As Our Own Compiled Financial Statements

Transcription

1 Compiled Financial Statements For the Year Ended December 31, 2010 Page 1 of 9

2 Compiled Financial Statements Table of Contents Compilation Report 3 Financial Statements: Statement of Financial Position (Modified Cash Basis) 4 Statement of Activities and Net Assets (Modified Cash Basis) 5 Statement of Cash Flows (Modified Cash Basis) 6 Statement of Functional Expenses (Modified Cash Basis) 7 Notes to Financial Statements 8-9 Page 2 of 9

3 Lynn C. Genn, CPA 2411 Fox Glove Court Elgin, IL Phone: (224) Fax: (877) As Our Own February 19, 2011 Board of Directors c/o Sharon Quam Taylor Director of Operations P.O. Box Chicago, IL We have compiled the accompanying financial statements of As Our Own including the Statement of Financial Position as of September 30, 2010 and the related Statement of Activities, Statement of Cash Flows and the supplementary Functional Expense report for the year then ended on a modified cash basis. We conducted the compilation in accordance with the Statement on Standards for Accounting and Review Services, issued by the AICPA. The compiled financial statements have been prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles accepted in the United States of America. A compilation is limited to presenting in the form of financial statements and supplementary schedules, information that is the representation of management. These financial statements are the responsibility of As Our Own management. We have NOT audited or reviewed the accompanying financial statements and supplementary schedules and, accordingly, do NOT express an opinion or any other form of assurance on them. Lynn C. Genn, CPA Page 3 of 9

4 Statement of Financial Position Compiled as of September 30, 2010 Modified Cash Basis Current Assets: Cash and Cash Equivalents $85,165 $85,165 Property and Equipment: Property & Equipment $628 Less: Accumulated Depreciation (628) Total Assets $85,165 0 Liabilities: Current Liabilities $1,847 $1,847 Fund Balance: Unrestricted $53,319 Temporarily Purpose Restricted 29,999 83,318 Total Liabilities & Fund Balance $85,165 Page 4 of 9

5 Statement of Activities Compiled For the Year Ended September 30, 2010 Modified Cash Basis Temporarily Unrestricted Restricted Total Changes in Net Assets: Public Support & Revenue Donations 137, , ,248 Interest Income , , ,352 Net Assets Released from Temporary Purpose Restriction 497,266 (497,266) 0 Total Public Support and Revenue 634,469 (78,117) 556,352 Expenses: Program (544,655) (544,655) General & Administrative (25,369) (25,369) Fundraising (27,653) (27,653) Total Expenses (597,677) 0 (597,677) Change in Net Assets 36,792 (78,117) (41,326) Net Assets Beginning of Year 16, , ,643 Net Assets End of Year 53,319 29,999 83,318 Page 5 of 9

6 Statement of Cash Flows Compiled as of September 30, 2010 Modified Cash Basis Change in Net Assets ($41,326) Adjustment to Reconcile Change in Net Assets to Net Cash Proviided by Operating Activities: Net Increase in Payables 1,847 Net Increase (Decrease) in Cash ($39,479) Cash at Beginning of Year 124,643 Cash at End of Year $85,165 Page 6 of 9

7 Statement of Activities Compiled For the Year Ended September 30, 2010 Modified Cash Basis Church Leadership Orphan Rescue General & Fund & Development & After Care Administrative Raising Total Grants 82, , ,535 Wages and Payroll Taxes 42,037 30,993 20,622 15, ,435 Professional Fees ,249 Advertising & Promotion 1,481 1, ,702 Office Expense ,066 Information Technology Travel 6,007 6,007 2,402 9,611 24,027 Interest ,341 Fees ,119 Dues & Subscriptions 2,424 2, ,060 Communications 2,256 2, , , ,828 25,369 27, ,677 Page 7 of 9

8 Notes to Compiled Financial Statements September 30, 2010 I. Nature of Ministry: As Our Own is organized to rescue, protect and empower vulnerable children in India as well as to equip the local Christian community through biblical discipleship, pastoral training and social service outreach projects. As Our Own is an Illinois nonprofit organization, exempt from income tax under Section 501(c)(3) of the IRS code and comparable state law. Contributions to As Our Own are tax deductible within the limitations prescribed by IRS code. II. Summary of Significant Accounting Policies: Accounting Method The financial statements of As Our Own have been prepared on the modified cash basis of accounting. Consequently, certain revenues are recognized when received rather than when earned and certain expenses are recognized when cash is disbursed rather than when the obligations are incurred. Building and equipment are capitalized and depreciated, rather than expensed. Classes in Net Assets Temporarily Restricted Funds As Our Own reports gifts of cash and other assets as temporarily purpose restricted, if they are received with donor stipulations that limit their use or are received in connection with an appeal for a specific purpose. When a donor restriction is satisfied, the temporarily restricted net assets are reclassified to unrestricted net assets, and reported in the statement of activities as net assets released from restrictions. As of September 30, 2010, As Our Own had $29,999 in temporarily restricted assets. Unrestricted Funds Unrestricted net assets are those funds currently available for operations. Donations of cash and other assets that are not received with clear donor stipulations or are not received in connection with an appeal that was for a specific purpose, are reported as unrestricted assets. Page 8 of 9

9 Cash and Cash Equivalents For purposes of the statement of cash flows, all highly liquid assets with a maturity of twelve months or less are considered to be cash equivalents. Property and Equipment Property and equipment is recorded at cost. Donated assets are recorded at fair market value on the date of the donation. Depreciation is allocated over the estimated useful lives, using the straight line method. Repairs and maintenance are expensed as incurred. Public Support, Revenue & Expense Contributions and unenforceable pledges are recorded when received. Other income is recorded when ownership of donated assets is transferred to As Our Own. Expenses are recorded when cash is disbursed. Allocation of Expenses Certain expenses may have been allocated between the programs benefited and supporting services. The costs of the programs and supporting services are summarized in the Statement of Activities. Income Taxes As Our Own has been determined by the Internal Revenue Service to be exempt from income tax under Section 501(c)(3) of the IRS code. Therefore, no provision for income tax has been recorded. Estimates Generally Accepted Accounting Principles require the use of estimates and assumptions that effect the reported amounts and disclosures. Actual results could differ from these estimates. III. Donated Services: Services are donated to As Our Own by volunteers. As the value of these donated services is not clearly measurable, it is not recorded. Page 9 of 9