Community Foundation submits audit to county
October 10, 2001
By RYAN SHERIDAN
Daily Press writer
The Community Foundation of Northwest Colorado submitted a full audit of its finances to the Moffat County Board of Commissioners on Tuesday. The finances were given a clear opinion by Jack Bonaker, of Bonaker and Associates, CPAS P.C.
Bonaker called the financial audit one of going concern. But, he said that the foundation was a viable financial organization for one year into the future. Accounting practices dictate that an accountant look at an organizations financial stability for one year into the future.
The Foundation will be able to make the minimum payment to cover the interest on the Gunfighter Collection debt in July of 2002. Because of that, it is a sound entity from an accounting point of view, Bonaker said.
Bonaker also said that the foundation’s financial documents were in accordance to generally accepted accounting rules.
Because the Foundation’s office has been closed and the position of executive director eliminated, the Foundation will have the assets available to cover the interest payment of $26,740 next year, Bonaker said.
Bonaker and Associates did not count deferred giving totals as an asset of the Foundation. There is no list or other verifiable accounting of these legacies, so they cannot be counted towards the organizations assets, he said.
The Commissioners agreed that to rely on the deferred giving is not a strong enough guarantee to protect the county taxpayers who financed the purchase of the Fun Fighter Collection.
Both the collection and the Foundation are valuable to the community, and those that want to donate to these causes should do so, said Moffat County Commissioner Marianna Raftopoulos, but the taxpayer debt must be resolved.
The fiduciary responsibility of the county necessitates a continued effort to pay off the debt alongside the promised legacies, said Moffat County Commissioner T. Wright Dickinson.
Lynn Villard, vice president of the Community Foundation of Northwest Colorado, said the Foundation still views the debt as paid, and is ready to move on to other projects and efforts.
County attorney Kathleen Taylor is working toward a reassessment of the original financial agreement with the Foundation. The reworked document would ensure that the legacies that come in are in fact channeled back to satisfy the debt, Taylor said.