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AUDIT COMMITTEE

MEMBERS

Alex Fassas | Red Hed Oil, Chair

Tom Eveland | Rocket Oil

Richard Johnson | Johnson Legal Network

Bob Riley | Riley Oil

2017 FINANCIAL YEAR IN REVIEW

Consolidated Statement of Financial Position:

Year ended December 31, 2017

ASSETS

CURRENT ASSETS:

$146,495

$10,249

$2,731

$11,732

$171,207

Cash

Accounts Receivable

Inventory

Prepaid Expenses

Total Current Assets

INVESTMENTS

$792,290

OTHER ASSETS:

Website Development Costs

Accumulated Amortization

Total Assets

$10,000

($9,445)

$555

$964,052

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES:

Accounts Payable

Deferred Revenue, Membership Dues

Deferred Revenue, Conference

Total Current Liabilities

$20,167

$114,976

$11,625

$146,768

UNRESTRICTED NET ASSETS

$817,284

Total Liabilities and Net Assets

$964,052

Download Consolidated Financial Statement

Audit Performed by Blue & Company

2017 KPMA REVENUE - $752,931

2017 KPMA TOTAL EXPENSES - $584,633

The Audit Committee thoroughly reviewed several KPMA policies in 2017 and made recommended edits (when needed) to the Board regarding the:

•KPMA Antitrust Policy

•KPMA Code of Ethics and Whistleblower Policy

•KPMA Conflict of Interest Policy

•KPMA Issue Review Policy & Procedures

The Audit Committee also submitted several RFPs to various reputable accounting firms for the annual audit and selected Blue & Company of Lexington, KY for the 2017 audit.