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CABARRUS COUNTY TOURISM A UTHORITY
<br /> d/b/a CABARRUS COUNTY CONVENTION AND VISITORS B UREA U
<br /> NOTES TO FINANCIAL STATEMENTS
<br /> For the Year Ended June 30, 2016
<br /> NOTE 2 - DETAIL NOTES ON ALL FUNDS AND ACCOUNT GROUPS
<br /> A. Deposits
<br /> All the deposits of the Bureau are either insured or collateralized. All deposits that exceed
<br /> the Federal Depository Insurance coverage level are collateralized with securities held by
<br /> the Bureau's agents in these units' names.
<br /> At June 30, 2016, the Bureau's deposits had a carrying amount of$3,060,151, and a bank
<br /> balance of$2,664,796. Of the bank balance, $250,000 was covered by federal depository
<br /> insurance for each of the two banks, and $2,164,796 was covered by collateral.
<br /> B. Due from County
<br /> Due from County consisted primarily of the occupancy tax payment of$433,784 due from
<br /> the Cabarrus County at June 30, 2016.
<br /> C. Capital Assets
<br /> The following is a summary of changes in capital assets during the fiscal year:
<br /> Balance Balance
<br /> July 1, June 30,
<br /> 2015 Increases Decreases 2016
<br /> Capital assets being
<br /> depreciated:
<br /> Computer equipment $ 71,256 $ - $ - $ 71,256
<br /> Vehicles 118,407 42,490 - 160,897
<br /> Leasehold improvements 199,551 3,359 - 202,910
<br /> Office equipment 75,345 2,705 - 78,050
<br /> Other fixed assets 7,935 - - 7,935
<br /> Total capital assets being
<br /> depreciated 472,494 48,554 - 521,048
<br /> Less accumulated
<br /> depreciation for:
<br /> Computer equipment 49,523 13,907 - 63,430
<br /> Vehicles 75,600 18,026 - 93,626
<br /> Leasehold improvements 42,184 13,397 - 55,581
<br /> Office equipment 49,801 13,189 - 62,990
<br /> Other fixed assets 1,587 1,587 - 3,174
<br /> Total accumulated
<br /> depreciated 218,695 60,106 - 278.801
<br /> Total capital assets being
<br /> depreciated, net $ 253,799 $ 242,247
<br /> -Continued-
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<br /> Attachment number 1 \n
<br /> 1-5 Page 165
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