Review report, state of Georgia, Georgia Golf Hall of Fame Board, year ended June 30, 1994

STATE OF GEORGIA DEPARTMENT OF AUDITS
254 WASHINGTON STREET
ATLANTA. GEORGIA 30334

REVIEW REPORT STATE OF GEORGIA GEORGIA GOLF HALL OFFAME BOARD YEAR ENDED JUNE 30, 1994

GEORGIA GOLF HALL OF FAME BOARD -TABLE OF CONTENTS-

INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

EXHIBITS

FINANCIAL STATEMENTS

A STATEMENT OF ASSETS AND FUND EQUITY

ARISING FROM CASH TRANSACTIONS

ALL FUND TYPES

2

B STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS

BUDGET FUND

3

C NOTES TO THE FINANCIAL STATEMENTS

4

SUPPLEMENTARY INFORMATION

SCHEDULES

1 CASH AND CASH EQUNALENTS

10

2 SCHEDULE OF SALARIES AND TRAVEL

11

3 RECONCILIATION OF PER DIEM AND FEES

12

CLAUDE L. VICKERS STATE AUDITOR (404) 656-2174
TAX RATIO (404) 656-0494

~epartmeut of J\uhits
254 WASHINGTON STREET, S.W. ROOM 214
J\thmht, .eorgia 30334-8400
January 13, 1995

FINANCIAL AUDITS (404) 656-2180
PROGRAM AUDITS (404) 656-2006

Honorable Zell Miller, Governor Members of the General Assembly of Georgia Members ofthe Georgia Golf Hall of Fame Board
and Honorable Ted Sprague, Executive Director
INDEPENDENT ACCOUNTANT'S COMBINED REPORT ON REVIEW OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Ladies and Gentlemen:
We have reviewed the accompanying financial statements (Exhibits A through C) of the Georgia GolfHall of Fame Board as of and for the year ended June 30, 1994, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants_ As described in Note 1, these financial statements were prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than generally accepted accounting principles. All information included in these financial statements is the representation of the management of the Georgia Golf Hall ofFame Board.
A review consists principally of inquiries of agency personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
Based on our review, we are not aware ofany material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the basis of accounting described in Note 1.
Our review was made for the purpose of expressing limited assurance that there were no material modifications that should be made to the financial statements in order for them to be in conformity with the basis of accounting described in Note 1. The accompanying supplementary information (Schedules 1 through 3) is presented only for supplementary analysis purposes. Such information has been subjected to the inquiries and

94ARL-4C

analytical procedures applied in the review of the financial statements and we are not aware of any material modifications that should be made thereto.
Respectfully submitted,

CLV:gp 94ARL-4C

Claude L. Vickers State Auditor

FINANCIAL STATEMENTS - 1-

GEORGIA GOLF HALL OF FAME BOARD STATEMENT OF ASSETS AND FUND EQUITY ARISING FROM CASH TRANSACTIONS
ALL FUND TYPES JUNE 30, 1994

EXHIBIT "A"

ASSETS
Cash and Cash Equivalents (See Schedule)
FUND EQUITY
Fund Balance Unreserved Undesignated

GOVERNMENTAL FUND TYPE
GENERAL FUND
$ 38,250.81
$ 38,250.81

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information. The notes to the financial statements are an integral part of this statement.
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GEORGIA GOLF HALL OF FAME BOARD STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
GENERAL FUND YEAR ENDED JUNE 30; 1994
CASH RECEIPTS
OTHER REVENUES RETAINED Contract Georgia Department of Industry, Trade and Tourism Contributions and Donations Golf Tournament Participant Fees Induction Banquet Receipts
Total Cash Receipts CASH AND CASH EQUIVALENTS - JULY 1, 1993

EXHIBIT "B"
$ 30,000.00 28,000.00 48,273.00 27,406.50
$ 133,679.50 31,174.95

$ 164,854.45

COST OF OPERATIONS Personal Services Salaries and Wages (See Schedule) Employer's Contributions for: F.I.C.A. Unemployment Compensation Insurance
Regular Operating Expenses Supplies and Materials Duplicating and Rapid Copy Publications and Printing Other Operating Expenses Advertising and Promotion Banquet Expenses Golf Tournament Expenses Photography Postage
Travel (See Schedule)
Per Diem, Fees and Contracts Per Diem and Fees Contracts
Telecommunications
Total Disbursements
CASH AND CASH EQUIVALENTS - JUNE 30, 1994

DISBURSEMENTS

$ 9,164.80

593.27

48.54
-------------

$

$ 7,792.82 1,379.81 1,892.02

$

385.36

29,686.12

11,950.36

412.00

2,730.68
-------------

45,164.52
-------------

9,806.61
56,229.17 152.88

$ 1,352.89

58,961.67

60,314.56

-------------

--------1-0-0-.-4-2

$ 126,603.64

38,250.81
-------------

$ 164,854.45

See Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
The notes to the financial statements are an integral part of this statement.
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GEORGIA GOLF HALL OFFAME BOARD NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "C"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY The Georgia GolfHall ofFame Board, an organizational unit ofthe State of Georgia, is part ofthe executive branch ofthe government ofthe State of Georgia. The Board was created in 1982 by an act of the General Assembly of Georgia for the purpose ofhonoring those who by achievement or service have made outstanding and lasting contributions to the sport of golf in Georgia or elsewhere. The Board consists of fifteen (15) members as follows: nine (9) members appointed by the Governor; three (3) members appointed by the Lieutenant Governor; and three (3) members appointed by the Speaker of the House ofRepresentatives. The Georgia Golf Hall of Fame Board is included within the State of Georgia reporting entity for financial reporting purposes because ofthe significance ofits legal, operational and financial relationships with the State ofGeorgia. These reporting entity relationships are defined in Section 2100 of the Governmental Accounting Standards Board Codification of Governmental Accounting and Financial Reporting Standards.
FUND ACCOUNTING The Georgia Golf Hall of Fame Board uses a fund to report on its financial position and the results of its operations determined in conformity with accounting practices prescribed or permitted by statutes and regulations ofthe State ofGeorgia. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions related to certain governmental functions or activities. A fund is a separate accounting entity with a self-balancing set of accounts. The fund presented in the accompanying financial statements is as follows:
GOVERNMENTAL FUND TYPE
GENERAL FUND - The fund used to account for all activities except those required to be accounted for in some other fund.
BASIS OF ACCOUNTING GOVERNMENTAL FUND TYPE GENERAL FUND
The Georgia GolfHall ofFame Board maintains its General Fund on the Cash Receipts and Disbursements basis ofaccounting as prescribed or permitted by statutes and regulations ofthe State of Georgia. This basis of accounting is defined as that method of accounting in which certain revenue and related assets are recognized when received rather than when earned, and certain expenses are recognized when paid rather than when the obligation is incurred. The General Fund, in accordance with generally accepted accounting principles, should be maintained on the modified accrual basis of accounting.
BUDGET A budget for the financial operations ofthe Georgia Golf Hall ofFame Board was not prepared by the Board, therefore, the financial operations represent nonbudgeted financial activities.

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GEORGIA GOLF HALL OFFAME BOARD NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "C"

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CASH AND CASH EQUIVALENTS Cash and Cash Equivalents consist of demand deposits with a bank.
INVENTORIES No inventories ofsupplies are reported in the current financial statements. Expendable supplies are recorded as disbursements at the time of purchase.
NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS
STATE OF GEORGIA COLLATERALIZATION STATUTES AND POLICIES Funds of the State of Georgia cannot be placed in a depository paying interest longer than ten days without the depository providing a surety bond to the State. In lieu of a surety bond, the depository may pledge as collateral any one or more ofthe following securities as enumerated in the Official Code of Georgia Annotated Section 50-17-59:
(1) Bonds, bills, notes, certificates ofindebtedness or other direct obligations ofthe United States or of the State of Georgia.
(2) Bonds, bills, notes, certificates ofindebtedness or other obligations of the counties or municipalities ofthe State of Georgia.
(3) Bonds of any public authority created by the laws of the State of Georgia, providing that the statute that created the authority authorized the use ofthe bonds for this purpose.
(4) Industrial revenue bonds and bonds of development authorities created by the laws of the State of Georgia.
(5) Bonds, bills, certificates of indebtedness, notes, or other obligations of a subsidiary corporation of the United States government, which are fully guaranteed by the United States government both as to principal and interest, and debt obligations issued by the Federal Land Bank, the Federal Home Loan Bank, the Federal Intermediate Credit Bank, the Central Bank for Cooperatives, the Farm Credit Banks, the Federal Home Loan Mortgage Association, and the Federal National Mortgage Association.
(6) Guarantee or insurance of accounts provided by the Federal Deposit Insurance Corporation.
As authorized in the Official Code of Georgia Annotated Section 50-17-53, the State Depository Board has adopted policies which allow agencies ofthe State of Georgia the option of exempting demand deposits from the collateral requirements.

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GEORGIA GOLF HALL OF FAME BOARD NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "C"

NOTE 2: CUSTODIAL CREDIT RISKS OF CASH DEPOSITS

CATEGORIZATION OF DEPOSITS For purposes of analysis of custodial credit risk, cash deposits consist of all bank balances which include demand deposits and/or interest bearing accounts. These bank balances are categorized below in order to provide information about the extent to which such deposits are exposed to custodial credit risk.

Category 1 - Amounts covered by depository insurance or collateralized with securities (at market value) held by the Board or by its agent in the Board's name.

Category 2 - Amounts collateralizecl with securities (at market value) held by the financial institution's trust department or agent in the Board's name.

Category 3 - Amounts collateralized with securities (at market value) held by the financial institution or by its trust department or agent, but not in the Board's name, and amounts uncollateralized.

Canying ~

Bank Balance

Risk Categories

2

3

Cash Deposits

$ 382~Q 81 $ 42994,99 $ 42,22499 $

QOO $

QOO

NOTE 3: DEFERRED COMPENSATION PLAN

The State of Georgia offers its employees a deferred compensation plan in accordance with Internal Revenue Code Section 457. The plan, available to employees of the State of Georgia and county health departments, permits such employees to defer a portion of their salary until future years. Participants choose the option or options in which they wish to participate. The deferred compensation is not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property or rights ofthe State ofGeorgia subject only to the claims of the State's general creditors. Participant's rights under the plan are equal to those of a general creditor ofthe State of Georgia in an amount equal to the fair market value ofthe deferred account ofeach participant. Financial information relative to the plan is presented in the financial report ofthe State Personnel Board - Merit System ofPersonnel Administration for the year ended June 30, 1994.
NOTE 4: RETIREMENT PLANS
GEORGIA DEFINED CONTRIBUTION PLAN The State of Georgia also provides retirement coverage for temporary, seasonal, and part-time employees who are not eligible for membership in the Employees' Retirement System of Georgia referred to above through a single-employer defined contribution plan. The Georgia Defined Contribution Plan was established by the General Assembly of Georgia and is administered by the Board of Trustees of the Employees' Retirement System of Georgia. Covered employees are required to contribute 7.5% of their gross salary, with no
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GEORGIA GOLF HALL OFFAME BOARD NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 1994

EXHIBIT "C"

NOTE4: RETIREMENTPLANS
GEORGIA DEFINED CONTRIBUTION PLAN matching contribution by the employer. A member who terminates employment may apply for a refund of contributions and interest. Benefits are based solely on the amount contributed by the employee plus investment earnings. Upon discretion ofthe Board ofTrustees, members who leave employment with less than $3,500.00 credited to their account may be required to make a lump-sum withdrawal. Members are eligible to retire at the age of65 with the option ofreceiving a periodic payment based on mortality tables and interest accumulation as adopted by the Board of Trustees of the Employees' Retirement System of Georgia. Information relative to the plan description and funding status is presented in the financial report of the Employees' Retirement System of Georgia for the year ended June 30, 1994.
NOTE 5: CONTINGENCIES
Litigation, claims and assessments filed against the Georgia Golf Hall of Fame Board, if any, are generally considered to be actions against the State of Georgia. Pursuant to the Official Code of Georgia Annotated, the Department of Administrative Services maintains a program of purchased insurance and self- insurance which provides coverage for such litigation, claims and assessments. Accordingly, significant litigation, claims and assessments pending against the State of Georgia are disclosed in the State of Georgia Comprehensive Annual Financial Report for the fiscal year ended June 30, 1994.
NOTE 6: BONDING INFORMATION
All employees of the Georgia Golf Hall ofFame Board are bonded under a Public Employees Blanket Bond written by Employers Insurance ofWausau, their Bond No. 1450-00-110723, on which the premium was paid to October 1, 1994. Under this agreement the Public Employee Dishonesty Coverage insures the Board to a maximum of $1,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees. The Faithful Performance of Duty Coverage insures the Board to a maximum of $100,000.00 against loss sustained from failure ofits employees to perform faithfully their duties or to account properly for all monies and property received by virtue of their position or employment.
All employees of the Georgia Golf Hall of Fame Board are also bonded under a Commercial Crime Policy written by the United States Fire Insurance Company, their Policy No. 626 011675 2, on which the premium was paid to October 1, 1994. Under this additional public employee dishonesty coverage, the policy insures the Board to a maximum of $4,000,000.00 against loss sustained through fraudulent or dishonest acts by its employees.

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SUPPLEMENTARY INFORMATION
- 9-

GEORGIA GOLF HALL OF FAME BOARD CASH AND CASH EQUIVALENTS JUNE 30, 1994
NONINTEREST BEARING ACCOUNT
First Union National Bank of Georgia, Augusta, Georgia

SCHEDULE "1"
$ 38,250.81
=============

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
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GEORGIA GOLF HALL OF FAME BOARD SCHEDULE OF SALARIES ANO TRAVEL
JUNE 30, 1994

SCHEDULE "2"

NAME Mi tche11 , Brynn

POSITION Administrator

(*) On Payroll June 30, 1994 1

TIME MONTHS
3*

SALARIES

TRAVEL

$

9,164.80$

152.88

============= =============

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
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GEORGIA GOLF HALL OF FAME BOARD RECONCILIATION OF PER DIEM AND FEES
YEAR ENDED JUNE 30. 1994

SCHEDULE "3"

Totals per Annual Supplement

Adjustments Abbott, Carr, Everett, Nicholson, Shepard,

Di em Thi Laura Terri
Sam Stephen

Totals per Report

TYPE PAYMENT
-------

FEE AMOUNT

EXPENSE AMOUNT
-------

$

0.00 $

0.00 $

TOTAL 0.00

Reimbursable Expense Reimbursable Expense Reimbursable Expense Board Member Attorney

375.00
-------------

18.00 154.89
7.00 798.00
-------------

18.00 154.89
7.00 798.00 375.00
-------------

$

375.00 $

977.89 $

1,352.89

============= ============= =============

See accompanying notes and Independent Accountant's Combined Report on Review of Financial Statements and Supplementary Information.
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