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AG 2017 01 17
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AG 2017 01 17
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Last modified
1/20/2017 11:55:41 AM
Creation date
11/27/2017 10:27:07 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
1/17/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUNTY TOURISMAUTHORITY <br /> d 1bla CABARRUS COUNTY CONVENTION AND VISITORS B UREA U <br /> NOTES TO THE FINANCIAL STATEMENT <br /> For the year ended June 30, 2016 <br /> NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> The accounting policies of the Cabarrus County Tourism Authority d/b/a/ Cabarrus County <br /> Convention and Visitors Bureau conform to generally accepted accounting principles as <br /> applicable to government entities. The following is a summary of the more significant <br /> accounting policies: <br /> A. Reporting Entity <br /> The Cabarrus County Tourism Authority d/b/a Cabarrus County Convention and Visitors <br /> Bureau (the "Bureau") was chartered as the Tourism Development Authority for Cabarrus <br /> County by S.L. 1998-112/House Bill 1568 of the 1998 session laws of the North Carolina <br /> General Assembly, effective August 20, 1998. The purpose of the Bureau is to promote <br /> travel and tourism in Cabarrus County. The Bureau's Board is composed of 12 members. <br /> The Cabarrus County Commissioners appoint 3 members to the Bureau's Board. The <br /> Cabarrus Regional Chamber of Commerce appoints 3 members to the Bureau's Board. <br /> The Bureau appoints the final 6 members to the Board. The budget of the Bureau is <br /> approved by the Board of the Bureau, and the Cabarrus County Commissioners concur <br /> with the budget. The Bureau is funded through the local hotel occupancy tax. <br /> B. Basis of Presentation <br /> Government-Wide Statements: The statement of net position and the statement of <br /> activities display information about the governmental entity. These statements include the <br /> financial activities of the overall governmental entity. <br /> The statement of activities presents a comparison between direct expenses and program <br /> revenues for each function of the Bureau's governmental activities. Direct expenses are <br /> those that are specifically associated with a program or function and, therefore, are clearly <br /> identifiable to a particular function. Indirect expense allocations that have been made in <br /> the funds have been reversed for the statement of activities. Program revenues include <br /> fees and changes paid by the recipients of goods or services offered by the programs. <br /> Revenues that are not classified as program revenues are presented as general revenues. <br /> Fund Financial Statements: The fund financial statements provide information about the <br /> Bureau's funds. The emphasis of fund financial statements is on major governmental <br /> funds, each displayed in a separate column. <br /> The Bureau has the following major governmental fund: <br /> General Fund—The General Fund is the general operating fund of the Bureau. <br /> Tourism Capital Reserve Fund The Tourism Capital Reserve Fund is to fund <br /> Capital Projects, Sales and marketing, and Tourism Development of the Bureau. <br /> -Continued- <br /> 17 <br /> Attachment number 1 \n <br /> 1-5 Page 160 <br />
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