FINANCIAL STATEMENT

RALEIGH COUNTY BUILDING COMMISSION STATEMENT OF NET ASSETS June 30, 2015 ASSETS Current: Cash and cash equivalents $96,151 Total current assets 96,151 Capital assets: Nondepreciable: Land 708,000 Depreciable: Buildings 18,039,345 Machinery and equipment 457,628 Less: accumulated depreciation (832,375) Total capital assets (net of accumulated depreciation) 18,372,598 Total assets $18,468,749 LIABILITIES Current liabilities payable from current assets: Current portion of long term debt $234,999 Total current liabilities payable from current assets 234,999 Noncurrent liabilities: Notes payable 972,526 Total noncurrent liabilities 972,526 Total liabilities 1,207,525 NET ASSETS Invested in capital assets (net of related debt) 17,165,073 Unrestricted 96,151 Total net assets 17,261,224 Total liabilities and net assets $18,468,749 See accompanying notes to the financial statements. RALEIGH COUNTY BUILDING COMMISSION STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET ASSETS For the Fiscal Year Ended June 30, 2015 Operating revenues: Rental fees $375,526 Miscellaneous 24 Total revenues 375,550 Operating Expenses: Personal services Administrative and general 365 Miscellaneous 240 Depreciation 136,409 Total operating expenses 137,014 Operating income (loss) 238,536 Nonoperating revenues (expenses): Interest revenue 46 Interest and fiscal charges (77,945) Intergovernmental 1,000,000 Total nonoperating revenues (expenses) 922,101 Change in net assets 1,160,637 Net assets at beginning of year 16,100,587 Net assets at end of year $17,261,224 See accompanying notes to the financial statements. RALEIGH COUNTY BUILDING COMMISSION STATEMENT OF CASH FLOWS For the Fiscal Year Ended June 30, 2015 Cash flows from operating activities: Cash received from customers $375,550 Cash paid for goods and services (605) Net cash provided (used) by operating activities 374,945 Cash flows from noncapital financing activities: Operating grant 1,000,000 Net cash provided (used) by noncapital financing activities 1,000,000 Cash flows from capital and related financing activities: Acquisition and construction of capital assets – – Principal paid on capital debt (1,425,111) Interest paid on capital debt (77,945) Net cash provided (used) by capital and related financing activities (1,503,056) Cash flows from investing activities: Interest received 46 Net cash provided (used) by investing activities 46 Net increase (decrease) in cash and cash equivalents (128,065) Cash and cash equivalents, July 1, 2013 224,216 Cash and cash equivalents, June 30, 2014 $96,151 Reconciliation of net income to net cash provided by operating activities: Operating income (loss) $238,536 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation expense 136,409 Net cash provided by operations $374,945 See accompanying notes to the financial statements. RALEIGH COUNTY BUILDING COMMISSION VENDORS LIST (CASH BASIS) For the Fiscal Year Ended June 30, 2015 First Community Bank 1,503,055 United Bank 365 Women’s Resource Center 240 1,503,660 10-16-FRI-1-RH; LG 3567