Compilation Report and Financial Statements For the Year Ended December 31, Deemer CPA and Consulting Services, LLC

Transcription

1 D CPA & CONSULTING SERVICES, LLC BRENDEL W. DEEMER, CPA PEOPLE'S INSTITUTE FOR SURVIVAL & BEYOND, INC. Compilation Report and Financial Statements For the Year Ended December 31, 27 Deemer CPA and Consulting Services, LLC Jnder provisions of state law, this report is a public document. A copy cf the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, ai the office of the parish clerk of court Release Date / *

2 People's Institute For Survival & Beyond, Inc. Table of Contents PAGE Compilation Report Statement of Financial Position Statement of Activities Selected Information-Substantially All Disclosures Omitted Schedule of Functional Expenses Report Finding

3 Df^ I ^TWB I ^U ILALifJJtLlt CPA & CONSULTING SERVICES, LLC BRENDEL W. DEEMER, CPA bwdeemer@bellsouth.net Compilation Letter To the Board of Director's Of People's Institute For Survival & Beyond, Inc. New Orleans, Louisiana I have compiled the accompanying statement of financial position as of December 31,27 and the accompanying statement of activities and schedule of functional expenses for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management. I have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. However, I did become aware of a departure from generally accepted accounting principles that is described in the following paragraph. A statement of cash flows for the year ended December 31, 27, has not been presented. Generally accepted accounting principles require that such a statement be presented when financial statements purport to present financial position and results of operations. Management has elected to omit substantially all of the disclosures required by generally accepted accounting principles. If the omitted disclosures were included with the financial statements, they might influence the user's conclusions about the Organization's financial position and changes in net assets. Accordingly, these financial statements are not designed for those who are not informed about such matters. Deemer CPA and Consulting Services, LLC August 25,28

4 People's Institute For Survival and Beyond, Inc. Statement of Financial Position As of December 31,27 Assets Current Assets Cash & Cash Equivalents $ 319,419 Advances (Employees & Trainers) 4,984 Accounts Receivable 483,16 Investments 133,913 Total Current Assets $ 977,332 Fixed Assets Office Equipment $ 34,249 Accumulated Depreciation (6,85) Fixed Assets (Net) $ Total Assets - $ 1,4,731 Liabilities and Net Assets Accounts Payable and accrued expenses $ 19,146 Payroll taxes payable 65,46 Unearned Revenue 436,894 Line Of Credit 22,958 Total Liabilities $ 814,458 Net Assets Unrestricted $ 19,273 Total Net Assets 19,273 Total Liabilities and Net Assets $ 1,4,731 See accompanying selected information and accountants report. 2

5 People's Institute For Survival And Beyond, Inc. Statement of Activities For the Year Ended December 31, 27 Revenues, Gains, and Other Support Unrestricted Training Fees Private Foundations Grants Contributions Other Income Total Revenues, Gains, and Other Support $ 1,371,95 758,253 6,747 14, $ 2,218,34 Program Services Program Expenses Total Program Expense 1.863,938 $ 1,863,938 Support Services General.and Administrative Total Expenses Change In Net Assets Net Assets At Beginning Of Year Net Assets At End Of Year $ $ 13,712 $ 19,273 See accompanying selected information and accountant's report. 3

6 People's Institute For Survival & Beyond, Inc. Selected Information-Substantially All Disclosures Required by Generally Accepted Accounting Principles Are Not Included For the Year Ended December 31,27 1. Summary of Significant Accounting Principles General - People's Institute for Survival and Beyond, Inc. (the Institute), is a nonprofit corporation whose central office is in New Orleans, Louisiana. The organization's mission is to build a multiracial, anti-racist liberation movement throughout the United States. The goal of the Institute is "to develop accountable leadership equipped with the values, knowledge, and skills to work effectively towards the undoing of racism." The Institute's main funding sources are private grants and training fees. The training fees are the primary source of revenue for the Institute, which is generated through raining and technical assistance seminars in the areas of undoing racism, militarism, and sharing culture. Basis of Accounting - The financial statements of People's Institute For Survival & Beyond, Inc. are prepared on the accrual basis of accounting. Accordingly, revenue is recorded when earned and expenses are recorded when incurred. Cash - Cash is comprised of cash on hand and in banks. Income Taxes - This corporation has tax exempt status under 51 (c)3 of the Internal Revenue Service Code. Consequently, there is no provision for income tax reported in these financial statements. Use of Estimates The financial statements of People's Institute For Survival & Beyond, Inc. are prepared in conformity with generally accepted accounting principles which include estimates made by management. Accordingly, actual results may differ from those estimates.

7 People's Institute For Survival And Beyond, Inc. Schedule of Functional Expenses For the Year Ended December 31,27 Program Services Support Services Management And Administrative Total Salaries Payroll taxes Training Travel and Transportation Supplies and Materials Postage and Printing Rent Expense Telephone Fundraising Meetings Donations Utilities Office Expense Insurance Memberships Contracted Services Depreciation Interest Miscellaneous Bank Charges $ 498,92 51,64 933,886 76,89 32,341 4,453 5, ,177 29,892 8, ,442 $ 8,298 4,813 57,99 7,441 38,74 3,985 63,521 72,947 6,85 6,241 24, $ 498,92 51,64 933,886 76,89 4,639 9,266 57,99 57, ,177 38,74 3,985 93,413 81, ,442 6,85 6,241 24, Total Expenses $ 1,863, ,535 $ 2, See accompanying selected information and accountant's report. 5

8 People's Institute For Survival & Beyond, Inc. Report Finding-Late Reporting For the Year Ended December 31, 27 Criteria: The State of Louisiana audit law requires that the agency submit its' financial reports on or before six months following the end of the fiscal year. Condition: The compilation report for the fiscal year ended December 31, 27 was due June 3, 28, Effect of Condition: The compilation report was not issued timely, in accordance with the State of Louisiana's audit law deadline. Cause of Condition: The agency did not engage an independent accountant in a timely manner. Recommendation: It is recommended that People's Institute For Survival & Beyond, Inc.. engage an independent accountant in a timely manner in order to comply with the State of Louisiana's audit law. Management Response: We are informed regarding the State of Louisiana's audit law and will ensure timely engagement of a CPA to comply with our reporting requirements in the future.