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Home My WebLink About6.q. Receive SKB 2001 Financial StatementAGENDA ITEM: Receive SKB Financial Statement for 2001 AGENDA SECTION: CONSENT PREPARED BY: Thomas D Burt, City Administrator AG mo# 6 Q ATTACHMENTS: 2001 Financial Statement APPROVE CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE May 21, 2002 The SKB Community Trust has submitted their financial statement for 2001 At a past Council work session the City Council asked that this item be placed on the agenda to fonnally receive the financial statement RECOMMENDED ACTION: Motion to receive the 2001 SKB Financial Statement COUNCIL ACTION: SKB ENVIRONMENTAL, INC. ROSEMOUNT COMMUNITY TRUST STATEMENT OF FINANCIAL POSITION, CASH RECEIPTS AND DISBURSEMENTS 12 MONTHS ENDED DECEMBER 31, 2001 TABLE OF CONTENTS ACCOUNTANTS' REPORT 1 FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION 2 CASH RECEIPTS AND DISBURSEMENTS 3 SCHEDULE OF GRANT DISTRIBUTIONS 4 NOTES TO FINANCIAL STATEMENTS 5, 6 7 i r WARWEG THOMMES TAX ACCOUNTING SERVICES, INC. 14450 SOUTH ROBERT TRAIL SUITE 103 ROSEMOUNT, MN 55068 TEL 651 423 -1717 ACCOUNTANTS' COMPILATION REPORT May 7, 2002 SKB ENVIRONMENTAL, INC Rosemount Community Trust P 0 Box 392 Rosemount, Mn 55068 We have compiled the accompanying Statement of Financial Position, Cash Receipts and Disbursements, of SKB ENVIRONMENTAL, INC Rosemount Community Trust, income tax basis, as of December 31, 2001. The financial statements have been prepared on the income tax basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. A compilation is limited to presenting in the form of financial statements information that is the representation of management (the board of trustees) We have not audited or reviewed the accompanying statements and, accordingly, do not express an opinion or any other form of assurance on them The accompanying statements were prepared to present the cash receipts, cash disbursements, and distribution of assets of the SKB ENVIRONMENTAL, INC Rosemount Community Trust pursuant to the trust agreement as descnbed in Note #1, and are not intended to be a complete presentation of the SKB ENVIRONMENTAL, INC Rosemount Community Trust's assets, liabilities and results of operations. This report is intended solely for the information and use of the Boards of Directors and management personnel of SKB ENVIRONMENTAL, INC. and SKB ENVIRONMENTAL, Rosemount Community Trust. This restriction is not intended to limit the distribution of this report, which is a matter of public record. U a..1. -te .3- WARWEG THOMMES Tax Accounting Services, Inc. ASSETS Cash and Equivalents $952,822 Organization Expenses -Net $0 Total Assets NET ASSETS Unrestricted Funds SKB ENVIRONMENTAL, INC. ROSEMOUNT COMMUNITY TRUST STATEMENT OF FINANCIAL POSITION INCOME TAX BASIS DECEMBER 31, 2001 SEE ACCOMPANYING NOTES AND ACCOUNTANTS' REPORT 2 $952,822 $952,822 SKB ENVIRONMENTAL, INC. ROSEMOUNT COMMUNITY TRUST STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS INCOME TAX BASIS 12 MONTHS ENDED DECEMBER 31, 2001 UNRESTRICTED NET ASSETS Revenue Contributions Investment Income and Miscellaneous Total Revenue $284,696 Expenses Grant Distributions per attached schedule $66,350 Income Tax $715 Management and General $2,650 Total Expenses $69,715 INCREASE IN UNRESTRICTED NET ASSETS $214,981 BEGINNING OF YEAR, NET ASSETS $737,841 END OF YEAR, NET ASSETS $952,822 SEE ACCOMPANYING NOTES AND ACCOUNTANTS' REPORT 3 $237,057 $47,639 SKB ENVIRONMENTAL, INC ROSEMOUNT COMMUNITY TRUST SCHEDULE OF GRANT DISTRIBUTIONS JANUARY 1, 2001 THRU DECEMBER 31, 2001 REQUESTS OR PROJECTS DISBURSED Trinity Care Center $250 City of Rosemount Park Recreation $3,250 NDC Shamrock Award $1,000 Northern Dakota County Chamber of Commerce $10,000 Rosemount Police Department $500 Boy Scouts of America $3,000 Dakota Woodlands $4,000 Community Action Council $3,000 Kids' N Kinship $5,000 Rosemount Leprechaun Days Committee $7,500 Rosemount Middle School $2,850 DARTS $10,000 Southwest Area YMCA $7,500 Rosemount Area Hockey Association $5,000 Inver Hills Community College $3,000 Rosemount Halloween Committee $500 Total Disbursements $66,350 SEE ACCOMPANYING NOTES AND ACCOUNTANTS' REPORT 4 Organization NOTES TO THE FINANCIAL STATEMENTS Note 1 Summary of Significant Accounting Policies The SKB ENVIRONMENTAL, INC Rosemount Community Trust is a trust originally created by U S POLLUTION CONTROL INC (DONOR), a corporation organized under the laws of the State of Delaware SAFETY KLEEN, INC. was acquired by SKB ENVIRONMENTAL, INC. -a Minnesota Corporation headquartered in St Paul, Minnesota which has assumed responsibility for this trust The Trust's purpose is to distribute trust property exclusively for the benefit of the citizens of Rosemount, Mn and the City of Rosemount, Mn., including, but not limited to the following purposes (a) To provide for the construction and maintenance of facilities for public recreation. (b) To further community, industrial, governmental and physical planning in the City of Rosemount (c) To improve living and working conditions within the City of Rosemount for the general welfare of the citizens of Rosemount. (d) To further public educational opportunities, whether by establishing programs or facilities devoted to educational purposes, or the furnishing of educational scholarships, and (e) To provide for the charitable needs of the citizens of Rosemount and the City of Rosemount, within the meaning of Section 501(c) (3) of the Internal Revenue Code of 1986, as amended The Trust is funded by cash distributions from the donor based on tonnage received at the SKB ENVIRONMENTAL, INC. Minnesota Containment Facility. 5 Basis of Accounting To ensure observance of limitations and restrictions placed on the uses of funds available to the Trust, the accounts are mantained in accordance with the principles of fund accounting These principles require that restricted assets be identified as such The financial Statements are reported on the cash basis of accounting used by the trust for income tax purposes, which is a comprehensive basis of accounting other than generally accepted accounting principles As such, these financial statements are not intended for use by those who are not informed about such matters Cash The cash accounts are stated at cost plus earned interest credited to the accounts The accounts are maintained at institutions which provide coverage to depositors through the Federal Deposit Insurance Corporation or equivalent. Money market funds and certificates of deposit are considered cash equivalents They consist of the following Cash checking account Money Market Funds and Certificates of Deposit Restricted Cash These assets consist of cash which has been committed by the Trust for approved projects This cash is held in reserve unitil the approved project is completed There was no restricted cash as of December 31, 2001. Note 2 Trustees $61,054 $891,768 $952,822 The Trust is administered by five Trustees selected according to the Trust agreement The Trustees are strictly bound by the trust agreement and are to serve with no compensation Trustees for the year ended December 31, 2001 are: Cathy Busho Steven B Toombs John Domke Donald Chapdelaine Jack Warweg Rosemount, Mn. Rosemount, Mn Apple Valley, Mn. Eagan, Mn. Rosemount, Mn. 6 Note 3 Protects Approved for Funding The Trustees are committed to distribute funds as equitably as possible according to the trust agreement The projects approved and funded for the year ended December 31, 2001 are as shown on the Schedule of Grant Distributions, which is a part of these statements