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Form 990 2010 CABARRUS COUNTY TOURISM AUTHORITY 26- 2726341 Page12 'PrtfE Reconciliation of Net Assets Check if Schedule O contains a response to any question in this Part XI E] 1 Total revenue (must equal Part VIII, column (A), line 12) ............................................... ............................... 1 3,632,496 . 2 Total expenses (must equal Part IX, column (A), line 25) ........ ......... ......... ......... ............................ 2 3, 176,167 . 3 Revenue less expenses. Subtract line 2 from line 1 ..................................................... ............................... 3 456,329 . 4 Net assets or fund balances at beginning of year (must equal Part X, line 33, column (A)) .............................. 4 1,406,960 . 5 Other changes in net assets or fund balances (explain in Schedule O) .......................... ............................... 5 0 . 6 Net assets or fund balances at end of vear. Combine lines 3.4. and 5 (must eaual Part X. line 33. column (B)) 6 1 ,863,289 . 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 1XI Accrual E:1 Other If the organization changed its method of accounting from a prior year or checked "Other," explain in Schedule O. 9 9 9 P Y P _.. 2a Were the organization's financial statements compiled or reviewed by an independent accountant? ..... ............................... 2a X b Were the organization's financial statements audited by an independent accountant? .......................... ............................... 2b X c If "Yes" to line 2a or 2b, does the organization have a committee that assumes responsibility for oversight of the audit, 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. d If "Yes" to line 2a or 2b, check a box below to indicate whether the financial statements for the year were issued on a separate basis, consolidated basis, or both: X s• Both consolidated and separate basis Separate basis � Consolidated basis 0 h n p ....... 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 Actand 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 032012 12 -21 -10 12 Form 990 (2010) Attachment number 1 1 -5 Page 355