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Form 990 2012 CABARRUS COUNTY TOURISM AUTHORITY 26- 2726341 Pa e12 Reconciliation of Net Assets Check if Schedule O contains a response to any question in this Part XI .._ ................ ............................... _.. ........,.._......,............ 1 Total revenue (must equal Part VIII, column (A), line 12) ............................................... .................. ............. 1 4,077,712. 2 Total expenses (must equal Part IX, column (A), line 25) ..... .. . ..... ......... ....... ....... -. ....- ..- .......... 2 4,130,136. 3 —52,424. 3 Revenue less expenses. Subtract line 2 from line 1 ......... ......... ......... ......... ......... .................. 4 Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) ........ 4 1 , 818,837. 5 Net unrealized gains (losses) on investments ., ................. , 6 6 Donated services and use of facilities :.... 7 7 Investment expenses ... .................. ........................................................_........._.. ...._.......................... 8 8 Prior period adjustments ............................................................................................ ............................... 9 Other changes in net assets or fund balances (explain in Schedule 0) .......................... ............................... 9 0. 10 Net assets or fund balances at end of year. Combine lines 3 through 9 (must equal Part X, line 33, columnB .............................................................................................................. ............................... 10 1,766,413. > OK Financial Statements and Reporting Check if Schedule O contains a response to any question in this Part XII ... ..................................................... ....................- .........: Yes No 1 Accounting method used to prepare the Form 990: 0 Cash ®Accrual 0 Other If the organization changed its method of accounting from a rior year or checked "Other," explain in Schedule O. P p :::. ....:..::....... ........::...:::::::.. . 2a Were the organization's financial statements compiled or reviewed by an independent accountant? ...... ............................... 2a X . ............................... . ............................... If "Yes," check a box below to indicate whether the financial statements for the year were compiled or reviewed on a separate basis, consolidated basis, or both: 0 Separate basis Consolidated basis 0 Both consolidated and separate basis b Were the organization's financial statements audited by an independent accountant? .......................... ............................... 2b X ... .... _ ........ . ............................... ....... .................. ....... If "Yes," check a box below to indicate whether the financial statements for the year were audited on a separate basis, consolidated basis, or both: X Separate basis Consolidated basis Both consolidated and separate basis p P c If "Yes" to line 2a or 2b does the organization have a committee that assumes responsibility for oversight of the audit 9 p Y 9 review, or compilation of its financial statements and selection of an independent accountant? .............. ............................... 2c X If the organization changed either its oversight process or selection process during the tax year, explain in Schedule O. 3a As a result of a federal award was the organization required to undergo an audit or audits as set forth in the Single Audit 9 q 9 9 ................ . Act and OMB Circular A-133? — ............................ ............................... 3a X b If "Yes," did the organization undergo the required audit or audits? If the organization did not undergo the required audit Form 990 (2012) 232012 12 -10 -12 Attachment number 1 12 1 -2 Page 201