WEST WIT. AIRY NEIGHBORS, INC. FINANCIAL REPORT June 30, 2014 and 2013

Transcription

1 WET WIT. AIRY NEIGHBOR, INC. FINANCIAL REPORT June 3, 214 and 213

2 TABLE OF CONTENT FINANCIAL TATEMENT Page No. Accountant' Compilation Report tatement of Financial Poition 2 tatement of Activitie 3 tatement of Cah Flow 4 Note to Financial tatement 5

3 nyder, Daitz & Company DENNI NATALI, CPA JOEPH P. LEONARD, CPA certified public accountant 1617 john f. kennedy blvd., 5uite 72d philadelphia, pa. i91d3-ibzi &3-&141 FAX (215) 563-G62D 35D RIVER RDAD UITE G 1 4 NEW HOPE, PA To the Board of Director Wet Mt Airy Neighbor. Inc Philadelphia, PA We have compiled the accompanying tatement of financial poition of Wet Mt. Airy Neighbor. Inc. (a nonprofit corporation) a of June and 213. and the related tatement of activitie and cah flow for the year then ended We have not audited or reviewed the accompanying financial tatement and. accordingly, do not expre an opinion or provide any aurance about whether the financial tatement are in accordance with accounting principle generally accepted in the United tate of America Management i reponible for the preparation and fair preentation of the financial tatement in accordance with accounting principle generally accepted in the United tate of America and for deigning, implementing, and maintaining internal control relevant to the preparation and fair preentation of the financial tatement Our reponibility i to conduct the compilation in accordance with the tatement on tandard for Accounting and Review ervice iued by the American Intitute of Certified Public Accountant. The objective of a compilation i to ait management in preenting financial information in the form of financial tatement without undertaking to obtain or provide any aurance that there are no material modification that hould be made to the financial tatement -7*^7 NYDER, DAITZ & COMPANY Philadelphia. PA October 28, 214

4 WET WIT. AIRY NEIGHBOR, INC. TATEMENT OF FINANCIAL POITION A of June June AET CURRENT AET Cah Account receivable Prepaid expene Total Current Aet 52, ,349 2, PROPERTY AND EQUIPMENT Office equipment Le' accumulated depreciation 13,638 (13,638) (13.638) Total Aet 68,594 55,779 LIABILITIE AND NET AET CURRENT LIABILITIE Account payable and accrued expene Fund held for other 1,25 21, ,292 Total Current Liabilitie 22, NET AET Unretricted ,237 Total Liabilitie and Net Aet 68,594 55,779 The accompanying letter and note are an integral part of thee tatement

5 TATEMENT OF ACTIVITIE Year Ended June June 3, 213 TEMPORARILY UNRETRICTED UNRETRICTED RETRICTED TOTAL REVENUE Memberhip Corporate ponorhip Contribution and grant Program ervice and event Dividend and interet Net aet releaed from retriction ,5 12, ,281 14, (1.247) 18,281 14, Total Revenue ,316 (1.247) EXPENDITURE Neighborhood development program General adminitration Fundraitng 34, Total Expenditure 65,83 56, Change in Net Aet 1,835 14,367 (1.247) 4.12 Net Aet. Beginning Net Aet, Ending ,237 44,237 The accompanying loitot and nole ate an integral part of thee tatement 3

6 WET WIT. AIRY NEIGHBOR, INC. TATEMENT OF CAH FLOW Year Ended CAH FLOW FROM OPERATING ACTIVITIE Change in net aet Adjutment to reconcile to cah from operation (Increae) decreae in: Account receivable Prepaid expene Increae (decreae) in1 Fund held for other June ,835 (13.811) (172) 1,98 June ,12 (187) Net cah provided (ued) by operation (1,168) 5,17 CAH FLOW FROM INVETING ACTIVITIE CAH FLOW FROM FINANCING ACTIVITIE Net increae (decreae) in cah for year (1,168) 5.17 Cah Balance, beginning 53, Cah Balance, ending ,349 The accompanying letter and note are an integral part of thee tatement. 4

7 NOTE TO FINANCIAL TATEMENT June and 213 NOTE 1 - THE ORGANIZATION The miion of the Wet Mt. Airy Neighbor. Inc. (aka: Wet Mt. Airy Neighbor or WMAN) i to erve a a community-baed volunteer organization committed to preerving and enhancing the quality of life in it richly divere urban neighborhood. The Organization collect memberhip fee, olicit annual contribution and hold fund raiing event to upport it operation and miion. NOTE 2 - UMMARY OF IGNIFICANT ACCOUNTING POLICIE. Date of Management' Review ubequent event were evaluated through October , which i the date the financial tatement were available to be iued Bai of Accounting The Organization' accounting policie conform to generally accepted accounting principle, uing the accrual bai of accounting. Bai of Preentation The financial tatement are preented in accordance with FAB AC 958 (formerly FA No. 117, Financial tatement of Not-for-Profit Organization), which require the Organization to report information regarding it financial poition and activitie according to three clae of net aet unretricted net aet, temporarily retricted net aet, and permanently retricted net aet. Ue of Etimate The preparation of financial tatement in conformity with generally accepted accounting principle require management to make etimate and aumption that affect certain reported amount and dicloure Accordingly, actual reult could differ from thoe etimate. Cah Cah and other highly liquid invetment with maturitie of three month or le are conidered to be cah equivalent. Cah and cah equivalent include balance retricted to ue within the guideline of grant from the organization' funding ource, and fund held for other organization. Thee balance totaled approximately 521,3 and 31,3 in 214 and 213 repectively Property and Equipment Property and equipment are recorded at cot. Contributed property i recorded at the etimated fair value at the time of the gift. Depreciation of property and equipment i provided on a traight-line bai over the etimated ueful live (3 year) of the repective aet

8 NOTE TO FINANCIAL TATEMENT June and 213 NOTE 2 - UMMARY OF IGNIFICANT ACCOUNTING POLICIE - CONTINUED Recognition of Contribution Contribution received are recorded a unretricted, temporarily retricted, or permanently retricted upport, depending on the exitence and/or nature of any donor retriction. upport that i retricted by the donor i reported a an increae in unretricted net aet if the retriction expire in the reporting period in which the upport i recognized All other donor-retricted upport i reported a an increae in temporarily or permanently retricted net aet, depending on the nature of the retriction When a retriction expire, that i, when a tipulated time retriction end or purpoe retriction i accomplihed, temporarily retricted net aet are reclaified to unretricted net aet and reported in the tatement of activitie a net aet releaed from retriction. Amount releaed from retriction totaled -- and for the year ended June 3, 214 and 213 repectively. Contributed ervice During the year ended June 3, 214 and 213 the value of contributed ervice meeting the requirement for recognition in the financial tatement wa immaterial and ha not been recorded. In addition, many individual volunteer their time and performa variety of tak that ait the Organization. The Organization etimate that it received more then 2,5 volunteer hour during each of the fical year 214 and 213 repectively. Agency tranaction Agency tranaction, in which the organization receive fund, which are required to be paed through for ue by a pecified beneficiary, are not recorded a contribution received and reflected on the tatement of activitie, but are recorded a liabilitie reflected on the tatement of financial poition (ee NOTE 3). Income Taxe The organization i a nonprofit corporation exempt from taxation under ection 51(c){3) of the Internal Revenue Code.

9 NOTE TO FINANCIAL TATEMENT June and 213 NOTE 3 - FUND HELD FOR OTHER Fund held for other repreent fund held a fical agent for other organization. The Organization doe not have dicretion a to the ue of thee fund thu they are recorded a agency tranaction liabilitie a follow CV Houton Bank of Emlen Friend of Gateway Total Landcape Playground America treetcape Circle Alien Lane Neighborwork Project of All Account Account Account Account Account Account. Account Account Account Balance. July 1, _ Fund received Fund expended Net account activity 775 (1.461) (686) 5 5 (17) (17) 45 _ , (5721 ( Balance June Fund received Fund expended Net account activity (971) ( (2.11) 99 in JQ , (52 (13) (3.614) (52) Balance-June _217L 1,41 _17_7 18 I ,982 21,272

10 NOTE TO FINANCIAL TATEMENT June 3, 214 and 213 NOTE 4-NET AET Unretricted Net Aet Unretricted net aet repreent fund retained by the Organization that were received without any donor-impoed retriction. In addition, donor-retricted contribution whoe retriction have been met in the ame reporting period are reported a unretricted upport Temporarily Retricted Net Aet Temporarily retricted net aet repreent reource retricted by the donor a to time or ue with the expectation that uch retriction will be atified in the future. There were no temporarily retricted net aet a of June 3, 214 and 213. Permanently Retricted Fund Permanently retricted net aet repreent reource ubject to a donor-impoed retriction that they be permanently maintained The organization ha not received any uch contribution. NOTE 5 - LEAING ARRANGEMENT The Organization leae office pace under a one-year leae that expired on May 31, 25. The leae then converted to a month to month leae. A of February 1,212, the Organization no longer leae any office pace. Total rent expene for the year ended June 3, 214 and 213 wa 42 and 42 repectively.