HomeMy Public PortalAboutAudit Report - District- FY73MIDPENINSULA REGIONAL PARK DISTRICT
FINANCIAL STATEMENTS
with
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
NOVEMBER 30, 1972 (ORGANIZATION) TO JUNE 30, 1973
Certified Public Accountants
MIDPENINSULA REGIONAL PARK DISTRICT
EOARD OF DIRECTORS
Position
President Daniel Wendin
Vice -President Nanette Hanko
Secretary Daniel Condron
Treasurer William Peters
Member KAtherine Duffy
OTHER
General Manager
Herbert Grench
MIDPENINSUI.A REGIONAL PARK DISTRICT
TABLE OF CONTENTS
Page
Report of Certified Public Accountants
Financial statements:
Balance sheet -' all funds
Statement pf revenue
Statement of expenditures
Statement of changes in fund balance
Statement of changes in general fixed assets
Notes to financial statements
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3
3
4
4
5
Elmer
Fox
cs
Company
Certified Public Accountants
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Directors
Midpeninsula Regional Park District
Palo Alto, California
We have examined the balance sheet of the Midpeninsula Regional
Park District as of June 30, 1973 and the related statements of revenue,
expenditures and changes in fund balance for the initial period from
November 30, 1972 (oroantzation) to June 30, 1973. Our examination was
made in accordance with generally accepted auditing standards and accord-
ingly included SUCh tests of the accounting recgrds and such other auditing
procedures as we considered necessary in the circumstances.
In our opinion, the financial statements designated above pre-
sent fairly the financial position of the Midpeninsula Park District at
June 30, 1973 and the results of its operations and changes in fund balance,
for the period from November 30, 1972 (organization) to June 30, 1973, in
conformity with generally accepted accounting principles applicable to
governmental entites.
rS 4 Cr p
Berkeley, California
Octpber 3, 1973
MIDPENIN$ULA REGIONAL PARK DISTRICT
BALANCE SHEET - ALL FUNDS
June 30, 1973
ASSETS
General General
Fund fixed assets
Cash: $ 8,277 $
Wells Fargo Bank 15,000
Golden West Savings 2,808 -
County Account #825 50
Petty cash
Prepaid expenses
Deposits
Equipment
LIABILITIES, RESERVE AND FUND BALANCE
Liabilities:
Accounts payable
Loan payable (Note 2)`
Fund balance:
Invested in fixed assets
Fund balance (deficit)
The accompanying notes are an integral
part of the financial statements.
56
239
r
520
$26,430 20
$38,531
37,500
76,031
520
(49,601)
$26,430 $520
MIDPENINSULA REGIONAL PARK DISTRICT
STATEMENT OF REVENUE
For the period from November 30, 1972 (organization) to June 30, 1973
Revenue:
Miscellaneous income $ 20
20
STATEMENT OF EXPENDITURES
For the period from November 30, 1972 (organization) to June 30, 1973
Operating expenses:
Election expense $34,148
General manager's salary 4,500
Attorney's fees 3,938
DirectprS' fees: 3,150
Extra help 1,533
Duplicating 388
Private vehicle expense 270
Office supplies expense 252
Out-of-town meeting expense 229
Administrative secretary's salary 192
Telephone expense 125
Postage 114
Recruitment expense 108
Health insurance 59
Equipment expense 49
Insurance - general 19
Library expense 9
Entertainment expense - 8
Printing expense 7
Rental expense 3
Total 49,101
Fixed assets:
Equipment 520
Total 520
$49,621
The accompanying notes are an integral
part of the financial statements.
3
MIDYENINSULA REGIONAL PARK DISTRICT
GENERAL FUND
STATEMENT OF CHANGES IN FUND BALANCE
For the period from November 30, 1972 (organization) to June 30, 1973
Fund balance, November 30, 1972 (organization)
Deduct:
Excess of expenditures over revenue
Revenue
Expenditures
Fund balance, June 30, 1973 (deficit
$ 20
(49,621) (49,601)
$(49,601)
STATEMENT OF CHANGES IN GENERAL FIXED ASSETS
General fixed assets, November 30, 1972 (organization
Equipment purchased 520
General fixed assets, June 30, 1973 $520
The accompanying notes are an integral
part of the financial statements,
MIDPENINSULA REGIONAL PARK DISTRICT
NOTES TO FINANCIAL STATEMENTS
June 30, 1973
1. Summary of significant accounting policies
The Midpeninsula Regional Park District was formed to acquire
and preserve land and open space in the northern and western portions of
Santa Clara County.
The District came into existence upon certification of the
November 7, 1972 election. The first regular meeting of the board of
directors was held November 30, 1972, with actual operations commencing
thereafter, so the accompanying statements of operations reflect trans-
actions for less then twelve months. The District has adopted a fiscal
year ending each June 30.
The District utilizes the principles of fund accounting normally
used by governmental agencies and as prescribed for special districts by
the State Controller. The following separate self balancing funds or
groups of accounts are included in the financial statements, all reflecting
the accrual basis of accounting.
General Fund - To account for all income and expenditures
not reflected elsewhere.
General Fixed Assets - To provide a group of accounts to
maintain a continuous, cumulative record of fixed assets
owned by the District. All assets are recorded at cost.
2. Loan payable, County of Santa Clara
The District has borrowed $37,500 on a $45,000 line of credit
from the County of Santa Clara, to enable the District to operate until
it receives its first tax revenues about December 1973. The loan bears
no interest and is repayable as soon as possible after tax revenues are
received.
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September 21, 1973
Elmer Fox & Company
1930 Shattuck Ave.
Berkeley, CA
Gentlemen:
Z make the following representations at your request
in connection with your ecamination of the accounts
of the Midpeninsula Regional Park District for the
period ended 6/30/73.
I do not know of any substantial liabilities as of
6/30/73 which are not recorded in the records of the
District or of any contingent assets, liabilities or
accountabilities of material amounts except those dis-
closed in the financial statements.
To the best of my knowledge and belief no events or
transactions have occurred since 6/30/73 or are pending
or in prospect which would have a material effect upon
the financial statements at that date or which are of
such significance in relation to the District's affairs
as to require mention in notes to the financial statements
in order to make them not misleading as to the financial
position or operations of the District.
Yours very truly,
Herbert Grench
General Manager
HG:chh