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Home My WebLink About2008 (2)PARK DIST~ICT MATTITUCK PARK DISTRICT P.O. BOX 1413 · MATTITUCK, NEWYORK 11952 March 8, 2010 Jeffery S. Davoli, Partner Albrecht, Viggiano, Zureck & Company, P.C. 25 Suffolk Court Hauppauge, NY 11788-3715 Re: 2008 Audit- Management Response to Deficiencies in Internal Control Dear Mr. Davoli: This shall serve as a response to your letter dated February 11, 2010 regarding the 2008 audit. According to your letter, AVZ has identified deficiencies in internal control that are considered to be significant. As you define it: "A significant deficiency is a control deficiency, or a combination of control deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principle such that there is more than a remote likelihood that a misstatement or the entity's financial statements that is more than inconsequential will not be prevented or detected by the entity's internal control." As you are aware, many of the identified deficiencies were corrected in early 2009, prior to the 2008 audit. Others have since been corrected or are in the process of being addressed. The changes, planned or completed, are set forth below in the management response paragraphs. We trust the corrective actions outlined here will better serve the Mattituck Park District residents whose taxes pay for the operation and maintenance of all MPD properties. DISTRICT POLICIES AND PROCEDURAL MANUAL Observation made by AVZ: During the audit we noted that the District does not have Board adopted policies and procedures in place regarding the District's operation. In addition, the District does not have any Board adopted policies regarding Distdct property, supplies, the use of tax exempt certificates, District cell phones and District credit cards, etc. 1 of 6 Recommendation by AVZ: We recommend the District adopt policies and procedures manual similar to the Town of Southold, New York to provide guidance to the employees and Commissioners about the operations of the District and use of District property. Management Response: Effective February 2009, prior to this audit, the MPD rescinded the use of gas credit cards for Commissioners. The Commissioners now log miles used for MPD business and are reimbursed at the same rate set by Southold Town. Commissioners complete a voucher with information necessary for reimbursement by the Treasurer. The MPD vehicles have gas cards, which were amended to require odometer readings and vehicle information to access gasoline at the participating gas station. Further, vehicles may not leave the Mattituck-Laurel area without approval from the Chairman of the MPD. At least eight gas credit cards have been deactivated. MPD reviewed the cell phone bills and has established a reasonable, but conservative, monthly limit on cell phone usage. There will be a strict adherence to the limits to prevent abuse. The use of the MPD tax exempt status will be for MPD business only. The Commissioners Fees line item in the 2008 budget has been eliminated from the 2010 budget. PROCUREMENTPOLICY Observation by AVZ: It was noted during our audit that the District does not have a Board adopted procurement Policy in accordance with NYS Municipal Law Section 104-b which states"...by resolution, shall adopt internal policies and procedures governing all procurement of goods and services..." Recommendation by AVZ: We recommend the Board adopt a formal pumhasing and procurement policy similar to the Town of Southold, New York to ensure that the District is utilizing the public's funds in an appropriate manner by obtaining the lowest pricing for goods and services. Management Response: On October 8, 2009 the Mattituck Park District enacted Resolution #2009-31, which established a Procurement Policy similar to the Town of Southold. The Procurement Policy creates clear guidelines for every prospective purchase of goods or services, and sets forth the requisite documentation for all purchases. This policy will ensure that MPD will not be overspending for services and supplies. 2 of 6 INVESTMENT POLICY Observation by AVZ: It was noted during our audit that although the Distdct follows the Investment Policy of the Town of $outhold, it does not have a Board adopted Investment Policy in accordance with the NYS Municipal law Section 39 which states, "each local government...shall by resolution adopt a comprehensive investment policy which details the local government's operative policy and instructions to officers and staff regarding the investing, monitoring, and reporting of funds of the local government." Recommendation by AVZ: We recommend that the Board adopt a formal investment policy similar to the Town of Southold, New York to ensure that the District's funds are being invested appropriately to adequately safeguard principal, to provide sufficient liquidity to meet all operating requirements and to obtain a reasonable rate of return. Management Response: On October 8, 2009 the Mattituck Park District enacted Resolution #2009-32 which established an Investment Policy similar to the Town of Southold. CASH COLLECTIONS Observation by AVZ: During our audit, it was noted that there are no formal policies and procedures in place with respect to the process of cash collections. We could not locate the records indicating how many permits were sold, how much cash was collected, or how many people showed up at the lodge. Also, we could not locate the records regarding the cash collections at the various park locations including the day's close out sheet signed off by the clerk and then approval by a manager or other authoritative personnel, if such a record existed. The records we did receive were not appropriate to allow us to determine the cash received for a particular period. In addition the records we received did not include a reconciliation of missing permits, money recorded with a designation of pass or guest pass, or no charge passes. The clerk also did not maintain a daily tally sheet indicating the number of permits in total that reconciled to the number or permits distributed or sold by date or amount collected with appropriate personnel sign off. There was no reconciliation of the number of permits distributed to beach attendants or any reconciliation at the end of the season indicating permits unsold and returned to the clerk. Recommendation by AVZ: We recommend that he Distdct implement a Board adopted policy detailing the procedures for the cash collection process including approvals over daily cash collections. We also recommend that an employee of the District take a head count at the lodge the day of the event before giving the organization the key or receive payment in advance for the lodge rental. This will ensure that the District collects the proper amount of revenue. 3 of 6 Management Response: Prior to the 2009 summer season, MPD enacted a cash management procedure detailing the process for cash collections, deposits, and record keeping. Much of the procedure follows the Town of $outhold's policy. The clerk maintains a Tally Sheet, which includes permit numbers sold, amount collected, date, attendant's name, and date deposited. Both the attendants and clerk sign off on the Tally Sheets. The attendants also maintain a daily record of beach and guest passes sold. Cash receipt are deposited in the bank and reconciled by both the clerk and Treasurer. The clerk maintains a Permit Distribution list, which includes the permit numbers, date, and name of attendant to whom permits are given. We also require reconciliations of permits distributed, unsold permits, keys for boat ramp, both sold and unsold, during, and at the end of the season. The Clerk also provides the Commissioners with a monthly activity report detailing receipts and the dates deposited from beach permits, ramp permits, lodge permits and dumpster fees. Inspections are made at the lodge by the clerk to ensure the number of guests is accurate. We also require a rester of names of guests to identify those in attendance, and for emergency purposes. After evaluating the effectiveness of the new procedure, the MPD will formalize the procedure by adopting a policy. UNSECURED CASH RECEIPTS Observation by AVZ: Dudng our audit it was noted that the District does not lock cash receipts collected from the day's activities. It was noted that the clerk who collects the cash for the day brings it to her home where it is kept until I can be deposited. It was also noted that cash was being deposited only one or two times a week. Recommendation by AVZ: We recommend that the District implements a Board adopted policy which indicates that monies received should be secured in a locked safe or a lockbox with limited access to certain individuals where the cash will remain overnight until it is able to be deposited. We also recommend depositing the funds on a regular basis in order to alleviate the possibility for misplacement or theft. Management Response: We have procured a secure, locked location for daily cash receipts collected at the District Office to be accessed only by the clerk. The clerk, under no circumstances, will take money home. We have also obtained a night drop at the local bank to deposit cash as needed. 4 of 6 RECORDS RETEN~ON Observation by AVZ: During our audit we noted that the District could not locate the log books for the lodge, ramp passes, and dumpster fees. We also noted that personnel records were not maintained in a secure location. Recommendation by AVZ: We recommend that the District implement a Board adopted record retention policy and maintain all records at the District office for all records including those that support revenue collected. In addition, the record retention policy should include guidelines for the recordkeeping of all pre-numbered permits and indicate a place where these records would be secured and maintained. Management Response: At present we are securing the facility with new locks and will secure personal records in a Iockable cabinet where they can be stored. We will adopt a formal records retention policy with guidelines for record keeping of permits, guest permits, and ramp keys, indicating where these records will be kept and maintained. PAYROLL Observation by AVZ: During our audit it was noted that there was not a Board adopted policy for hours worked for District employees, nor was there evidence of management approval on time sheets for several District employees. Recommendation by AVZ: We recommend the District implement a Board adopted policy where employees sign in or out to ensure that the number of hours worked is appropriate. We also recommend that all hours worked including overtime be reviewed and approved by the Commissioners to ensure the time is appropriate for type of work the employee is performing. Management Response: The MPD has implemented a number of changes to address AVZ's recommendations. These changes will be incorporated into an employee manual. Among other things, the Chairperson now reviews and signs all time cards. Employees who work in the field are now required to fill- out a daily log or plan describing their daily work activities and the time it takes to complete the job. The full-time laborer also meets with the Commissioners monthly to discuss productivity 5 of 6 and future assignments. All overtime hours must now be preapproved by the Chairperson of the Board of Commissioners. We are in the process of creating a sign-in procedure as recommended. SEGREGATION OF DUTIES Observation by AVZ: Dudng our audit it was noted that due to the small size of the District's staff there was a lack of segregation of duties over certain controls. The basic premise of this internal control is that no one employee should have access to both physical assets and related accounting records or to all phases of a transaction. During the course of the audit, we noted that the Treasurer records the cash receipts and disbursements, prepares bank reconciliations, and makes journal entdes to the accounting records. Although this issue exists, we believe that there are enough mitigating factors over this limitation to ensure that the internal control system is not being manipulated. The main mitigating factor is that the Board of Commissioners approves and signs off on the payment of all invoices before they are paid and that the Treasurer provides regular reports on the books and other financial records of the District for monthly Commissioner review and approval. Management Response: Although AVZ did not include any recommendations regarding segregation of duties, MPD has instituted monthly work sessions for the Commissioners to review bills and make decisions regarding payment. In the past, the Board did not meet in advance of the regular meeting resulting in instances where bills were approved without careful review. Since AVZ noted the importance of Commissioners approval of all bills to ensure the internal control system is not manipulated, the work sessions provide the needed time to properly review all invoices. It should also be noted that by legislative design, the Treasurer for the MPD sends financial information to the Town of Southold. The Comptroller for the Town of Southold and the Treasurer for the MPD is one in the same person. We also notified our regular employees that invoices submitted as "Miscellaneous" will no longer be paid. Sincerely, Doris McGreevy, Chairperson Board of Commissioners Nicholas Deegan, Commissioner CC: Eileen Powers, Attorney at Law John Cushman, Treasurer 6 of 6 CERTIFIED PUBLIC ACCOUNTANTS February 20, 2010 Board of Commissioners Mattituck Park District Mattituck, New York Dear Commissioners: In planning and performing our audit of the financial statements of Mattituck Park District as of and for the year ended December 31, 2008, in accordance with auditing standards generally accepted in the United States of America, we considered the District's internal control over financial reporting (internal control) as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the District's internal control. Accordingly, we do not express an opinion on the effectiveness of the District's internal control. A material weakness is a significant deficiency, or a combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the entity's internal control. Our consideration of internal control was for the limited purpose described in the first paragraph and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control that we consider to be material weaknesses, as defined above. However, we identified in the attached schedule deficiencies in internal control that we consider to be significant deficiencies. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or a combination of control deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or detected by the entity's internal control. We consider the following deficiencies to be significant deficiencies in internal control. PERSONAL SERVICE. TRUSTED ADVICE. ALBRECHT, VIGGIANO, ZURECK & COMPANY, P.C. 245 PARK AVENUE, 24TH FLOOR 25 SUFFOLK COURT NEWYORK, NY 10167 HAUPPAUGE, NY11788-3715 T: 212.792,4075 T: 631.434.9500 F: 631.434.9S18 www.avz.com Board of Commissioners Mattituck Park District February 20, 2010 AVZ 2008 Audit Page 2 DISTRICT POLICIES AND PROCEDURES MANUAL Observation During our audit we noted that the District does not have Board adopted policies and procedures in place regarding the District's operations. In addition, the District does not have any Board adopted policies regarding District property, supplies, the use of tax exempt certificates, District cell phones and District credit cards, etc. Recommendation We recommend the District adopt a policies and procedures manual similar to the Town of Southold, New York to provide guidance to the employees and Commissioners about the operations of the District and use of District property. PROCUREMENT POLICY Observation It was noted during our audit that the District does not have a Board adopted Procurement Policy in accordance with NYS Municipal Law Section 104-b which states "...by resolution, shall adopt internal policies and procedures governing all procurements of goods and services..." Recommendation We recommend that the Board adopt a formal purchasing and procurement policy similar to the Town of Southold, New York to ensure that the District is utilizing the public's funds in an appropriate manner by obtaining the lowest pricing for goods and services. INVESTMENT POLICY Observation It was noted during our audit that although the District follows the Investment Policy of the Town of Southold, it does not have a Board adopted investment Policy in accordance with NYS Municipal Law Section 39 which states "each local government...shall by resolution adopt a comprehensive investment policy which details the local government's operative policy and instructions to officers and staff regarding the investing, monitoring, and reporting of funds of the local government." Recommendation We recommend that the Board adopt a formal investment policy similar to the Town of Southold, New York to ensure that the District's funds are being invested appropriately to adequately safeguard principal, to provide sufficient liquidity to meet all operating requirements and to obtain a reasonable rate of return. Board of Commissioners Mattituck Park District Febreuary 20, 2010 AVZ 2008 Audit Page 3 CASH COLLECTIONS Observation During our audit, it was noted that there are no formal policies and procedures in place with respect to the process of cash collections. We could not locate the records indicating how many permits were sold, how much cash was collected, or how many people showed up at the lodge. Also, we could not locate the records regarding the cash collections at the various park locations including the day's close out sheet signed off by the clerk and then approval by a manager or other authoritative personnel, if such a record existed. The records we did receive were not appropriate to allow us to determine the cash received for a particular period. In addition the records we received did not include a reconciliation of missing permits, money recorded with a designation of pass or guest pass, or no charge passes. The clerk also did not maintain a daily tally sheet indicating the number of permits in total that reconciled to the number or permits distributed or sold by date or amount collected with appropriate personnel sign off. There was no reconciliation of the number of permits distributed to beach attendants or a reconciliation at the end of the season indicating permits unsold and returned to the clerk. Recommendation We recommend that the District implement a Board adopted policy detailing the procedures for the cash collection process including approvals over daily cash collections. We also recommend that an employee of the District take a head count at the lodge the day of the event before giving the organization the key or receive payment in advance for the lodge rental. This will ensure that the District collects the proper amount of revenue. UNSECURED CASH RECEIPTS Observation During our audit it was noted that the District does not lock cash receipts collected from the day's activities. It was noted that the employee who collects the cash for the day brings it to their home where it is kept until it can be deposited. It was also noted that cash was being deposited only one or two times a week. Recommendation We recommend that the District implements a Board adopted policy which indicates that monies received should be secured in a locked safe or a lockbox with limited access to certain individuals where the cash will remain overnight until it is able to be deposited. We also recommend depositing the funds on a regular basis in order to alleviate the possibility for misplacement or theft. Board of Commissioners Mattituck Park District February 20, 2010 AVZ 2008 Audit Page 4 RECORDS RETENTION Observation During our audit it was noted that the District could not locate the log books for the lodge, ramp passes, and dumpster fees. We also noted that the records were not maintained in a secure location. Recommendation We recommend that the District implement a Board adopted record retention policy and maintain all records at the District office for all records including those that support revenue collected. In addition, the record retention policy should include guidelines for the recordkeeping of all pre-numbered permits and indicate a place where these records would be secured and maintained. PAYROLL Observation During our audit it was noted that there was not a Board adopted policy for hours worked for District employees, nor was there evidence of management approval on time sheets for several District employees. Recommendation We recommend the District implements a Board adopted policy where employees sign in or out to ensure that the number of hours worked is appropriate, We also recommend that all hours worked including overtime be reviewed and approved by the Commissioners to ensure the time is appropriate for type of work the employee is performing. SEGREGATIONS OF DUTIES Observation During our audit it was noted that due to the small size of the District's staff there was a lack of segregation of duties over certain controls. The basic premise of this internal control is that no one employee should have access to both physical assets and related accounting records or to all phases of a transaction. During the course of the audit, we noted that the Treasurer records the cash receipts and disbursements, prepares bank reconciliations, and makes journal entries to the accounting records. Although this issue exists, we believe that there are enough mitigating factors over this limitation to ensure that the internal control system is not being manipulated. The main mitigating factor is that the Board of Commissioners approves and signs off on the payment of all invoices before they are paid and that the Treasurer provides regular reports on the books and other financial records of the District for monthly Commissioner review and approval. Very truly yours, Albrecht, Viggiano, Zureck & Company, P.C. MATI'ITUCK PARK DISTRICT ANNUAL REPORT December 31, 2008 TABLE OF CONTENTS Page Independent Auditom' Report .................................................................................................... 1 REQUIRED SUPPLEMENTARY INFORMATION Management's Discussion and Analysis ................................................................................... 2-5 BASIC FINANCIAL STATEMENTS Government-Wide Financial Statements Statement of Net Assets ................................................................................................... 6 Statement of Activities ...................................................................................................... 7 Fund Financial Statements Balance Sheet and Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets ......................................................................................... 8 Statement of Revenues, Expenditures and Changes in Fund Balance and Reconciliation of the Government Funds Statement of Revenues, Expenditures, and Changes in Fund Balance to the Statement of Activities ...................................................................................................... 9 Notes to Financial Statements ................................................................................................... 10-16 REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MANAGEMENT'S DISCUSSION AND ANALYSIS Schedule of Revenues, Expenditures and Changes in Fund Balance Budget and Actual - General Fund ............................................................................................ 17 SUPPLEMENTARY INFORMATION General Fund: Detailed Schedule of Revenues - Budget and Actual ....................................................... 18 Detailed Schedule of Expenditures - Budget and Actual .................................................. 19 -1- CERTIFIED PUBLIC ACCOUNTANTS INDEPENDENTAUDITOR$'REPORT Board of Commissioners Mattituck Park District Mattituck, New York We have audited the accompanying financial statements of the governmental activities and each major fund of the Mattituck Park District, a component unit of the Town of Southold, New York as of and for the year ended December 31, 2008, which collectively compdse the Mattituck Park District's basic financial statements as listed in the table of contents. These basic financial statements are the responsibility of the Mattituck Park District's management. Our responsibility is to express an opinion on these basic financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of Amedca. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall basic financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the governmental activities and each major fund of the Mattituck Park Distdct as of December 31, 2008, and the results of its operations and changes in the financial position for the year then ended, in conformity with accounting principles generally accepted in the United States of Amedca. The Management's Discussion and Analysis and budgetary comparison information are not a required part of the basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. Hauppauge, New York February 20, 2010 PERSONAL SERVICE. TRUSTED ADVICE. ALBRECHT, VIGGIANO, ZURECK & COMPANY, 245 PARK AVENUE, 24TH FLOOR 25 SUFFOLK COURT NEW YORK, NY 10167 HAUPPAUGE, NY11788-3715 T: 212.792.4075 T: 631.4349500 F: 631.434.9518 www. avz C01~3 REQUIRED SUPPLEMENTARY INFORMATION MANAGEMENT'S DISCUSSION AND ANALYSIS -2- MATTITUCK PARK DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS Year ended December 31, 2008 Our discussion and analysis of the financial performance of the Mattituck Park District, a component unit of the Town of Southold, New York (the "District"), provides an overview of the District's financial activities for the year ended December 31, 2008. Please read it in conjunction with the District's financial statements and notes to financial statements. USING THIS ANNUAL REPORT This annual report consists of two sets of financial statements. Government-Wide Financial Statements The Statement of Net Assets and the Statement of Activities - Government-Wide provide information about the activities of the District as a whole and present a longer-term view of the District's finances. One of the most important questions asked about the District's finances is, "Is the District as a whole better off or worse off as a result of the year's activities?" The Statement of Net Assets and the Statement of Activities report information about the District as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year's revenues and expenses are taken into account regardless of when cash is received or paid. Govemment Fund Financial Statements The Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balance - Govemment Funds tell how services were financed in the short-term as well as what remains for future spending. Government fund financial statements also report the District's operations in more detail than the government-wide statements by providing information about the District's general fund. The District's basic services are reported in funds, which focus on how money flows into and out of those funds and the balances left at year-end that are available for spending. These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. The government fund statements provide a detailed short-term view of the District's general government operations and the basic services it provides. Government fund information helps you determine whether there are more or fewer financial resources that can be spent in the near future to finance the District's programs. We describe the relationship (or differences) between governmental activities (reported in the Statement of Net Assets and the Statement of Activities) and governmental funds in reconciliation at the bottom of the fund financial statements. A comparative analysis will be available in subsequent years when information is available. -3- MATTITUCK PARK DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS Year ended December 31, 2008 CONDENSED FINANCIAL INFORMATION The Mattituck Park District maintains ten parks which include beaches, picnic areas, ball fields, a scouter's lodge and passive parks. Our analysis below focuses on the net assets and changes in net assets as set forth in the following condensed financial statement: 2008 Assets Current and other assets $ 490,041 Capital assets 1,510,197 2,000,238 Liabilities Current liabilities 414,673 Net Assets Invested in capital assets, net of related debt Unrestricted Change in Net Assets Program Revenues Charges for services General Revenues Real Property Taxes Other general revenue Total Revenues Expenses - Culture and recreation services Change in Net Assets Net Assets - Beginning of the Year Net Assets - End of the Year 414,673 1,255,397 330,168 $ 1.585.565 $ 19,066 481,229 113,442 613,737 378,035 235,702 1,349,863 $ 1.585.565 MATTITUCK PARK DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS Year ended December 31, 2008 FINANCIAL HIGHLIGHTS The net assets increased approximately $236,000. This was due to the excess of revenues over expenses. The general fund reported an excess of revenues over expenditures this year of approximately $58,000, increasing its fund balance from approximately $248,000 to approximately $306,000. GENERAL FUND BUDGETARY HIGHLIGHTS The District reported budget and actual in the general fund as follows (in 000's): Original Final Actual Bud,qet Bud,qet Amounts Variance Revenues $ 515 $ 510 $ 514 $ 4 Expenditures and other financing uses 565 560 456 104 $ (50~ $ ~50~ $ 58 $ 108 The District budgeted total expenditures and other uses in excess of revenues and other sources of approximately $50,000 by appropriating its unreserved fund balance of the prior year. Total revenues in excess of estimated revenues is due primarily to conservative budgeting for beach permits and other income. Total expenditures and other uses were less than budgeted which is primarily due to actual costs for site improvements, insurance and site maintenance not being as costly as originally anticipated. CAPITAL ASSETS AND LONG-TERM DEBT The District has been financing most of its capital expenditures from proceeds of general obligation bonds, bond anticipation notes and annual budgetary appropriations. During 2008, the District made purchases of capital assets totaling $348,000, which was paid for with bond anticipation notes, transfers from the general fund, grant from the Town of Southold, and budgetary apprepdations. At year end, the District had outstanding $55,000 of general obligation serial bonds which will be paid in full during 2009. ECONOMIC FACTORS AND NEXT YEAR'S BUDGET The District dedves substantially all of its operating revenues from real property taxes. Other revenues include revenues from beach passes, boat ramp passes, lodge rentals and dumpster rentals. The Mattituck Park District is committed to the long-term maintenance of the various park and recreation locations within District boundaries and plans for capital expenditures on a regular basis. -5- MATTITUCK PARK DISTRICT MANAGEMENT'S DISCUSSION AND ANALYSIS Year ended December 31, 2008 ECONOMIC FACTORS AND NEXT YEAR'S BUDGET (continued) The District maintains capital budget to plan for these expenditures as follows: 2009 $ 59,000 The District is planning to replace a groin at Veteran's Park and considering a project to enlarge the septic system at Veteran's Park. This project was budgeted and will be funded through the general fund using current appropriations. NEW ACCOUNTING PRONOUNCEMENTS Effective with this financial report for the year ended December 31, 2008, the District was required to adopt Govemmental Accounting Standards Board Statement No. 45, Accounting and Financial Reporting by Employers for Post-employment Benefits Other than Pensions (OPEB). This statement establishes standards for reporting the liability for non-pension post-employment benefits, primarily the health care premiums for retirees. The Distdct does not offer post employment benefits therefore this standard does not apply to the District. CONTACTING THE DISTRICT'S FINANCIAL MANAGEMENT This financial report is designed to provide our taxpayers, customers and creditors with a general overview of the District's finances and to show the District's accountability for the money it receives. If you have questions about this report or need additional financial information, contact the District's Treasurer at Mattituck Park District, PO Box 1413 Mattituck, NY 11952. BASIC FINANCIAL STATEMENTS -6- MATTITUCK PARK DISTRICT GOVERNMENT-WIDE FINANCIAL STATEMENTS STATEMENT OF NET ASSETS December 31,2008 ASSETS Current assets: Cash and investments Due from Town of Southold Noncurrent assets: Non-depreciable capital assets Depreciable capital assets, net of depreciation LIABILITIES Current liabilities: Accounts payable and accrued expenses Accrued interest Uneamed revenue Bond anticipation note payable Serial bonds payable - current portion NET ASSETS Investment in capital assets, net of related debt Unrestricted Total Assets Total Liabilities Total Net Assets 329,809 160,232 490,041 511,340 998,857 1,510,197 2,000,238 25,071 1,840 132,962 199,800 55,000 414,673 1,255,397 330,168 $ 1,585,565 See notes to financial statements. -7- MATTITUCK PARK DISTRICT GOVERNMENT-WIDE FINANCIAL STATEMENTS STATEMENT OF ACTIVITIES Year ended December 31, 2008 Governmental Activities Expenses - Culture and recreation services Program revenues - Charges for services General Revenues Real property taxes Use of money and property Fines and forfeitures Miscellaneous local sources Change in Net Assets Net Assets - Beginning of the Year Net Assets - End of the Year Net Program Expense Total General Revenues 378,035 19,066 (358,969) 481,229 11,892 75O 100,800 594,671 235,702 1,349,863 $ 1,585,565 See notes to financial statements. -8- MATTITUCK PARK DISTRICT BALANCE SHEET GOVERNMENTALFUNDS December31,2008 Assets Cash and investments Due from other fund Due from Town of Southold Total Assets Liabilities Accounts payable and accrued liabilities Deferred revenue Due to other fund Bond anticipation notes payable Total Liabilities MAJOR FUNDS Capi~l General Proje~s To~l $ 329,809 $ 329,809 59,239 59,239 60,232 $ 100,000 160,232 $ 449,280 $ 100,000 $ 549,280 $ 9,880 $ 15,191 $ 25,071 132,962 132,962 59,239 59,239 199,800 199,800 142,842 274,230 417,072 Fund Balance (Deficit) Unreserved: Designated - Ensuing year's budget 100,000 Undesignated 206,438 Total Fund Balance (Deficit) 306,438 Total Liabilities and Fund Balance (Deficit) $ 449,280 100,000 (174,230) 32,208 (174,230) 132,208 $ 100,000 $ 549,280 Reconciliation of the Governmental Fund Balance Sheet to the Statement of Net Assets Total Governmental Fund Balances Amounts reported for governmental activities in the statement of net assets are different because: Capital assets used in govemmental activities are not financial resources and therefore are not reported in the funds: Long-term liabilities are not due and payable in the current period and therefore ara not reported in the funds: Serial bonds payable Accrued interest payable Net Assets of Governmental Activities $ 132,208 1,510,197 (55,OOO) (1,840) $ 1,585,565 See notes to financial statements. -9- MATFITUCK PARK DISTRICT STATEMENT OF REVENUES, EXPENDITURES AND CHANGESIN FUND BALANCE GOVERNMENTFUNDS Yearended December31,2008 Revenues Real property taxes Departmental income Use of money and property Fines and forfeitures Miscellaneous local sources Total Revenues Capital General Projects Total $ 481,229 $ 481,229 19,066 19,066 11,892 11,892 750 750 800 $ 100~000 100,800 513,737 100,000 613,737 Expenditures Culture and recreation 343,268 343,268 Employee benefits 25,816 25,816 Capital Outlay 313,230 313,230 Debt service Principal 50,000 50,000 Interest 3,297 3,297 Total Expenditures 422,381 313,230 735,611 Excess (Deficiency) of Revenues over Expenditures 91,356 (213,230) (121,874) Other Financing Sources and (Uses) Transfers In 33,274 33,274 Transfers Out (33,274) (33,274) Total Other Financing Sources (Uses) (33,274) 33,274 -0- Net Change in Fund Balance 58,082 Fund Balance Beginning of Year 248,356 5,726 254,082 (179,956) (121,874) End of Year $ 306,438 $ (174,230) $ 132,208 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities Net Changes in Fund Balances - Total Governmental Funds $ (121,874) Amounts reported for governmental activities in the statement of activities are different because: Governmental funds report capital outlays as expenditures while in the statement of activities, the cost of those assets is allocated over their estimated useful lives as depreciation expense: Capital asset purchases capitalized 347,880 Depreciation expense (39,288) Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the 50,000 statement of net assets: In the statement of activities, interest is accrued on outstanding bonds, whereas in governmental funds, an interest expenditure is reported when due: (1,016) Change in Net Assets of Governmental Activities $ 235,702 See notes to financial statements. -10- MATTITUCK PARK DISTRICT NOTES TO FINANCIAL STATEMENTS Year ended December 31, 2008 A. Summary of Significant Accounting Policies The Mattituck Park District (the "District"), which was established in 1941, is governed by Town Law and other general laws of the State of New York. The Board of Commissioners is the legislative body responsible for overall operations. The Board of Commissioners consists of three members, all of whom are elected by the residents of the Distdct for terms of three years. The pdmary function of the District is to provide park and recreational facilities to District residents. The financial statements of the Distdct have been prepared in conformity with accounting principles generally accepted in the United States of Amedca (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The District's more signiticant accounting policies are described below. 1. Financial Reporting The Town of Southold, New York is financially accountable as a result of fiscal dependency for the Mattituck Park District. Long-term debt of the District, which is backed by the full faith and credit of the Town, and other fiscal matters results in fiscal interdependency with the Town. Accordingly, the Mattituck Park District has been determined to be a component unit of the Town of Southold, New York. 2. Basis of Presentation The District's basic financial statements include both government-wide (reporting the District as a whole) and fund financial statements (reporting the District's major funds). Government-wide Financial Statements The government-wide financial statements report information on the District as a whole. In the government-wide Statement of Net Assets, the District's governmental activities are presented on a consolidated basis and are reported on a full accrual, economic resource basis, which recognizes all long-term assets and receivables as well as long-term debt and obligations. The District's net assets are reported in three parts--invested in capital assets, net of related debt; restricted net assets; and unrestricted net assets. The government-wide Statement of Activities reports both the gross and net cost of the District's functions. Gross expenses (including depreciation expense) are reduced by related program revenues to produce the net cost of the program. Program revenues include charges for services, contributions and may also include operating and capital grants that are directly associated with the program. The net cost is normally covered by general revenues (property, use and money, sale of property and compensation for loss, etc.). This government-wide focus is more on the sustainability of the District as an entity and the change in the District's net assets resulting from the current year's activities. -11- MATTITUCK PARK DISTRICT NOTES TO FINANCIAL STATEMENTS Year ended December 31, 2008 A. Summary of Significant Accounting Policies (continued) 2. Basis of Presentation (continued) Fund Financial Statements The fund financial statements are similar to the financial statements presented in the previous model. The emphasis is on the major funds in the fund financial statements. The District considers all funds major funds. The accounts of the District are on:janized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that compdse its assets, liabilities, fund balances, revenues, and expenditures, which are segregated for the purpose of carrying on specific activities er attaining certain objectives in accordance with special regulations, restrictions or limitations. The various funds are presented by type in the fund financial statements. Accordingly, the District maintains the following funds: Governmental Funds - Governmental funds ara those through which most govemmental functions are financed. The acquisition, use, and balances of expendable financial resources and the related liabilities are accounted for through governmental funds. The measurement focus of the govemmental funds is upon determination of financial position and changes in financial position. Govemment funds are further classified as major funds. The District reports the following major governmental funds: General Fund - is the principal operating fund of the District. This fund is used to account for all financial resources except those required to be accounted for in other funds. Capital Proiects Fund - is used to account for financial resources to be used for the acquisition or construction of major capital facilities. 3. Measurement Focus/Basis of Accounting Measurement focus refers to what is being measured; basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurement made, regardless of the measurement focus applied. In the government-wide Statement of Net Assets and the Statement of Activities, governmental activities are presented using the economic resources measurement focus and are presented using the accrual basis of accounting. Under the accrual basis of accounting, revenues are recognized when earned and expenses are recorded when the liability is incurred or economic asset used. Revenues, expenses, gains, losses, assets, and liabilities resulting from exchange and exchange-like transactions are recognized when the exchange takes place. In the Funds Statement - the govemmental activities use a current financial resources measurement focus and are accounted for using the modified accrual basis of accounting. Under this basis of accounting, revenues are recorded when measurable and available. -12- MATTITUCK PARK DISTRICT NOTES TO FINANCIAL STATEMENTS Year ended December 31, 2008 A. Summary of Significant Accounting Policies (continued) 3. Measurement Focus/Basis of Accounting (continued) Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current pedod. Expenditures are recorded when incurred except that: Expenditures for prepaid expenses are recognized at the time of purchase. b. Principal and interest on indebtedness are not recognized as an expenditure until due. c. Compensated absences, such as vacation and sick leave, which vests or accumulates, are charged as an expenditure when paid. 4. Property Taxes Property taxes are collected by the Town of Southold Receiver of Taxes on behalf of the District. The Town of Southold Receiver of Taxes collects all real property taxes for the Town, Suffolk County, Town Special Districts and School Districts. Town and County taxes are levied on December 1, and are due in two installments payable by January 10 and May 31. The Town remits 100% of the amount of real property tax levied to the District. Responsibility for collection of unpaid taxes is assumed by Suffolk County. 5. Budgetary Data Budget Policies - The budget policies are as follows: The Commissioners prepare an annual budget for the general fund, which is submitted to District voters for approval by referendum. Upon approval by the voters, the budget is submitted to the Town of Southold for inclusion in the Town Budget. The annual budget lapses at year-end and any revisions are adopted by resolution of the Board of Commissioners. Budget Basis of Accounting The budget is adopted annually on a basis consistent with accounting principles generally accepted in the United States of Amedca. Appropriations authorized for the current year are increased by the amount of encumbrances (if any) carried forward from the prior year. 6. Property, Plant and Equipment In the government-wide financial statements, fixed assets are accounted for as capital assets. All fixed assets are valued at historical cost or estimated historical cost if actual is unavailable, except for donated fixed assets, which are recorded at their estimated fair value at the date of donation. Fixed assets purchased or acquired with an original cost of $5,000 or more are capitalized and included as capital assets in the government-wide financial statements. -13- MATTITUCK PARK DISTRICT NOTES TO FINANCIAL STATEMENTS Year ended December 31, 2008 A. Summary of Significant Accounting Policies (continued) 6. Property, Plant and Equipment (continued) Depreciation of all exhaustible fixed assets is recorded as an expense in the Statement of Activities, with accumulated depreciation reflected in the Statement of Net Assets. Depreciation is provided over the assets' estimated useful lives using the straight-tine method of depreciation. The range of estimated useful lives by type of asset is as follows: Buildings Improvements and other Machinery and equipment Infrastructure 20-40 years 20 years 5-10 years 20-30 years In the fund financial statements, fixed assets are accounted for as capital outlay expenditures of the governmental fund upon acquisition. 7. Deferred Revenue/Unearned Revenue Deferred revenues/unearned revenues are those where asset recognition cdteda have been met, but which revenue recognition criteria have not been met. Such amounts have been deemed to be "measurable" but not "available" pursuant to GAAP. The deferred revenue/uneamed revenue at December 31, 2008 represent 2009 property taxes collected in advance. Accordingly, the amount has been recorded as deferred revenue in the funds statement and unearned revenue in the government-wide statements. 8. Long-Term Debt All long-term debt is reported as liabilities in the government-wide statements. Long-term debt generally consists of general obligation bonds. Long-term debt for govemmental funds is not reported as liabilities in the fund financial statements. The debt proceeds are reported as other financing sources and payment of debt is accounted for as expenditures in the general fund. 9. Insurance The Distdct purchases insurance against liability for most risk including, but not limited to, property damage and personal injury liability. Judgments and claims are recorded when it is probable that an asset has been impaired or a liability not covered by insurance has been incurred and the amount of loss can be reasonably estimated. t0. Fund Equity Reserves and Designations Portions of fund equity may be at times segregated for future use, and therefore would not be available for appropriations or expenditure. Designation of unreserved fund balances in the governmental funds indicates the utilization of these resources in the ensuing year's budget or tentative plans for future use. -14- MATTITUCK PARK DISTRICT NOTES TO FINANCIAL STATEMENTS Year ended December 31, 2008 A. Summary of Significant Accounting Policies (continued) 11. Equity Classifications In government-wide Statements equity is classified as net assets and displayed in three components: Invested in capital assets, net of related debt~onsists of capital assets including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Restricted net assets--Consists of net assets with constraints placed on the use either by (1) external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or (2) law through constitutional provisions or enabling legislation. c. Unrestricted net assets--All other net assets that do not meet the definition of "restricted" or "invested in capital assets, net of related debt." In the Fund Statements, governmental fund equity is classified as fund balance. Fund balance is further classified as reserved and unreserved, with unreserved further split between designated and undesignated. B. Fund Deficits The capital projects fund had an undesignated deficit fund balance at December 31, 2008. The capital projects fund deficit will be eliminated as short-term debt is redeemed or converted to permanent financing. C. Cash and Investments The District's investment policies are govemed by state statutes. District monies must be deposited in FDIC-insured commercial banks or trust companies located within the state. The Treasurer is authorized to use demand accounts, money market accounts and certificates of deposit. Permissible investments include obligations of the U.S. Treasury and U.S. agencies, repurchase agreements, and obligations of New York State or its localities. Custodial Credit Risk - Deposits/Investments - Custodial credit risk for deposits exists when, in the event of the failure of a depository financial institution, a government may be unable to recover deposits or recover collateral securities that are in possession of an outside agency. Custodial credit dsk for investments exist when, in the event of the failure of the counterparty, a government will not be able to recover the value of its investments or collateral securities that are in possession of an outside party. Governmental Accounting Standards Board Statement No. 40 directs that deposits be disclosed as exposed to custodial credit risk if they are not covered by depository insurance, and the deposits are either: · Uncollateralized. · Collateralized with securities held by the pledging financial institution, or · Collateralized with securities held by the pledging financial institution's trust department or agent but not in the District's name -15- MATTITUCK PARK DISTRICT NOTES TO FINANCIAL STATEMENTS Year ended December 31, 2008 C. Cash and Investments (continued) At December 31, 2008, the District's bank deposit balances were $331,234. Of these balances $205,106 was covered by the Federal Deposit Insurance Corporation and $236,489 was covered by collateral held by the District's agent, a third-party financial institution, in the District's name. Credit Risk - State law limits investments to those authorized by State statutes. The District does not have a wdtten investment policy. Interest-Rate Risk - Interest-rate dsk arises because potential purchasem of debt securities will not agree to pay face value for those securities if interest rates substantially increase, thereby affording potential pumhasers more favorable rates on essentially equivalent securities. Accordingly, such investments would have to be held to matudty to avoid a potential loss. Concentration of Credit Risk - Credit dsk can arise as a result of failure to adequately divemify investments. Concentration risk disclosure is required for positions of five percent or more in securities of a single issuer. The District does not have any investments subject to credit risk, interest-rate risk or concentration of credit risk. D. Property, Plant and Equipment Capital assets not being depreciated: Land Construction in progress Total capital assets not being depreciated Balance Balance 1/1/08 Additions Deletions 12/31/08 $ 511,340 $ 511,340 404,459 $ 404,459 915,799 404,459 511,340 Depreciable capital assets: Building Machinery and equipment Infrastructure Total Depreciable Capital Assets 305,894 $ 386,269 692,163 228,655 228,655 366,070 366,070 534,549 752,339 1,286,888 100,241 16,715 116,956 148,502 19,089 167,591 3,484 3,484 248,743 39,288 288,031 998,857 Accumulated Depreciation Building Machinery and equipment Infrastructure Total Accumulated Depreciation Total Net Depreciable Capital Assets Total Capital Assets $ 1,510,197 Depreciation expense of $39,288 was charged to culture and recreation expense for the year 2008. -16- MATTITUCK PARK DISTRICT NOTES TO FINANCIAL STATEMENTS Year ended December 31, 2008 E. Indebtedness Short term debt Bond Anticipation Notes (BANs) - Bond anticipation notes (BANs) are used as a temporary means of financing capital expenditures in the capital projects fund. State law requires that BANs issued for capital purposes be converted to long-term obligations within five yearn after the odginal issue date. The notes or renewal thereof may not extend more than two years beyond the original date of issue unless a portion is redeemed within two years and within each 12 month pedod thereafter. Liabilities for BANs are generally accounted for in the capital projects fund. BANs are expected to be paid from the proceeds of future bond issues after renewal of these notes. These BANs bear interest at 3.00% and are due in September 2009. When BANs are not redeemed with the proceeds of bond issues, but instead paid from budgetary appropriations, the principal amount paid is recorded as an expenditure in the operating fund and a financing source is recorded in the capital projects fund. A summary of changes in BANS for the year ended December 31, 2008 is as follows: Balance Balance 1/1/08 Increases Reductions 12/31/08 $ -0- $ 199.800 $ -0- $ 199.800 Bond Anticipation Notes Lon,q-Term Debt The following is a summary of changes in long-term liabilities for the year ended December 31, 2008: 1/1/2008 Increases Reductions 12/31/2008 Current Lon~-terrn Serial bonds payable $ 105,000 $ 50,000 $ 55,000 $ 55,000 The Distdct borrows money in order to acquire land or equipment or construct buildings and improvements. This enables the cost of these capital assets to be borne by the present and future taxpayers receiving the benefit of the capital assets. These long-term liabilities are the full faith and credit of the Town of Southold. During the year 2008, the District recognized $3,297 of expenditures for long-term debt interest. The interest rate is 3.14%. Principal and interest payments to maturity of General Obligation Serial Bonds as of December 31, 2009 are as follows: Principal Interest For the year ending December 31, 2009 $ 55.000 $ 1.727 REQUIRED SUPPLEMENTARY INFORMATION OTHER THAN MANAGEMENT'S DISCUSSION AND ANALYSIS -17- MATTITUCK PARK DISTRICT GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE BUDGET AND ACTUAL Year ended December 31,2008 Revenues Real property taxes Departmental income Use of money and property Fines and forfeitures Other local sources Expenditures Culture and Recreation Employee benefits Debt service Principal Interest Excess (Deficiency) of Revenues over Expenditures Variance Bud~]et Amounts Actual Positive Od,qinal Final Amounts (Negative) 481,229 $ 481,229 $ 481,229 19,000 14,000 19,066 15,000 15,000 11,892 -0- --0- 750 -0- -0- 800 5,066 (3,108) 750 800 Total Revenues 515~229 510~229 513~737 3~508 482,710 438,710 343,268 95,442 29,222 29,222 25,816 3,406 50,000 50,000 50,000 -0- 3,297 3~297 3~297 -0- TotalExpenditures 565,229 521~229 422,381 98~848 (50,000) (11,000) 91,356 102,356 Other Sources (Uses) of Funds Transfers Out Total Other Financing Soumes (Uses) Net Change in Fund Balance Fund Balance at Beginning of Year Fund Balance at End of Year -0- (39,000) -0- (39,000) (50,000) $ (50,000) (33,274) 5,726 (33~274) 5,726 58,082 $ 108,082 248,356 $306~438 SUPPLEMENTARY INFORMATION -18- MATTITUCK PARK DISTRICT GENERAL FUND DETAILED SCHEDULE OF REVENUES AND OTHER FINANCING SOURCES BUDGET AND ACTUAL Year ended December 31, 2008 Real Property Taxes Ad valorem taxes Total Real Property Taxes Departmental Income Permits and fees Total Departmental Income Use of Money and Property Interest earnings Rental income Total Use of Money and Property Fines and Forfeitures Forfeited bid deposits Total Fines and Forfeitures Miscellaneous Local Sources Miscellaneous Total Other Local Soumes Variance Bud~let Amounts Actual Positive Original Final Amounts (Negative) $ 481,229 $ 481,229 $ 481~229 $ -0- 481,229 481,229 481,229 -0- 19,000 14~000 19~066 5,066 19,000 14,000 19,066 5,066 15,000 15,000 11,642 (3,358) -0- -0- 250 250 15,000 15,000 11,892 (3,108) -0- -0- 750 750 -0- -0- 750 750 -0- -0- 800 800 -0- -0- 800 800 Total Revenues and Other Financing Sources $ 515,229 $ 510,229 $ 513,737 $ 3,508 -19- MATTITUCK PARK DISTRICT GENERAL FUND DETAILED SCHEDULE OF EXPENDITURES AND OTHER FINANCING USES BUDGET AND ACTUAL Year ended December 31, 2008 Culture and Recreation Salades Site Improvements Equipment Supplies and Materials Office Telephone Electdc Water Gas Insurance Site Maintenance Equipment Repairs Legal Secretary Treasurer Election Commissioner fees Postage Permits Total Culture and Recreation Employee Benefits Social security Hospital and medical insurance Total Employee Benefits Debt service Serial bonds - principal Serial bonds - interest Total Debt Service Interfund Transfers Capital Projects Fund Total Expenditures and Other Financing Uses Variance Budget Amounts Actual Positive Od~inal Final Amounts (Ne~]ative) 161,275 165,115 153,277 11,838 96,425 54,525 39,865 14,660 10,000 10,000 1,019 8,981 49,800 51,450 51,050 400 250 250 170 80 6,500 8,100 8,048 52 15,000 10,400 10,392 8 750 750 303 447 6,000 6,000 4,132 1,868 60,000 60,000 31,387 28,613 50,000 27,435 10,620 16,815 8,000 8,000 2,234 5,766 5,000 22,900 19,961 2,939 5,775 5,775 4,500 1,275 5,775 5,775 5,775 -0- 150 215 215 -0- 1,500 1,500 -0- 1,500 450 450 250 200 60 70 70 -0- 482~710 438,710 343,268 95,442 13,222 13,222 12,512 710 16,000 16,000 13,304 2,696 29,222 29,222 25,816 3,406 50,000 50,000 50,000 -0- 3,297 3,297 3,297 -0- 53,297 53,297 53,297 -0- -0- 39,000 33,274 5~726 565,229 $ 560,229 $ 455,655 $ 104,574