ERICKSENKRENTEULAPORTELLP.

Transcription

1 FRENCH QUARTER FESTIVALS. INC, NEW ORLEANS. LOUISIANA FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER AND 2012 ERICKSENKRENTEULAPORTELLP. CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS 4227 CANAL STREET 2895 HIGHWAY 190, SUITE 213 NEW ORLEANS, LOUISIANA MANDEVILLE. LOUISIANA TELEPHONE (504) TELEPHONE (985) FAX (504) FAX (985)

2 TABLE OF CONTENTS ACCOUNTANTS' COMPILATION REPORT 1 PAGE FINANCIAL STATEMENTS: Exhibit "A" Statements of Financial Position 2 Exhibit "B" Statements of Activities 3 Exhibit "C" Statements of Cash Flows 4 SUPPLEMENTARY INFORMATION: Schedule of Findings 5 Schedule of Prior Year Findings 6

3 ERICKSENKRENTEULAPORTEL LI JAMES E, LAPORTE* KEVIN M. NEYREY RONALD H. DAWSON, JR.* CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS RICHARD G. MUELLER CLAUDE M. SILVERMAN* W ERIC POWERS 4227 CANAL STREET 2895 HIGHWAY 190, SUITE 213 DENNIS J TIZZARD. NEW ORLEANS, LOUISIANA MANDEVILLE, LOUISIANA JAMES E. TONGLETt TELEPHONE (504) TELEPHONE (985) *PROFESSIONAL CORPORATION FAX (504) FAX (985) f LIMITED LIABILITY COMPANY BENJAMIN J. ERICKSEN - DECEASED J.V. LECLERE KRENTEL - DECEASED ACCOUNTANTS' COMPILATION REPORT To the Board of Directors of French Quarter Festivals, Inc. New Orleans, LA We have compiled the accompanying statements of financial position of French Quarter Festivals, Inc. (a nonprofit organization) as of December 31, 2013 and 2012, and the related statements of activities and cash flows for the years then ended. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or provide any assurance about whether the financial statements are in accordance with 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 accounting principles generally accepted in the United States of America and for designing, implementing, and maintaining internal control relevant to the preparation and fair presentation of the financial statements. Our 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 Accoimtants. 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. Management has elected to omit substantially all of the disclosures required by accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Organization's financial position, changes in net assets, and cash flows. Accordingly, these financial statements are not designed for those who are not informed about such matters. We are not independent with respect to French Quarter Festivals, Inc. June 18,2014 ^ New Orleans, Louisiana 4/^ Certified Public Accountants www erickseqkrentel.com

4 Exhibit "A' FRENCH QUARTER FESTIVALS, INC. STATEMENTS OF FINANCIAL POSITION DECEMBER AND 2012 (See Accountants' Compilation ReportI ASSETS; Cash and cash equivalents $ 121,078 $ 32,672 Accounts receivable 12,766 38,809 Other current assets 7,027 5,734 Investments 816, ,613 Equipment (net of accumulated depreciation of $14,466 in 2013 and 2012) - - Total assets $ 957,193 $ 415,828 LIABILITIES: Accounts payable $ 23,656 $ 66 Accrued payroll liabilities 12,243 7,152 Total liabilities 35,899 7,218 NET ASSETS: Unrestricted; Undesignated 507,823 98,610 Board designated: Reserve fund 300, ,000 Temporarily restricted 113,471 10,000 Total net assets 921, ,610 Total liabilities and net assets $ 957,193 $ 415,828

5 Exhibit "B" FRENCH QUARTER FESTIVALS, INC. STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED DECEMBER AND 2012 (See Accountants' Compilation Report! UNRESTRICTED NET ASSETS; Public Support and Other Revenues: Beverage sales $ 848,548 $ 954,703 Event income 42,335 30,240 Food booth rental 221, ,982 Merchandise 283, ,111 Sponsorship 1,341, ,319 Advertising income 59,262 66,755 Grant income 100, ,750 Other income 563,874 82,426 Revenues released from restrictions 10,000 61,250 Total unrestricted public support and other revenues 3,470,464 2,437,536 Exoenses: Program services 2,379,742 1,789,225 Supporting services: Management and general 636, ,563 Fundraising 45,221 22,468 Total supporting services 681, ,031 Total expenses 3,061,251 2,416,256 Net change in unrestricted net assets 409,213 21,280 TEMPORARILY RESTRICTED NET ASSETS: Contributions 113,471 10,000 Released from restrictions (10,000) (61,250) Net change in temporarily restricted net assets 103,471 (51,250) Change in net assets 512,684 (29,970) Net assets, beginning of year 408, ,580 Net assets, end of year $ 921,294 $ 408,610

6 Exhibit "C" FRENCH QUARTER FESTIVALS, INC. STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER AND 2012 (See Accountants' Compilation Report) Change in net assets $ 512,684 $ (29,970) Adjustments to reconcile change in net assets to net cash from (used for) operating activities: Depreciation expense Bad debt expense 2,300 1,708 Changes in assets and liabilities: (Increase) decrease in accounts receivable 23,743 (26,365) Decrease in prepaid expenses - 2,295 (Increase) in other current assets (1,293) (3,691) Increase (decrease) in accounts payable 23,590 (2,384) Increase in accrued payroll liabilities 5,091 4,321 Net cash from (used for) operating activities 566,115 (53,219) CASH FLOWS rused FORI INVESTING ACTIVITIES: Purchase of investments (477,709) (7,440) Net cash (used for) investing activities (477,709) (7,440) Net increase (decrease) in cash and cash equivalents 88,406 (60,659) Cash and cash equivalents, beginning of year 32,672 93,331 Cash and cash equivalents, end of year $ 121,078 $ 32,672

7 FRENCH QUARTER FESTIVALS, INC. SCHEDULE OF FINDINGS FOR THE YEAR ENDED DECEMBER We have compiled the financial statements of French Quarter Festivals, Inc. as of and for the year ended December 31,2013, and have issued our report thereon dated June 18,2014. We conducted our compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. We did not audit or review the financial statements and, accordingly, did not express an opinion or provide any assurance about whether the financial statements of French Quarter Festivals, Inc. were in accordance with accounting principles generally accepted in the United States of America. During our engagement to compile the financial statements, we did not become aware of any matters that we deemed reportable to the management of French Quarter Festivals, Inc. SECTION I - FINDINGS RELATED TO THE FINANCIAL STATEMENTS NOT APPLICABLE SECTION H - MANAGEMENT LETTER NOT APPLICABLE

8 FRENCH QUARTER FESTIVALS, INC. SCHEDULE OF PRIOR YEAR FINDINGS FOR THE YEAR ENDED DECEMBER SECTION I - FINDINGS RELATED TO THE FINANCIAL STATEMENTS NOT APPLICABLE SECTION H - MANAGEMENT LETTER NOT APPLICABLE