Linda S.Wo)druff. CPA A Professional Corporation

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2 Linda S.Wo)druff CPA A Professional Corporation AICPA OSCPA Board of Directors Oklahoma Society Daughters of the American Revolution c/o Patty Howry PO Box 3601 Saint Francisville, LA Accountant's Compilation Report I have compiled the accompanying statement of financial position modified cash basis of the Oklahoma Society Daughters of the American Revolution as of December 31, 2014, and the related statement of activities modified cash basis for the twelve months ended December 31, I have not audited or reviewed the accompanying financial statements and, accordingly, do not express any opinion or provide any assurance about whether the financial statements are in accordance with the accounting principles generally accepted in the United States of America. Management is responsible for the preparation and fair presentation of the financial statements in accordance with modified cash basis of accounting and designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. My responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting financial information in the form of financial statements without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statements. Linda S. Woodruff Certified Public Accountant August 4, 2015 e': ith : PO Box : Oklahoma City, OK 73172

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4 Current Liabilities Total Current Liabilities N Long-Term Liabilities Total Liabilities Total Net Assets 71" tr) O Cr) kr) 00 Total Liabilities and Net Assets

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6 Oklahoma Society Daughters of the American Revolution Statement of Cash Flows-Modified Cash Basis For the Year Ended December 31, 2014 Net Cash Provided by Operating Activities $ 53, Cash Flows from Capital Activities Acquisition of Capital Assets Net Cash Provided from Capital Activities Cash Flows from Financing Activities OCCF Decrease in Value (25,454.29) Net Cash from Financing Activities (25,454.29) Cash Flows from Investing Activities Receipt of Interest Income 15, Net Cash Used from Investing Activities 15, Net Change in Cash 43, Cash and Cash Equivalents Beginning of Year 468, Cash and Cash Equivalents End of Year $ 512, Reconciliation of Increase in Net Assets to Net Cash Flows from Operating Activities Increase in Net Assets 50, Adjustments to Reconcile Increase in Net Assets to Net Cash Provided by Operating Activities Depreciation Increase (Decrease) in Accounts Payable 2, Net Cash Flow Provided by Operating Activities 53, SEE ACCOUNTANT'S COMPILATION REPORT THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THIS STATEMENT. -6-

7 Oklahoma Society Daughters of the American Revolution Notes to the Financial Statements December 31, 2014 NOTE 1- SIGNIFICANT ACCOUNTING PRINCIPLES A. Organization The Oklahoma Society Daughters of the American Revolution is a nonprofit organization and is dedicated to preserving and honoring our deep national heritage of freedom. Daughters of the American Revolution is largely supported by member dues collected on an annual basis. B. Public Support and Revenue and Reclassifications The Oklahoma Society Daughters of the American Revolution maintains its financial records using the modified cash basis method of accounting. Income is recognized when received and expenses are recorded when paid. C. Basis of Accounting The accompanying financial statements have been prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. Under that basis, certain revenues and the related assets are recognized when received rather than when earned and certain expenses are recognized when paid rather than when the obligations are incurred. Consequently, the organization has not recognized pledges receivable from donors, and its related effects on the change in net assets in the accompanying financial statements. Additionally, net assets of the organization and changes therein are classified and reported as follows: Unrestricted Net Assets - Net assets that are not subject to donor-imposed stipulations. Temporarily Restricted Net Assets Net assets subject to donor-imposed stipulations that may or will be met either by actions of the Organization and/or the passage of time. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.

8 Oklahoma Society Daughters of the American Revolution Notes to the Financial Statements December 31, 2014 NOTE 1- SIGNIFICANT ACCOUNTING POLICIES - CONTINUED C. Basis of Accounting Continued Permanently restricted net assets Net assets subject to donor-imposed stipulations are to be maintained permanently by the Organization. Generally, the donors of these assets permit the Organization to use all or part of the income earned on any related investments for general or specific purpose. D. Fixed Assets Additions to the fixed assets are capitalized at cost, (or estimated historical cost). Donated assets are recorded at their estimated fair value at the time of contribution. Repairs and maintenance are recorded as expenses; renewals and betterments are capitalized. The sale or disposal of fixed assets is recorded by removing cost and accumulated depreciation from the accounts and charging the resulting gain or loss to income. Depreciation has been calculated on each class of depreciable property using the straight-line method. E. Cash and Cash Equivalents For the purpose of the statement of cash flows, the Oklahoma Society Daughters of the American Revolution considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. F. Other Assets The Organization has transferred assets to the Oklahoma City Community Foundation (the "Foundation") which is holding them as an endowed component fund ("Fund") for the benefit of the organization. The Organization reports the fair value of the Fund as a Beneficial Interest in Assets Held at the Oklahoma City Community Foundation on the statement of financial position. Distributions received are reported as investment income in the revenue section of the statement of activities. Changes in the value of the Fund are reported as gains or losses in the statement of activities. G. Contributions The Organization records contributions and grants when they are received. -8-

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10 Oklahoma Society Daughters of the American Revolution Notes to the Financial Statements December 31, 2014 The Freedom Fighters Microfilm assets are not being depreciated as permitted by Accounting Standards Codification Topic 105 which supersedes Statement of Financial Accounting Standards No. 93, Recognition of Depreciation by Not-for-Profit Organizations. SFAS NO.93, Paragraph 6, provided an exception to its depreciation requirement as follows:...depreciation need not be recognized on individual works of art or historical treasures whose economic benefit or services potential is used up so slowly that their estimated useful lives are extraordinarily long. A work of art or historical treasure shall be deemed to have that characteristic only if verifiable evidence exists demonstrating that (a) the asset individually has cultural, aesthetic, or historical value that is worth preserving perpetually and (b) the holder has the technological and financial ability to protect and preserve essentially undiminished the service potential of the asset and is doing that. NOTE 4 Income Tax The Oklahoma Society Daughters of the American Revolution is a tax-exempt corporation exempt under Internal Revenue Code Section 501(c)(3) and, as such, is not subject to Federal and Oklahoma income taxes. NOTE 5 Donated Services Donated services are not reflected in the statements for the year ended December 31, The value of these services cannot be estimated with any degree of accuracy. NOTE 6 CONTINGENT LIABILITIES The management of the Oklahoma Society Daughters of the American Revolution is not aware of any contingent liabilities at December 31, 2014, which would materially affect the Organization's financial statements.