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Home My WebLink About6.c. Laidlaw Environmental Services, Inc. Rosemount Community Trust Annual Audit CITY OF ROSEMOUNT EXECUTIVE SUMMARY FOR ACTION CITY COUNCIL MEETING DATE: JUNE 14, 1999 AGENDA: LAIDLAW ENVIRONMENTAL SERVICES, AGENDA SECTION: INC. ROSEMOUNT COMM[.TNITY TRUST ANNUAL AUDIT CONSENT AGENDA PREPARED BY: MAYOR CATHY BUSHO AGEr�� ATTACHMENTS: AUDIT FOR YEAR ENDING DEC. 31, 1998 APPROVED BY: Yearly, an audit is conducted of the finances for Laidlaw Environmental Community Trust Fund. The Rosemount Community Trust Fund was established by the City of Rosemount and U.S.P.C.I. in 1991. Since then it has assumed many names and in 1999 it will be the Safety Kleen Community Trust Fund. In 1998 thirty-three organizations received funds�for projects within the community of Rosemount in the amount ranging from$300 to $5000 for a total disbursement of$66,248. These funds have improved the community and furthered good will. The Trustees, myself, Steve Toombs,Phil Gover,Don Chapdelaine, and Jack Warweg,present this financial report to the Rosemount City Council as required by the Trust Agreement. RECOMMENDED ACTION: MOTION to accept the Laidlaw Environmental Services, Inc. Rosemount Community Trust Statement of Financial Position, Cash Receipts and Disbursements for 12 months ending December 31, 1998. COUNCIL ACTION: LAIDLAW ENVIRONMENTAL SERVICES, INC. ROSEMOUNT COMMUNITY TRUST STATEMENT OF FINANCIAL POSITION, CASH RECEIPTS AND DISBURSEMENTS 12 MONTHS ENDED DECEMBER 31 , 1998 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 WARWEG & KNIGHTS, P.A. ACCOUNTANTS & TAX PRACTITIONERS 14450 SOUTH ROBERT TRAIL ROSEMOUNT, MN 55068 TEL. 651-423-1717 ACCOUNTANTS' COMPILATION REPORT May 08, 1999 LAIDLAW ENVIRONMENTAL SERVICES, INC. Rosemount Community Trust P O Box 392 Rosemount, Mn. 55068 We have compiled the accompanying Statement of Financial Position, Cash Receipts and Disbursements, of LAIDLAW ENVIRONMENTAL SERVICES INC., Rosemount Community Trust, modified-cash basis, as of December 31 , 1998, in accordance with standards established by the American Institute of Certified Public Accountants. The financial statements have been prepared on the modified-cash 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 LAIDLAW ENVIRONMENTAL SERVICES INC., Rosemount Community Trust pursuant to the trust agreement as described in Note #1 , and are not intended to be a complete presentation of the LAIDLAW ENVIRONMENTAL SERVICES, 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 LAIDLAW ENVIRONMENTAL SERVICES, INC. and LAIDLAW ENVIRONMENTAL SERVICES, INC. Rosemount Community Trust. This restriction is not intended to limit the distribution of this report, which is a matter of public record. WARWEG & KNIGHTS, P.A. Licensed Public Accountants 1 LAIDLAW ENVIRONMENTAL SERVICES, INC. ROSEMOUNT COMMUNITY TRUST STATEMENT OF FINANCIAL POSITION MODIFIED-CASH BASIS DECEMBER 31, 1998 ASSETS Cash and Equivalents $405,544 Short Term Investments $0 Organization Expenses-Net $� Total Assets $405,544 NET ASSETS Unrestricted Funds $405,544 SEE ACCOMPANYING NOTES AND ACCOUNTANTS' REPORT 2 LAIDLAW ENVIRONMENTAL SERVICES, INC. ROSEMOUNT COMMUNITY TRUST STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS MODIFIED-CASH BASIS 12 MONTHS ENDED DECEMBER 31, 1998 UNRESTRICTED NET ASSETS Revenue Contributions $110,137 Investment income and Miscellaneous $21 ,216 Total Revenue $131,353 Expenses Grant Distributions per attached schedule $66,248 Income Tax $671 Management and General $1 ,971 Total Expenses . $68,890 INCREASE IN UNRESTRICTED NET ASSETS $62,463 BEGINNING OF YEAR, NET ASSETS $343,081 END OF YEAR, NET ASSETS $405,544 SEE ACCOMPANYING NOTES AND ACCOUNTANTS' REPORT 3 LAIDLAW ENVIRONMENTAL SERVICES, INC. ROSEMOUNT COMMUNITY TRUST � SCHEDULE OF GRANT DISTRIBUTIONS-JANUARY 1, 1998 THRU DECEMBER 31, 1998 REQUESTS OR PROJECTS DISBURSED Rosemount Middle School $500 Rosemount Area Hockey $5,000 Rosemount Park and Rec � $400 NDC ShamrockAward $1,000 Rosemount Middle School $500 Rosemount Elementary $2,000 Boy Scouts $2,000 Rosemount Baseball $500 City of Rosemount $250 Shepard Valley Luth Church $600 DARTS $6,000 So Suburban Medical Center $500 Rosemount Meals on Wheels $2,000 Rosemount Middle School $1,000 Leprechaun Days Committee $5,000 Rosemount Football Booster Club $500 Kids n Kinship $2,500 Rosemount Police Department $1 ,000 ,, Rosemount Family Resource Center $10,000 Shepard of the Valley Luth Church $500 Rosemount Middle School $1,000 � RAAA Dakota Soccer Club $2,245 DCTC Foundation $3,000 Share the Spirit $2,000 Rosemount Halloween Committee $300 Southwest Area YMCA ��$2,500 Mary's Shelter $2,000 Rosemount Elementary $5,000 Rosemount Parks and Recreation $400 Rosemount Parks and Recreation $1,943 Red Pine Elementary $360 Rosemount Parks and Recreation $3,000 Rosemount Sr High Soccer Boosters $750 Total Disbursements $66,248 SEE ACCOMPANYING NOTES AND ACCOUNTANTS' REPORT 4 � ' NOTES TO THE FINANCIAL STATEMENTS Note 1 - Summarv of Significant Accounting Policies Organization The LAIDLAW ENVIRONMENTAL SERVICES, INC. Rosemount Communit�y Trust is a trust originally created by U.S. POLLUTION CONTROL INC. (DONOR), a corporation organized under the laws of the State of Delaware. USPCI INC. was acquired by LAIDLAW ENVIRONMENTAL SERVICES, INC.-a Delaware Corporation headquartered in Columbia, South Carolina 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 LAIDLAW ENVIRONMENTAL SERVICES, INC. Minnesota Containment Facility. 5 Basis of Accountinq 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 modified-cash basis of accounting, 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. Short Term Investments Short term investments are stated at cost plus interest accrued from date of purchase through December 31, 1998. There were no short term investments as of December 31, 1998. 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, 1998. Note 2 - Trustees , 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, 1998 are: Cathy Busho Rosemount, Mn. Steven B. Toombs Rosemount, Mn. Phil Gover Lakeville, Mn. Donald Chapdelaine Eagan, Mn. Jack Warweg Rosemount, Mn. Note 3 - Projects Apqroved for Fundinq 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, 1998 are as shown on the Schedule of Grant Distributions, which is a part of these statements. s