Orlando Repertory Theatre, Inc.
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1 Orlando Repertory Theatre, Inc. Financial Statements Years Ended June 30, 2014 and 2013
2 Contents Independent Auditor s Report 3 Financial Statements Statements of Financial Position 4 Statements of Activities 5 Statements of Cash Flows
3 Independent Auditor s Report Board of Directors Orlando Repertory Theatre, Inc. Orlando, Florida We have audited the accompanying financial statements of Orlando Repertory Theatre, Inc., (the Organization ) which comprise the statements of financial position as of June 30, 2014 and 2013, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Orlando Repertory Theatre, Inc. as of June 30, 2014 and 2013, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. January 19, 2015 Certified Public Accountants 201 S. Orange Avenue, Suite 800 Orlando, FL Fax: Lakeland Tampa Winter Haven
4 Statements of Financial Position June 30, Assets Current assets: Cash and cash equivalents $ 614,831 $ 449,589 Accounts receivable 29,302 15,227 Prepaid expenses 71,668 86,530 Total current assets 715, ,346 Property and equipment, net (Note 2) 3,043,949 3,118,199 Liabilities and Net Assets $ 3,759,750 $ 3,669,545 Current liabilities: Accounts payable $ 2,533 $ 5,000 Accrued expenses 114,982 17,225 Deferred revenue 414, ,607 Total liabilities 532, ,832 Net assets: Unrestricted 130, ,088 Unrestricted property and equipment 3,043,949 3,118,199 Unrestricted board designated endowment 10,437 10,301 Unrestricted board designated capital projects 42,125 42,125 Total net assets 3,227,242 3,287,713 $ 3,759,750 $ 3,669,545 See accompanying notes to financial statements. 4
5 Statements of Activities Year Ended June 30, Support and revenue: Grants and contributions operating (Note 4) $ 876,964 $ 892,448 Grants capital 388, ,000 Productions 677, ,003 Educational programs 462, ,137 Management fees (Notes 4 and 5) 252, ,297 Theatre rental 110,890 77,727 In-kind contributions 118, ,690 Other income Total support and revenue 2,887,367 2,772,399 Expenses: Program services 2,171,485 1,978,992 Supporting services: General and administrative (Note 6) 258, ,159 Fundraising 91,869 68,928 Total expenses 2,521,566 2,288,079 Change in unrestricted net assets before depreciation and amortization 365, ,320 Depreciation and amortization 426, ,638 Change in unrestricted net assets (60,471) 62,682 Unrestricted net assets, beginning of year 3,287,713 3,225,031 Unrestricted net assets, end of year $ 3,227,242 $ 3,287,713 See accompanying notes to financial statements. 5
6 Statements of Cash Flows Year Ended June 30, Cash flows from operating activities: Change in net assets $ (60,471) $ 62,682 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 426, ,638 Receipt of donated property and equipment (11,000) (2,000) Increase (decrease) in cash due to changes in: Accounts receivable (14,075) (13,730) Prepaid expenses 14,862 (12,346) Accounts payable (2,467) (13,193) Accrued expenses 97, Deferred revenue 55, ,632 Net cash provided by operating activities 506, ,448 Cash flows used in investing activities: Purchases of property and equipment (341,022) (504,212) Increase in cash and cash equivalents 165,242 50,236 Cash and cash equivalents, beginning of year 449, ,353 Cash and cash equivalents, end of year $ 614,831 $ 449,589 See accompanying notes to financial statements. 6
7 1. Summary of Significant Accounting Policies Nature of Operations Orlando Repertory Theatre, Inc. (the Organization ) is a not-for-profit corporation incorporated in 1969 that produces and presents theatrical performances and related educational programs in partnership with the University of Central Florida ( UCF ). The Organization s facilities are used to house a portion of the UCF Masters of Fine Arts program. The Civic Theatre Foundation, Inc. (the Foundation ) was established by the Organization s Board of Directors as a support organization for the Organization. The Foundation s Board of Directors includes the officers and executive committee of the Organization, thus placing it under common control. The Foundation did not have any revenues or expenses, assets, liabilities, or net assets as of or for the year ended June 30, Cash and Cash Equivalents For purposes of the statements of cash flows, the Organization considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. Property and Equipment Property and equipment is recorded at cost, if purchased and at fair market value on the date received, if donated. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Impairment of Long-Lived Assets The Organization reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. 7
8 Contributions and Donor-Imposed Restrictions Contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Amounts received that are designated for future periods or are restricted by the donor for specific purposes are reported as temporarily or permanently restricted support that increases those net asset classes. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and are reported in the statements of activities as net assets released from restrictions. If a temporary restriction is fulfilled in the same time period in which the contribution is received, the Organization reports the support as unrestricted. The Organization did not have any temporarily or permanently restricted net assets at June 30, 2014 and The Organization received donated goods in the form of food, supplies, and materials. These items have been recorded as in-kind contributions and program expenses at their fair market value in the statements of activities. Contributed Services Contributed services are recognized and recorded at fair market value only to the extent they create or enhance nonfinancial assets or require specialized skills, are provided by individuals possessing those skills and would typically need to be purchased if not provided by donations. The Organization received contributed services of $106,000 and $89,000 during the years ended June 30, 2014 and 2013, respectively, for advertising, printing, photography and building maintenance, which are included in in-kind contributions and general and administrative and fundraising expenses in the statements of activities. Revenue Recognition and Deferred Revenue Grants are considered exchange transactions in which each party receives and sacrifices commensurate value. Funds from these exchange transactions are not considered contributions and, as such, are deemed to be earned and reported as revenue when such funds have been expended towards the designated purposes. Revenue is recognized for productions and educational programs when the related event is held. Management fees are recognized as the services are provided. Deferred revenue consists of grants, sponsorships, tuition for educational programs, and production ticket sales received for programs and events that relate to and/or will take place during subsequent fiscal years. 8
9 Advertising Costs Advertising costs are expensed as incurred. Total advertising costs were approximately $189,900 and $187,500 for the years ended June 30, 2014 and 2013, respectively. Functional Expenses Salaries and related benefits are allocated among functional categories based upon the estimated proportion of time spent for each function. All other expenses are distributed based upon management s estimate of the relative functional activity. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Organization is exempt from Federal income tax under provisions of Section 501(c)(3) of the Internal Revenue Code and from state income taxes under similar provisions of the Florida Income Tax Code. The Organization identifies and evaluates uncertain tax positions, if any, and recognizes the impact of uncertain tax positions for which there is a less than more-likely-than-not probability of the position being upheld when reviewed by the relevant taxing authority. Such positions are deemed to be unrecognized tax benefits and a corresponding liability is established on the statements of financial position. The Organization has not recognized a liability for uncertain tax positions. If there were an unrecognized tax benefit, the Organization would recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Organization s open tax years subject to examination by the Internal Revenue Service generally remain open for three years from the date of filing. Fair Value of Financial Instruments The Organization reports its financial instruments at fair value using a three-tier hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). 9
10 The three levels of the fair value hierarchy are described below: Level 1 Valuation based on unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 Valuation based on observable quoted prices for similar assets and liabilities in active markets. Level 3 Valuation based on inputs that are unobservable and are supported by little or no market activity, therefore requiring management s best estimate of what market participants would use as fair value. A financial instrument s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain financial instruments approximate their fair values due to the short-term nature of these instruments. These financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses. The Organization did not have any Level 1, 2 or 3 financial assets or liabilities. Concentration of Credit Risks Financial instruments which potentially subject the Organization to concentration of credit risk consist principally of cash and cash equivalents. Cash and cash equivalents are maintained at highly rated financial institutions and, at times, balances may exceed federally insured limits. The Organization has never experienced any losses related to these balances. Reclassifications Certain 2013 amounts have been reclassified to conform with the 2014 presentation. 10
11 2. Property and Equipment, Net Property and equipment consists of the following: June 30, Estimated Useful Lives Leasehold improvements yrs $7,117,145 $ 7,117,145 Theatrical equipment 5-35 yrs 408, ,851 Office equipment 5-10 yrs 115, ,802 Furnishings 5-10 yrs 17,749 17,749 Construction in process 341,165 8,000,569 7,648,547 Less accumulated depreciation (4,956,620) (4,530,348) Total property and equipment, net $3,043,949 $ 3,118,199 Construction in process relates to dressing rooms and theatre renovations and was completed in October 2014 for a total cost of approximately $400, Line of Credit On July 1, 2011, the Organization entered into a line of credit agreement with a financial institution providing for maximum borrowings of $150,000. Interest on the line is payable monthly at a floating rate per annum equal to prime (as defined) plus 2.5%. The line is collateralized by substantially all of the Organization s assets and matures on July 1, 2015 with a one-year automatic renewal subject to certain limitations. There was no activity on the line during the year ended June 30, 2014 and Economic Dependence The Organization receives a majority of its support through grants and management fees (see Note 5) from the University of Central Florida ( UCF ). The Organization received grants of $321,000 and $324,000 and management fees of $252,297 and $252,297 from UCF for the years ended June 30, 2014 and 2013, respectively, representing 20% and 21% of total support and revenue. 11
12 5. Leased Facility and Assignment The Organization s operating facility is leased from the City of Orlando (Loch Haven Park). The lease agreement stipulates an annual lease payment in the nominal amount of $1 and expires on March 1, 2041, as amended. The Organization, as permitted under the terms of the lease with the City of Orlando, constructed a building on the leased land in Loch Haven Park which is included in leasehold improvements (see Note 2). The lease stipulates that, upon expiration of the lease, the Organization will yield the property, including any improvements made by the Organization, to the City of Orlando free of all liens and encumbrances. The fair value of the use of the land for this facility has not been reflected in the accompanying financial statements, as management has determined the fair rental value of the land is not material to the financial statements. During 2001, the Organization assigned the lease to UCF for a period of 18 months, giving UCF the option to renew the assignment every 18 months thereafter until the termination of the lease. The assignment, which can be terminated without cause with a 60-day written notice, has been renewed through September The Organization has retained a residual interest in the lease, so that they will reassume the obligations under the lease if the assignment is terminated. On July 1, 2004, in connection with the lease assignment, the Organization entered into a Lease Management Services Agreement with UCF to manage and operate the building and real property, including building and grounds maintenance, repairs and custodial services. For the years ended June 30, 2014 and 2013, the Organization received $252,297, respectively, in management fees in accordance with this agreement, which is recorded as management fees revenue on the accompanying statements of activities. 6. General and Administrative General and administrative expenses consisted of the following: Year ended June 30, Personnel costs $ 175,862 $ 166,095 Professional services 66,590 60,693 Office expenses 5,350 4,309 Building utilities and maintenance 9,435 8,980 Travel $ 258,212 $ 240,159 12
13 7. Subsequent Events The Organization has evaluated events and transactions occurring subsequent to June 30, 2014 as of January 19, 2015, which is the date the financial statements were available to be issued. Subsequent events occurring after January 19, 2015 have not been evaluated by management. 13
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