VLAWMO Annual Financial Report 2013

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The 2013 General fund operations are summarized as follows: Final Budgeted Actual Variance with Amounts Amounts Final Budget Revenues $ 441,874 $ 585,670 $ 143,796 Expenditures 715,674 533,596 182,078 Net change in fund balances (273,800) 52,074 325,874 Fund balances, January 1 474,533 474,533 Fund balances, December 31 $ 200,733 $ 526,607 $ 325,874 The positive variance in revenues was due to grants that the Organization received during the year. Expenditures were under budget mostly due to project costs being less than anticipated. Future Accounting Standard Changes The following Governmental Accounting Standards Board (GASB) Statements have been issued and may have an impact on future Organization's financial statements:' GASB Statement No. 67 - The Financial Reporting for Pension Plans- an Amendment to GASB Statement No. 25 Summary The objective of this Statement is to improve financial reporting by state and local governmental pension plans. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision -useful information, supporting assessments of accountability and interperiod equity, and creating additional transparency. This Statement replaces the requirements of Statements No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and No. 50, Pension Disclosures, as they relate to pension plans that are administered through trusts or equivalent arrangements (hereafter jointly referred to as trusts) that meet certain criteria. The requirements of Statements No. 25 and No. 50 remain applicable to pension plans that are not administered through trusts covered by the scope of this Statement and to defined contribution plans that provide postemployment benefits other than pensions. This Statement is effective for financial statements for fiscal years beginning after June 15, 2013. Earlier application is encouraged. How the Changes in This Statement Will Improve Financial Reporting The requirements of this Statement will improve financial reporting primarily through enhanced note disclosures and schedules of required supplementary information that will be presented by the pension plans that are within its scope. The new information will enhance the decision -usefulness of the financial reports of these pension plans, their value for assessing accountability, and their transparency by providing information about measures of net pension liabilities and explanations of how and why those liabilities changed from year to year. The net pension liability information, including ratios, will offer an up-to-date indication of the extent to which the total pension liability is covered by the fiduciary net position of the pension plan. The comparability of the reported information for similar types of pension plans will be improved by the changes related to the attribution method used to determine the total pension liability. The contribution schedule will provide measures to evaluate decisions related to the assessment of contribution rates in comparison to actuarially determined rates, when such rates are determined. In that circumstance, it also will provide information about whether employers and nonemployer contributing entities, if applicable, are keeping pace with actuarially determined contribution measures. In addition, new information about rates of return on pension plan investments will inform financial report users about the effects of market conditions on people the pension plan's assets over time and provide information for users to assess the relative success of the 7')_,� pension plan's investment strategy and the relative contribution that investment earnings provide to the pension +Process. plan's ability to pay benefits to plan members when they come due. Going -7- Numbers