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4 - Matters from the Department, Financial Review of 2002 Boulder Creek Festival~ ~ .+. +~.. ~ City of Boulder Parks and Recreation Department MEMORANDUM TO: Parks and Recreation Advisory Boazd FROM: Jan Geden, CPRP, Duector of Pazks and Recreation Sarah DeSouza, Pazks and Recreation Admmistrator SUBJECT: Matters from the Department DATE: Apnl 15, 2003 Financial Review of 2002 Boulder Creek Fesuval DO NOT REMOVE - PRAB File Matenal Please refer to Attachment A for the financial review of the 2002 Boulder Creek Festival. Attachments: Attachment A- Financial Review of 2002 Boulder Creek Festival Parks and Recreation...The Benefits Are Endless! TM Attachment A Boulder Creek Festival Financial Review Dunng the summer of 2002, the Pazks and Recreation Advisory Board requested that staff take steps to have a financial review done of the 2002 Boulder Creek Festival. The Department's contract with TeamFest, operators of the Boulder Creek Festival, requires that the financial transactions of the Festival be "available for an independent, third party review as determined by the City, the cost of which shall be a Festival expense "Thus, there is no requirement in the existing contract to perform a full audit of the Festival. The Department's contract with TeamFest requires them to send a report of the financial activifies of the previous Festival by August 3Q 2002 each yeaz The Department did not receive this final report until late October, 2002 due to internal TeamFest staffing issues. The Pazks and Recreation Department hired the accounting firm of Swanhorst and Cutler LLC to review the financial statements of TeamFest Inc Enclosed is the report issued by Swanhorst and Cutler, LLC. This type of financial review is known as an "agreed upon procedures" engagement. In an agreed upon procedures engagement, the accountant performs certain tests of the financial records of the client and reports their findings based upon the tests. In this instance, the tests were designed m a meeting with John Cutler of Swanhorst and Cutler LLC, Doug Hawthorne, Parks Superintendent, and Chuck McElwain, Administrative Analyst. The procedures were performed in accordance with standazds published by the American Institute of Certified Public Accountants and were done to test the accuracy of the financial mfonnation provided by TeamFest Inc. While the accountant does not issue an opimon based upon then work, staff believes the results of this testing lends credibility to the accuracy of the financial statements of the Boulder Creek Festival. Based upon the results of the agreed upon procedures engagement, it is staff s opinion that the financial statements of the Boulder Creek Festival aze accurate. Note that this is the conclusion of city staff; the accounting fain of Swanhorst and Cutler, LLC has not issued any opimon regazding the financial statements. If any Boazd member has further questions, please call Chuck McElwazn, Pazk and Recreation Department Adinimstrative Analyst at 303-413-7253. .mow .~.~,,