By GINA KINSLOW
Glasgow Daily Times
No major findings were reported by auditors on Tuesday when reviewing the 2011-12 financial audit report with members of the Glasgow-Barren County Tourist and Convention Commission.
Belinda Coulter, a certified public accountant with Taylor, Polson and Company, reviewed the audit report with commissioners.
“There were a few, small misstatements, routine adjustments that have to be made every year, mostly because you all keep the books on a cash basis. We’ve talked about that before and then we make an accrual adjustment like for payables and receivables, but they do not have a significant effect on your financial statement,” Coulter said. “We had no disagreement with management over the statements or policies or anything.”
The audit report reflected $148,375 in total revenues and $135,372 in total expenditures, resulting in an excess of revenues over expenditures of $13,003 for the fiscal year ending June 30.
The primary source of revenue for the tourist and convention commission is the transient room tax. The commission received $131,414 in transient room tax revenue at the end of the 2011-12 fiscal year, which is an increase of $2,485 from $128,929 collected in 2011.
The tourist and convention commission’s net assets were up for the 2012 fiscal year at $70,539, an increase of more than $13,000 from the 2011 fiscal year of $57,536.
For the full story, see the print or e-edition of Thursday's Glasgow Daily Times.