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CABARRUS CO UNTY TO URISM A UTHORITY d/bla CABARRUS COUNTY CONVENTION AND VISITORS BUREAU NOTES TO FINANCIAL STATEMENTS For the Year Ended June 30, 2016 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd) Assets,Liabilities and Fund Equity (cont'd) Unassigned Fund Balance — Portion of fund balance that has not been restricted, committed, or assigned to specific purposes or other funds. 8. Pensions For purposes of measuring the net pension asset, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Local Governmental Employees' Retirement System (LGERS) and additions to/deductions from LGERS' fiduciary net position have been determined on the same basis as they are reported by LGERS. For this purpose, plan member contributions are recognized in the period in which the contributions are due. The Bureau's employer contributions are recognized when due and the Authority has a legal requirement to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of LGERS. Investments are reported at fair value. Income Tax Status Cabarrus County Tourism Authority is recognized as a Bureau exempt from federal income tax and not subject to private foundation status under Section 501(c)(6) of the Internal Revenue Code, The Authority has adopted ASC 740-10, effective for audit years ending after December 15, 2009, as it relates to uncertain tax positions for the years ended June 30, 2016 and has evaluated its tax positions for all open tax years. The Bureau is not currently under audit nor has the Bureau been contacted by the Internal Revenue Service. Based on the evaluation of the Bureau's tax positions, management believes all positions taken would be upheld under an examination. Therefore, no provision for the effects of uncertain tax positions have been recorded for the year ended June 30, 2016. F. Estimates Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and reported revenues and expenses. Actual results could differ from those estimates. G. Subsequent Events Management has evaluated subsequent events through the date the financial statements were available to be issued. -Continued- 21 Attachment number 1 \n 1-5 Page 164