Docstoc

Louisiana Auctioneers Licensing Board

Document Sample
Louisiana Auctioneers Licensing Board Powered By Docstoc
					                                                               im^




LOUISIANA AUCTIONEERS LICENSING BOARD

         OFFICE OF THE GOVERNOR
           STATE OF LOUISIANA

             Compilation Report

             For the year ended
               Jime 30, 2011




    Under provisions of state law, this report is a public
    document. Acopy of the report has been submitted to
    the entity and other appropriate public officials. The
    report is available for public inspection at the Baton
    Rouge office of the LegislativeAuditor and, where
    appropriate, at the office of the parish clerk of court.

        Release Oate       .OCT 2 6 201^
                            Louisiana Auctioneers Licensing Board
                                       (Agency Name)
                                   STATE OF LOUISIANA
                                 Annual Financial Statements
                                        June 30, 2011

                                       CONTENTS
TRANSMITTAL LETTER
AFFIDAVIT
                                                                                         Statements
Accountants Compilation Report
Balance Sheet                                                                               A
Statement of Revenues, Expenses, and Changes in Fund Net Assets                             B
Statement of Activities (See Also Instructions for Simplified Statement of Activities)      C
Statement of Cash Flows                                                                     D
Notes to the Financial Statements
       A.      Summary of Significant Accounting Policies
       B.      Budgetary Accounting
       C.      Deposits with Financial Institutions and Investments (See OSRAP Memo 11-36,
               Appendix A)
       D.      Capital Assets - Including Capital Lease Assets
       E.      Inventories
       F.      Restricted Assets
       G.      Leave
       H.      Retirement System
       I.      Other Postemployment Benefits (Additional information in OSRAP Memo 11-36,
               Appendix D)
       J.      Leases
       K.      Long-Temi Liabilities
       L.      Contingent Liabilities
       M.      Related Party Transactions
       N.      Accounting Changes
       O.      In-Kind Contributions
       P.      Defeased Issues
       Q.      Revenues or Receivables - Pledged or Sold (GASB 48) (See OSRAP Memo 11-
               36, Appendix E)
       R.      Government-Mandated Nonexchange Transactions (Grants)
       S.      Violations of Finance-Related Legal or Contractual Provisions
       T.      Short-Term Debt
       U.      Disaggregation of Receivable Balances
       V.      Disaggregation of Payable Balances
       W.      Subsequent Events
       X.      Segment Information
       Y.      Due to/Duefi-omand Transfers
     Z.     Liabilities PayablefiromRestricted Assets
    AA.     Prior-Year Restatement of Net Assets
    BB.     Net Assets Restricted by Enabling Legislation (See OSRAP Memo 11-36,
            Appendix C)
    CC.     Impairment of Capital Assets (See OSRAP Memo 11-36, Appendix B)
    DD.     Employee Termination Benefits
    EE.     Pollution Remediafion Obligations
    FF.     American Recovery and Reinvestment Act (ARRA)

Schedules
       1    Schedule of Per Diem Paid to Board Members
      2     Not Applicable
      3     Schedules of Long-Term Debt
      4     Schedules of Long-Term Debt Amortization
      5     Schedule of Current Year Revenue and Expenses - Budgetary Comparison of
            Ciurent Appropriation - Non-GAAP Basis (applicable only for entities whose
            budget is appropriated by the legislature)
      15    Schedule of Comparison Figures and Instructions
      16    Schedule of Cooperative Endeavors (see OSRAP Memo 11-36 Appendix F)

See the Appendix Packet on our Website (OSRAP Memo 11-36)
                                          MICHAEL K. GLOVER
                                              Certified Public Accountant
          Member                                                                                   Member
   American Institute of                                                                     Society of Louisiana
Certified Public Accountants                                                             Certifed Public Accountants




                                Independent Accountant's Compilation Report


Louisiana Auctioneers Licensing Board
Office of tiie Governor
State of Louisiana


I have compiled the balance sheet of Louisiana Auctioneers Licensing Board (a non-profit corporation) as of
June 30, 2011, and the related statements of Revenue, Expenses and Changes in Fund Net Assets,
Statement of Activities, and Statement of Cash Flows for the year then ended included in the accompanying
prescribed form. I have not audited or reviewed the accompanying financial statements and, accordingly, do
not express an opinion or provide any assurance about whether the financial statements and supplemental
information are in accordance with the form prescribed by the State of Louisiana Division of Administration
Office of Statewide Reporting and Accounting Policy.

Management is responsible for the preparation and fair presentation of the financial statements accordance
with requirements prescribed by the State of Louisiana Division of Administration Office of Statewide Reporting
and Accounting Policy and for designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of the financial statements.

My responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and
Review Services issued by the American Institute of Certified Public Accountants. The objective of a
compilation is to assist management in presenting financial information in the form of financial statements
without undertaking to obtain or provide any assurance that there are no material modification that should be
made to the financial statements and supplemental information.

These financial statements and the supplementary information in Schedules 1, 3, 4, 5, 15 and 16 including
related disclosures are presented in accordance with the requirements ofthe State of Louisiana, Division of
Administration, Office of Statewide Reporting and Accounting Policy, which differ from accounting principles
generally accepted in the United States of America. Accordingly, these financial statements and supplementary
schedules are not designed for those who are not informed about such differences.

Management has not presented the management's discussion and analysis information that Governmental
Accounting Standards Board has determined is required to supplement, although not required to be part of the
basic financial statements and required by the State of Louisiana Division of Administration Office of Statewide
Reporting and Accounting Policy.




Michael K. Glover APAC
August 4, 2011



                                   9497 Brookline Ave. • Baton Rouge, Louisiana 70809
                                         (225) 295-1860 • mike@mglovercpa.com
STATE OF LOUISIANA                                                                   Statement A
Louisiana Auctioneers Licensing Board (BTA)
BALANCE SHEET
AS OF June 30, 2011
ASSETS
CURRENT ASSETS:
      Cash and cash equivalents                                           S                  177.342
      Restricted Cash and Cash Equivalents
      Investments
      Derivative instrument
      Deterred outltlow of resources
      Receivables (net ofaliowance for doubttiil accountsXNote U)
      Due from other tiinds (Note Y)
      Due from federal government
      Inventories
      Prepayments
      Notes receivable
      Other current assets                                                                   _____
           Total current assets                                                              V//,i4'Z
NONCURRENT ASSETS;
      Restricted assets (Note F):
        Cash
        investments
        Receivables
      Investments
      Notes receivable
      Capital assets, net of depreciation (Note D)
        Land and non-depreciable easements
        Buildings and inq)rovemenls
        Machinery and equipment
        Infrastructure
        Intangible assets
        Construction/Develop ment-in-progress
      Other noncurrent assets
           Total noncurrent assets                                                                    -
                        Total assets                                      $                  lT/,'S4'2-
UABnJTIES
CURRENT LIABILITIES:
       Accounts payable and accruals (Note V)                             S             1,773
       Derivative instrument                                                  ^ZZZI^^^ZIZZZI
       Deterred intlow of resources
       Due to other tunds (Note Y)                                                                   ""
       Due to tederal govemment
       Deterred revenues
       Amounts held in custody for others                                                ~
       Other current liabilities
       Current portion of long-term liabihties: (Note K)
         Contracts payable
         Compensated absences payable                                                           I,i4t)
         Coital lease obligations
         Claims and litigation payable
         Notes p ^ a b l e
         Pollution remeditation obligation
         Bonds payable (include unamortized costs)
         Other long-term liabUities
           Total current Uabilities                                                             j.uis
NONCURRENT LIABIUTIES: (Note K)
       Contracts p ^ a b l e
       Compensated absences payable
       Capital lease obligations
       Claims and litigation payable
       Notes payable
       Pollution remediation oblig^ion
       Bonds payable (include imamortized costs)
          OPEB p ay able                                                      ^ ~ I I I ^ ~ I I I ^
      Other long-term liabUities
         Total noncurrent liabilities                                                              T
                      Total liabilities                                                        TOTS"
NETASSETS
      Invested in capital assets, net of related debt
      Restricted for:
         Capital projects
         Debt Savice
         Unemployment compensation
         Other specific piuposes                                            — ^ ^ — ^ ^ — ^ —
      Unrestricted                                                                      I74,:i24
           Total net assets                                                             I74,!i24
                      Total liabilities and net assets                    S             177,342



The accompanying notes are an integral part of this fmancial statement.
STATE OF LOUISIANA                                          Statement B
Louisiana Auctioneers Licensing Board (BTA)
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
FOR THE YEAR ENDED June 30,2011

          OPERATING REVENUE
          Sales of commodities and services
          Assessments
          Use of money and property
          Licenses, pomits, and fees                                                                 88,000
          Other                                                                                         U ^
           Tota] operating revenues                                                                  89,582

          OPERATING EXPENSES
          Cost of sales and services                                                   ^^___^^^^^.^_=.^__^
          Administrative                                                                             72,601
          Depreciation
          Amortization                                                                 ^^____^^^__^^_._„_
            Total operating ejqjenses                                                                72,60!

            Operating mcome(loss)                                                                    16,981

          NON-OPERATING REVENUES (EXPENSES)
          State appropriations
          Intergjvemmental revenues(expenses)
          Taxes
          Use of money and property                                                                     734
          Gain on disposal offixedassets
          Loss on disposal offijffidassets                                             ^^ZZH^^ZIIZIZ^^^
          Federal grants
          Interest expense
          Other revenue
           Total non-opCTatingrevenues(e)q>enses)
          Other, expense                                                                               734

             income(loss) before contributions, extraordinary items, & transfers                     17,715

          Capital contributions
          Extraordinary item - Loss on impairment ofcapital assets
          Transfers in
          Transfers out

            Change in net assets                                                                     17,715

          Total net assets - beginning                                                              156,609

          Total net assets - ending                                                $                174,324




The accompanying notes are an integral part of thisfinancialstatement.
STATE OF LOUISIANA                                                                                                        Statement C
Louisiana Auctioneers Licensing Board (BTA)
STATEMENT OF ACTIVITIES
FOR THE YEAR EIVDED June 30, 2011



                                                                         Program Revenues                            Net (Expense)
                                                                            Operating             Coital             Revenue and
                                                      Charges for          (jrants and           Grants and           Changes in
                                    Expenses           Services           Contributions         Cbntributions         Net Assets



            y
       Entity                  $         72,601   $         88,000   $                      $                   $             15,399

             General revenues:
                  Taxes
                  Stats appropriations
                   Grants and contributions not restricted to specific programs
                   Interest
                   Miscellaneous                                                                                                 734
             Special items                                                                                                     1,582
             Extraordinary item - Loss on impairment of capital assets
             Transfo-s
                  Total general revalues, special items, and transfers                                                         2,316
                            Change in net assets                                                                              17,715
             Net assets - beginning as restated                                                                              156,609
             Net assets - ending                                                                                %2           174,324




The accompanying notes are an integral part of this statement.
STATE OF LOUISIANA                                                                                   Statement D
The Louisiana Auctioneers Licensing Board (BTA)                                                       (continued)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED June 30, 2011

       Cadi recavedfromcustomsrs                                       $               89j582
       Cadi payments to suppliers for goods and so-vices                              (48,815)
                                       >
       Cadi payments to employees & r services                                        (23,016)
       Pajments in lieu of taxes
       Internal activity-payments to other funds                                        __^
       Claims paidtooutsiders
       Oftier operating                             re\^nues(expenses)                   __^
            Net ca^ provided(used) by operating xtivities                                                     17,751
      Cashflowsfrom non-capitalfinancingactivities
       State appTopriaticffis
       Federal receipts
       Federal disbuisemaits
       Proceedsfromsale of bonds
       Principal paid on bonds
       Interest paid on bond maturities
       Proceedsfromissuance of notes payable                                ^^__^^^^__^^^^_
       Prindpal paid on notes pajable
       Interest paid on notes payable
       Operating grants received
       Transfers in
       Transfers out
       Other
            Net cash provided(used) bynon-capital fmancingactivities                                                _
                                                                                                                    -
      Cash flows from capital and rdatedfinancingactivities
       Proceedsfromsale of bonds
       Prindpal paid on bonds
       Interest paid on bond maturities
       Proceedsfromissuance of notes p ^ b l e
       Prindpal paid on notes pajable
       Interestpaidonnotesp^^Ie
       Acquisition/construction ofcapital assets
       Proceedsfromsale ofcapital ass^
       Capilal contributions                                                ZZZZ^IZ^^Zl^^^
       Other
           Net cash provided(used) by capital and      related   finandng   .^_^_«^.^__^_«^
           activities
      Cashflowsfrom investii^ activities
       Purdiases of investmait securities
       Proceedsfromsale of investment securities
       Interest and dividends eamed on investment securities                             734
            Net cash provided(used) by investing activities                                                     734
      Net increa32(decrease) in cadi and cash equivalents                                                    1 g 435
      C^andcashequivalentsatbeginningofyear                                                                 ]58 357

      C^h and cash equivalents at end ofyear                                                     $           177.342




STATE OF LOUISIANA                                                                                   Statement D
Tiie Louisiana Auctioneers Licensing Board (BTA)                                                               (concluded)
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED June 30, 2011
 Recondliafion of (^>erating inccHiie(loss) to net cash provided(iised) by operating activities:

 C^3eratingiiictHTE(loss)                                                                                  $            16,981
  At^ustments to reconcife operating inconK(bss) to net cash
     provided(used) by opetating activities
     Depredatitm^moiti2ation
     Provision for uncollectibfc accounts
     Other
 Changes in afficts and liabifities:
  (Increase)dea"ease m accounts receivable, net
  ^oeaseyfeaease in due frcmolha: fiinds
  Onaease)deCTease in jrepayments
  (Increase)deCTease in inventories
  (!nciEase)decrease in other assets
  Inciease(decrease) in accounts payable and accmals                                               770__
  Increase(deciBase) in caipensated Eibsences pay^le
  Incrcase(decrease) in due to other funds
  fociease(deciease) in defenedrevenues
  tacrease( decrease) in C^EB p ^ b l e
  feicrease(decrease) in other fiabilities

    Net caii|3-ovided(used) by operating activities                                                        $            17,751




 Schedule of noncash investing, capital, and financiag activities:

 Borrowing imder capital lease(s)
 Contributions of fixed assets
 Purchases of equipment on account
 Asset trade-ins
 Other (specify)




                             Total noncash investing, capital, and
                                             financing activities:




The accompanying notes are an mtegral part of this statement.
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011

INTRODUCTION

The Louisiana Auctioneers Licensing Board (BTA) was created by the Louisiana State
Legislature under the provisions of Louisiana Revised Statute 34:4:L The following is a brief
description of the operations of Louisiana Auctioneers Licensing Board (BTA) and includes the
parish/parishes in which the (BTA) is located:

A.    SUMMARY OF SIGIVIFICANT ACCOUNTING POLICIES

      BASIS OF ACCOUNTING

      In April of 1984, the Financial Accounting Foundation established the Govemmental
      Accounting Standards Board (GASB) to promulgate generally accepted accounting
      principles and reporting standards with respect to activities and transactions of state and
      local govemmental entities. The GASB has issued a Codification of Govemmental
      Accounting and Financial Reporting Standards (GASB Codification). This codification and
      subsequent GASB pronouncements are recognized as generally accepted accounting
      principles for state and local governments. The accompanying financial statements have
      been prepared in accordance with such principles.

      The accompanying financial statements of Louisiana Auctioneers Licensing Board (BTA)
      present information only as to the transactions of the programs of the Louisiana
      Auctioneers Licensing Board (BTA) as authorized by Louisiana statutes and administrative
      regulations.

      Basis of accounting refers to when revenues and expenses are recognized and reported in the
      financial statements. Basis of accounting relates to the timing of the measurements made,
      regardless ofthe measurement focus applied.

      The accounts of the Louisiana Auctioneers Licensing Board (BTA) are maintained in
      accordance with apphcable statutory provisions and the regulations of the Division of
      Administration - Office of Statewide Reporting and Accounting Policy as follows:

       Revenue Recognition
       Revenues are recognized using the full accrual basis of accounting; therefore, revenues are
       recognized in the accounting period in which they are eamed and become measurable.

       Expense Recognition
       Expenses are recognized on the accrual basis; therefore, expenses, including salaries, are
       recognized in the period incurred, if measurable.
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011

B.   BUDGETARY ACCOUNTING

     The appropriations made for the operations of the various programs of the Louisiana
     Auctioneers Licensing Board (BTA) are annual lapsing appropriations.

     1.   The budgetary process is an annual appropriation valid for one year.
     2.   The agency is prohibited by statutefi:omover expending the categories established in
          the budget.
     3.   Budget revisions are granted by the Joint Legislative Committee on the Budget, a
          committee of the Louisiana Legislature. Interim emergency appropriations may be
          granted by the Interim Emergency Board.
     4.   The budgetary information included in the financial statements includes the original
          appropriation plus subsequent amendments as follows:

                                                                         APPROPRTATTONS

           Original approved budget                                  $               117,000

           Amendments:




           Final approved budget                                     $               117,000

C.   DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS (If all
     agency cash and investments are deposited in the State Treasury, disregard Note C.) See
     Memo 11-36, Appendix A, for information related to Note C.

     1. DEPOSITS WITH FINANCL\L INSTITUTIONS

     For reporting purposes, deposits with financial institutions include savings, demand
     deposits, time deposits, and certificates of deposit. Under state law the Louisiana
     Auctioneers Licensing Board (BTA) may deposit funds within a fiscal agent bank selected
     and designated by the Interim Emergency Board. Further, the (BTA) may invest in time
     certificates of deposit in any bank domiciled or having a branch office in the state of
     Louisiana; in savings accounts or shares of savings and loan associations and savings
     banks and in share accounts and share certificate accounts of federally or state chartered
     credit unions.

     For the purpose ofthe Statement of Cash Flows and balance sheet presentation, all highly
     liquid investments (including negotiable CDs and restricted cash and cash equivalents) and
     deposits (including nonnegotiable CDs and restricted cash and cash equivalents) with a
     maturity of three months or less when purchased are considered to be cash equivalents.
STATE OF LOUISUNA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011


      Deposits in bank accounts are stated at cost, which approximates market. Under state law
      these deposits must be secured by federal deposit insurance or the pledge of securities
      owned by thefiscalagent bank. The market value ofthe pledged securities plus the federal
      deposit insurance must at all times equal the amount on deposit with the fiscal agent.
      These pledged securities are required to be held in the name of the pledging fiscal agent
      bank in a holding or custodial bank in the form of safekeeping receipts held by the State
      Treasurer.

      GASB Statement 40, which amended GASB Statement 3, eliminatedtiaerequirement to
      disclose all deposits by three categories of risk. GASB Statement 40 requires only the
      disclosure of deposits that are considered to be exposed to custodial credit risk. An entity's
      deposits are exposed to custodial credit risk ifthe deposit balances are either 1) uninsured
      and uncoUateralized, 2) uninsured and collateralized with securities held by the pledging
      financial institution, or 3) uninsured and collateralized with securities held by the pledging
      financial mstitution's tmst department or agent, but not in the entity's name.

      The deposits at June 30, 2011, consisted ofthe following:

                                                                    Nonnegotiable
                                                                    Certificates of     Other
                                                       Cash            Deposit        (Describe)       Total
  Deposits per Balance Sheet (Reconciled bank
 balance)                                       $ _     177,342 $                                  $    177,342
  Deposits in bank accoimts per bank                    177,309 $                                  $    177,309
 Bank balances exposed to custodial
     credit risk:                                $ _           $                                   $
 a Uninsured and uncoUateralized
 b. Uninsured and collateralized with securities
    held by the pledging institution
 c. Uninsured and collateralized with securities
    held by the pledging mstitution's trust
    department or agent, but not in the entity's


     NOTE: The "Deposits in bank accounts per bank" will not necessarily equal the "Deposits
     per Balance Sheet" due to outstanding items.
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011

      The following is a breakdown by banking institution, program, and amount of the
      "Deposits m bank accounts per bank" balances shown above:
                     Banking Institution                     Progrsm                 Amount

     1. Chaes operating account                                             $                 97,853
     2. Chase money market index account                                                      79,456
     3.
     4.


     Total                                                                  $                 177,309


     Cash in State Treasury and petty cash are not required to be reported in the note disclosure.
     However, to aid in reconciling amounts reported on the balance sheet to amounts reported
     in this note, list below any cash in treasiuy and petty cash that are included on the balance
     sheet.

                              Cash in State Treasury $
                              Petty cash             $ _15

2.   INVESTMENTS None

3.   CREDIT RISK, EVEREST RATE RISK, CONCENTRATION OF CREDIT RISK, AND
     FOREIGN CURRENCY RISK DISCLOSURES N/A

4.   DERIVATIVES (GASB 53) None

5.   POLICIES N/A

6.   OTHER DISCLOSURES REQUIRED FOR INVESTMENTS N/A

D.   CAPITAL ASSETS - INCLUDING CAPITAL LEASE ASSETS None

     The fixed assets used in the Special Purpose Govemment Engaged only in Business-Type
     Activities are mcluded on the balance sheet of the entity and are capitalized at cost.
     Depreciation of all exhaustible fixed assets used by the entity is charged as an expense
     against operations. Accumulated depreciation is reported on the balance sheet.
     Depreciation for financial reporting purposes is computed by the straight line method over
     the usefiil lives ofthe assets.
                                  &e   69        w


            d
            4>
       * E
       « u  k.1

            'G
            u
            o^

            a.
       'M
             o
             c
            .2
       ai
            1


                                                       i/i

                                  w    fce             •a


     •a u X

3
     l5 C O
         Q
.s
                        b4   V%   M    &4        ift

                                             I
                                                       "i«
                                                       .2 £   w^
                                                       Is
6                                                      ll
o

                  *rt   iA   (A   &e   6*^

o
w      u     ^                                         •if
       03                                              si
                                                       ^ ^

                                                       ^^-
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30, 2011


     If other intangible assets were reported in the table above, hst the types of intangible assets,
     their cost, and accumulated amortization for each type of intangible assets reported.



E.   INVENTORIES

F.   RESTRICTED ASSETS

G.   LEAVE

     1.   COMPENSATED ABSENCES

     The Louisiana Auctioneers Licensing Board (BTA) has the following policy on annual and
     sick leave: (Describe leave policy.)

     An example disclosure follows:

     Employees eam and accumulate annual and sick leave at various rates depending on their
     years of service. The amount of annual and sick leave that may be accumulated by each
     employee is unlimited. Upon termination, employees or their heirs are compensated for up
     to 300 hours of unused armual leave at the employee's hourly rate of pay at the time of
     termination. Upon retirement, unused annual leave in excess of 300 hours plus unused sick
     leave is used to compute retirement benefits.

     The cost of leave privileges, computed in accordance with GASB Codification Section
     C60, is recognized as a current year expenditure in the fimd when leave is actually taken; it
     is recognized in the enterprise fimds when the leave is eamed. The cost of leave privileges
     applicable to general govemment operations not requiring current resources is recorded in
     long-term obligations.

     2.   COMPENSATORY LEAVE None


H.   RETIREMENT SYSTEM None

I.   OTHER POSTEMPLOYMENT BENEFITS (OPEB) None
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011

J.       LEASES

         NOTE: Where five-year amounts are requested, list the total amount (sum) for the
            five-vear period, not the annual amount for each ofthe five years.)

         1.      OPERATING LEASES

         The total payments for operating leases during fiscal year June 30, 2011 amounted to
         $7,920. (Note: If lease payments extend past FY 2026, create additional columns and
         report these future minimum lease payments in Ave year increments.) A schedule of
         payments for operating leases follows:
                                                                                                                      FY2017-   FY 2022-
      Nature of lease            FY 2012     FY 2013                 FY 2014          FY 2015         FY 2016          2021      2026
      Office Space                  7,260 $_    7.200                   7,200 $          7.200           7,200 $          600 $
      Equipmsnt
      Land
      Cither




      Total                         7,260 $           7.200 $           7,200 $            7,200 $          7.200 $            600



2.       CAPITAL LEASES None

K.       LONG-TERM LIABILITIES

         The following is a sununary of long-term debt transactions of the entity for the year ended
         June 30, 2011:
                                                                       Year ended June 30,2011
                                                      Balance                                                        Balance         Amounts
                                                      June 30,                                                      June 30,         due within
                                                        2010              Additions            Reductions             2011           one year
 Notes and bonds payable:
  Notes payable                               $                  . $                       S                    $              - $
  Bonds payable                                                                                                                -
                                                  -
    To&l notes and bonds                                         -                     -                    -                  -
 Other liaUlities:
  Cbntiacts payable                                                                                                            -
  Conpeosated absmces payable                              846                    399                                    U45
  Capital lease obligations                                                                                                 -
  Qains and litigation                                                                                                      -
  Pollution remediation obligation                                                                                          -
  OPEBp^^le                                                                                                                 -
     Other long-term Utilities                                                                                              .
      To lal other liabilities                             846                    399                       -            1,245

      Total long-tomhabilities                $_           846 $                  399 $                     . _S_        1,245 S
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011
L.   CONTINGENT LIABILITIES None

M. RELATED PARTY TRANSACTIONS None

N.   ACCOUNTING CHANGES None

O.   IN-KIND CONTRIBUTIONS None

P.   DEFEASED ISSUES None

Q.   REVENUES - PLEDGED OR SOLD (GASB 48) None

R.   GOVERNMENT-MANDATED NONEXCHANGE TRANSACTIONS (GRANTS)
     None

S.   VIOLATIONS OF FINANCE-RELATED LEGAL OR CONTRACTUAL
     PROVISIONS N/A

T.   SHORT-TERM DEBT None

U.   DISAGGREGATION OF RECEIVABLE BALANCES None

V.   DISAGGREGATION OF PAYABLE BALANCES

     Payables at June 30, 20 , were as follows:
                                              Salaries
                                                and         Accmed            Other            Total
               Fund           Vendois         Benefits      Interest         Payables         Psydhles
     General              $               $       1,773 $                $               $          1,773
                                                                                                         -

         Total payables   $             - $       1,773 $              - $              - $         1,773


W. SUBSEQUENT EVENTS None

     Disclose any material event(s) affecting the (BTA) occurring between the close ofthe fiscal
     period and issuance ofthe financial statement.




X.   SEGMENT INFORMATION N/A

Y. DUE TO/DUE FROM AND TRANSFERS None
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011


Z. LIABILITIES PAYABLE FROM RESTRICTED ASSETS None

AA. PRIOR-YEAR RESTATEMENT OF NET ASSETS

      The following adjustments were made to restate beginning net assets for June 30,2011,

                                        •Adjustments to ending net            Restatements
             Ending net assets           assets 6/30/10 (after AFR          (Adjustments to          Beg net assets
           6/30/10 as reported to       was submitted to OSRAP)            beg. Balance 7/1/10)        @ 7/1/10
            OSRAP on PY AFR                        + or(-)                       + or(-)              as restated
                            155,502 $                                                      1,107 $           156,609
                                                                                                                    -
                                                                                                                    -
                                                                                                                    -
                                                                                                                    -


      An entry for accrued salaries was set up in the previous years and not reversed.

BB. NET ASSETS RESTRICTED BY ENABLING LEGISLATION (GASB 46) N/A

CC. IMPAIRMENT OF CAPITAL ASSETS & INSURANCE RECOVERIES N/A


                                                      Carrying Value of                     Reason for
                Type of asset                       Idle Impaired Assets                    Impairment

   Buildings - permanently impaired           S
   Buildings - temporarily impaired
   Movable Property -permanently impaired
   Movable Property - temporarily impaired
   Infrastructure - permanently impaired
   Infi'astructure - temporarily impaired

DD. EMPLOYEE TERMINATION BENEFITS None

EE. POLLUTION REMEDIATION OBLIGATIONS None
          •s S.




      J Is
      g -e




     ^ II

                   =3 4= = 1 IS> 1= 0 > =>        ^   <=> «3 C   C3       ^ l = l i = l O O l = > C 9 < S


      1 .S f
      S




          iS


          S



          o - JS




                                                                      4
fi
                                             It
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011

                                 Explanations for GASB 49 Worksheet
  a    Enter agency/department name
  b    List projects reported in the prior fiscal year that had an outstanding liability at 6/30/10
  c    List projects that were overlooked or not included as remediation projects in previous fiscal years
  d     List remediation projects that were begun/identified in the fiscal year ending 6/30/2011
  e     Enter project number assigned by FP&C, DEQ, or other number assigned to identify project
       Year the project was begun—this is not necessarily the year remediation began; it should be the
  f    year the pollution was identified and includes time involved to develop a remediation plan and
       the actual remediation process

       This column is used to report those projects that were included/added in the previous fiscal year
       and had a balance outstanding at the end of that year
       This colurrm is for reporting increases in the estimated remediation cost, whether from
       expanding the scope ofthe project to contracting for a specific service.
        Record total expenditures related to the project made during the fiscal year, including those made
        m the 13th period (13th period expenditures are also shown separately in column AB (p)

       Record activities that decrease the estimated remediation liability that are not expenditures-for
  j    example, amoimts included in original estimate were overstated and actual was less that what
       was recorded; scope of project not as extensive as originally e
  k     The formula in this column sums columns J, L, N, and P (g, h, i, and j)
  1     Indicate percentage of project completion in this column
       Amounts in this coliunn represent the portion ofthe ending liabihty that are due and payable
  m    within the next 12 months
       Amounts in this column represent the portion ofthe ending liability that are not due and payable
  n    until afler 6/30/12. This amount plus the amount in colunm V (m) must total the amount m
       This column is to identify any amounts that have been or will be received from other sources
       such as other responsible parties or insurance proceeds to help cover the cost of remediation
       Record amounts expended on pollution remediation projects during the 13th accounting period
       in this coIumn--this amount should be included in column N (i)
  q    Provide reference and note explanations on an extra page, for example: (1) awaiting court



                                                     u
STATE OF LOUISIANA
The Louisiana Auctioneers Licensing Board (BTA)
Notes to the Financial Statement
As of and for the year ended June 30,2011

FF. AMERICAN RECOVERY AND REINVESTMENT ACT (ARRA)

    Provide your entity's ARRA revenue received in FY 2011 on a full accrual basis:


    Provide your entity's ARRA expenses in FY 2011 on a full accrual basis:




                                                 12
                                         STATE OF LOUISIANA
                                                        (BTA)
                     SCHEDULE OF PER DIEM PAID TO BOARD MEMBERS
                                                   ,20_
                                      (Fiscal close)


                                  Name                           Amount

              Tessa Steinkamp                                               679

              Charles C Brister                                             582

              Gregory Bordelon                                              582

               Buster Gay                                                    194

              Ken Comer                                                     388

              Robert Bums                                                    97

               Freddie Phillips                                             582

              James Sims                                                     97

               E. Lamar Little                                              485




                        Total                                             3,686




Note: The per diem payments are authorized by Louisiana Revised Statute, and are presented in
compliance with House Concurrent Resolution No. 54 ofthe 1979 Session ofthe Legislature.



                                             SCHEDULE 1
                                               STATE OF LOUISIANA
                                   The Louisiana Auctioneers Licensing Board (BTA)
                                         SCHEDULE OF NOTES PAYABLE
                                                                  ,20__
                                                         (Fiscal close)
                                                        None

                                            Principal                     Principal                Interest
                    Date of    Original    Outstanding   Redeemed        Outstanding   Interest   Outstanding
    Issue            Issue      Issue       6/30/PY       (Issued)        6/30/CY       Rates      6/30/CY

                               $           $             $           $                            $




Total


        'Send copies of new amortization schedules




                                                     SCHEDULE 3-A
                                             STATE OF LOUISIANA
                                                                  (BTA)
                                        SCHEDULE OF BONDS PAYABLE
                                                            ,20
                                                   (Fiscal close)

                                                       None

                                          Principal                      Principal                  Interest
                   Date of   Original    Outstanding   Redeemed         Outstanding     Interest   Outstanding
    Issue           Issue     Issue       6/30/PY       (Issued)         6/30/CY         Rates      6/30/CY
Series:
                             $           $             $            $                              $




Unamortized Discounts
and Premiums Series:




Total


        ^Note: Principal outstanding (bond series/minus unamortized costs) at 6/30/11 should agree to
         bonds payable on the Statement of Net Assets.
         Send copies of new amortization schedules for bonds and unamortized costs.



                                                 SCHEDULE 3-B
                      STATE OF LOUISIANA
                                         (BTA)
    SCHEDULE OF CAPITAL LEASE AMORTIZATION
           For The Year Ended June 3 0 , 2 0 _

                                 None


Fiscal Year
 Ending:          Pavment        Interest       Principal       Balance

  2012        $   •          $              $               $         -
  2013
  2014                                                                -
  2015                                                                —
  2016                                                                —
2017-2021                                                             -
2022-2026                                                             -
2027-2031                                                             -
2032-2036                                                             -



  Total       $        -     $         -    $          -    $         _




                            SCHEDULE 4-A
              STATE OF LOUISIANA
                                       (BTA)
  SCHEDULE OF NOTES PAYABLE AMORTIZATION
         For the Year Ended June 3 0 , 2 0 _
                       None



Fiscal Year
  Folding:          Principal              Intgmsi


   2012
   2013

   2014
   2015
   2016
2017-2021
2022-2026
2027-2031
2032-2036


  Total




                 SCHEDULE 4-B
                     STATE OF LOUISIANA
                                          „(BTA)
          SCHEDULE OF BONDS PAYABLE AMORTIZATION
                 For The Year Ended June 30,20__
                              None
   Fiscal Year
     Ending:                                Principal                         Interest

      2012                        $                                 $
      2013
      2014
      2015
      2016                                      •
       2017
      2018
       2019                                 .
      2020
       2021
       2022
       2023
       2024
       2025
       2026                                                              _______
       2027
       2028
       2029
       2030
       2031
       2032
       2033
       2034 •
       2035
       2036
     Subtotal                         _-~                               _--
   Unamortized
Discounts/Premiums

      Total                       $ -                              $
   *Note: Principal outstanding (bond series plus/minus unamortized costs) at 6/30/11
   should agree to bonds payable on the Statement of Net Assets.

                                SCHEDULE 4-C
                                                                                     O




                                                                                    a.




  &e                                                                    6e




  60                                                                    6e




                                                                              t-i

                                                                              a
                                                                              nl
                                                                             I—a
                                                                              cn
                                                                             •5b
                                                                              u
  61^




                                                                              cU
                                                                             •c     Q
                                                                                    tq
                                                                              s     O
                                                                                    on

  6e                                                                    be


                                                                              CD
                                                                              CO
                                                                              O

                                                                              CO




                                                                              C
  be                                                                          u
                                                                        be    u
                                                                              CO
                                                                              O



                                                              CO
                                                              u              •S
                                                              CO   u     ^
                                                              C
                                                              u
                                                   m
                                                   o
                                                              g-   M
                                     £2                       u
            CO
            u                                      g          u
                                                                             o
            o                        CO            CO              ^ ^       CO




  o u
  o w
            I      CO
                    c
                                     n
                                     s         g «
                                               •2 13     T3
                                                                    o —
                                                                   .2a ^
                                                                    o a
                 M .2                                              tn u
                                     s §                            o a      x:
                                                                             o
 O
C O     5
            s               u        2 -^      a. £      S I       CO   ^«
S o fe 5
a M g 2                 ^
                        O O £ Q
                                §•
                                "*   "S   ID
                                           ^
                                               S   o
                                                        ^1^        CO



                                                                   ^°
                                                                         U


                                                                             o
                                                                             2
                                                STATE OF LOUISIANA
                                                                     (BTA)
                           SCHEDULE OF CURRENT YEAR REVENUE AND EXPENSES
                          BUDGETARY COMPARISON OF CURRENT APPROPRIATION
                                           NON-GAAP BASIS
                                             June 30, 2011

Excess (deficiency) of revenues over expenses (budget basis)
Reconciling items:
       Cash carryover
        Use of money and property (interest income)
        Depreciation
        Con^ensated absences adjustment
        Capital outlay
        Disposal of fixed assets
        Change in inventory
        Interest expense
        Bad debte expense
        Prepaid expenses
        Principal payment
        Loan Principal Repayments included in Revenue
        Loan Disbursements included in Expenses
        Accounts receivable adjustment
        Accounts payable/estimated liabilities adjustment
        OPEB payable
        Other

Change in Net Assets




Note: Schedule 5 is only applicable for entities whose budget is appropriated by the legislature.

                                                                                           Page 2 of 2

                                                     SCHEDULE 5
                                           STATE OF LOUISIANA

                               The Louisiana Auctioneers Licensing Board (BTA)

                                          COMPARISON FIGURES

To assist OSRAP in determining the reason for the change infinancialposition for the State, please complete
the schedule below. Ifthe change is greater than $3 million, explain the reason for the change.



                                                                                         Percentage
                                      2011              2010          Difference          Change

        1) Revenues           $ 90,316           $ 93,646         $   (3,330)      $        4%

          Expenses               72,601            65,853              6,748                10%

        2) Capital assets

          Long-term debt

          Net Assets             174,324           155,502             18,822               12%

          Explanation for
          change:




                                                  SCHEDULE 15
                               ^ ^       s s s s s     R R   s s s s          8 8   8       s        8 8     8       8 8   S 8 8   S 8 8
        £•        "5   =
    51* M
    " i i a i

        = a , „
    '   S J 1 5
    " I l l s
                       8
                  ^ ^
                  S    -|
                       5
u
                  iP   f-
             M
                  8    3

        ^    m

        E    > ^ "S
              »
              -
             ^ ~ b.
        i
        <    W



        a    V
                       4

                  -    d
        «    *?        (5
             £•
             a
         s
        <^
        u         . 1
             -J
        B         S 1
             1                 III!
                                                             r'

                                                              III!                  m i l        P   W
                                                                                                                 •                       •

                                      ^^ ^^ ^^ ^^ ""    "            ^^ ^^ ^^ '             ^^           ^^ ^^                       '
                  «    Bi
             n    « ^



                  ? S

        •5        -    Ji
        s
        1     s i"S 1
              ^     «
        i 51t
        ^ ? s 1
        s t 1 1
        0 0 5 5

             s    S
    '   B    "^   1        ^

         ^1
    1 *I % 1 ^
    *
                       •


        Mil
          f " 1
        1 0 ?1
        S


             s
        1 ^ a r
        - 1' ^
             1 j ?
             £    s    0
                  V




        5 "^ i *
        III!      E                                                                                      ^
                                                             J

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:10/4/2012
language:Unknown
pages:31