AG 2011 12 19 - Laserfiche WebLink

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CABARRUS COUNTYTOURISMAUTHORITY d/b /a CABARR US COUNTY CONVENTION AND VISITORS B UREA U NOTES TO FINANCIAL STATEMENTS June 30, 2011 and 2010 NOTE 5 - ACCRUED SALARIES Accrued salaries consist of the following at June 30, 2011 and 2010: 2011 2010 Accrued wages payable Accrued vacation pay $ 28,116 $ 22,314 39,800 29,277 $ 67,916 $ 51,591 NOTE 6 - RELATED PARTY TRANSACTIONS Cabarrus Arena & Events Center is owned by the County and reported as a Special Revenue Fund in its financial statements. One of the Organization's board members, Frank Lapsley, is the General Manager of Cabarrus Arena & Events Center. The Organization paid Cabarrus County a subsidy of $100,000 for the Cabarrus Arena and Events Center during each of the years ended June 30, 2011 and 2010. A board member, Dan Farrell, is Senior Vice President of Charlotte Motor Speedway. The Organization paid Charlotte Motor Speedway $540,634 and $266,895 during the years ended June 30, 2011 and 2010, respectively, under a marketing agreement. A board member, Phil Cunningham, is General Manager of Great Wolf Lodge. The Organization paid Great Wolf Lodge $150,000 during the year ended June 30, 2011 under a marketing agreement. Of this amount, $50,000 is included in accounts payable at June 30, 2011. NOTE 7- RETIREMENT PLAN The Organization contributes to the statewide Local Governmental Employees' Retirement System (LGERS), a cost - sharing multiple - employer defined benefit pension plan administered by the State of North Carolina. LGERS provides retirement and disability benefits to plan members and beneficiaries. Article 3 of G.S. Chapter 128 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. The Local Governmental Employees' Retirement System is included in the Comprehensive Annual Financial Report (CAFR) for the State of North Carolina. The State's CAFR includes financial statements and required supplementary information for LGERS. This report may be obtained by writing to the Office of the State Controller, 1410 Mail Service Center, Raleigh, North Carolina 27699 -1410, or by calling (919) 981- 5454. Plan members are required to contribute 6.0% of their annual covered salary. The Organization contributed 7.02% and 5.47% for the years ended June 30, 2011 and 2010, respectively. The amount paid to the LGERS fund by the Organization during the years ended June 30, 2011 and 2010 was $50,492 and $30,793, respectively. - Continued- 12 Attachment number 2 1 -5 Page 377