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-Condinted- <br />A. Reporting Entity <br />The Cabarrus County Tourism Authority d/b/a Cabarrus County Convention and Visitors <br />Bureau (the `Bureau'l was chartered as the Tourism Development Authority for Cabarrus <br />County by S.L. 1998-112/House Bill 1568 of the 1998 session laws of the North Carolina <br />General Assembly, effective August 20, 1998. The purpose of the Bureau is to promote <br />travel and tourism in Cabarets County. The Bureau's Board is composed of 12 members. <br />The Cabarrus County Commissioners appoint 3 members to the Bureau's Board. The <br />Cabarrus Regional Chamber of Commerce appoints 3 members to the Bureau's Board. <br />The Bureau appoints the final 6 members to the Board. The budget of the Bureau is <br />approved by the Board of the Bureau, and the Cabarrus County Commissioners concur <br />with the budget. The Bureau is funded through the local hotel occupancy tax. <br />B. Basis ojFresentation <br />Government -Wide Statements: The statement of net position and the statement of <br />activities display information about the governmental entity. These statements include the <br />financial activities of the overall governmental entity. <br />The statement of activities presents a comparison between direct expenses and program <br />revenues for each function of the Bureau's governmental activities. Direct expenses are <br />those that are specifically associated with a program or function and, therefore, are clearly <br />identifiable to a particular function. Indirect expense allocations that have been made in <br />the funds have been reversed for the statement of activities. Program revenues include <br />fees and charges paid by the recipients of goods or services offered by the programs. <br />Revenues that are not classified as program revenues are presented as general revenues. <br />Fund Financial Statements: The fund financial statements provide information about the <br />Bureau's funds. The emphasis of fund financial statements is on major governmental <br />funds, each displayed in a separate column. <br />The Bureau has the following major governmental fund <br />General Fund—The General Fund is the general operating fund of the Bureau. <br />Tourism Capital Reserve Fund — The Tourism Capital Reserve Fund is to fund <br />Capital Projects, Sales and Marketing, and Tourism Development of the Bureau. <br />17 Aaechmenl number 1 In <br />1-2 Page 202 <br />