The URL can be used to link to this page

Home My WebLink About2008-03-10 - Agendas - Final MEETING NOTICE The Advertising and Promotion Commission will meet on Monday, March 10, 2008, at 2 :00 p.m. in the Director' s Room of the Fayetteville Town Center. AGENDA ADVERTISING AND PROMOTION COMMISSION March 10, 2008 2:00 p.m. Town Center 1 . Call to Order - Chairman Pat Gazzola 11 . Election of Commissioner to replace David McGeady, whose term expires April 1 , 2008 111 . Reports A. Approval of Minutes for February 11 regular monthly meeting B. Financial Report 1 . HMR Revenues • 2. Financial Statements 3 . Update from City Attorney re: delinquent tax collection efforts C. Clinton House Museum Report — Brittany Starr Resignation of Brittany effective March 15, 2008 D. Visitor Bureau Report — Allyson Twiggs E. Town Center Report — Sandra Bennett F. Executive Director Report — Marilyn Heifner G. Advertising Agency Report — Brian Clark IV . Old Business A. None V. New Business VI . Adjourn • • ADVERTISING AND PROMOTION COMMISSION REGULAR MEETING February 11 , 2008 Commissioners Present: Neal Crawford, Bob Davis, David McGeady, Robert Rhoads and Maudie Schmitt. Commissioners Absent: Dan Coody and Pat Gazzola Staff Present: Sandra Bennett, Allyson Twiggs and Marilyn Heifner Commissioner Bob Davis regular monthly meeting of the Fayetteville Advertising and Promotion Commission to order on February 11 at the Fayetteville Town Center at 2 :00 p.m. MINUTES Moved by Schmitt, second by Rhoads to approve the minutes of the January 12 regular meeting. Motion carried. HMR COLLECTIONS I Total collections of HMR tax in January (December sales) were $ 174,005 , an increase of 4.43% for the • month. This figure includes $ 12,265 in prior taxes collected. FINANCIAL REPORT December financials were included in packet. Marilyn asked that approval be withheld until the March meeting because of some changes that had to be made in the year end financials. Commission agreed. CITY ATTORNEY City Attorney Kit Williams reported that the City Prosecutor's office collected $ 14,002. 12 In January in overdue HMR taxes. CLINTON HOUSE MUSEUM REPORT In Brittany's absence, Marilyn reported that work was progressing on the 501 (c) 3 application. Other activities were noted in the report in the agenda. VISITOR BUREAU Allyson introduced Brian Bailey as the new Visitor Services Manager. The Tyson Invitational is Friday and Saturday. Julie is attending the American Bus Association Show. USSSA teams are booking hotel rooms. They will be using 1200 double rooms. The Ceramics Symposium was very successful . Planners are expecting that it will grow and are planning to have it again. Visitor Store is preparing to open in the spring on Saturdays. • TOWN CENTER • Sandra Bennett introduced Heather Dicksinson, new event coordinator. Contract sales in January at the Town Center were $36,600. Collections exceeded budgeted amount. Collections were $36, 137.74, an increase of 39% over last January. Peace fountain and terrace railing repairs are on-going. AGENCY REPORT Brian Clark said the Razorbacks were doing well and inquiry numbers were up. Governor' s Conference on Tourism is Marcy 10- 11 in Rogers. He encouraged commissioners to attend if they could. Jade reported that were working on revisions to the 2008 Visitor' s Guide and selling ads for the 08 Guide. The agency submitted an itinerary Marilyn drafted for a FAM trip for the Society of American Travel Writers. Leigh presented experiencefayetteville web stats for January showing an 118% increase over last January. Clinton House Museum and Town Center also showed increases. NEW BUSINESS Parking contract Moved by Rhoads, second by Schmitt to renew contract with the City of Fayetteville for routine i maintenance of the parking deck. Motion carried. i • The Artery Charlotte Buchanan with The Artery, a non-profit corporation, made a presentation regarding a "live mural" for the CVB building which would feature artists and a sustainable art Green Valley theme. Artists would have a 2 year contract for space and once a year the theme would change. Panels are 4 x 8 MDF board. Davis inquired about insurance for the art. Other questions raised with regard to the following: 1 ) a hold harmless agreement between the A & P, the CVB, and the artists; 2) who has control over content; 3) guidelines with the City of Fayetteville; 4) promotion; 5) communication; 6) maintenance; 7) arts council involvement; and 8) advertising. Marilyn and Charlotte will meet and determine responsibilities for the Commission, Arts Council, and The Artery. Charlotte indicated that she would find donors to kick off the project right regarding publicity, solar lighting, not being offensive, There being no further business, the meeting was adjourned. Respectfully submitted, Marilyn Heifner Executive Director II • Advertising and Promotion Commission For month of February 2008 Current Year HMR Collected (2120.0912.4101 . 00) $ 155, 166. 12 Prior Year Collected (2120.0912.4101 .01 ) $ 3,527.36 First Security Investment Interest Revenue (2120.0912.4708.00) $ 7,904.08 Total Revenues $ 166,597.56 Annual Bond Audit Expense (2120. 9120.7602.60) $ - Collection Expense (2120.9120.5333.00) $ (31173.87) Bank of OK Quarterly Fee (2120. 9120. 7602.60) ?own Center Bond Payment (2120.9120. 7602.60) $ (54,957.71 ) 2004 Property Taxes on Town Center (2120.9120.7602.60) $ Total Expenses $ (58, 131 .58) Total Check to A&P $ 108,465.98 • City of Fayetteville, Arkansas Monthly HMR Tax Collections 2005-2008 2005 2006 2006 2007 2007 2008 2008 Total Total Change Over Total Change Over Total Change Over HMR Taxes HMR Taxes Prior Year HMR Taxes Prior Year HMR Taxes Prior Year January $ $153,048 164,284 7.30% $166,620 1 .42% 174,005 4.43% February $133,528 183,554 37.46% $150,088 -18.23% 158,693 5.58% March $164,763 154,067 -6.49% $157,317 2. 11 % April $159,473 174,063 9.15% $171 ,562 -1 .43% May $159, 186 174$ 87 9.54% $165,779 -4.94% June $162,754 171 ,098 5.13% $177,594 3.80% July $181 ,070 172,905 -4.51 % $173,079 0.00% August $167,448 160,067 -4.40% $160,560 0.00% September $162,215 169,793 4.67% $172,373 1 .52% October $169,325 196,393 15.99% $180,324 -8. 18% November $170,780 193,469 13.29% $185, 111 -4.32% December $160,343 159,842 -0.01 % $170,506 6.67% Total $ $1 ,943,930 2,0733923 6.69% $2,030,913 -2.07% 332,698 5.05% \filename . • HMR Comparison 2003 to 2006 Using Year-End totals per HMR Report HOTELS 2004 2005 % change 2006 % change 2007 % change 2008 % change Dec 12,329.60 14,024.64 13.75% 13,284.28 -5.28% 12,577.76 -5. 10% 14,081 .62 11 .95% Jan 12,614.03 13,738.64 8.91 % 13,650.85 0.64% 13,965.23 2.30% 14,726.43 5.45% Feb 16,210.91 17,930.90 10.61 % 16,006.58 -10.73% 16,534.37 3.30% Mar 19,692.06 192037.80 -3.33% 182941 .34 -0.50% 18,699.53 -1 .27% Apr 17,643.48 19,720.73 11 .77% 19,000.83 -0.37% 19, 110. 12 0.56% May 19,979.47 22,347.62 11 .85% 22,796.50 2.00% 23,204.74 1 .79% Jun 22,917.75 22,690.02 -0.99% 22,060.53 -2.78% 22,705.86 2.92% Jul 171404.01 18,668.34 7.26% 162804.33 -9.98% 173054.25 1 .49% Aug 17,316.75 18,786.70 8.48% 179513.64 -6.67% 18,081 .83 3.24% Sep 21 ,910. 18 21 ,524.09 -1 .76% 28, 150.74 30.78% 21 ,879.99 . -22.28% Oct 24,314.01 22,729.73 7.44% 22,208.80 -2.29% 27,695.43 2.47% Nov 16,294.83 17,073.24 4.78% 17,351 .42 1 .63% 18,329.41 5.64% 2189627.08 2289272.45 4.41 % 2279769.84 -0.22% 229,838.52 0.90% 28,808.05 8.54% RESTAURANTS 2004 2005 % change 2006 % change Dec 122,970.98 137,855.28 12. 10% 153,658.60 11 .46% 145,851 .07 -5.08 147,657.09 12. 38% Jan 116,544.55 126,564.43 8.60% 1422675.37 12.73% 126,350. 10 -11 .44% 133,902.51 5.98% Feb 117,063.89 127,214.85 8.67% 133,701 .96 5. 10% 133,499.96 -0.001 % Mar 125, 141 .62 140, 166.43 12.00% 153,462. 15 9.48% 145,240.82 -5.36% Apr 123,732. 13 137,712.38 . 11 .30% 143, 149.32 7.57% 146,017.95 2.00% May 126,572.41 1400966.98 11 .37% 166,542.00 18. 14% 142,484.49 -14.44% Jun 1282880. 12 164,369.25 27.54% 139,677.98 -15.31 % 142,384.44 1 .93% Jul 1279161 .30 136,906.50 7.66% 152,031 .25 11 .05% 136,693.67 -10.09% Aug 1260217.05 139,830:39 10.78% 143,807.38 2.84% 145,060.67 0.87% Sep 134, 327.89 143,215.20 6.61 % 158, 151 .42 10.43% 150,651 .01 -4.74% Oct 133,335.40 146,722.98 10.04% 157,626. 19 7.43% 152,987.98 -2.94% Nov 1182147.51 133,691 .45 13. 16% 1372036.80 2.50% 140,563.66 2.57% 11500,094.85 1 ,675,216.12 11 .67% 1 ,781 ,520.42 6.68% 117079785.82 -4.14% 281 ,559.60 3.44% R.Ed15cD • Fayetteville Advertising and Promotion Commission Fayetteville Town Center Fayetteville Convention and Visitors Bureau Clinton House Museum Financial Statements December 31 , 2007 • w • William R Coo & Associates , PLLC certified Public Acdouutarits; Dfeober American Institute of Ccrtificd-Public Accouutant� &.Ar6nsa: Soccty of CczK&&Pubhc Aatiouutauta Williaim P:Coo1:i. CPA (195] =2002) Members:; •William L: Coo.Yr D, .CPA • :L Andmw:Slteppacd, CPA -Wesley D.:Murtisbaw, CPA. Susan!P-:CarinScbiiel • .Fern R..Ssn;e6, CPA. .Jon E..Rn6nson Fayetteville Advertising & Promotion Fayetteville Town Center Fayetteville, Arkansas We have compiled the accompanying balance sheet, statements of revenues and expenditures, and schedules of general expenditures and special projects of the Fayetteville Advertising and Promotion Commission, The Fayetteville Town Center, The Convention and Visitors Bureau, and The Clinton House Museum as of December 2007 and for the twelve months then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. • Management has elected to omit substantially all of the disclosures and the statements of retained earnings and cash flows ordinarily included in financial statements. If the omitted disclosures and the statements of retained earnings and cash flows were included in the financial statements, they might influence the user's conclusions about the entity's assets, liabilities, equity, income, and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. William P. Cook & Associates, PLLC Fayetteville, Arkansas Certified Public Accountants February 28, 2008 • www.cookcpa.com 101 West Main, Suite 300 • E) Dorado, AR 71730-5689 • Telephone (870) 863.7047 Fax (870) 863.5308 34 West Colt Square Dr., Suite 31 Fayetteville, AR 72703.2888 • Telephone (479) 521-1771 Fax (479) 442-0082 I�II( s �D Fayetteville A & P Commission BALANCE SHEET • As of December 31 , 2007 ASSETS Current Assets Cash in First Security Bank - Town Center $ 58,376.05 Cash in Arvest Bank - A & P General 137,837.89 Cash in First Security Bank - A & P General 585,924. 13 Cash in Arvest Bank - A & P Payroll 21 ,387.66 Cash in First Security - Conv & Visitor Bureau (31596.46) Cash in First Security Bank - Clinton House 17,410.71 Clinton House Inventory 1 ,990.76 CVB Inventory 110609.96 Investments 11773,340.98 Investment Adjustment to Market 1 ,409.01 Accounts Receivable 118,631 .94 Accrued Interest Receivable 21 ,866.58 CVB Cash in Register 100.00 CHM Cash in Register 100.00 Total Current Assets $ 2,746,389.21 Property, Plant, & Equipment at Cost Furniture and Fixtures 91602.98 • CVB Building 19120,253.37 Building Additions 206,677.24 Equipment 166,502.88 Less: Accumulated Depreciation (229,893.48) Net Property and Equipment 11273, 142.99 Total Assets $ 4,019.532.20 LIABILITIES AND CAPITAL Current Liabilities Payroll Taxes Payable $ 7, 100. 10 Sales Tax Payable 805.00 Accounts Payable 120,863.46 Due to Other Funds 422.27 Due to Town Center 6,089. 10 Total Current Liabilities $ 135,279.93 Capital Unrestricted Fund Balance 41475,052.22 Excess Revenues Over (Under) Expenditures (590,799.95) Total Capital 31884,252.27 • Total Liabilities and Capital $ 4,019,532.20 See Accountants' Compilation Report 1 Fayetteville A & P Commission • Statement of Revenues and Expenditures One Month Ending December 31 , 2007 December 31 , 2007 December 31 , 2007 Budget Actual Revenue HMR Tax Revenue $ 167,909.38 $ 196,028.37 Prior Year HMR Tax Revenue 0.00 (253.55) Insurance Reimbursement 379. 13 0.00 Other Income 21083.37 0.00 Total Revenue 170,371 .88 195,774.82 General Expenditures See Schedule 85,502. 17 115,641 .45 Minor Equipment 61250.00 0.00 Other Revenues (Expenditures) Interest Income - Checking 0.00 11649.03 • Interest Income - Investments 10,000.00 (14,580.96) Unrealized Gain (Loss) on Investments 0.00 60,490.28 Miscellaneous Revenue 71275. 15 0.00 Bond Payments - Town Center 0.00 (54,980.06) Arbitrage Expense (375.00) 0.00 Transfers to Other Funds (85,220. 11 ) 0.00 Total Other Revenues (Expenditures) (68,319.96) (71421 .71 ) Excess Revenues Over Excess Revenues Over (Under) Expenditures $ 10.299.75 $ 72.711 .66 • See Accountants' Compilation Report 2 Fayetteville A & P Commission • Schedule of General Expenditures One Month Ending December 31 , 2007 Month of Month of December 31 , 2007 December 31 , 2007 Budget Actual General Expenditures Salaries & Wages $ 6,217.86 $ 5,750.84 PaVroll Taxes Expense 500.00 438.58 Insurance and Health Benefits 1 ,041 .63 (1 ,670.43) 408(P) Company Match 187.50 172.52 Car Allowance 300.00 300.00 Materials and Supplies 0.00 399. 14 Office Expense 83.37 0.00 Publications & Dues 100.00 265.45 Postaqe 1 ,666.63 3,631 .98 Rent 6,600.00 0.00 Insurance 208.37 0.00 Professional Services 1 ,350.00 11350.00 Taxes and Licenses 25.00 45.00 Collection Expense 3,583.37 3,915.50 Bond Pavinq Aqent Fees 166.63 0.00 Convention Development 0.00 454.70 • Repairs and Maintenance 0.00 41348.00 Kamenskv Fountain Maintenance 0.00 327.76 Advertisinq and Marketinq 31 ,250.00 84,316.96 Airport Information Booth 433.37 11200.00 Interspace Airport Advertisinq 416.63 1 ,485.00 Website Update 833.37 225.00 Signage - Tourism 833.37 0.00 New Brochures 8,333.37 61488.66 Travel and Traininq 300.00 0.00 Depreciation Expense 11666.63 (21604.28) Special Projects (See Schedule) 19,405.07 41801 .07 Total General Expenditures $ 85,502. 17 $ 115,641 .45 • See Accountants' Compilation Report 3 Fayetteville A & P Commission • Schedule of Special Projects One Month Ending December 31 , 2007 Month of Month of December 31 , 2007 December 31 , 2007 Budget Actual Special Projects Air Museum $ 416.63 $ 0.00 Town Center Garden Maintenanc 11738.00 0.00 Committee for Mardi Gras 250.00 11162.32 Walton Arts Center 833.37 0.00 H. S. Coaches Clinic 11250.00 0.00 Saturday of Champions 333.37 0.00 Holiday Hoops 11333.37 0.00 Joe Martin Stage Race 583.37 0.00 All Star Games 791 .63 0.00 Lights of The Ozarks - 2004 Bud 11666.63 0.00 First Night Fayetteville 83.37 11000.00 Ozark Valley Triathlon 208.37 0.00 Chile Pepper Cross Country Fest. 83.37 0.00 • Lewis & Clark Urban Adventure R 83.37 10000.00 U A Baseball Regionals 833.37 0.00 4th of July Fireworks 11250.00 0.00 Savor the Flavor 208.37 0.00 Arkansas Hospitality Fund Drive 208.37 0.00 National Rabbit Show 83.37 0.00 NWA Coaches Clinic 1 ,250.00 0.00 Ozark Military Museum 416.63 0.00 Real Deal on the Hill 666.63 0.00 Solar Splash 833.37 0.00 TheatreSquared 250.00 0.00 Peace Fountain Maintenance 833.37 0.00 CAPPA (Physical Plant Adminst.) 833.37 0.00 DECA Marketing 250.00 0.00 FAYRO Charity Classic 41 .63 0.00 Four State Elite Volleyball Classic 333.37 0.00 Youth Slow Pitch Softball World 625.00 0.00 Botanical Gardens of the Ozarks 0.00 1 ,638.75 Walton Arts Center- Mamma Mia 833.37 0.00 Total Special Projects $ 19.405.07 $ 4.801 .07 • See Accountants' Compilation Report 4 Fayetteville A & P Commission • Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Year to Date 2007 2006 2007 Accumulated Totals Year to Date Year to Date Budget Budget Actual Actual Revenue HMR Tax Revenue $ 2,014,913.00 $ 21014,913.00 $ 2,011 ,266.46 $ 2,029,981 .31 Prior Year HMR Tax Revenue 0.00 0.00 19,646.16 33,893.50 Insurance Reimbursement 4,550.00 4,550.00 1 ,874.00 0.00 Other Income 25.000.00 25.000.00 19.034.31 22.875.00 Total Revenue 2,044,463.00 2.044,463.00 2.051 .820.93 2,086.749.81 General Expenditures See Schedule 1 .046,020.10 1 ,046,020.10 1 ,798.392.55 952.829.42 Capital Outlay Minor Equipment 75.000.00 75.000.00 29.881 .34 30.507.60 Other Revenues (Expenditures) Interest Income - Checking 0.00 0.00 18,490.26 93.73 Interest Income - Investments 120,000.00 120,000.00 111 ,848.72 163,345.09 • Unrealized Gain (loss) on Investments 0.00 0.00 60,490.28 (9,033,13) Miscellaneous Revenue 87,302.13 87,302.13 318.82 0,00 Rent - CVB 0.00 0.00 0.00 (60100.00) Bond Payments - Town Center 0.00 0.00 (659,291 .37) (663,000.99) Arbitrage Expense (4,500.00) (4,500.00) (31375.00) 0.00 Transfers to Other Funds (1 ,022,640.77) (1 ,022,640.77) (295,000.00) (260,000.001 Total Other Revenues (Expenditures) (819,838.64) (819.838.64) (766,518.29) (774,695.30) Excess Revenues Over (Under) Expenditures $ 103,604.26 $ 103,604.26 $ (542,971 .25) $ 328,717.49 • See Accountants' Compilation Report 5 Fayetteville A & P Commission • Schedule of General Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Year to Date 2007 2006 2007 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual General Expenditures Salaries & Wages $ 74,614.10 $ 74,614.10 $ 69,010.08 $ 73,704.87 Wages and Salaries - Additional 0.00 0.00 8.00 0.00 Payroll Taxes Expense 6,000.00 6,000.00 5,352.96 5,807.30 Insurance and Health Benefits 12,500.00 12,500.00 17,472.04 9,309.66 408(P) Company Match 21250.00 2,250.00 2,070.24 2,568.33 Car Allowance 31600.00 31600.00 3,600.00 31600.00 Materials and Supplies 0.00 0.00 2,492.79 72.87 Signs 0.00 0.00 515.26 0.00 Office Expense 1 ,000.00 1 ,000.00 166.80 1 ,457.38 Publications & Dues 1 ,200.00 1 ,200.00 1 ,383.95 1 ,750.90 Postage 20,000.00 20,000.00 18,323.01 15,376.34 Water 0.00 0.00 212.41 0.00 Electricity 0.00 0.00 9,695.46 0.00 Telephone 0.00 0.00 100.00 0.00 Rent 79,200.00 79,200.00 19,000.00 0.00 • Insurance - 0.00 0.00 81045.00 0.00 Insurance 2,500.00 2,500.00 0.00 2,215.00 Professional Services 16,200.00 16,200.00 18,300.00 46,882.34 Taxes and Licenses 300.00 300.00 95.00 25.00 Linens 0.00 0.00 483.34 0.00 Collection Expense 43,000.00 43,000.00 400618.26 41 ,275.57 Bond Paying Agent Fees 2,000.00 2,000.00 0.00 7,625.00 Collection Expense - Prior Year B 0.00 0.00 41 ,275.57 0.00 Convention Development 0.00 0.00 1 ,547.84 0.00 Miscellaneous Expense 0.00 0.00 750.00 -124.21 Repairs and Maintenance 0.00 0.00 5,539.95 7,242.83 Kamensky Fountain Maintenance 0.00 0.00 18,905.00 7,189.91 Kamensky Fountain Maint. - Prior 0.00 0.00 7,189.91 0.00 CVB - Office 0.00 0.00 34,215.43 0.00 Advertising and Marketing 375,000.00 375,000.00 5070806.39 334,872.00 Airport Information Booth 5,200.00 5,200.00 61000.00 4,800.00 Interspace Airport Advertising 5,000.00 5,000.00 5,790.00 4,847.56 Website Update 10,000.00 10,000.00 257.92 15,929.63 Signage - Tourism 10,000.00 10,000.00 5,644.24 3,173.87 New Brochures 1002000.00 100,000.00 82,009.71 96,032.78 Travel and Training 3,600.00 31600.00 1 ,810.35 3,261 .67 Bad Debts Expense 0.00 0.00 0.00 -9.50 Depreciation Expense 20,000.00 20,000.00 15,729.09 19,986.00 Special Projects (See Schedule) 252.856.00 252.856.00 846.976.55 243.956.32 Total General Expenditures $ 11046,020.10 $ 1 ,046,020.10 $ 11798,392.55 $ 952,829.42 • See Accountants' Compilation Report 6 Fayetteville A & P Commission • Schedule of Special Projects Twelve Months Ending December 31 , 2007 2007 Annual Year to Date 2007 2006 2007 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual Special Projects Air Museum $ 51000.00 $ 5,000.00 $ 17,500.00 $ 5,000.00 Botanical Garden Society 0.00 0.00 0.00 17,500.00 Town Center Garden Maintenance 20,856.00 20,856.00 6,513.22 17,499.96 Committee for Mardi Gras 3,000.00 3,000.00 31000.00 1 ,500.00 Walton Arts Center 10,000.00 10,000.00 28,509.34 6,723.76 H. S. Coaches Clinic 15,000.00 15,000.00 15,000.00 15,000.00 Saturday of Champions 4,000.00 4,000.00 4,000.00 3,000.00 State Soccer Championship 0.00 0.00 0.00 11750.00 Holiday Hoops 16,000.00 16,000.00 16,000.00 10,000.00 Joe Martin Stage Race 7,000.00 7,000.00 7,000.00 7,000.00 All Star Games 9,500.00 9,500.00 9,500.00 92000.00 Lights of The Ozarks - 2004 Budget Carryover 20,000.00 20,000.00 15,728.41 17,757.60 First Night Fayetteville 13000.00 11000.00 1 ,000.00 2,700.00 Rural Mountain Producers Exchange 0.00 0.00 0.00 8,000.00 DDEP Fine Arts Festival 0.00 0.00 34,836.12 0.00 • Ozark Valley Triathlon 2,500.00 2,500.00 2,500.00 21000.00 Chile Pepper Cross Country Fest. 11000.00 11000.00 1 ,000.00 1 ,000.00 Lewis & Clark Urban Adventure Race 1 ,000.00 1 ,000.00 1 ,000.00 1 ,000.00 U A Baseball Regionals 101000.00 10,000.00 10,000.00 10,000.00 4th of July Fireworks 15,000.00 15,000.00 0.00 10,000.00 Savor the Flavor 21500.00 2,500.00 2,500.00 21500.00 Arkansas Music Pavilion 0.00 0.00 101000.00 10,225.00 Fayetteville Downtown Partners 0.00 0.00 0.00 15,000.00 Arkansas Hospitality Fund Drive 2,500.00 2,500.00 21500.00 2,500.00 National Rabbit Show 1 ,000.00 1 ,000.00 1 ,000.00 2,500.00 NWA Coaches Clinic 15,000.00 15,000.00 7,000.00 7,000.00 Ozark Military Museum 5,000.00 5,000.00 5,000.00 51000.00 Real Deal on the Hill 8,000.00 8,000.00 8,000.00 7,000.00 Texas Trophy Hunters 0.00 0.00 0.00 20,000.00 i Walton Arts Center - 'Rain° 0.00 0.00 0.00 10,000.00 Fayetteville Public Library 0.00 0.00 0.00 1 ,800.00 Solar Splash 10,000.00 109000.00 10,000.00 7,000.00 TheatreSquared 3,000.00 31000.00 31000.00 71000.00 Peace Fountain Maintenance 10,000.00 10,000.00 0.00 0.00 CAPPA (Physical Plant Adminst.) 10,000.00 10,000.00 10,000.00 0.00 DECA Marketing 3,000.00 3,000.00 2,052.75 0.00 FAYRO Charity Classic 500.00 500.00 500.00 0.00 Four State Elite Volleyball Classic 4,000.00 42000.00 40000.00 0.00 Youth Slow Pitch Softball World Series 7,500.00 7,500.00 0.00 0.00 Botanical Gardens of the Ozarks 0.00 0.00 517,332.30 0.00 Square Gardens 0.00 0.00 46,179.41 0.00 Red White and Bloom 0.00 0.00 15,000.00 0.00 ICLEI 0.00 0.00 81075.00 0.00 Rabbit Show - Prior Year Balance 0.00 0.00 21500.00 0.00 Fall Sports Festival (AAO) 12,000.00 12,000.00 12,000.00 0.00 Dickson St. History 5,000.00 5,000.00 51000.00 0.00 George's 80th ann. 2,000.00 2,000.00 1 ,250.00 0.00 • AR. Statehood 1 ,000.00 1 ,000.00 11000.00 0.00 Walton Arts Center- Mamma Mia 10.000.00 10.000.00 0.00 0.00 See Accountants' Compilation Report 7 Fayetteville A & P Commission • Schedule of Special Projects Twelve Months Ending December 31 , 2007 Annual Year to Date 2007 2006 2007 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual Total Special Projects $ 2520856.00 $ 252,856.00 $ 846,976.55 $ 243,956.32 • • See Accountants' Compilation Report 7 Fayetteville Town Center • Statement of Revenues and Expenditures One Month Ending December 31 , 2007 December 31 , 2007 December 31 , 2007 Budget Actual Revenue Rental Income $ 37,354.20 $ 38,056.22 Parking Revenue 0.00 544.00 Daily Parking 500.00 0.00 Parking Leases 21833.37 0.00 Other Income 291 .63 0.00 Special Projects 958.37 0.00 Refunds (125.00) (280.00) Sales Tax Expense (166.63) 0.00 Total Revenue 419645.94 38,320.22 General Expenditures See Schedule 41 ,908.85 43,440.65 Capital Outlay • Other Revenues (Expenditures) Interest Income - Checking 13. 13 191 .79 Total Other Revenues (Expenditures) 13. 13 191 .79 Excess Revenues Over Excess Revenues Over (Under) Expenditures $ (249.78) $ (4,928.64) See Accountants' Compilation Report 8 Fayetteville Town Center • Schedule of General Expenditures One Month Ending December 31 , 2007 Month of Month of December 31 , 2007 December 31 , 2007 Budget Actual General Expenditures Salaries & Wages $ 16,367.25 $ 19,555.63 Wages and Salaries - Additional Expens 0.00 1 ,437.50 Pavroll Taxes Expense 1 ,510.39 1 ,703.61 Insurance and Health Benefits 11294.28 954.54 408(P) Companv Match 430. 13 280.31 Commissions 21512. 13 2,713.70 Materials and Supplies 250.00 106. 16 Office Supplies/Printing 84.62 190.27 Credit Card Discounts 125.00 347.25 Postage 16.63 0.00 Water 736.63 1 ,859.51 Gas 11386.99 997.06 Electricity 5,817.85 3,693.87 Cable 95.92 84.44 Securitv 0.00 1 ,682.99 Telephone 776.82 793.07 Insurance 541 .63 0.00 • Taxes and Licenses 221 .63 0.00 Linens 2,059.02 2,416.98 Miscellaneous Expense 28.37 0.00 Repairs and Maintenance 4,381 .74 4,676.27 Advertising and Marketing 333.37 133.83 Travel and Training 313.45 0.00 Depreciation Expense 11666.63 (2,604.28) Special Projects 958.37 23417.94 Total General Expenditures $ 41 .908.85 $ 43,440.65 • See Accountants' Compilation Report 9 Fayetteville Town Center • Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Yearto Date 2007 2006 2007 Accumulated Totals Year to Date Yoar to Date Budget Budget Actual Actual Revenue Rental Income $ 448,250.29 $ 448,250.29 $ 407,594.59 $ 424,072.44 Partnership Income 0.00 0.00 400.00 0.00 Parking Revenue 0.00 0.00 544.00 0.00 Dail/ Parking 6,000.00 6,000.00 6,873.50 6,585.35 Parking leases 34,000.00 34,000.00 12,648.07 33,000.00 Other Income 3,500.00 3,500.00 315.86 11407.00 Special Projects 11 ,500.00 11 ,500.00 3,121 .75 100446.01 Refunds (1 ,500.00) (1 ,500.00) (565.05) (1 ,212.50) Sales Tax Expense (2,000.00) (2,000.00) (2,909.00) (2,491 .00) Total Revenue 499.750.29 499.750.29 428.023.72 471 .807.30 General Expenditures See Schedule 502.908.29 502.908.29 437.261 .45 460.359.95 Capital Outlay • Other Revenues (Expenditures) Interest Income - Checking 158.00 158.00 1 ,178.37 206.83 Miscellaneous Revenue 0.00 0.00 4.111 .14 0.00 Total Other Revenues (Expenditures) 158.00 158.00 5.289.51 206.83 Excess Revenues Over (Under) Expenditures $ (3,000.00) $ (3,000.00) $ (3,948.22) $ 11 ,654.18 • See Accountants' Compilation Report 10 Fayetteville Town Center . • Schedule of General Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Year to Date 2007 2006 2007 - Accumulated Total Year to Date Year to Date Budget Budget Actual Actual General Expenditures - Salaries & Wages $ 196,407.00 $ 196,407.00 $ 1680411 .68 $ 174,927.31 Outside Services 0.00 0.00 120.00 313.13 Wages and Salaries - Additional 0.00 0.00 6,694.00 0.00 Payroll Taxes Expense 18,124.24 18,124.24 15,709.79 16,291 .28 Insurance and Health Benefits 15,531 .14 15,531 .14 8,355.76 11 ,822.05 408(P) Company Match 51162.00 5,162.00 21404.18 2,404.64 Commissions 30,146.00 30,146.00 29,243.58 30,968.66 Materials and Supplies 3,000.00 3,000.00 3,943.54 2,874.67 Office Supplies/Printing 1 ,015.00 . 1 ,015.00 697.33 1 ,014.26 Credit Card Discounts 1 ,500.00 1 ,500.00 1 ,773.59 2,016.65 Bank Charges 0.00 0.00 60.85 26.00 Office Expense 0.00 0.00 1 ,064.91 1 ,864.92 Postage 200.00 200.00 132.00 48.28 Water 8,840.00 81840.00 8,027.91 70011 .20 Gas 16,644.10 16,644.10 8,784.14 140861 .05 • Electricity 69,814.20 69,814.20 48,906.37 60,871 .69 Cable 1 ,151 .70 1 ,151 .70 928.82 1 ,084.63 Security 0.00 0.00 2,082.99 1 ,402.46 Telephone 91321 .40 9,321 .40 10,426.16 7,980.71 Long Distance Telephone 0.00 0.00 118.36 473.50 Insurance 6,500.00 6,500.00 0.00 51750.00 Taxes and Licenses 2,660.00 2,660.00 1 ,735.00 1 ,612.20 Contract Services 0.00 0.00 1 ,282.00 0.00 Linens 24,708.90 240708.90 23,743.83 220326.52 Miscellaneous Expense 340.00 340.00 732.01 40.00 Repairs and Maintenance 52,581 .10 52,581 .10 64,774.35 52,086.23 Advertising and Marketing 41000.00 40000.00 1 ,402.83 2,329.35 Travel and Training 3,761 .51 3,761 .51 11201 .32 508.20 Depreciation Expense 20,000.00 20,000.00 15,729.09 19,986.00 Special Projects 11 .500.00 11 .500.00 8.775.06 17.464.36 Total General Expenditures $ 502,908.29 $ 502,908.29 $ 437,261 .45 $ 460,359.95 • See Accountants' Compilation Report 11 Fayetteville Convention and Visitors Bureau • Statement of Revenues and Expenditures One Month Ending December 31 , 2007 December 31 , 2007 December 31 , 2007 Budget Actual Revenue Gift Shop Sales $ 0.00 $ 330.69 Bus Tours 83.37 0.00 Partnership Income 625.00 0.00 Travel Hero 416.63 731 .73 Total Revenue 1 , 125.00 11062.42 General Expenditures See Schedule 25,401 .60 33,915.27 Capital Outlay Other Revenues (Expenditures) Interest Income - Checking 25.00 53.40 Transfers from Other Funds 24.251 .49 0.00 • Total Other Revenues (Expenditures) 24,276.49 53.40 Excess Revenues Over Excess Revenues Over (Under) Expenditures $ (0. 11 ) $ (32,917.92) • See Accountants' Compilation Report 12 Fayetteville Convention and Visitors Bureau • Schedule of General Expenditures One Month Ending December 31 , 2007 Month of Month of December 31 , 2007 December 31 , 2007 Budget Actual General Expenditures Salaries & Wages $ 15,213.75 $ 23,602.78 Pavroll Taxes Expense 11217. 10 1 ,798.69 Insurance and Health Benefits 1 ,332.95 11626.06 408(P) Company Match 456.44 428.86 Materials and Supplies 416.63 0.00 Office Supplies/Printinq 208.37 266.75 Software 625.00 0.00 Update Computers/Added Secretarial Ex 275.00 0.00 Credit Card Discounts 0.00 41 .21 Publications & Dues 208.37 359.00 Postage 16.63 0.00 Water 0.00 182.42 Electricity 0.00 199.24 Telephone 600.00 95.02 Rent 0.00 200.00 Taxes and Licenses 39.62 0.00 • Convention Development 2,083.37 200.00 Repairs and Maintenance 208.37 75. 15 Travel and Traininp 2,500.00 3,045.95 Special Projects (See Schedule) 0.00 1 ,794. 14 Total General Expenditures $ 25,401 .60 $ 33,915.27 • See Accountants' Compilation Report 13 I Fayetteville Convention and Visitors Bureau Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Yearto Date 2007 2006 2007 Accumulated Totals Year to Date Year to Date Budget Budget Actual Actual Revenue Rental Income $ 0.00 $ 0.00 $ 1 ,212.50 $ 0.00 Gift Shop Sales 0.00 0.00 2,370.59 0.00 Bus Tours 11000.00 11000.00 0.00 19173.37 Partnership Income 7,500.00 7,500.00 7,900.00 6,345.42 Special Projects - Sponsorships 0.00 0.00 0.00 210.00 Travel Hero 5,000.00 5,000.00 5,377.27 0.00 Other Income 0.00 0.00 71 .00 0.00 Total Revenue 13.500.00 13.500.00 16.931 .36 7.728.79 General Expenditures See Schedule 304.817.77 304.817.77 308.744.67 236.478.42 Capital Outlay Other Revenues (Expenditures) • Interest Income - Checking 300.00 300.00 892.68 311 .03 Transfers from Other Funds 291 ,017.77 291 ,017.77 250,000.00 240,000.00 Miscellaneous Revenue 0.00 0.00 133.90 0.00 Total Other Revenues (Expenditures) 291 .317.77 291 .317.77 251 .026.58 240.311 .03 Excess Revenues Over (Under) Expenditures $ 0.00 $ 0.00 $ (40,905.20) $ 11 ,561 .40 • See Accountants' Compilation Report 14 Fayetteville Convention and Visitors Bureau • Schedule of General Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Year to Date 2007 2006 2007 Accumulated Total Year to Date Year to Date Budget Budget Actual Actual General Expenditures Salaries & Wages $ 182,565.00 $ 182,565.00 $ 180,633.69 $ 126,992.87 Payroll Taxes Expense 14,605.20 14,605.20 14,180.88 10,036.83 Insurance and Health Benefits 15,995.62 15,995.62 16,105.72 13,827.12 408(P) Company Match 5,476.95 5,476.95 4,083.94 3,138.45 Materials and Supplies 5,000.00 5,000.00 895.40 702.25 Office Supplies/Printing 2,500.00 2,500.00 6,521 .63 11350.08 Software 7,500.00 7,500.00 5,014.52 51500.00 Update Computers/Added Secret 31300.00 3,300.00 696.47 1 ,097.00 Credit Card Discounts 0.00 0.00 406.51 1 .75 Bank Charges 0.00 0.00 33.50 0.00 Office Expense 0.00 0.00 0.00 2,525.67 Publications & Dues 2,500.00 2,500.00 11356.00 2,624.00 Postage 200.00 200.00 0.00 132.00 Water 0.00 0.00 583.92 37.30 Electricity 0.00 0.00 3,895.31 257.69 • Telephone 7,200.00 7,200.00 6,707.80 4,344.02 Rent 0.00 0.00 24,900.00 14,552.00 Taxes and Licenses 475.00 475.00 298.33 283.50 Convention Development 25,000.00 25,000.00 15,281 .82 20,698.80 Repairs and Maintenance 2,500.00 21500.00 458.76 0.00 Travel and Training 30,000.00 30,000.00 24,896.33 27,903.19 Special Projects 0.00 0.00 1 .794.14 473.90 Total General Expenditures $ 3040817.77 $ 304,817.77 $ 3089744.67 $ 236,478.42 • See Accountants' Compilation Report 15 Clinton House Museum • Statement of Revenues and Expenditures One Month Ending December 31 , 2007 December 31 , 2007 December 31 , 2007 Budget _ Actual Revenue Admission Revenue $ 625.00 $ 206.00 Special Events 52. 12 0.00 Gift Shop Sales 208.37 358.71 Sales Tax Expense 50.00 0.00 Gross Revenue 935.49 564.71 Less Cost of Goods Sold 0.00 924.78 Total Revenue 835.49 1 ,389.49 General Expenditures See Schedule 4,654.00 7,816.02 Capital Outlay • Other Revenues (Expenditures) Interest Income - Checking 6.25 61 .46 Transfers from Other Funds 3,808.62 0.00 Total Other Revenues (Expenditures) 3,814.87 61 .46 Excess Revenues Over Excess Revenues Over (Under) Expenditures $ (3.64) $ (6,265.07) • See Accountants' Compilation Report 16 Clinton House Museum • Schedule of General Expenditures One Month Ending December 31 , 2007 Month of Month of December 31 , 2007 December 31 , 2007 Budget Actual General Expenditures Salaries & Wages $ 2,625.00 $ 3,769.28 PaVroll Taxes Expense 208.37 288.36 Insurance and Health Benefits 250.00 236.76 408(P) Company Match 78.75 75.00 Materials and Supplies 83.37 14.31 Credit Card Discounts 20.00 37. 10 Water 44.75 35.30 Gas 71 .63 124. 18 Electricitv 76.50 43.85 Securitv 25.00 21 .85 Telephone 129.00 0.00 Rent 11000.00 0.00 Repairs and Maintenance 0.00 3, 170.03 Other Special Projects 41 63 000 Total General Expenditures $ 4.654.00 $ 7,816.02 • • See Accountants' Compilation Report 17 Clinton House Museum • Statement of Revenues and Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Year to Date 2007 2006 2007 Accumulated Totals Year to Date Year to Date Budget Budget Actual Actual Revenue Admission Revenue $ 71500.00 $ 7,500.00 $ 61678.37 $ 4,565.00 Special Events 625.00 625.00 650.00 787.00 Gift Shop Sales 2,500.00 2,500.00 4,735.85 2,536.99 Other Income 0.00 0.00 350.00 100.00 Sales Tax Expense (600.00) (600.00) (873.00) -546.00 Gross Revenue 10,025.00 10,025.00 11 ,545.22 70442.99 Less Cost of Goods Sold 0.00 0.00 (1 ,174.25) (976.68) Total Revenue 10,025.00 10,025.00 10,270.97 6.466.31 General Expenditures See Schedule 55.848.00 55.848.00 58,765.02 55.466.10 Capital Outlay • Other Revenues (Expenditures) Interest Income - Checking 75.00 75.00 418.77 92.88 Transfers from Other Funds 45,703.00 45,703.00 45,000.00 20,000.00 Total Other Revenues (Expenditures) 45,778.00 45,778.00 45,418.77 20,092.88 Excess Revenues Over (Under) Expenditures $ (45.00) $ (45.00) $ (2,975.28) $ (28,906.91 ) • See Accountants' Compilation Report 18 Clinton House Museum • Schedule of General Expenditures Twelve Months Ending December 31 , 2007 2007 Annual Year to Date 2007 2006 2007 Accumulated Total Year to Date Year to Data Budget Budget Actual Actual General Expenditures Salaries & Wages $ 31 ,500.00 $ 310500.00 $ 31 ,057.52 $ 29,884.64 Payroll Taxes Expense 2,500.00 2,500.00 2,488.52 2,376.29 Insurance and Health Benefits 3,000.00 3,000.00 1 ,858.78 2,938.41 408(P) Company Match 945.00 945.00 337.42 375.00 Materials and Supplies 1 ,000.00 11000.00 11016.09 840.31 Credit Card Discounts 240.00 240.00 330.82 75.15 Bank Charges 0.00 0.00 7.00 0.00 Publications & Dues 0.00 0.00 50.00 0.00 Water 537.00 537.00 441 .20 487.37 Gas 860.00 860.00 1 ,084.18 803.96 Electricity 918.00 918.00 968.22 834.52 Security 300.00 300.00 262.10 261 .60 Telephone 1 ,548.00 1 ,548.00 1 ,509.56 1 ,394.83 Rent 12,000.00 12,000.00 12,000.00 12,000.00 Repairs and Maintenance 0.00 0.00 31344.43 492.57 • Maintenance/Lawn Service 0.00 0.00 445.00 0.00 New Brochures 0.00 0.00 0.00 2,701 .45 Other Special Projects 500.00 500.00 11249.56 0.00 Travel and Training 0.00 0.00 314.62 0.00 Total General Expenditures $ 55,848.00 $ 55,848.00 $ 58,765.02 $ 55,466.10 • See Accountants' Compilation Report 19 big Keith M. Glass, CPA March 6, 2008 2580 N. College Fayetteville, AR 72703 Fayetteville Advertising and Promotion 113 W. Mountain Fayetteville, AR 72701 Dear Board Members, I have compiled the accompanying statements of assets, liabilities, and equity - modified cash basis of Fayetteville Advertising and Promotion Commission, The Fayetteville Town Center, The Convention and Visitors Bureau, and The Clinton House Museum as of January 31 , 2008, and the related statements of revenue and expenses — modified cash basis for the period then ended, and one months then ended in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The financial statements have been prepared on the modified cash basis, which is a comprehensive basis of accounting other than generally accepted accounting principles. • A compilation is limited to presenting in the form of financial statement information that is the representation of management. I have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on the modified accrual basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user' s conclusions about the Company' s asset, liabilities, equity, revenue, and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters. Sincerely, Keith M. Glass, CPA • Phone: 479-571 -0811 Fax: 479-571 -0812 Fayetteville A&P Commission Statement of Assets, Liabilities & Equity - Modified Cash Basis January 31 , 2008 • ASSETS Current Assets CVB Cash in Register $ 100.00 CHM Cash in Register 100.00 Arvest A&P General Fund 1939761 .34 First Security A&P General 454,554.41 First Security Town Center 62,037.47 First Security Clinton House 149836.60 First Security Conv & Visitors 849261 . 19 Arvest Payroll Account 99398.46 Accounts Receivable 18.48 Due From Other Funds 3,440.81 Inventory-Clinton House 19990.76 CVB Inventory 11 ,609.96 Investments 117979719.64 Investment Adj to Market 19409.01 Total Current Assets 29635,238. 13 Property and Equipment Furniture and Fixtures 99602.98 Equipment 1669502.88 CVB Building 1 , 120,253.37 Building Additions 2069677.24 Accum. Depreciation (2295893.48) • Total Property and Equipment 192739142.99 Other Assets Total Other Assets 0.00 Total Assets $ 319085381 . 12 LIABILITIES AND CAPITAL Current Liabilities Aflac $ 167.38 Sales Tax Payable 77.00 Federal Payroll Taxes Payable 167983.60 FUTA Tax Payable 313.03 State Payroll Taxes Payable 848.06 SUTA Payable 851 .08 Employee Benefits Payable 1 , 125.94 Due to Other Funds 31767.84 Due to Town Center 61089. 10 Total Current Liabilities 301223.03 Long-Term Liabilities Total Long-Term Liabilities 0.00 '• Total Liabilities 305223.03 Capital Beginning Balance Equity 318799542.33 Net Income ( 19384.24) See Compilation Letter