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2A - Handout Independent Accountants ReportTro2~Q ~~~;~A-~~~PI~~~'~~~1~1 ~ t1 ~,. ~~Lo ~-~ ~7v PRAS _~&r+ Swanhorst&CutlerLLC `~~~~~~3 CertifieJ PuM1hc Accoumams TeamFest, Inc /Boulder Creek Events 1002 Walnut Street Boulder, Colorado 80302 INDEPENDENT ACCOUNTANTS' REPORT We have performed the procedures enumerated below, which were agreed to by TeamFest, Inc and the City of Boulder Park and Recreation Department. This agreed-upon procedures engagement was performed m accordance wrth attestation standards established by the American Inst~tute of Certified Pubhc Ac~ountants. The sufficiency of these procedures is solely the responsibility of the specified users of the report Consequently, we make no representation iegardmg the sufficiency of the specified users of the report The procedures and associated findmgs are as follows 1 We reviewed the annual spreadsheet as submitted to the City We also reviewed the supporting documentation that was utilized to prepare the spreadsheet on a~udgmental basis • We were able to trace and agree the ma~ority of the ttems m the spreadsheet to the General Ledger mamtamed by TeamFest The variances for the items that dtd not agree did not exceed $750 2 We reviewed two bank reconciliarions as prepared by TeamFest • We reviewed the bank reconciliation for the months of April and June 2002 Both of the bank reconciharion did not mclude a large amount of reconcilmg items and agreed to the bank statement balance and the general ledger balance. 3 We looked at mvoices paid after the date of the spreadsheet and inquire and ~udgmentally revtew mvoices that have not yet been paid • Per the General Ledger and mquiry of the client, approximately $96,000 was paid out to vendors from June 30 to December 31, 2002 We did not note any large or unusual items that were paid afrer the year end date of June 30, 2002 4 We reviewed the vendor list mamtamed by TeamFest and compare to all vendors that were paid • Per review performed above, it appeared that all vendors were paid when funds were available. Per the client, some rtems were not paid immediately after the event but were submttted for payment once the cash was available 8400 E. Crescent Parkway • Suite 600 • Greenwood Village, CO 80111 •(720) 528-4306 Fa~c: (720) 528-4307 5. We analyhcally reviewed results from current year as compared to results from the pnor year • We reviewed all accounts that were greater then $5,000 m 2001 or 2002 and did not note any large or unusual variances that required further mvestigation. We were not engaged to, and did not, perform an exammarion, the ob~ective of which would be the expression of an opmion on the mformahon noted above. Accordmgly, we do not express such an opmion Had we performed add~tional procedures, other matters might have come to our attention that would have been reported to you This report is mtended solely for the use by TeamFest, Inc. and the City of Boulder Park and Recreation Department and should not be used by those who have not agreed to the procedures and taken responsib~lrty for the sufficiency of the procedures for their purposes SW y~,rE' Y Cw~~•- L L~- April 10, 2003