Commerce is a not-for-profit organization exempt from
state and federal income tax under Internal Revenue Code Section 501(c)(6) except for
unrelated business income which is taxed at regular corporate rates.
Partnerships 2020, Inc. is exempt from state and federal income tax under Internal Revenue
Code Section 501(c)(2) except for unrelated business income which is taxed at regular
corporate rates. It includes the accounts of JC Chamber Partnerships.
21" 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.
I
JEFFERSON CITY AREA CHAMBER OF COMMERCE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31 2007 and 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Investment in Land
Land held for development is stated at cost. Cost includes interest expense and all
development costs.
Basis of Presentation
Financial statement presentation follows the recommendations of the Financial Accounting
Standards Board in its Statement of Financial Accounting Standards (SFAS) No. 117,
Financial Statements of Not -for -Profit Organizations. Under SFAS No. 117, 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.
The Chamber has no temporarily or permanently restricted net assets at December 31, 2007
and 2006.
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.
Advertising
Advertising costs are expensed as incurred. The advertising cost incurred for the years ended
December 31, 2007 and 2006 were $38,055 and $56,196, respectively.
Allowance for Doubtful Accounts
The Chamber records a monthly allowance for uncollectible memberships. Those accounts
determined during the year to be. uncollectible are written off against the allowance based on
the initial estimate for the year. Throughout the year the accounts are reviewed and the
allowance adjusted as necessary. At December 31, 2007 and 2006, the allowance for
uncollectible accounts totaled $4,893 and $23,940, respectively.
0
JEFFERSON CITY AREA CHAMBER OF COMMERCE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31 2007 and 2006
NOTE 1— SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cont'd.)
Deferred Revenues
Membership dues, seminar fees, pledges and annual meeting registrations collected in
advance have been included in deferred revenue and recognized as revenue in the period
earned.
NOTE 2 — INVESTMENT IN SUBSIDIARIES
In 1996, Partnerships 2020 formed for the purpose to own and manage real and personal property
for the purposes and benefit of the Jefferson City Area Chamber of Commerce in order to promote
the economic development mission of the Chamber. Partnerships 2020 has its own Board of
Directors.
The Jefferson City Chamber Partnerships (CHIPS) formed to act as the financial arm for
Partnerships 2020. CHIPS is considered a department of the Chamber and is managed by the
Chamber's Board. An economic development contract from the City of Jefferson is managed
through this department. Chamber Partnerships paid economic development management fees to
the Chamber in the amount of $110,510 during 2006. The Chamber Partnerships is included in the
supplementary information in order to help management maintain the Department's transactions
separate from those of the Chamber. CHIPS was dissolved in 2007. All of CHIPS assets were
transferred to the Jefferson City Chamber.
The 21" Century Land Investment, L.L.C. was formed in 2003 for the purpose of promoting
economic development through real estate development and sales in the Jefferson City Area. It is
owned and managed by the Jefferson City Area Chamber of Commerce.
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.
JEFFERSON CITY AREA CHAMBER OF COMMERCE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2007 and 2006
NOTE 3 — PENSION PLAN
The Chamber participates in a multiple -employer plan with the American Chamber of Commerce
Executives Retirement Plan. The Chamber contributes monthly up to 8% of the salary for qualified
employees. Accumulated benefits and plan assets are not determined or allocated separately by
individual employer. Employees with one year of service are eligible to participate. Employees are
20% vested after 2 years, 40% after 3 years, 60% after four years, 80% after 5 years, and 100% after
six years in the plan. Total contributions made by the Chamber to the plan for the years ended
December 31, 2007 and 2006 were $29,623 and $25,258, respectively.
NOTE 4 — CONCENTRATION OF CREDIT RISK
Financial instruments that potentially subject the Organization to concentrations of credit risk are
cash and investments. The Organization maintains its cash and investment balances at several
financial institutions. Accounts, other than mutual funds, government issues and taxable bonds, are
secured by the Federal Deposit Insurance Corporation up to $100,000. At December 31, 2007 and
2006, the Chamber and its Subsidiaries had $2,383,959 and $985,404, respectively, in uninsured
accounts.
NOTE 5 — INVESTMENT IN LAND
Land held for development included the following at December 31:
2007
Algoa — West $ 1,142,507
Algoa — East 1,829,251
Speculative Building — Land 237,921
West Edgewood Development 234,965
Total $ 3.444.644
11
2006
$ 1,470,792
2,105,066
306,172
3 882 3
JEFFERSON CITY AREA CHAMBER OF COMMERCE
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31 2007 and 2006
NOTE 6 — NOTES PAYABLE
The Chamber's notes payable consists of the following: 2007 2006
Note payable to Hawthorn Bank bearing interest at 7.25%.
The loan is payable in monthly installments of $8,489.77,
including interest, and is collateralized by Speculative Building. $ 1,074,144 $ 2,005,066
Note payable to Hawthorn Bank bearing interest at 7.25%.
The loan is payable in monthly installments of $4,871.14,
including interest, and is collateralized by Land. 616.306 660,862
$1,690,450
2 665 928
Loan maturities for each of the five years following December 31, 2007, are as follows
2008
$ 39,054
2009
41,982
2010
45,128
2011
48,511
2012
52,147
Thereafter
1,463,628
NOTE 7 — COMPENSATED ABSENCES
Chamber employees accrue vacation time each month based on years of service. Vacation time may
be carried over up to 80 hours beyond the employee's anniversary date and sick leave may be
carried over up to 720 hours. The vacation earned but not yet paid, as of the year-end was $27,927
and $25,535 in 2007 and 2006 respectively.
12
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JEFFERSON CITY AREA CHAMBER OF COMMERCE
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents
Accounts Receivable
Allowance for Doubtful Accounts
Accrued Interest
Prepaid Expenses
Total Current Assets
PROPERTY, BUILDING, AND EQUIPMENT
Furniture and Fixtures
Less: Accumulated Depreciation
Net Property, Building, and Equipment
OTHER ASSETS
Investment in Subsidiaries
Note Receivable
Total Other Assets
TOTAL ASSETS
23
2007
$ 625,014.62
14,411.77
(4,892.97)
5,418.08
5,069.06
645,020.56
126,216.95
(84,326.91)
41,890.04
5,271,625.86
6,000.00
5,277,625.86
$ 5,964,536.46
2006
$ 133,221.91
35,974.00
(23,940.43)
230.36
11,519.75
157,005.59
87,651.34
(66,931.74)
20,719.60
3,063,313.82
8,000.00
3,071,313.82
$ 3,249,039.01
JEFFERSON CITY AREA CHAMBER OF COMMERCE
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
LIABILITIES AND NET ASSETS 2007 2006
CURRENT LIABILITIES
Accounts Payable & Accrued Expenses
Deferred Membership Dues
Deferred Revenue
Current Portion - Lease Payable
Total Current Liabilities
LONG-TERM LIABILITIES
Copier Lease Payable
Total Long -Term Liabilities
TOTAL LIABILITIES
UNRESTRICTED NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
24
$ 39,229.30 $ 25,696.68
115,157.12 112,500.11
31,550.00 41,405.00
- 1,801.22
185,936.42 181,403.01
162.39
162.39
185,936.42 181,565.40
5,778,600.04 3,067,473.61
$ 5,964,536.46 $ 3,249,039.01
JEFFERSON CITY AREA OF COMMERCE
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2007 and 2006
REVENUE
Membership Dues
Economic Development
Committees
Special Events
Leadership Jefferson City
Government Relations
Publications and Marketing
Management Fees
Other Income
Civic Progress
Partners in Education
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
Total Program Expenses
Management & General
Salaries
Employee Benefits
Payroll Taxes
Other Employee Expenses
Bad Debts
Dues & Subscriptions
Insurance
Professional Fees
Rent
Telephone
25
2007
$ 456,039.24
313,339.33
3,590.00
221,698.29
24,264.54
19,890.00
34,35333
373,577.12
8,102.71
40,901.95
19,782.00
12,264.66
1,527,803.17
18,730.35
172,000.79
14,841.89
133,787.34
12,106.43
15,665.88
29,140.78
60,262.52
4,213.20
460,749.18
552,429.48
103,783.22
43,902.42
5,355.30
36,000.00
4,856.61
7,545.00
4,535.00
15,000.00
14,673.06
2006
$ 455,847.65
17,248.00
4,960.00
183,589.13
22,543.93
22,821.00
18,791.10
141,048.04
16,418.07
24,500.00
19,185.00
5,286.84
932,238.76
12,112.17
5,021.19
40,270.66
108,216.25
11,977.09
22,693.34
13,804.75
30,024.69
11,033.74
255,153.88
417,442.95
97,750.35
31,593.31
2,737.37
55,088.73
3,799.00
7,212.99
3,097.90
12,000.00
9,548.53
JEFFERSON CITY AREA OF COMMERCE
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2007 and 2006
EXPENSES (Cont'd)
Postage
Supplies
Printing / Stationery
Travel and Professional Development
Office Machines / Equipment
Depreciation Expense
Purchased Services
Computerization
Parking Fees
Interest Expense
Miscellaneous
Total Management & General Expenses
Total Expenses
Increase in Net Assets Before
Equity in Net Income of Wholly -Owned Subsidiaries
Equity in Net Income of Wholly -Owned Subsidiaries
Change in Net Assets
NET ASSETS, BEGINNING
Transfers In/Out
NET ASSETS, ENDING
10
2007 2006
$ 3,628.59
$ 5,848.65
5,899.54
3,161.06
3,729.22
4,829.28
22,115.65
19,115.24
18,999.83
6,900.09
19,411.15
12,768.75
13,740.97
8,724.93
41,819.86
24,534.22
4,510.00
3,315.00
-
416.49
2,978.64
2,298.54
924,913.54 732,183.38
1,385,662.72 987,337.26
142,140.45
(55,098.50)
2,208,312.04
32,698.82
2,350,452.49
(22,399.68)
3,067, 473.61 3,139,873.29
360,673.94 (50,000.00)
$ 5,778,600.04 $ 3,067,473.61
21ST CENTURY LAND INVESTMENT, L.L.C.
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
LIABILITIES AND NET ASSETS
2007
2006
ASSETS
CURRENT ASSETS
$ 24,815.72
$ 20,387.64
Cash & Cash Equivalents
$ 1,157,025.34
$ 111,127.18
Prepaid Expenses
39,053.72
50,009.74
LONG-TERM LIABILITIES
-
709.00
Total Current Assets
1,157,025.34
111,836.18
PROPERTY, BUILDING, AND EQUIPMENT
1,059,905.03
1,975,443.90
Land Improvements
41,137.10
33,397.10
Less: Accumulated Depreciation
(12,844.54)
(10,365.39)
Net Property, Building, and Equipment
28,292.56
23,031.71
OTHER ASSETS
Land
2,701,776.91
2,877,803.47
Speculative Building
1,074,143.03
660,861.85
Total Other Assets
3,775,919.94
3,538,665.32
TOTAL ASSETS
$ 4,961,237.84
$ 3,673,533.21
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Current Portion Note Payable - Building
$ 24,815.72
$ 20,387.64
Current Portion Note Payable - Land
14,238.00
29,622.10
Total Current Liabilities
39,053.72
50,009.74
LONG-TERM LIABILITIES
Note Payable - Building
591,491.10
640,474.21
Note Payable - Land
1,059,905.03
1,975,443.90
Total Long -Term Liabilities
1,65.1,396.13
2,615,918.11
TOTAL LIABILITIES
1,690,449.85
2,665,927.85
NET ASSETS
UNRESTRICTED NET ASSETS
Unrestricted Net Assets
3,270,787.99
1,007,605.36
Total Unrestricted Net Assets
3,270,787.99
1,007,605.36
TOTAL LIABILITIES NET ASSETS
$ 4,961,237.84
$ 3,673,533.21
27
21ST CENTURY LAND INVESTMENT, L.L.C.
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2007 and 2006
REVENUE
Quarry Contract
Interest
Escrow Income
Total Revenue
EXPENSES
Land Expenses
Depreciation Expense
Interest
Insurance
Und Management Fee - JCCC
Professional fees
Taxes
Miscellaneous
Total Expenses
Change in Net Assets Before Other Income
Other Income
Gain on Sale of Assets
Total Other Income
Change in Net Assets
NET ASSETS, BEGINNING
Transfer of Net Assets
NET ASSETS, ENDING
F71
2007 2006
$ 18,767.64
22,453.97
103,692.84
144,914.45
38,276.20
2,479.15
191,869.14
4,071.00
346,600.53
31,095.00
12,526.29
2,482.75
629,400.06
(484,485.61)
3,107,552.41
3,107,552.41
2,623,066.80
1,007,605.36
(359,884.17)
$ 3,270,787.99
$ 6,387.81
4,020.77
55,716.61
2,178.15
29,638.00
42,219.00
7,686.78
639.27
138,077.81
(127,669.23)
209,009.27
209,009.27
81,340.04
951,448.77
(25,183.45)
$ 1,007,605.36
JC CHAMBER PROPERTIES, L.L.C.
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
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
Due to Partnerships 2020
Total Current Liabilities
UNRESTRICTED NET ASSETS
Unrestricted Net Assets
Total Unrestricted Net Assets
TOTAL LIABILITIES NET ASSETS
2007
$ 55.18
55.18
15,000.00
418,243.80
324,634.04
55,619.14
(483,988.53)
329,508.45
$ 329,563.63
$ 20,000.00
20,000.00
309,563.63
309,563.63
$ 329,563.63
2006
$ 1,233.48
1,200.00
6,583.00
9,016.48
15,000.00
418,243.80
287,622.69
55,619.14
(470,579.28)
305,906.35
$ 314,922.83
$ 20,000.00
20,000.00
294,922.83
294,922.83
$ 314,922.83
r
JC CHAMBER PROPERTIES, L.L.C.
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2007 and 2006
REVENUE
Rental Income
Miscellaneous
Total Revenue
EXPENSES
Building Maintenance
Depreciation Expense
Insurance
Professional fees
Janitorial Service
Supplies
Trash
Utilities
Taxes
Miscellaneous
Total Expenses
Change in Net Assets
NET ASSETS, BEGINNING
Transfer of Net Assets
NET ASSETS, ENDING
30
2007
$ 32,120.00
32,120.00
8,963.97
13,409.25
6,583.00
750.00
8,430.50
3,876.36
915.56
13,102.68
13,081.50
8,250.55
77,363.37
(45,243.37)
294,922.83
59,884.17
$ 309,563.63
2006
$ 37,770.00
2,897.72
40,667.72
4,175.12
15,463.46
5,837.00
550.00
7,616.41
3,162.65
700.50
11,516.22
12,763.45
1,953.69
63,738.50
(23,070.78)
292,810.16
25,183.45
$ 294,922.83
JC CHAMBER PARTNERSHIPS
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
ASSETS
CURRENT ASSETS
Cash & Cash Equivalents
Total Current Assets
PROPERTY, BUILDING, AND EQUIPMENT
Furniture and Fixtures
Accumulated Depreciation
Net Property, Building, and Equipment
TOTAL ASSETS
NET ASSETS
UNRESTRICTED NET ASSETS
Unrestricted Net Assets
TOTAL NET ASSETS
31
2007
2006
$ 49,528.04
49,528.04
23,162.66
(12,016.76)
11,145.90
$ 60,673.94
$ $ 60,673.94
$ $ 60,673.94
JC CHAMBER PARTNERSHIPS
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2007 and 2006
Management & General
2007 2006
REVENUE
- 110,510.04
Economic Development Contracts
$ - $ 150,001.00
Interest Income
- 1,823.48
Miscellaneous Income
- 228.80
Total Revenue
- 152,053.28
EXPENSES
- 117,619.49
Program Expenses
- 245,892.62
Marketing Programs
- (93,839.34)
Small Business
- 276.75
Research/Planning
- 8,611.28
Human Resources
- 3,597.30
Travel/Professional Development
- 12,319.61
Public Relations
- 8,300.75
Prospect Relations
- 384.45
Marketing
- 6,340.79
Marketing Materials
1,187.43
Special Projects
- 431.91
Economic Development Plan
- 86,822.86
Total Program Expenses
- 128,273.13
Management & General
Management Fees
- 110,510.04
Professional Fees
- 1,142.50
Supplies
1,711.88
Depreciation Expense
- 4,225.28
Miscellaneous
- 29.79
Total Management & General Expenses
- 117,619.49
Total Expenses
- 245,892.62
Change in Net Assets
- (93,839.34)
NET ASSETS, BEGINNING
60,673.94 104,513.28
Transfer of Net Assets
(60,673.94) 50,000.00
NET ASSETS, ENDING
$ $ 60,673.94
32
Y
PARTNERSHIPS 2020, INC.
STATEMENTS OF FINANCIAL POSITION
December 31, 2007 and 2006
ASSETS
CURRENTASSETS
Cash & Cash Equivalents
Total Current Assets
OTHER ASSETS
Land
LONG TERM ASSETS
Due from JC Chamber Properties
TOTAL ASSETS
NET ASSETS
UNRESTRICTED NET ASSETS
Unrestricted Net Assets
Total Unrestricted Net Assets
TOTAL NET ASSETS
33
2007 2006
$ 926,299.74 $ 675,884.46
926,299.74
675,884.46
742,867.23
1,004,227.23
20,000.00
20,000.00
$ 1,689,166.97
$ 1,700,111.69
$ 1,689,166.97
$ 1,700,111.69
1,689,166.97
1,700,111.69
$ 1,689,166.97
$ 1,700,111.69
PARTNERSIPS 2020, INC.
STATEMENTS OF ACTIVITIES
For The Years Ended December 31, 2007 and 2006
34
2007
2006
REVENUE
Interest Income
$ 21,887.13
$ 19,337.80
Total Revenue
21,887.13
19,337.80
EXPENSES
Professional Fees
2,575.00
985.00
Taxes
53.87
83.90
Miscellaneous
32.30
-
Land Expense
3,470.00
Land Management Fee
26,076.59
-
Total Expenses
32,237.76
1,068.90
Change in Net Assets Before Other Income
(10,350.63)
18,268.90
Other Income
Loss on Sale of Assets
(594.09)
-
Total Other Income
(594.09)
-
Change in Net Assets
(10,944.72)
18,268.90
Net Assets, Beginning
1,700,111.69
1,681,842.79
Net Assets. Ending
$ 1,689,166.97
$ 1,700,111.69
34