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