Agenda - Council - 04/22/1997 - Laserfiche WebLink

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There were none. OLD BUSINESS 5 5.1 ACCEPTANCE OF THE FINAL DRAFT OF THE AUDITORS REPORT. Ken Muellerleile from Muellerleile and Harrington, Ltd. spoke about the financial statements. Starting with QCCCC's report, he explained in detail each page. Page one was an overview created for the benefit of MuelIerleile and Harrington, and that this was their original' document. Page two consisted of a statement of financial position. It is the balance sheet showing the assets and liabilities of QCCCC and its net assets. Further, it explained the cash flow statement and the type of business QCCCC conducts. He classified QCCCC as a "short term receivable company" and also stated that the routine payable's such as the expenses incurred was the due to the vacation pay and the money due to the Access Corporation for the access grant. He then proceeded to speak about the pre-paid expenses, such as unexpired insurance premiums, and also gave the difference between the ending balances for 1995, and 1996. Page three showed the revenue that QCCCC earned and how it was earned. He also spoke about the expenses that the company has, such as equipment purchases and access funds. Page four was the required statement and again showed the cash flows statement and how the net revenue in QCCCC works as more of a commercial operation, not a commission. The notes in the last pages of the audit explained in more detail what this report consists of and how the books work, the records are kept, and the accounting policies used. Ken Peterson questioned an adoption or an acceptance of these financial statements. Terry O'Connell replied stating the Commission should review the financial statement and the report of the Access Corporation once Ken finished with his explanations. O'Connell then stated that the Commission should adopt the Commission's audit report during the commission meeting. He also stated that the QCTV report would be adopted during the QCTV Board of Directors meeting. At this point O'Connell introduced Ken Meullerleile as the auditor and informed the Commission that this was his third audit for QCCCC and QCTV-15. MuellerIeile spoke about the QCTV financial statement. Again he went through the report in detail by each page. Page one was an overview of the audit report. Page two was the statement of financial position which shows the cash operations. He discussed the 501 (C)3 non profit corporation form and how it is not a government entity commission so the company must carry its fixed assets. I I i I I I I' Ii I I I I I I