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ELK RIVER FIRE RELIEF ASSOCIATION <br /> ELK RIVER,MINNESOTA <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> DECEMBER 31,2013 AND 2012 <br /> Note 5: CONTRIBUTIONS REQUIRED AND CONTRIBUTIONS MADE <br /> The Association's funding policy provided for contributions from the State and the City in amounts sufficient to accumulate <br /> sufficient assets to pay benefits when due.The annual contribution is the sum of the normal cost,the State contribution <br /> payment and the provision for administrative expenses. <br /> The Association is comprised of volunteers;therefore,there are no payroll expenditures or covered payroll percentage <br /> calculations. <br /> A required contribution of$165,103 and$117,465 plus an additional supplemental benefit amount of$2,000 and$1,000 was <br /> made by the State in accordance with Minnesota statute for the years ended December 31,2013 and 2012,respectively.A <br /> required contribution of$26,409 and$29,818 was made by the City for the years ended December 31,2013 and 2012, <br /> respectively.There were also a voluntary contributions of$3,591 and$182 made by the City for the years ended <br /> December 31,2013 and 2012,respectively. <br /> Note 6: RISK MANAGEMENT <br /> The Association is exposed to various risks of loss related to theft of assets for which the Association carried commercial <br /> insurance policies.There were no significant reductions in insurance from the previous year or settlements in excess of <br /> insurance coverage for any part of the past three fiscal years.The Association invests in mutual funds that are subject to <br /> market value fluctuations. <br /> Note 7: EVALUATION OF SUBSEQUENT EVENTS <br /> The Organization has evaluated subsequent events through April 14,2014,the date which the financial statements were <br /> available to be issued. <br /> -28- <br />