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CABARR US COUNTY TOURISM A UTHORITY d/bld CABARRUS COUNTY CONVE NTION A ND VISITORS BURSA U NOTES TO FINANCIAL STA TEMENTS June 30, 2014 and 2013 NOTE 5 - ACCRUED SALARIES Accrued salaries consist of the following at June 30, 2014 and 2013: 2014 2013 Accrued wages payable $ 44,782 $ 36,808 Accrued vacation pay 49,296 49,927 $ 94,078 $ 86,735 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, 2014 and 2013, 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, 2014 and 2013, respectively, under a marketing agreement. A board member, Jennifer Parsley, is the owner of Adventures in Motorsports. The Organization paid Adventures in Motorsports $6,285 during the year ended June 30, 2014 for assistance with destination tours. NOTE 7- RETIREMENT PLAN The Organization contributes to 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 provides retirement and disability benefits to plan members and beneficiaries. Article 3 of G.S. Chapter 128 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. The Local Governmental Employees' Retirement System is included in the Comprehensive Annual Financial Report (CAF'R) for the State of North Carolina. The State's CAFR includes financial statements and required supplementary information for LGERS. This report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699 -1410, or by calling (919) 981 - 5454. Plan members are required to contribute 6.0% of their annual covered salary. The Organization contributed 7.74% and 7.41% for the years ended June 30, 2014 and 2013, respectively. The amount paid to the LGERS fund by the Organization during the years ended June 30, 2014 and 2013 was $68,376 and $60,277, respectively. The Organization also offers a NC401(K) tax deferred annuity program. Eligible employees can contribute to the plan from their salary. The Organization currently contributes 5% of the employees' salary. The amount paid to the retirement program by the Organization during the year ended June 30, 2014 and 2013 was $44,172 and $40,631, respectively. -Continued- 13 1 -1 Attachment number 1 Page 403