Regular Meeting
10/17/22 05:30 PM
Finance
Marc Puckett
Audit
Doc ID: 5156
AGENDA ITEM
AGENDA MATTER:
ANNUAL FINANCIAL REPORTS OF THE BARSTOW COMMUNITY SERVICES FOUNDATION FOR THE FISCAL YEAR ENDED, JUNE 30, 2022
EXECUTIVE SUMMARY:
In accordance with Section 7.05 of the bylaws of the Barstow Community Services Foundation (BCSF), the Board of Directors shall cause an annual report to be prepared not later than one hundred twenty (120) days after the close of the fiscal year. The annual report shall contain such information as required within Section 7.05 of the bylaws and furnished to the Board of Directors for review, discussion and acceptance. The attached financial reports outlining the financial activity of the foundation for Fiscal Year 2022 fulfill that obligation.
DISCUSSION:
In accordance with Section 7.05 of the bylaws of the Barstow Community Services Foundation, an annual report shall be submitted to the Board within 120 days after the close of the fiscal year. The report shall contain certain information as prescribed by the bylaws. The attached Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position outline the financial activity of the foundation for Fiscal Year 2022 and fulfill that obligation. These unaudited statements were prepared from the books and records of the foundation. The financial activity of the foundation will be audited by independent auditors together with the financial activity of the City. The independent auditors’ fieldwork will begin on October 17. It is anticipated that audited financial statements will be issued for the foundation and the City prior to the end of the calendar year. One donation in the amount of $1,447 was received during the year. Foundation expenditures for the year totaled $339.87. The change in net position for the year was $1,107.13 and the net position at year end was $1,836.20. The attached financial reports are presented for review, discussion, and acceptance.
FISCAL IMPACT:
There is no fiscal impact to this agenda report.
RECOMMENDED ACTION:
Review and accept the Annual Financial Reports of the Barstow Community Services Foundation, prepared in accordance with Section 7.05 of the bylaws, as of the fiscal year ended, June 30, 2022, for filing.