WHITE CLOUD AREA FIRE DEPARTMENT JOINT BUILDING AUTHORITY NEWAYGO COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013

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1 WHITE CLOUD AREA FIRE DEPARTMENT JOINT BUILDING AUTHORITY NEWAYGO COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013

2 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS Government-wide Financial Statements Statement of Net Position 8 Statement of Activities 9 Fund Financial Statements Governmental Funds Balance Sheet 10 Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Position 11 Statement of Revenues, Expenditures, and Changes in Fund Balance 12 Reconciliation of Statement of Revenues, Expenditures and Changes in Fund Balance to the Statement of Activities 13 Notes to the Financial Statements 14 REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund 21 Page

3 INDEPENDENT AUDITOR S REPORT To the Board of Directors White Cloud Area Fire Department Joint Building Authority Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities and each major fund of the White Cloud Area Fire Department Joint Building Authority as of and for the year ended December 31, 2013, and the related notes to the financial statements, which collectively comprise the Authority s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions

4 Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the White Cloud Area Fire Department Joint Building Authority, as of December 31, 2013, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis and budgetary comparison schedule as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 17, 2014, on our consideration of the White Cloud Area Fire Department Joint Building Authority s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering White Cloud Area Fire Department Joint Building Authority s internal control over financial reporting and compliance. Gabridge & Company, PLC Grand Rapids, Michigan March 17,

5 White Cloud Area Fire Department Joint Building Authority Management s Discussion and Analysis As management of White Cloud Area Fire Department Joint Building Authority ( Authority ), we offer readers of the Authority s financial statements this narrative overview and analysis of the financial activities of the Authority for the fiscal year ended December 31, We encourage readers to consider the information presented here in conjunction with the Authority s financial statements that follow this section. The White Cloud Area Fire Department Joint Building Authority is a joint venture of the City of White Cloud, and the Townships of Everett, Lincoln, Sherman and Wilcox and was formed for the purpose of establishing a new fire house for the White Cloud Area Fire Department. Costs of operations and capital expenditures are supported by contributions from the participating municipalities. The Authority s governing board consists of one member representing each participating unit. Financial Highlights The Authority s net position was $(17,297) at December 31, This represents a decrease in net position of $27,635 for the year ended December 31, As of the close of the current fiscal year, the Authority s governmental operating fund reported an ending fund balance of $6,171, a decrease of $4,167 during the year. The Authority s unassigned fund balance was $6,171 at December 31, 2013, or 68% of annualized general fund expenditures. Overview of the Financial Statements The White Cloud Area Fire Department Joint Building Authority s financial statements consist of three components: 1) government-wide financial statements, 2) fund financial statements and, 3) notes to the financial statements. The report also contains required supplementary information in addition to the basic financial statements themselves. Government-wide Financial Statements The government-wide financial statements are designed to provide a broad overview of the Authority s financial position. They are presented using a method of accounting that is similar to a private sector business. The statement of net position presents information on all of the Authority s assets and liabilities, the difference between the two is reported as the net position of the Authority. Over time, increases or decreases in net position can serve as a useful indicator of whether the financial position of the Authority is improving or deteriorating. The statement of activities presents information showing how the government s net position has changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash - 3

6 flows. Thus, revenues and expenses are reported in this statement for some items that will result in cash flows in future fiscal periods. The government-wide financial statements can be found on pages 8-9 of this report. Focus on Funds A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. Each fund is operated similar to a completely separate entity, with its own set of balancing accounts. The White Cloud Area Fire Department Joint Building Authority uses fund accounting to ensure compliance with financerelated legal requirements. There are two funds, the general fund, and the building fund. Governmental Funds All of the Authority s basic operations are reported in the general fund, and all capital outlay and related activity is recorded in the building fund, both of which are governmental funds. Governmental funds account for essentially the same functions as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on nearterm inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. This is known as the modified accrual system of accounting. Under this reporting system, capital items, debt payments and certain other items are treated differently than on the government-wide statements. These items are recorded in the governmental funds as expenditures. No depreciation is recorded on capital items. The balance sheet for governmental funds does not include any capital items or long-term debt. The basic governmental fund financial statements can be found on pages of this report. Notes to the Financial Statements The notes to the financial statements provide additional information that is essential to a complete understanding of the information provided in both the government-wide and the fund financial statements. The notes to the financial statements can be found on pages of this report. Other Information In addition to the basic financial statements and accompanying notes, this report further presents required supplementary information (RSI) that explains the information presented in the financial statements. Required supplementary information can be found on page 21 of this report. - 4

7 Financial Analysis of the Authority as a Whole As noted earlier, net position may serve over time as a useful indicator of a government s financial positions. In the case of the Authority, liabilities exceeded assets by $17,297. White Cloud Area Fire Department Joint Building Authority Net Position as of December 31, 2013 and December 31, ASSETS Current Assets Cash $ 506,500 $ 10,338 Total Current Assets 506,500 10,338 Noncurrent Assets Construction In Progress 136,500 - Total Assets 643,000 10,338 LIABILITIES Current Liabilities Accrued Interest 10,297 - Current Portion of Bonds Payable 32,500 - Total Current Liabilities 42,797 - Noncurrent Liabilities Bonds Payable 617,500 - Total Liabilities 660,297 - NET POSITION Unrestricted (17,297) 10,338 Total Net Position $ (17,297) $ 10,338-5

8 The following table shows the change in net position for the year ended December 31, 2013 compared to December 31, 2012: White Cloud Area Fire Department Joint Building Authority Change in Net Position for the Fiscal Year Ended December 30, 2013 and 2012 Governmental Activities Revenue Indirect Support $ - $ 10,000 Direct Support - 12,500 Interest Total Revenues ,500 Expenses General Government 17,656 12,162 Interest on Long-term Debt 10,297 - Total Expense 27,953 12,162 Change in Net Position (27,635) 10,338 Beginning Net Position 10,338 - Ending Net Position $ (17,297) $ 10,338 There was no operational support or rent payments to the Authority in the current year. Rent payments are due in the periods that bond and interest payments become due. The Authority has a deficit balance as it incurred operating expenditures that were paid with bond proceeds. The deficit balance will correct itself in future reporting periods as rents are charged to the entities. Financial Analysis of the Authority s Funds The general fund for the year ended December 31, 2013 had no revenue. Total expenditures during the year for the General Fund were $4,167, leaving an ending fund balance of $6,171. The December 31, 2013 fund balance of the General Fund is $6,171, all of which is unassigned. The building fund had $318 of interest income and $650,000 from proceeds of bond issuance, for total revenues of $650,318. The building fund had expenditures of $149,989 which consisted of capital outlay, general government, and other costs associated with construction on the new building. As of December 31, 2013 fund balance was $500,329, all of which is restricted for capital projects. General Fund Budgetary Highlights Original budget compared to final budget. During the year there were no amendments to increase or decrease the original budgeted appropriations. - 6

9 Final budget compared to actual results. A review of actual expenditures compared to the appropriations in the final budget yielded no significant variances. Capital Assets and Debt Administration Capital assets - The Authority s investment in capital assets as of December 31, 2013, amounted to $136,500 (net of accumulated depreciation). This investment in capital assets includes construction cost associated with the new fire building. Additional information on the Authority s capital assets can be found in note 4 of this report. Long-term debt - At the end of the current fiscal year, the Authority had $650,000 of debt outstanding. Additional information on the Authority s long-term debt can be found in note 5 of this report. Next Year s Budget The Authority s adopted fiscal year 2014 budget is flat compared to the current years budget. The Authority remains economically dependent on the participating members. Contacting the Authority s Management This financial report is intended to provide our citizens, taxpayers, customers and investors with a general overview of the Authority s finances and to show the Authority s accountability for the money it receives. If you have questions about this report or need additional information, we welcome you to contact the Authority in writing at: White Cloud Area Fire Department Joint Building Authority 12 North Charles White Cloud, MI

10 BASIC FINANCIAL STATEMENTS

11 White Cloud Area Fire Department Joint Building Authority Statement of Net Position December 31, 2013 Primary Government Governmental Activities ASSETS Current Assets Cash $ 506,500 Total Current Assets 506,500 Noncurrent Assets Construction In Progress 136,500 Total Assets 643,000 LIABILITIES Current Liabilities Accrued Interest 10,297 Current Portion of Bonds Payable 32,500 Total Current Liabilities 42,797 Noncurrent Liabilities Bonds Payable 617,500 Total Liabilities 660,297 NET POSITION Unrestricted (17,297) Total Net Position $ (17,297) The Notes to the Financial Statements are an integral part of these Financial Statements - 8 -

12 Functions/Programs Primary Government Governmental Activities: White Cloud Area Fire Department Joint Building Authority Statement of Activities For the Year Ended December 31, 2013 Expenses Charges for Services Program Revenues Operating Grants and Contributions Capital Grants and Contributions Net (Expense) Revenue Primary Government Governmental Activities General Government $ 17,656 $ -- $ -- $ -- $ (17,656) Interest on Long-term Debt 10, (10,297) Total Governmental Activities 27, (27,953) Total Primary Government $ 27,953 $ -- $ -- $ -- $ (27,953) General Purpose Revenues and Transfers: Revenues Interest Income Total General Revenues and Transfers Change in Net Position Net Position at Beginning of Period Net Position at End of Period (27,635) 10,338 $ (17,297) The Notes to the Financial Statements are an integral part of these Financial Statements - 9 -

13 White Cloud Area Fire Department Joint Building Authority Balance Sheet Governmental Funds December 31, 2013 Capital Projects Total Governmental General Building Fund Funds ASSETS Cash $ 6,171 $ 500,329 $ 506,500 Total Assets $ 6,171 $ 500,329 $ 506,500 LIABILITIES Total Liabilities FUND BALANCE Restricted , ,329 Unassigned 6, ,171 Total Fund Balance 6, , ,500 Total Liabilities and Fund Balance $ 6,171 $ 500,329 $ 506,500 The Notes to the Financial Statements are an integral part of these Financial Statements

14 White Cloud Area Fire Department Joint Building Authority Reconciliation of Governmental Funds Balance Sheet to the Statement of Net Position December 31, 2013 Total Fund Balance - Governmental Funds $ 506,500 In the statement of activities, interest is accrued on outstanding bonds, whereas in governmental funds, the interest expenditures is reported when due. (10,297) General government capital assets of $136,500, are not financial resources, and accordingly are not reported in the funds. 136,500 Bonds payable are not due and payable in the current period, and therefore, are not reported in the funds. (650,000) Total Net Position - Governmental Funds $ (17,297) The Notes to the Financial Statements are an integral part of these Financial Statements

15 White Cloud Area Fire Department Joint Building Authority Statement of Revenues, Expenditures, and Changes in Fund Balance Governmental Funds For the Year Ended December 31, 2013 Capital Projects Total Governmental General Building Fund Funds Revenues Interest Income $ -- $ 318 $ 318 Total Revenues Expenditures Board Expense 2, ,493 Contract Services 1,674 13,373 15,047 Supplies Capital Outlay , ,500 Total Expenditures 4, , ,156 Excess of Revenues Over (Under) Expenditures (4,167) (149,671) (153,838) Other Financing Sources (Uses) Issuance of Long-term Debt , ,000 Net Other Financing Sources (Uses) , ,000 Net Change in Fund Balance (4,167) 500, ,162 Fund Balance at Beginning of Period 10, ,338 Fund Balance at End of Period $ 6,171 $ 500,329 $ 506,500 The Notes to the Financial Statements are an integral part of these Financial Statements

16 White Cloud Area Fire Department Joint Building Authority Reconciliation of Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balance with Statement of Activities For the Year Ended December 31, 2013 Total Net Change in Fund Balances - Governmental Funds $ 496,162 Proceeds from debt issuance are reported as revenue in the fund statements, but reported as liabilities in the statement of net position. (650,000) Governmental funds report capital outlay as expenditures; however, in the statement of activities the cost of those assets is allocated over the estimated useful lives as depreciation expense. This amount reflects capital outlay. 136,500 Accrued interest is not shown in the fund statements. This amount represents accrued interest. (10,297) Changes in Net Position - Governmental Funds $ (27,635) The Notes to the Financial Statements are an integral part of these Financial Statements

17 White Cloud Area Fire Department Joint Building Authority Notes to the Financial Statements Note 1 - Summary of Significant Accounting Policies The accounting policies of the White Cloud Area Fire Department Joint Building Authority (the Authority ) conform to accounting principles generally accepted in the United States of America (GAAP) as applicable to governmental units. The following is a summary of the significant accounting policies used by the White Cloud Area Fire Department Joint Building Authority. Reporting Entity The White Cloud Area Fire Department Joint Building Authority is a joint venture of the City of White Cloud, and the Townships of Everett, Lincoln, Sherman, and Wilcox under the provisions of Act 31, P.A. 1948, as amended. Costs of operations and capital expenditures are supported by contributions from the participating municipalities. The Authority s governing board consists of a member from each participating unit. The financial statements of the Authority are presented as a separate reporting entity and are not included with the financial statements of the participating members. The accompanying financial statements present the Authority. The Authority has determined that no other outside agency meets the criteria for inclusion as a component unit, therefore, no other agency has been included as a blended or discretely-presented component unit in the Authority s financial statements. Government-wide and Fund Financial Statements Separate columns are included in the financial statements for the government-wide financial statements (e.g., the statement of net position and the statement of activities) and the fund financial statements, which present the governmental funds of the Authority. Measurement Focus, Basis of Accounting and Financial Statement Presentation The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus indicates the type of resources being measured such as current financial resources or economic resources. The basis of accounting indicates the timing of transactions or events for recognition in the financial statements. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when - 14

18 White Cloud Area Fire Department Joint Building Authority Notes to the Financial Statements they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Authority considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, and claims and judgments, are recorded only when payment is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under capital leases are reported as other financing sources. Operating grants associated with the current fiscal period are all considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period. Expenditure-driven grants are recognized as revenue when the qualifying expenditures have been incurred and all other eligibility requirements have been met, and the amount is received during the period or within the availability period for this revenue source (within 60 days of year end). All other revenue items are considered to be measurable and available only when cash is received by the Authority. Amounts reported as program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions (including special assessments) that are restricted to meeting the operational or capital requirements of a particular function. All other revenues, including interest income and those dedicated for specific purposes, and other internally dedicated resources are reported as general revenues rather than as program revenues. The Authority reports the following major governmental funds: General Fund - The general fund accounts for the resources accumulated and payments made for operation of the Authority. Building Fund - The building fund accounts for the resources accumulated and payments made for capital projects of the Authority. Assets, Liabilities, and Net Position or Fund Equity Cash & Cash Equivalents - The Authority s cash and cash equivalents consist of demand deposits, savings deposits and time deposits. Capital assets - Capital assets, which include land, buildings, equipment, and vehicles, are defined by the Authority as assets with an initial cost of more than $5,000 and an estimated useful life of more than two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value of the asset at the date of donation. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. - 15

19 White Cloud Area Fire Department Joint Building Authority Notes to the Financial Statements Capital assets are depreciated using the straight-line method over the following estimated useful lives: Description Method Life Buildings & Building Improvements Straight Line Years Machinery, and Equipment Straight Line 3-25 Years Net Position Flow Assumption Sometimes the Authority will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net position and unrestricted net position in the government-wide financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the Authority s policy to consider restricted net position to have been depleted before unrestricted net position is applied. Fund Balance Flow Assumption Sometimes the Authority will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the governmental fund financial statements a flow assumption must be made about the order in which the resources are considered to be applied. It is the Authority s policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last. Fund Equity In the fund financial statements fund balance is presented in five possible categories, each of which identifies the extent to which the Authority is bound to honor constraints on the specific purpose for which the amounts can be spent. Nonspendable amounts which cannot be spent because they are either not in spendable form or are legally or contractually required to be maintained directly. Restricted amounts that have constraints placed on their use by an external party or constitutional provisions or enabling legislation (e.g., grants, contributions, specific fee mandates). Committed amounts that are committed for specific purposes by the Board, as the Authority s highest level of decision-making authority, pursuant to constraints imposed by formal actions taken, such as a majority vote or resolution. These committed amounts - 16

20 White Cloud Area Fire Department Joint Building Authority Notes to the Financial Statements cannot be used for any other purpose unless the Board removes or changes the specific use through the same type of formal action taken to establish the commitment. Assigned amounts that are constrained by the Authority s intent to be used for specific purposes, but are neither restricted nor committed. Unassigned amounts that are available for any purpose. The general fund is the only fund that reports a positive unassigned fund balance amount. Unassigned balances also include negative balances in the governmental funds reporting resources restricted for specific programs. Use of Estimates - The preparation of financial statements in conformity with accounting principle generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Note 2 - Stewardship, Compliance & Accountability Budgetary Information An annual budget is adopted on a basis consistent with generally accepted accounting principles for the general fund. All annual appropriations lapse at fiscal year end. The budget document presents information by function and line-item. The legal level of budgetary control adopted by the governing body is the activity level. Budget appropriations are considered to be spent once the goods are delivered or the services rendered. The Board approves the budget document prior to December 31 of each year. The Board also makes budget amendments during the course of the year as it becomes known that expenditures in excess of the amount appropriated will become necessary. Excess of Expenditures Over Appropriations A comparison of actual results of operations as compared to budget for the general fund is included in the required supplemental information for the year ended December 31, The Authority did not incur any expenditures over appropriations for the year ended December 31, Note 3 - Deposits with Financial Institutions Michigan Compiled Laws, Section , authorizes the local governmental unit to make deposits and invest in the accounts of federally insured banks, credit unions, and savings and loan associations which have an office in Michigan. The local unit is allowed to invest in bonds, securities and other direct obligations of the United States or any agency or instrumentality of the United States; United States government or federal agency obligations; repurchase agreements; - 17

21 White Cloud Area Fire Department Joint Building Authority Notes to the Financial Statements bankers acceptance of United States banks; commercial paper rated within the two highest classifications which mature not more than 270 days after the date of purchase; obligations of the State of Michigan or its political subdivisions which are rated as investment grade; and mutual funds composed of investment vehicles which are legal for direct investment by local units of government in Michigan. The investment policy adopted by the board in accordance with Public Act 196 of 1997 has authorized investment in all of State statutory authority as listed above. The Authority s deposits and investment policy is in accordance with statutory authority. Custodial Credit Risk Deposits. Custodial credit risk is the risk that in the event of a bank failure, the Authority s deposits may not be returned. The Authority does not have a deposit policy for custodial credit risk. At year end the authority had the following coverage and credit risk: Carrying Bank Balance Amount Amount Insured by the FDIC $ 252,202 $ 251,257 Amount Uncollateralized and Uninsured 257, ,243 $ 509,318 $ 506,500 At year-end, the Authority s deposits consisted of bank deposits (checking account). Note 4 - Capital Assets Capital asset activity of the Authority for the current year was as follows: Governmental Activities Balance at 12/31/12 Additions Disposals Balance at 12/31/13 Capital assets not being depreciated Construction in Process $ - $ 136,500 $ - $ 136,500 Capital assets being depreciated Buildings Total capital assets, being depreciated Less accumulated depreciation Buildings Total accumulated depreciation Net capital assets $ - $ 136,500 $ - $ 136,500-18

22 Note 5 Long-term Debt White Cloud Area Fire Department Joint Building Authority Notes to the Financial Statements The following is a summary of long-term debt of the Authority: Governmental Activities 12/31/ /31/2013 Due Within Balance Additions Reductions Balance One Year Bond payable - due in annual installments of $32,500 through 2033 with interest of 3.67% $ - $ 650,000 $ - $ 650,000 $ 32,500 Total governmental activities $ - $ 650,000 $ - $ 650,000 $ 32,500 The annual requirements to maturity on the long-term obligations outstanding as of December 31, 2013 are as follows: Year Ended December 31, Principal Governmental Activities Interest Total 2014 $ 32,500 $ 14,711 $ 47, ,500 22,662 55, ,500 21,470 53, ,500 20,277 52, ,500 19,084 51, ,500 77, , ,500 47, , ,500 17, ,391 Totals: $ 650,000 $ 241,333 $ 891,333-19

23 White Cloud Area Fire Department Joint Building Authority Note 6 - Economic Dependency Notes to the Financial Statements The Authority s main revenue is comprised of contributions from the five participating governments to cover bond principal and interest expense as follows: Percentage of Total City of White Cloud 15.2% Township of Everett 32.7% Township of Lincoln 24.5% Township of Sherman 9.4% Township of Wilcox 18.2% Total 100.0% Note 7 Fund Balances Governmental Funds The Authority has adopted the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions. GASB 54 establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. The building fund has a restricted fund balance of $500,329. The entire restricted balance is restricted for future capital outlays related to the new building. Note 8 - Risk Management The Authority is exposed to various risks of loss related to general liability; torts; theft of, damage to and destruction of assets; errors and omissions; and workers compensation for which the Authority carries commercial insurance. Settled claims relating to the commercial insurance did not exceed the amount of insurance coverage during the past fiscal year. Note 9 - Subsequent Events Management has evaluated subsequent events through March 17, 2014, which is the date that these financial statements were available to be distributed. Management is not aware of any subsequent events that would have a significant impact on the financial condition of the Authority. - 20

24 REQUIRED SUPPLEMENTARY INFORMATION

25 White Cloud Area Fire Department Joint Building Authority Schedule of Revenues, Expenditures, and Changes in Fund Balance-Budget and Actual General Fund For the Year Ended December 31, 2013 Variance Positive Budgeted Amounts (Negative) Original Final Actual Final to Actual Revenues Total Revenues Other Financing Sources Total Revenues and Other Financing Sources Expenditures General Government Board Expense $ 4,600 $ 4,600 $ 2,493 $ 2,107 Contract Services ,674 (1,314) Printing Total General Government Expenditures 5,325 5,325 4,167 1,158 Excess (Deficiency) of Revenues Over Expenditures (5,325) (5,325) (4,167) 1,158 Net Change in Fund Balance (5,325) (5,325) (4,167) 1,158 Fund Balance at Beginning of Period 10,338 10,338 10, Fund Balance at End of Period $ 5,013 $ 5,013 $ 6,171 $ 1,

26 March 17, 2014 To the Board of Trustees White Cloud Area Fire Department Joint Building Authority White Cloud, Michigan We have audited the financial statements of the governmental activities and each major fund of the White Cloud Area Fire Department Joint Building Authority for the year ended December 31, Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards (and, if applicable, Government Auditing Standards and OMB Circular A-133), 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 January 8, 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 White Cloud Area Fire Department Joint Building Authority 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 the fiscal year ended December 31, We noted no transactions entered into by the governmental unit 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 estimate affecting the White Cloud Area Fire Department Joint Building Authority s financial statements was: Management s estimate of the useful lives of depreciable capital assets is based on the length of time it is believed that those assets will provide some economic benefit in the future

27 Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing 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. In addition, none of the misstatements detected as a result of audit procedures and corrected by management were material, either individually or in the aggregate, to each opinion unit s financial statements taken as a whole. 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 17, 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 governmental unit 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 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 governmental unit s auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention

28 This information is intended solely for the 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. Gabridge & Company, PLC Grand Rapids, MI - 3 -

29 INDEPENDENT AUDITOR S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS March 17, 2014 To the Board of Directors White Cloud Area Fire Department Joint Building Authority White Cloud, Michigan We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities and the each major fund of the White Cloud Area Fire Department Joint Building Authority, Michigan, (the Authority ) as of and for the year ended December 31, 2013, and the related notes to the financial statements, which collectively comprise The Authority s basic financial statements, and have issued our report thereon dated March 17, Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered The Authority s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority 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. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did - 1 -

30 not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Authority s financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Best regards, Gabridge & Company, PLC Grand Rapids, MI - 2 -

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