Wisconsin Rural Electric Cooperative Association / First yearbook, 1938
Colbert, A. R.
Annual report of the accounting department, pp. 15-16 PDF (466.1 KB)
16 WISCONSIN RURAL ELECTRIC COOPERATIVE ASSOCIATION February 7, 1938 Mr. H. 0. Melby, President Wisconsin Rural Electric Co-op. Ass'n. Madison, Wisconsin In accordance with the request of Mr. J. M. Wilson, general manager, staff accountants of the Public Service Commission have exam- ined the accounts of the Wisconsin Rural Electric Cooperative Association for the period from January 31, 1937, to December 31, 1937. The examination comprised the verification of recorded cash receipts and disbursements and a general survey, without detailed verifi- cation of other accounts. Some limited tests were made of vouchers in support of cash disbursements but because of the detail involved and incomplete records no attempt was made to verify the propriety of pay rolls and traveling expenses, which comprise approximately 90 percent of the Association's total expenditures. Although construction work on several projects was substantially complete as of December 31, 1937, percentages of payments due contract- ors and the Association's fees based thereon were being withheld pending final inventories and adjustments. Accordingly, some further income and expenses are to be expected on all such contracts. This makes it im- possible to determine exactly or estimate with reasonable accuracy the amount of gain or loss realized to date. For this reason costs of service and income collected on all projects (other than preliminary costs on two projects taken over by others) are shown as suspense items on the balance sheet as of December 31, 1937. Details of fees and costs of service under contracts and other items comprising the balance sheet, together with ex- planatory comments, are set forth in the schedules and text of this report. Yours very truly, PUBLIC SERVICE COMMISSION OF WISCONSIN, A. R. COLBERT, Director Department of Accounts and Finance.
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