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CABARRUS COUNTY TO URISM A UTHORIT Y d/b /a CABARRUS COUNTY CONVENTION AND VISITORS BUREAU NOTES TO FINANCIAL STATEMENTS June 30, 2015 and 2014 NOTE 5 - ACCRUED SALARIES Accrued salaries consist of the following at June 30, 2015 and 2014: 2015 2014 Accrued wages payable $ 54,020 $ 44,782 Accrued vacation pay 49,522 49,296 $ 103,542 $ 94,078 NOTE 6 - RELATED PARTY TRANSACTIONS A board member Tim Hagler, is Vice President of Community Relations for Charlotte Motor Speedway. The Organization paid Charlotte Motor Speedway $500,000 during the years ended June 30, 2015 and 2014, respectively, under a marketing agreement. A board member, Ray Soporowski, is General Manager of Concord Mills. The Organization paid Concord Mills $20,000 during the years ended June 30, 2015 and 2014, respectively, under a marketing agreement. A board member, Jennifer Parsley, is the owner of Adventures in Motorsports. The Organization paid Adventures in Motorsports $1,500 and $6,285 during the years ended June 30, 2015 and 2014, respectively, for assistance with destination tours. NOTE 7- RETIREMENT PLAN The Organization is a participating employer in the statewide Local Governmental Employees' Retirement System (LGERS), a cost- sharing multiple- employer defined benefit pension plan administered by the State of North Carolina. LGERS membership is comprised of general employees and local law enforcement officers (LEOs) of participating local governmental entities. Article 3 of G.S. Chapter 128 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. Management of the plan is vested in the LGERS Board of Trustees, which consists of 13 members — nine appointed by the Governor, one appointed by the state Senate, one appointed by the state House of Representatives, and the State Treasurer and State Superintendent, who serve as ex- officio members. The Local Governmental Employees' Retirement System is included in the Comprehensive Annual Financial Report (CAFR) for the State of North Carolina. The State's CAFR includes financial statements and required supplementary information for LGERS. That report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699 -1410, by calling (919) 981 -5454, or at www.osc.nc.gov Benefits Provided. LGERS provides retirement and survivor benefits. Retirement benefits are determined as 1.85% of the member's average final compensation times the member's years of creditable service. A member's average final compensation is calculated as the average of a member's four highest consecutive years of compensation. Plan members are eligible to retire with frill retirement benefits at age 65 with five years of - Continued- 1 - 3 Attachment number 1 \n 1 -1 Page 115