2012 Beef Board Annual Report - Cattlemen's Beef Promotion and ...

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Supplementary Statements of Assessment Revenues By State For the Years Ended September 30, 2012 and 2011 ASSESSMENT REVENUES (Modified Cash Basis) 2012 2011 Qualified State Beef Councils: Alabama $ 346,952 $ 391,848 Arizona 335,717 285,322 Arkansas 475,693 476,534 California 1,921,761 1,704,276 Colorado 1,668,611 1,651,922 Delaware 6,082 4,566 Florida 317,331 315,411 Georgia 287,163 317,478 Hawaii 16,409 20,596 Idaho 798,165 789,069 Illinois 334,433 343,084 Indiana 239,238 242,663 Iowa 1,680,340 1,755,267 Kansas 3,832,633 3,878,885 Kentucky 706,724 701,259 Louisiana 189,728 163,644 Maine 13,912 13,890 Maryland 47,453 47,479 Michigan 268,879 260,357 Minnesota 660,911 713,397 Mississippi 290,594 383,118 Missouri 1,340,534 1,329,132 Montana 881,788 851,928 Nebraska 3,688,045 3,568,242 Nevada 128,037 137,399 New Jersey 4,738 4,941 New Mexico 655,304 627,241 New York 311,564 299,525 North Carolina 176,464 188,048 North Dakota 538,942 568,096 Ohio 308,475 305,767 Oklahoma 1,936,502 2,208,993 Oregon 417,904 406,192 Pennsylvania 394,712 394,303 South Carolina 80,269 89,502 South Dakota 1,538,686 1,566,257 Tennessee 453,117 456,271 Texas 5,685,045 6,197,659 Utah 293,827 262,192 Vermont 55,809 55,429 Virginia 389,340 391,475 Washington 539,116 538,513 West Virginia 98,355 84,561 Wisconsin 718,343 712,462 Wyoming 530,110 487,399 Total Qualified State Beef Councils 35,603,755 36,191,592 States Without Qualified State Beef Councils: Alaska 133 238 Connecticut 13,041 11,486 Massachusetts 18,891 19,920 New Hampshire 15,112 15,765 Rhode Island 526 656 Total States Without Qualified State Beef Councils 47,703 48,065 Importers 6,325,980 5,678,632 Total Assessment Revenues $ 41,977,438 $ 41,918,289 See the accompanying independent auditor’s report. 18
Independent Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Board of Directors Cattlemen’s Beef Promotion and Research Board We have audited the statements of assets, liabilities, and net assets — modified cash basis of the Cattlemen’s Beef Promotion and Research Board (the Board) as of September 30, 2012, and the related statements of revenues, expenses, and changes in unrestricted net assets — modified cash basis for the year then ended, and have issued our report thereon dated November 30, 2012. As described in Note 2, these financial statements were prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles in the United States of America. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Internal Control Over Financial Reporting Management of the Board is responsible for establishing and maintaining effective internal control over financial reporting. In planning and performing our audit, we considered the Board’s internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the entity’s internal control over financial reporting. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. Compliance and Other Matters As part of obtaining reasonable assurance about whether the Board’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards. This report is intended solely for the information and use of the members of the Board and its management, the Audit Committee, and the United States Department of Agriculture and is not intended to be and should not be used by anyone other than these specified parties. Clifton Larsen Allen LLP Greenwood Village, Colorado November 30, 2012 2012 Beef Board Annual Report 19
Page 1 and 2: Funded by the Beef Checkoff. Workin
Page 3 and 4: 2012 Cattlemen’s Beef Board Leade
Page 5 and 6: Nutrition Research The “Beef in a
Page 7 and 8: Retail Food City and the beef check
Page 9 and 10: Nutrition Public Relations Thanks t
Page 11 and 12: Northeast Beef Promotion Initiative
Page 13 and 14: “My beef checkoff can help raise
Page 15 and 16: Statements of Assets, Liabilities a
Page 17: September 30, 2012: Demand Deposit

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