Laserfiche WebLink
-Continued- <br />8. Pensions <br />For purposes of measuring the net pension asset, deferred outflows of resources and <br />deferred inflows of resources related to pensions, and pension expense, information about <br />the fiduciary net position of the Local Governmental Employees' Retirement System <br />(LGERS) and additions to/deductions from LGERS' fiduciary net position have been <br />determined on the same basis as they are reported by LGERS. For this purpose, plan <br />member contributions are recognized in the period in which the contributions are due. <br />The Bureau's employer contributions are recognized when due and the Authority has a <br />legal requirement to provide the contributions. Benefits and refunds are recognized when <br />due and payable in accordance with the terns of LGERS. Investments are reported at fair <br />value. <br />Income Tax Status <br />Cabarrus County Tourism Authority is recognized as a Bureau exempt from federal <br />income tax and not subject to private foundation status under Section 501(c)(6) of the <br />Internal Revenue Code. <br />The Authority has adopted ASC 740-10, effective for audit years ending after December <br />15, 2009, as it relates to uncertain tax positions for the years ended June 30, 2017 and has <br />evaluated its tax positions for all open tax years. The Bureau is not currently under audit <br />nor has the Bureau been contacted by the Internal Revenue Service. <br />Based on the evaluation of the Bureau's tax positions, management believes all positions <br />taken would be upheld under an examination. Therefore, no provision for the effects of <br />uncertain tax positions have been recorded for the year ended June 30, 2017. <br />R Estimates <br />Management uses estimates and assumptions in preparing financial statements. Those <br />estimates and assumptions affect reported amounts of assets and liabilities, the disclosure <br />of contingent assets and liabilities, and reported revenues and expenses. Actual results <br />could differ from those estimates. <br />G. Subsequent Events <br />Management has evaluated subsequent events through October 23, 2017, the date the <br />financial statements were available to be issued. <br />21 Attachment number 1 In <br />1-2 Page 206 <br />