Loading...
1970 Audit/Financials LiquorVILLAGE OF MOIVTICELLO Wri ht Count Minnesota MUNICIPAL LIQUOR STORE TABLk; Oia' CUNTr~1TS Opinion k~chi c;, Wage 1 A Statement of Assets, Liabilities and Equity 2 B Comparative (?perating Statement S'or Three Months Ended March ~l, 1970 and 1968 ~ GRt1Y3. JONNSCN ANq ASSgC1ATElY • C6NTI PIEp p~1pLIC ACC4UNTANt6 To the Village Council V~.IJ..age of Manticel:Lo Wright County, Minnesota In accordance with your request, we have examined the statement of assets, liabilities and surplus of° the 2~onticel7.o Municipal Liyuar Store as of March 31, ~.y7c;, and the related operating statement for three months then ended. Our examination was made ion accordance wa_th generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. During the last quarter of 19b9, there was some indication that the village might possibly be invo7.ved in a 1~iquor Liability lawsuit regarding the death of an individual. At the writing of this report, we were unable to determine the status of this passible litigation. In our apiriion, subject to the above comment, the accompanying statement of assets, liabilities and surplus and the related operating statement present fairly the financial position of the Monticello Municipal Liquor Store at March 31, 1970, and the results of its operations for three months then ended, in conformity t~rith generally accepted auditing principles applied on a basis consistent with that of the preceding year, GFti7YS, JO NS AND ASS GCSATF,.; Certified PubZ.ic Accountants April 3, 197G GRUri. JOHNSON ~Nn AfSOC1ATES • CERtIFIEP rUBLIG ACCOUN7ANTB VILLAGE OF A~ONTICELI,O Tdri ht Count Minnesota MtTNICIPAL LIG~UOR STORE STATE~IT OF ASSETS, LL4B7I,TTIEJ AND SURPLUS March 31, 1970 AUSk'1';; Gtiarrentt~ Petty cash Change fund Treasury bills Merchandise inventory Total Current Assets $ b6.68 7,941.78 45,OOC.00 ___._ `~ 0 • ~ 2 Net w 3,SO0.00 Fixed Assets Parking lot Building and improve- menu Furniture, fixtures and Accumulated Cast l7epreciation 3,800.00 3 ~3, 6 28.78 4q,084.73 $ 10,455.95 ~hibit A $ 86,105.98 equipment Total Fixed Assets ~, S~ S 1+.2~ ~ 31 119 51,779.04 Otherets Prepaid insurance Deferred employee benefits ~ 4,242.00 Total Other Assets 2 1 2 TOTAL ASSETS ] 2 202. Current Liabilities Bank overdraft Accounts payable Accrued payroll taxes Arcr~aed. emp7.oyee benefits Accrued sales tax Total Current Liabilities LT,_.._ ANILITT~; AND SURPLUS $ 4,468.60 1,8'74.83 ]., SBO.84 308.06 2 1 Sur lus Balance January 1, 1970 NAt income for three months ended 3-31-70 Tota] Surplus TOTAL LIABILITI~ AND SURPLUS Note: A pledge in the amount of $10,p00.0O to the General Improvement Sinking Fund had been made for the year 1869, hD~ever, these funds have not been transferred as of this date. 122,394.50 lO 2. 7 w 9,255.87 132.9.6.87 1 2 202. _2_ Gl~L1 Y11, JC1N NBgN AND A ~ .~..W'"n.~~` ,~~~ ~ "'~~L'J~~u`..,' 5$OCIATE'i CERtIF1EL1 rUBLIC'ACCOWNTANTS •r'i r~ 0 n v] ~+ i~ r~r,•E ~~ ~ r-1 ~~ a aw ad ~~ ~~ ~~ U N L(1 r-I N r•-I N ~ r-~ r~ CO ri ~ t'V ~D ~ N C11 C~ -~ N C~ CV -1 r~ ~ r ~ r-~ r-1 U tU U] SW ~ a~a w~ .p O O ~ ~ `n n S, ~ ~ O ~ c i~ c~1 o C ~t n i u , o ~m ~ ~ ~ cI ~ u` N ~ o .-i m N ~ N ~d ~ ~ ~ .a a .Q c r•- ,n ~ N ~ Q1 n n ~ r--a .a o c~ w w r-+ w ~ a~ ~ o ~ ~ ~ ~-i O O ~~t p t+D O O c+l ~ cn ~D N O O [~ c~1 c^- N C`- ~ ~ O O N N CO C'1 CV -* ~ N N .p ~ c+1 -~ Cr1 ~ t!1 ~ ~ r`I [~ ~ ~ ~ O` CJ ~ U ~ ~ ~ ~ t71 .p ~ t]0 t ~ t+ o~ - .p ~ .p ~ ~0 ~ .O C~ ~ O ~ r+'1 ~- ~ ~i u~ i b0 tD N ~ Q + C] r am ~- O t~! r1 Cpl N ~ 00 ~ cr1 G 0 C r c ` ~ l - C ~ ~ N N 4-1 ~' ~ ~ N N O (Y1 ri tO u, ON ~ ri r-I ~ fy Q w n n ~. n ~ o'] r-I ti0 C7~ u1 N N E-+ .W N N N r-i r-I U] r-I a r°a cro ~ ~ ~ ~ ~ ~ i ~ ~ c+1 r ° N ~ n t ~ 1 '~l co c c c:~ r1 ~i ~ a~ c~ o ~ N ~ ~-~+ N cu .c~ ~O O r--i M N N n n ~ U ] ~ ff3 f~ E!3 ~ o ~ .a oo .a a• ~--~ a~ r~ ~ r--1 r-~I O ~ N CO N N CO -t Q` ~ _~ N v ~ I ~c]~ c~ i ~ O ~. Fa ~ C~~ m .o ~ c~ i ~ .n ~ c~~t ~ c~~ ~ ~ cv ni ~ r-I rl N N ,L~ cv ~ cT tip ~ ~ y ~ O ul t1! ~ ~ r~-i (~! N N ~ O~ ~ Q U n ~ ~ EF3 ~~ t. ~3 to ~ ~ V~~ W r~Q C: 47 ~ ~~~~0~ ~~O~r-iC7O ~O~N NdD C7OO " U ri O r-i t` c+1 CO CO U G ~ (y1 4D o~ or r-i u~ (T ~ ~ ~ O cY1 CO [~ r 1 ~ ~ 00 ~ Q~ CO ~p ~j O N ~ CO N .D uti N .--I N ~n N c~'1 U 4-i ~ tdO U ~ ~ Cam.) U N r-I O ~ GO r--i r-i ~ N N ~ i ~n ~ R1 ~ r-~I y 0 n w w w w ~ 5 q~j ~ O C OD ~3 ~ p cY1 ~ r-I U] r-I ] C.QJ U1 ~3 ff3 ffJ fA f{~ {j3 ~ H ~~ O ~C~7CO ~ ~ ~p v ~ G~ r- c~t.ND.O it ~ CO •~ O a 1 CO ~ O t ~O ~ .~ u] r-I N C? CT r-I .A ~,,~ n u ~ cn .-I N r C- u ,-~ m cd .t [~ if,1 ~ {~ ~ ~ O . ~ ~ 4 '`~ •r~-I ao ~ w ~c~~ ~ 0 4. 6.. G=7 H c.-id W •-~ v O U ~ ~ W u O V] V 1 I 1 N ~ O ~ N L; .+c a a> r-1 O N +~ ~ m cr.~ m m +~ •r1 v O rfl H O ~~ ul cd to r-I to ~ -V +~ +~ ~ +~ ~ .~ m .~ •r{ Cf] •rl cd ~ ~ O Sw Q1 •ri •rI •r1 •crc~~i <d ~ cd ~ U] 'd ~ 'd U] v +~ O ~ ~ N a~ ~ N m a> a N ~ dD b ~ ~ ~ 4J .~ C7 ,~ ~ ~ .C >:" ~ O o'1 -ri o~ .-i ~ ~ ~ 1~ ~ 1 : F, m O C7 R. a •rl dD U' ~{ f~ ~ rl 41 cd O O O ~ "CJ O ~ •r-I O U ~ O ad 1 ~ rl T~ r--I rl b ~ • N r•I W b A+ r-i Q N Q> ~ •n .p ~ ~ N ri c~ ad ky >~ ~ •~ rl H 1n ~ N cd O cd cU N O ti p) ~•r ~ N Y~1 P+ •Ci] O y V ~ yNy O~U N C] ~ +~ ~y U ~ 4i N +~ ~ 7 rO-i U lti E-~ N O i~, ~-+ H U .C `" C^O+ •rl ~ ~ (!] ~ {-~ ~ •U P~ Pa ~ f~ rrr~ii O ~r O O f~" O ed r cd ~ ~. N r-I ~ tH N O U 7) .N N ,~ i-i 4.1 N rl ~ f-i r--I r--I r-1 cii U .~ N ~ ~ ~ , U] C7' N x: cd O' ~ll .~ ~ L, d1 cd h0 M O O i, O r~ cU V) f~ P. P. p. L~, m f-r v~ ri U •' ~at~~ "'ar°~'~ ~I~~a ~"~av~ivia`~wE~-~~r~rac~~~W~~~ .~ctitn~ ~ ~ a ~ ~.; ~,.. 'i 1,,. "'~~'I. Fi N`-~C: ;V ANC ~15'SOC_';AY [5 • EFtT'1 FG~p 1"IG1 L.r r~. ACCOLJ'J"A I`:7;> ,:-i; . - ,, r - T c. ~ ; _, . , _ .. .., . ~~ n . ,. ~ ,. .. '_. ,~ i I~ ...c ~~,~ _ ... , t r E , . _. ~ •~~ .. .. . t n ~ y r.i L~.,. ;." l l~ .. ,,. : : T,.. , ' , ~' ~ ~ • ; ~,r . 1> - ~. .. ~.. r .. ~ G , r T,, P ~ ter.. r I , , r1 ' ., r„ c L. ~. f ~ 1 ,_, < <~ ,... ~.. ... .i., !.. ~. i c.. T,7. ~.. , . C. ,... i ~ 7 ~ .. ,. T ~ .+, ~ .;tt' ,.~ : 1 i } t F ~.. ~ . ~ 1 ,, ... tk7C i '" ~r.C.l:. y '.rl [ CT1 ~ f , r f t~, ~P ... ~~ ~ r ~ ~ ~ 1 .. i . ~ .LL 1 ,.. .~ ~~_... .. ~ ~ . t . ~~~ ~,. ,. _.-~ `- ' ~- Gi.,Y~. JCJH!.IwON I.NC AS~:~C?AT:..='S CEF~~:FiCD PU,iiL{C ACC:7UAlTA^dTS ..~..4 ........ .........~ -~..........~~~.-. .............~.-.... -4 r„,.., 'r s5. ~~• ~. r .; ;:~. H" •,~~. A7k=u ;. E:~TTIFICD Pl.:^L1t_ AGCBL""•d T.A h'~.5 )I !~ Ij f1! „. ~'y ~ .. .. ~~~ ,-7 t r ~. I ' ~~ y ., ._ . r Z . ,~ - r, ~ ~~. .. 7 „ - ..~ 7 ,y .',J '.~~' 1 1c ~,~...~_,...~.....- .,...--~ n ~ 9 f . . ` , , y .. .. , . ~ , .. -. , a w r, ;.., '..,vF, ":i..., .." ~-.._._f~..µ ~._._.----2TIF IED PL~C1~1•~ ACCC74'NT:~NrS _ _..._. ~ ~ --- i ~ I + ~. ,. ~ ~ ~ i. i~ ID:. it ( ~ ( ~ ~ i.. ~ ~ Ii. ~ ~ ~ Y cr. ' ~ ~ i. ( ~ ~ . . ~ ~ir c-~ r. I~ ~- ~' C ~ ~ !I ~ ~ ~ I r. .. ~ ~ ~ ~ i ^ ~i, ,I I I '1 P;: ~.~ ~ ~ ~;: , i . I ~, ~ - 9 ~ ,, .~ ~ ' ~ .I p. I ( ! ~ , ;~ ~i i I (.. ...: i. 1 ~.. _1 . I f(~ :L. . i. 'I lil ~ - .. ^ '. 'i ... I ' ~ i 1. ~~ r ... ,.. .. ~.. a ~.. .. i I I ~ ~ ~ ~ i . ( :: '...' I i ~ i i .:. ~... .. ( I . ~ .... ... .... ~.. i j ~ { ~ ~- 1 VIL1.~vE OF MOIrPICELLO Wr;aht County, Minnesota MUNICIPAL LIQOOR STORE TABLE Ok CONTENTS pie Opinion 1 Exhibiti 2 Statement of Assets, Liabilities and Surplus A B Operating Statement for Three and One-Half 3 Months Ended September 30, 1970 C (;otnparative Operating State~-e1g70oandi1969 4 Manths Ended September 30, II GRUYS. JOHNSON ENO A554CIAT~S ' CER7tF~EO pUdU14' ACGOUN7A N'Y5 To the Village Council Village of Monticello Wright County, Minnesota In accordance with your request, we have examined the statement of assets, liabilities and surplus of the Monticello Municipal liquor Store as of September 30, 1970, and the related operating statement for the nine months ended. Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the cirtumstances. The village has been named defendent in a lawsuit involving the death of an individual. At this time, the case has not been brought to court. In our opinion, subject to the above comment, the accompanying statement of assets, liabilities and surplus and the related operating statement present fairly the financial position of the Monticello Municipal Liquor Store at September 30, 1970, and the results of its operations for the nine months then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. ~ ,~ 1 -.. -~„ ~_ u.{ GRUY :J NSUA' AND ASSOCIATES Certif. d Public Accountants October ~, 1970 -1- GRUY$, JpMNSQN eN~ AS50CIATE$ + CERTIFIED PU6LIC ACCOUNTANTS X~l 1 C VILLAGE OF MONTICELLO lvright County, Minnesota riUNICIPAL LIQUOR STORE STATEMENT OF ASSETS, LIABILITIES AhD SURPLI~S September 30, 1970 ASSETS Current Assets Petty cash $ 90.61 Change fund 1,941.33 Cash in bank 14,683.38 Treasury bill 55,693.90 Merchandise inventory ~ 33795.38 Total Current Assets $ 106,204.60 Fixed Assets Cost Reserve Net Parking lot $ 3,800.00 ~ $ 3,800.00 Building and improvements 49,084.73 $ 11,085.95 37,998.78 Furniture, fixtures and equipment 31840.58 21 498..37 _ 10_,342.21 Total Fixed Assets 84.725:.31 $=~3__2~584~32 Other Assets Prepaid insurance TOTAL ASSETS LIABILITIES AND SURPLUS Current Liabilities Accounts payable Accrued payroll taxes Group insurance withheld Due to General Fund Accrued sales tax Total Current Liabilities Sur lus Balance January 1, 1970 Net income for the nine months ended 9-30-70 Total Surplus TOTAL LIABILITIES ANA SURPLUS 52,140.99 3_,_169.00 161 5 4 9 $ 4,702.48 156.812.L1 161.514,59 Note: A pledge in the amount of $10,000,00 to the General Improvement Sinking Fund had been made for the year 1969, however, these funds have not. been transferred as of this date. 1,179.54 1,758.56 36.74 918.03 809.61 $ 122,394.50 34.417.61 -2- CiRUY$, JOHNSON wN~ AS5gCIATE• • 4ERTIFIEO PUBLIC AGGgUNTANT$ VILLAGE OF MOKt"ICELLO Wright County,_Minnesata $ 10,581.46 4,904.06 1.149.46 MUNICIPAL LIQUOR STORE OPERATING STATEMENT For Three and One-Half Months Ended September 30, 1970 Off Sale Liquor Beer Other merchandise Total Off Sale Sales $ 40,4b4.68 29,575.21 1 777.28 $ 71 817.17 Cost of Gross Percent Sales Income to Sales $ 32,986.49 23,583.$1 1,100.96 $ 57,671.26 On Sale Liquor Seer Other merchandise Total 0n Sale Total iTn~ 1 1 nra t Pr1 Purchase discounts Less: Freight Total Gross Income $ 23,011.47 12,212.54 1.505.76 -- 36 729.77 108 S46 94 16 634.98 $ 74.30624 $ 7,478.19 5,991.40 _ 676.32 14 145.91 $ 12,430.01 7,308.48 356.30 $ 20,094.79 $ 34,240.70 Exhibit B 1$.48 20.26 38.05 19.70 54.02 59.84 23.66 54.71 31.54 $ 3,592.95 549.09 3 043.86 2.81 $ 37,284.56 3k.35 eratin $x enses $ 17,056.25 Wages 728'71 Light and power 719.31 Store expense 67 437 lies Store supp . 231.24 Bar supplies 00 460 Professional fees . Telephone 117.72 Fuel _0 Laundry 246.21 1,662.50 Insurance 870'00 Depreciation 77 919 Employee benefits -P.E.R.A. . Employee benefits -F.I.C.A. 727.12 Employee benefits -Health Insurance 450.20 129'09 Repairs 22'20 Miscellaneous 24 777.99 22.83 Total Operating Expenses $ 12,506.57 11.52 Operating Income Other Income Cash over or (short) $ (50.73) Interest income 693.90 Machine income 445.20 1 088.37 l.oo Total Other Income NET INCOME ~~~~,3.594.9k_ __~ Note: Sales are shown. net of Minnesota 3~ Sales Tax. _3_ GRUVB, JOMNttoN wtao AiBOC~ATEB • tERTIF'IEO PUBLIC ACCOUNTANTS V u A .~ x w ro .-1 O 1! w a H w C ~ a ~ ~ ~ `kr CY C -~ H V] li ~ G `~ c5 w o ~ ~ C,~ V f]. E" H N U a ~ ~•-~ w r+ r7.. CL y•~+ ~a H ~ d W N O• N t7D rn N V1 rnaOOrn ~ v .~ .--~ M ..a p ••-+ v ro U [n 1~+ a o a•~ a ~.+ rn M ~D .D ~D O N ~ .7 ~-+ M .t op u-1 cp .O .n n C~ w w w a v n rn r- ,27 rn ~ r1 N ~ rp O a Q U ,~! H G C7 H <? +/} a (!) n N O rn •O N n ~ O a 'L7 ~1 .T ~D ~P G r1n corn Ls1 N ,--i .O C? W of O ~ •--~ .-~ n •Jr VI n .T •--~ +-1 u a ^+ O ~ ~ O O ctl ~ U to c~ t7 a ~" .~ n ~ n M ~O M f~ n ~.. f~ rn O n N n~n.Tn O aon 70 W .-1 O N u'1 ~ rn ~ ~ a ~+ .~ ro ~ ~ ~ n N Cri .Y ~O M n M ~ ~ C? .7 aD +-~ a .w N r'1 ~--~ ~• „'~ a ro U V1 1w d a O n G4 +.-~ rn .7 N if'1 .--1 ~ ~ ~ ~ ~ OnCt+n rn op .7 N H OD n .w CO v ~ ~ ~ ~ ~ N ~ O U IW C7 w v} yr 'Ly d N N ~ a nn.-+~n ro W .T N u`1 M ~ N ~--I CO fn 4.a w w ,L': Q .Y ~D N N u ~ a0 7 M G +~ a •-~+ O vi •--~ ~ O ro U ~ ~^ ~/Y a G ~~n~n ~ Nno•C1~ a o~n~a Q ~•-+d.a fir., r-1 C7 r1 ~p .-~ (7p M N cq O ~l U7 a .-a .-.a .--1 ro cn us car v v ~~ ••~ ro 'O to G tC 4-~ U a N a .~ E ro a N ~ .--~ O N O co a -+ a F v~ crax •,~ a +a waa,a 0 MapnO ~ .-1 n •D d O • • • • • n rn n u'+ ~!1 e!1 ~f'1 M t7pNrnrn n u~ a0 n ~ cn • • • ~-•~ .7' rn ~D n a0 r ~ O aD N pp r1 f•1 N .p N O~ n M N u'1 00 V} </? M N «-a ~D O c0 .7 N M • • c0 .~ ...~ .-a 1., N M .~ n n ul N .T .-~ N .--r ~ •p ~ ~ •~•J 7 O U"1 N ~O ~C1 N ~7 N tT •D ~°+ n u'1 o ~o n ~ N ~fl N N C~ M OD N ~ Q+ .p M O .7 w-1 N v~ vt .-1 vT .7 N ~D 1~ N M ^~ t""1 ul ~n N ~ M n ap •-J .D n .-a Q+ N M (~ cx~u~u~rn ~ rnaornr d M N n .7 M .t a0 M r1 M .•~ U'1 ap yr v} yr V] r-1 N rn M .7 CQ M ~ .-1 O ••~ N .t 00 ~ t1D ap r•+ ~ N u'1 rY C'1 .--~ ~O N N •--I .7 N •^^+ .? n .-a of cr} M rn M ~ 4 ~nu"irn rn . tlD n n M .7 ~n.o~rn ~ e0 cG N n ~ O d M ~ n .D t '1 rn u'i N ~ err a v, v ...~ .--~ -~ ro p cA ..C G O N a .--. .., E ro ~ H y ~ °~ ~ v H ~ F ~ cr a ~ cn •.+ a ~ acao a „~ O, ~r-1 ~ n N N Q` • M M • • N • n O ~ t•1 N r--I .n M .D n M n .G ~ ~ ~'t • n ~n n aD ~ ~ ~ ~ ~ ~ ~l N N d ~n ~r1 .7 N.d OoORT.-+.DNG7O~np~rT~lf`1NC0O ~o n .Y ~P N O .7 .-•+ .7 ~ a0 N N ul 7 N M e•-t .-J u'i ~ 1 1 C7 . . a o k1 f- t!1 CJ O+ Oq u'f n N~ O rn O n •O ~P M .-+ rn 1 1 N MN nNC]~''1c0nN•--~N~DC~47+Nn.7 ~ rn M pQN l+1l~"1N.7u'1`pN NncO.DOrnM M w w w w w w w c0 w M ~ ~ ~ M p• n N ~n l cp .•.• ~O 1!l cC7 • N V~ C-J N M N ~a n n ~ ~ e v 4 w D . a .* r-1 N p0 rn 0p rn ~ 7 ~p N u'1 M N '""~ n (:] H OD N N O. ~ .n M ci r ~ r'+ .-~n dMa00cr+O~oOaDOdrgN~n•-+ a+d0 ~''~ MO ~DC7~.7rndo0n~OON~Orn~Oap rJOrncp • • - • • • • • • r • • • • r O ~D C7 C'1 ~D ~O tlp ul M .7 u`~ ~ O .t N rn aD n .p O M r1 O .-+ u't M d O+ r"1 q .-+ N ap n •--~ d O+ v1 ~ O~ --~ O rn v ~D f+l .-1 .T O u•1 .7 .7 N M ~O N N O~ .7 c0 N U r .p t+l w w w w w w pp .+1 O• .-a N ~ .1 N .w .--~ .•1 .-1 M v} yr ~ a U ro H C • • f.l rn ~C d a . •c v, a: ca +•+ ~ r • ~ a w ~--+ ro a a a K a awx w .•-m ~ p 1 1 1 v ~+ u O r/7 U CD ~ W a U ~ ~ tq (A tq Iq C O O Vi R O r w a u i.+ +.~ -~+ U .C m nd O a w a •.~ •.~ •.a J.r ~ ~ cd a O ~1 Vl N a m w w w w m w •..~ ~ a H u x rn C 3 a a a a v ~ H '0 0 E a m e0 O a O In •.+ Vl ~ G A O a s e>0 F+ a U 0 ac •.+ •.+ w a q .-~ a ro o a a a o w. c o x c u +~ -v a c7 x a s-~+ A •N ~~ p a o •~ a •~ •.~ ~ o b F+ Ccl b G. L1. ^•~ O a a +~ ~ t.l ~ N w •.~ a s Gr. «~-+ p x a o. •~+ C u ro a a a cd •~ ro O a ~+ ~+ +~ rn ro ro a ms a. v, o ~, C •~+ a v a~ •~ ro H u a~~ a ro ro ro +~ G ~ w .~ -+ ro U~ ~. P+ H .-n u a p O O a~ ~ U ,.C •• O •'+ V1 ~ a a H 41 d. 'O F+ x 0 0 0 •~ a 0 G1. r-~ H •~ O ~ ~ .-r {+ Iq ro oD o0 O O H O --+ a O v) Cs. CL a. A. Cs. nl H v) .-~ V r+ ~ a H ~d w+ +~ ++ to w a a ro c a~ ~~ a •~ a eo ro~ ro rower w~~.acncncwa~c~.~..a~-+awwwx~ ~c~cn~~ ~ ~ a W a H H 1 5{ [tl F• N a .-r ro s° e•1 ro Q v r~ .~ W a a G O a H O a a .-~ ro a +~ 0 z ,n .t z n ~~ u a 0 X z O z 0 r a ~z VILLAGE OF MC)"7T'ICELLO Fright County} Minnesota, MUN1i~lE'Ar- Llr}i;fiR STORE Decerriber 31, 1970 T:' i3 LE U4~' CO?~'CE;NTS Exhibit A P, c.; 5c~,~edule i .~ OF;ini:~n ~t.~ter~'E~nt of n:~set5, Liabil iti.es acid Surplus i.:orr~;~n:ati~e Oi~er~~tir:F St~ter~ent fot' 'i'u'r:lve ~'.c,n'.,,s Endec Decer" ~F=r' .31, l~~i(~ and 19',y Comparati~~e UneraCin;~; Stt;tement far 'T'hree ~icirlt~s Enraed Dece;rber "il , 1.970 and 19f~A Uther Income and Exr~ense 1nSU'~1nC[ CO\'PI";"1F~f FLttc.'. ~~" [.e,,,rnr `'~~ ., 1 3 4 5 F; ~~-~- ' GRU VS iOH NSDN r,ti~: ASSCC'Arl s. ~ CERTi FIED PUBLOC ht II To the Village Council Village of M~~nticelly Wright County, Minnesota In accordance with youx- request, we have examined the statement of assets, liabilities and surplus of the Monticello Municipal Li-uor Store as of December 31, 197(?, and the related operating statement for the twelve rnont.hs ti-:en ended, C)ur examir:ation was ;Wade in accordance with k:,ener~~l]v aiceptc:d auditing standards and accordingly included such tests of the accounting records and such other auditing ,~roceciures as we con:,idered necessary in the circumstan<_es. 1'}~e vi i l~xge has been named defendent ira two l~.rwsuits, one involving ±he death of an individual. At this time, there is rto indication ~rs to any liabil~ies which~~ayexist. In cJux' opinion, subject to the above comment, the accompanying statement of assets, liabilities and surplus and tl;e related operating state;zient present fairly the financial position of the Monticello Municix~al Linuor Store at December 31, 1970, and khe results of its operations for the twelve months then ended, i.n confvrr:~ity with generally accepted accounting principles applied on :_ basis consistent wi tt-~ that of the preceding year. `-;ert.i i.Pd i'ubl ic~ yc<-ountants .J,.,.U~. r`r l ~, 1 9i i. GI7VY5 JOH NSGN nNr. A5S0<'~AT'ES ~E"'xTI PIED PUHI.n ~C.:CPUNTANTS VILLAti;E OF MON'IICELLO Wright (:our.tyL _Minnesot? ML'NICI1'~~L LIQtIOK STORE STATEMENT OF ASSETS, LIABILITIES AND EQUITY Decemk,er 31, 1970 Current :°:ssets ASSETS Petty cash Change fund Cash in hank Treasux}- bills -cost Certificate cf deposit Merchandise ir:ventory Total Current Assets I'ixec' Assets Cost. Reserve Parking lot $ 3,'~Oli.!:)') Buildi.n~, and improvement. 49,OR4.73 $ 11,403.52 F'tsrni ture, f i.xtures and equipment 31 ~°,40.58 21 951.10 Total k'ixed Assets ~~~~7-'~~1- ' 354 6z Other Assets Prepaid insurance TOTAL ASSETS LIABILITIES ANLi Si;KPLUS Current Liabilities Accounts payable Accrued I+ayroll tars Group insurance withheld Ac.c rued sales tax Total Current I.i~3bi.lities Sur ius Balance J,3nuarr 1, 1~)7~.' ";et i.r'~< ome far t.weive n',r~rit'~s en.•ie~j l'-31- i~! Less: 'I'ransf~:~r Out Tot^1 Surplus 'C()T.~L L;;:BILITIES AND ~IEtpl~l'S $ 18.45 1,678.2.8 18,0.56.°5 49,274.00 6,.383.87 31,357.45 Net $ 3,800.00 37,681.?..1 9.889.48 $ 91.00 1, 791.34 1.5.52 1.01-'«. 5U $ lzz, ~94.5c~ 44 946.51 $ 1v7,:~41.01 1(1.000.0'.. Exhibit A $ 10~J, 768.9G ~ ~J,37;O,F.:9 I 2 113.78 if 2 7 $ ~,,912.3f; ~i I ~I I~ ii i , 341.01 ~1~0~%537 ii Nuke: A i>iedge of $20,000.00 has been made to the General Improvement Sinking Fund for the year 1971. No part of this has yet been transferred. ~. ~~U Yg JOHNSON +~!' 455Ci~ iA?ES GERTI FIED PUBIJ ~.: ACCOUNTANTS i~ - - ~-- - ~-- _..._ -_. T. -- .x J -,T O --- -..- - . _ -..- .._... N OCi M --- - .- .7 ~G' ~D Op ~ ~ ~ v{.: f~ N a .-d J-~ U fd II -~ ' ~ i , I ~ w o l I I ~ n f'1 r~.l N .--~ r1 7 cp G CT CT rn -.7 Q~ 1' ` Q' n ?~ cT I 40 1 C(7 CQ ~--i dD N !!-1 (~ iQ r. •--1 •-~ rn r~ -.~ ~p ~~ J N n C1 cT1 C N X17 ~ f•'1 N hJ OC 1 v ,~ vJ O N .-.~ r-) v~ ~ ~ r- .-i O U ~-+ 'O N G 6J C7 r-+ crp yr vJ- to vT "C7 ' C C.7 G: aP ~f' r~ r+~ u-~ .-~-~ r,- W ~ cn cn N Q o~ r, r~ cry rn a~ !n r- •~ n ~ -~ ~.~ r• J..1 4J !r-! Q' ~ Ol7 •`•J f+l CX) .* cY1 G O ~ ~ ~ ~ w D 1/7 O N N c1l CO CT N C ~:] ~ ~ ~ ~ ~, m .--. rl .-+ N j w U cis i "r U ~ ~ yr ~ u~ I .-J n r1 op a) ~7 ~ rn a~ n ~ 3 E"~ n 7 DD C Q' ^ lI.1 l!') !r1 H ~p C'1 rl ~ ~ n r1 cc'1 cT O CO O ~D v1 a0 s> ~ ~ -~ Lc, w to !T+ w M ~ an n M Q'• ~ w ~ k^ C cr ._1 ~"1 .7 N ~ ~ ~ ~~ v] yr <rJ• yr ~r ~ N aO o-~ n Cr .s ~P G? ~ 40 ~l r-I N r-1 C~ ~ •'-~ +-J VJ ~D 4T O o0 n O~ ~ ~A N 9! .--I U N I v I I o II ~' ~ r- -7 u~ n r- cr ri u~ a~ ~i 1 .-a ~ r~ cn ~) cT r• O N O ' W 1 V~ .D .7 O ~O O O' u' .D ..] O p C', N ~ .. .. .. ~ .. I ~ ~ C~ ~ '-~ V) ~ M ~ .--1 ~' ~ ~~ U C W w H W O VJ O N ,~ :f -f N r .~ r~ G W CT w H C "C7 C~ H v} yr v} u} <? w V) ~ ~ a III W C? O U ~ F" .~ ""~ lr1 ~ c'l ~ ~ a al ~ ~ W H r-1 vl .--r .-+ rl r-J en c'n N +-' U W U 1-•J z o c~ a F O~ :? ~O Ca [T rv n CT• 4TH N rn rJ .,[1 N C"1 r-1 ~ Q'` r1 fJ4 ~ aC? ~n rn ~ r- M u ~ ~ rn «a c') ~ Cr ~ m ~ •~ ~ I Cl II i [~' V} V} U'} (? . I~ ~I v aJ v m .-w ~ N b fn 'C7 cC G G Gn ro W ro .~ w ~ G U b c) Q '~ "" ~ i F u v w >-. N ~~ O >-+ o qJ O ~+ U O ro ~ la v F-~ -~ ~ ~+ v E- r Cn U O .C: ro U ~ •'J w aJ (rj ..J QJ JJ 4+ W oa C] .-1 ~ Q w p U b _-...N .p ~il~• N ~ r`') [,[) cX~ M a0 ~] ,..~ Q. r^1 .--J CY' ~ N r-J Q. --~ ~.O r~ ~ u1 r-, ~ •-+ C7 ) G~ -+ .-w (~I ~ [X) N N O r~ r•i r•) r - O n N r•d .--1 r•d 1XJ C T ~ O• 1!1 C7 OC? ? c•J Vl ~D O .O f`• •~ N ~-1 Sri ~ C7 u'-t .O Q~ CP N C-1 V'1 .7 U .17 w-1 r ~ n ~Ja !fl 1f1 1.f1 v'r- cn` ~ u'1 cn ~: ~D rv h.l •.ri ~a ~ C. rJ r~ h U c+~ O n r'J u-J ~ .n ,--1 ~ .r rn ~• ~ r•- ~ N r- aD rn N O r+l ~ iU (:: ~c? ^7 r ~ cT 7 O~ Q~ O -1' rl Q r'l ('•'1 ~] N Cl N rr a0 ~ •C) O -it ~ ~ C'-1 N n CO .D CC) O h'1 r) CJ r, c'~1 ~ cal V~ ~ .--a .-+ .-J r- ~ a0 N nD ~ cx~ o• r .--c O~ •-••1 C? C7 N ~ N N • P') rl M N rJ r-1 .--1 fl C7~ N ~(] N CU rl LT, On OU N ~[] .p N ~p .p rn O n M n~ ~ ~ ~ r••1 -~ 00 f'1 N N Q~ ~ C CD .-^1 , rl lYl ~' N n s ~ 7 r -J Q+ rl M n -7 O nC) G :T ~ cr~, f•J ~ c+l ~ CT O •-~ r-J (,[l f`J r~ ~ l!7 (Y] Q ~~ •7 47` r':: P'r] CJ H w--1 Q~ M n• c"•1 hJ •--1 f~ N ~(" u'1 rD u' :: T ~j ..['+ n0 ~ r• ~] Cl c'•'1 cJ"1 ~ (7D --~ u•1 .(^, ~ r ~, .-~J rX': c~ n. C•.. .-•+ 1!'1 .~ !rl (7['7 4~ 4C; •la QC ~1 f^.. r ; ~~ .T CT O• ~l ~ N N .-I ... ~ v- cr} y V G ro 1-+ „7 C: • rJ ul -J; R; v a U r_, C . ,--~ QJ r-1 Ql W r-+ ro [~. r-1 w a X v a 0 1 1 1 m o v VJ U DO E 'd W W ~ G ~n v~ vJ h G O w U ~: O 1J VJ V) 41 u] ~a-i 4a ty,,,l W N H V7 1 '.~ u .o ~n G 3 w a v v m cn >•+ ra V) taq O N O vJ •~+ vJ .-~ C d~ G G ~ a by 1 VJ •W •~+ ~ cs. G -+ v ro o v w v o a. G a F~ ~ v c~ x v a..~ ~ .~ .o ~ p v b •~ a rn w ~C7 w W ^C7 p. Cz. T+ o a ~ +~ G +J E G v v r.>~ .-~ G X a rJ. •.~ c~ u m v v v ro --1 ro o v .a m N cC C1 VJ Q Vi Q :+, G -r+ w w N VJ •-~ ro >_. c) v ,c •• o •~+ vJ +~ v v ~> v c~. •o >•~ v o o a •.~ v o a r-+ w O U VJ F- u v~ F+ F+ w a~ ~ a G~ }-+ ~+ ~.+ ~ ro U H b .~ 1-+ cn ro bD b,0 O O 4J O •-J a ~ rn C1, C. O. CS. C.1. rn i•. 1-i Id 0.. ...a Q1 ;'; ,~ v] Cn F~ F. F'' Cr.. ..a r-• C7 W [c] W C~ ~', ~ .~ C b O X ro F' v .d r~ cn nO- r'1 rJ i aJ 0 r, C: ii 4.r ~~ o u ~.. G ~ ~I o ;" ,K- Ql W N ' ~~ v •~ ~a ro ;, V`7 v J..1 O :l: - _'- 7 u U u III p I w W O ~) W d I I p o w v W U to ",~ O'~ -J ~, 1 Cr-1 .--I '~ ~. ~'+ i ~ ~ ~ ~ ~ ~; Q' N M ~ ~, .~ .~ c7 -+ II c~ c- :~ v ~ o ~ ~ ~ ~ U a w u u V W m X ~ ~ z 7 ' ~ L rn G GJ Ol ~ U etl w aJ n w ~ ~!J M r N .-r ro v' ~~ G W, ~' d GJ w E` + w O fs. v rrvJi O O u F, G i C.~ w W O ~ ~ h ~ O ~ U ~ V7 w~J C~J JJ ~ K"+ 41 4J ~ C.,J tb w v o w ~+ G n r M 1 nl .-~ .n m ro WI v v w H w Q w d ra N+ w 0 ~ v ~ ~ o ~ C,J ~ a1 .--1 ..,. ._. _ ._ -.. __ - ----~ --.......~ - _ _ _. - .. rJ Q~ O M r- ,r ,~ rn ~ ~ ~D r Q~ aC> O~ rn O rJ of O • • ~ CT ~r'1 ~D `D .--1 .--1 M ~-+ u'1 rn .a In m M rr1 Cp M -~ aD ^-+ u"1 .7' a0 f...; C nJ N ;T r- G '-"' ~D C7b f~ N CT •--I rn O r'1 N S1 .7 Q` 1!1 u^I 7 CT n M N .~ ~ rn rJ w M N ~ r- O N r . -i r . D O ~ O^ ~ --+ .~ r~ O M ~ C+l .. ap In u-, In .-1 ~ ~ ~ rrt M <? v} cr} th• cr} yr ~'r « r~ ,r-~ u'1 u~ .~ Irl ~~ O 1; nJ rl ~"', ar, ~ Irl fxl CJ O - - M OD ~D f - rrl --+ ~7 O Ir , ~ rr rn N ~ ~-~ ~ O r-..--1 <.-~ r. N r`, a r-i u .-. n N rJ r ~ rn an rn N ~? ~ N r'. O~ al :? c•) cv ~ ~7 ~C n © .U .o Irl r~ r~ Q rW ~ r M O ~ ~ .D M N f rn N l rv r-I M ~P .p Ir l G C7 ~O r, I n .-J N ^'J r r ~ X17 N Q~ M ul t• ~ I l rY1 .D aU ~ •0 -+ N M •-w .~ Cl c7• +D t, ~ N M n r n rn ~ n ~ * .D .-•+ ap Q cal in .t C^, N rJ r*~ .-~ ~ .~ .-~ .n Vf V~ yr by yr cT ~O ,.,p Q^ .--1 M N Q` .7 lrl C>` ~ r N rn~ rti n C aors •n cnd.nO r- a. N .-J ~ 1"1 ••7 aD ~ C7 M -7 .~-1 rn IY1 Q~ r!'1 In <!t ~ ~ ~ ~ r~l v--/ ~~ f`7 M C7` N N ~Q rn N ~7 rJ ~~ Irl Ct: r1 ~ .--r O r•1 C`1 N O ~D f~ N n O` O ~l 7 r-. ' -.. .~. C~1 ~--1 ~--I N N r ~ O f • C1u O ~-I n •--1 fv ,T N .-1 .--1 ~ (~1 L> ,~ r~ [x7 Cq G ~p rn cn ~~ ~n .v ri ~,, a, r•... ..--~ ~ In r ~ ~ M rn a7 u-i rn M n r^i M ~ r- ~ ~ R• c0 .D rYl wD ap ap ~O M O~ Fa r-. u~ ~ r~l .? r - r: 00 O a~ ~D N rn In r ap s ' .~ N .-• o te ~ .~ rn N n N ~-~ C? aC N .,.a N r~ .-+ .--~ r.- -7 r- .. n N O N? n f~.. N~ rJ .--1 '~ ,.-J r-1 .--1 N C~J c.. a ~~ r ~ ~ .CJ C rn U <X t r . r + C] r^ N In M CJ .7 c+i n ~ n r~ ,~ .D fr' I' r (~~ N lr•, (n iT 4r` ..7 r I lIl •--1 OCl C7 r r'. f ~ ~ : r tf~ .--A ~ to 1 [ . , . ~ ~ : : a ~p r+ ..~ r^ r ~ ~~ r• .-~ op ~~ .D r-~ C• r ~ C~: 1-, ..::1' C~ ~-, ~r ~ O~ a0 -( •' v' 7 a` r - . ^ r •. r .~ , , 1 ~ `1 m ~~ ,~ u•i C- ..-+ r.. .-+ r r- c r i .p CX7 aC> M N ~--1 n CXJ ~ N ~ 'V rn ~ + l yr yr yr ur Hil yr crr r ~n o M~*.~~~ c~ M ul .~ .--1 ~ M r •.L r-- n rn rn cx7 r ,~ O c7^ r- p ap rn N r o~ .--1 r p yr r~'i~ rh uT yr 11 ~.+ cu ~. a ~ v .,~ ..r ,.r- ~ ..-., aJ W M N Ci. r-' v I 1 t 41 C GO E G tl) [sl r . uJ vi In G O "C7 ,C <: ~ G) " ~ ~ v a.r JJ a •.~ U v U O ~ v: v G fM v ..a -w •r+ ~ C ~ r fi U w-1 ~ ••,-1 .--1 ~ r-, (!: f QJ V• 4--. W 4i W+ (0 Y•-r U A :Z G ~, ~ v uJ v +n w G G G G~ pD te v O v v) r ~ ~ w ro In r~ 0 a rn .-. G -. a ( k U O a C7 . ~ ti w • W 'U C.. GL g o y aJ J-1 C; u ~ G T w ~ ,_..( w p1 .-a o N U U.. --+ G 7C :] ~. •""' C, ~..) rL 61 41 aJ cC ~-+ cC -+ N 4) Q1 V: ~+ rC w .: • d u v C]. ~ N ca ~ m +~ v: c~ v • cd OJ (n [., cn !% ]. L G a~ = w ti c: r• ~, ~. ~ ~ aJ w ~ w u cc ro o v O~ •~+ w +~ ~ v~ y ~. '~ w m o n o w .-+ o >~ o w o w o o r u .c .. c7 c) s F. r:.' L.1 w ~, v '-+ G _7 w .-~ .-+ .--r ro U E--' ca J-J ~ w ro a w tl1 H ~ ~ w N F+ E w ~ - . N G~ W7 O O w O --+ N J v1 C_>_- C1.. C_~ C~~ ~"- ~ w (n Q ~ ~ rd C v ~ • , .+ ~ ¢) M c0 •.. JJ ~ cc }- W a Ctl G 4J E~~ F ~ q1 •'"~ ~ ~ .,y ~ JJ (/) -.~ N r-r - Q ~ .S ..a (n Ul W !1. F-' [rte ...a r+ C~ 4c.1 W W CC ~ ~ + r w r-a W O .,.] CO O .. . ~ ~ . w G O O O O ~ O i r ,d ~ i F' II 41 nl N ts~ r~~ cc} 11 Q V) G+ r .~, ~° w 0 ..~ ' v " a S O .Y': m tlJ is ro uJ a ,~ /I ly (~ I , , ~,L.: __ ... _ i} ~._ __. _. VILLAGE OF MO"~'ICE~LO wri ht Count Minnesota MUNICIPAL LIG~OR STORE SCHEDULE OF OTHER INCQME AND OTHER EXPE^7.F: Far Twel~re For Three Months Ended Months Ended 1Z-31-70 12-3I-70 Other Income For 'twelve Months Ended 12-31-69 Schedule 1 For Three Months Ended 12-31-69 Cash (short) or over $ (34.92) ~ (1.5.63) $ 69.12 S (30.34) Mac_~-nine income 1 , 77h, 26 384, 43 1, 7.13.32 3$1, Z5 Interest income 1,'i34,$? 840.97 Miscellaneous 25,00 25.00 Sa',e o'~ Iixed assets 100.00 -C- TO"CAL OTF:ER I*ICOW!E ~~ 3~j75,~ ~0` 7, ~~ 1~3!J7~-:4 5..9.1 Other F.xE>ense Miscellaneous $ 4?.59 $ 26.09 Vii. .F, checks $ 266, 3A $ 2e~6, 3~3 20,OU -!'- TUT'AL OTHER EXPENSE 256 3~S 266 38 62 59 26 9 GRL:Y5 ~i~H NStlN err [. A`iSp C'IAT~$ CERTIFIED PU g>_.1C ACCOUNTANTS VILjAGE OF MONTICELLO Schedule Wri ht Count Minnesota MC'tiICIPAL LIG[?OR 5T01'cE ItiSURANCE COVERAGE December 31, 1970 T e of Covera a Amount Uwners Liability and l., i.c~uor Liability Bodil IY nL~ Each person $ 100,000.00 Each occurrence 300,000.00 Property Damage 50,000.00 i fire and Li~;htnin~,c.xCended Coverage I Vandalism ar~d malicious mischief 90%. cc~-insurance Contents 44,000.00 Fire ar.d lightning, extended coverage Vandalism and nlali.cious mischief 80°', co-insurance Buildings and Permanent fixtures 44,000.00 Mone~ and securities -r,heft Inside premises 8,0OO.OU y ~ Outside premises 5,(100.00 Mercantile open stock Burglary and robbery Stock -limit 7,~i00.~~ 40% co-insurance Workmen's Compensation Liability 100,000.OC Public Employees Blanket Bond Per individual 2,000.OC GRU"S JONNtiJN ~r.G ASS[i41ATE5 C.ERTIFIE^ PL%B LIC A~.~~I~INTANTS VILLAGE OF MOKCICELLC Wri ".t County Minnesota Schedule 3 MUNICIPAL LICIUOR STORE FUNDS STATEMENT For The Xear Ended December 31, 1910 Funds-=Cash Funds Generated B Ne t income from ok.>e ra t i.oi;s $ 44, 946.51 Add: Non-cash expense charged against income this year: De~,reciation $ 2,980.30 Accounts payable at 12-31-70 91.00 Accrued payroll taxes at 17.-31-70 1,791.34 Group insurance withheld at 1?-31_7x: 15.5; Accrued sales tax at 17-31-%f) 1,014.50 Prepaid insurance at 1-1-7U 902.OU Deferred employee benefits' nt 1-1-70 75.72 Inventory 1-1-7(i 34,7'?6.65 41 597.03 $ ~1F,,543.54 Deduc.t:Cash exF~enditures this year. not charged against income this vear: I'repa is insurance at l ~!-31-70 $ Z, 113.7:8 Accounts payable at 1-1-70 13,441.09 Accrued p~~yroll taxes at 1-1-70 4?2.79 Accrued employee benefits at 1-1-7!? 223.96 Accrued sales tax at 1-1-70 1,073.83 Inventory at 12-31-70 ~ 31,357.45 48,_632.90_ Total Funds Generated $ 37,910.64 Funds Were Applied To: -~ ~~- ~ -~I'urchase of ^f fixed assets $ 3,09'"i. 12 Transfer out to other` rods 10~(.!i)U.i)0 ~ 13095.12 Increase in Cash Bal~~.nces ~ ~~,.815.?2 Cash Balances a*; i~'-31-i0. Petty c~sl~ :~ ?9.45 Chan~,e funs l.6%'8.2 ;~aslt in hank 1n,056.85 Treasury hills -cost. ~i9,?74.UC! i:crtific.ate of del;osit G,383.8? ~~ $ 7 `;, 411.45 Cash `~:::1,~nces a*_ 1-]-7i): Pe'ty cash $ 127.1' Change fund 1,44.5.00 Cash in uan~<, 4ri, 528.81 _ `~0, 595.93 Increase in Cash Bal,-~nces ~, 74.81557_ GRUYS. JOH N`.iC~N .NC A$SG~iA T'F:S ~ CERTIFIED PUDL.I r" Ar C; D'J NTANTS vII.LLnc~. o~ MorrrlcEl.La i~right County, hlinnesata MUNICLPAL LIQUOR STORE Aecember 31, 1970 COMMENTS In addition to the regular audit report as indexed on the preceding pages, we are suhrnitting the following comments which we hope will assist you in the management of your municipality. 1. Since the minute hook is the official transcript of all council actions and decisians, care must bP taken that all proceedings are recorded. Specifically, the minutes should captain approval for aLl employee's salaries and frinf;e benefits. In addition, since no bill may be paid until it has been audited and allowed by the council, the minutes of each meeting shauld make direct reference to those checks which the council has audited and allowed at that particular meeting. These checks should be referred to in the minutes by fund from which paid and check number. If this procedure is omitted from the minutes, then there is no official evidence that the council has audited and allowed any bill paid unless of course, each council member initials each bill after it has been audited and allowed. 2. In order to prevent invoice classification errors from occurring, we would suggest that the liquor store manager, where possible, indicate on each purchase invoice the proper account to which the expense should be charged. This would be especially helpful in the area of classifying either "on" or "off" sale merchandise purchased for resale. It would also help to keep expense c.lassificatian consisten± with prior periods. 3. We feel that insurance coverages should he reviewed in the area of fire and extended coverage on stock, and theft of money from either "can" or "off" premises Possibilities for reducing coverages w~~uld seem to exist in these areas. We would suggest consulting; wits your insurance agent. 4. While investing temporary excess cash holdings in income producing investments is prudent to good money management, care must be taken so that proper fund accounting be followed. Upon maturity of these investments, all principals originally invested shauld be returned to the fund from which. they ware originally invested, along with the proportionate share of income e:~rned. There should the-n not be any confusion as to which fund owns any particular investment. _;; .. GRUV5. JOHN50N •wp 4550CIATES CERTIFIEtl PUBLIC ACCC7U NTAItiTS 'v I t.LAGE pF MONTLCELLO '~ri ht~Count~,_ btinnesot~ (Continued) h1UN1CIPAL LI.tUOR STORE pecember 31, 1970 COMMENTS 5. At the end of tine year, the change fund of the 1ir~uor store included approximately $400.00 of I.S.F. checks which 'gave accumulated over the past two years. Some of thE:se checks were written ofX as had last year, with a larger portion tieing written off as had this year as is evlcjr_nced by Sc'cedule 1 of this report. we rlo nat feel that these checks should he carried as cas`1 on hand, thus reducing the ~~ctual ''c%tsh" on rianc: : ixure. 'T'hese checks stzoulci be cleat-ed out o;' the change fund and in the future the change fund should rer;lain entirely cash, kith nn L.S.F. checks included. :~ .. ~~ GRL/V •~ )[]FINyON ~.Y=~ AgSOCiATE$ ~ rnTlFiEp Pu6LIC AC[('>IINTAN T$ I~