LOUISIANA SENIOR OLYMPIC GAMES, INC Baton Rouge, Louisiana

Transcription

1 LOUISIANA SENIOR OLYMPIC GAMES, INC FINANCIAL REPORT (Compiled) December 31,2004 Under provisions of state law, this report is a public document. Acopy of 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, at the office of the parish clerk of court. Release Date 3 IkfagT

2 LOUISIANA SENIOR OLYMPIC GAMES, INC. TABLE OF CONTENTS Exhibit Page INDEPENDENT ACCOUNTANTS 1 COMPILATION REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position A 2 Statement of Activities and Changes in Net Assets B 3 Statement of Cash Flows C 4 Statement of Functional Expenses D 5 Notes to Financial Statements E 6

3 CPAi Business Advisors * Wealth Managers INDEPENDENT ACCOUNTANTS' COMPILATION REPORT Board of Directors Louisiana Senior Olympic Games, Inc. We have compiled the accompanying statement of financial position of the LOUISIANA SENIOR OLYMPIC GAMES, INC. (a non-profit organization) as of December 31, 2004 and the related statements of activities and changes in net assets, cash flows, and 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. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them. January 20, 2005 Certified Public Accountants 6811 Jdfenon Midway Baron Roug:, LA (225) 927-^811 fccsimikr. (225) S. Bumside Avenue Gonalcs, 1A (225)

4 Exhibit A LOUISIANA SENIOR OLYMPIC GAMES, INC. STATEMENT OF FINANCIAL POSITION December 31, 2004 (See Independent Accountants' Compilation Report) ASSETS CURRENT Cash Prepaid expenses Total current assets $ 78, ,069 FIXED ASSETS - net Total assets $ 79,069 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accrued payroll taxes NET ASSETS - UNRESTRICTED Total liabilities and net assets $ 5,578 73,491 $ 79,069 The accompanying notes to financial statements are an integral part of this statement. 2

5 Exhibit B LOUISIANA SENIOR OLYMPIC GAMES, INC. STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS For the year ended December 31, 2004 (See Independent Accountants' Compilation Report) SUPPORT AND REVENUE Donations $ 169,169 Game registration fees 46,694 Memberships 19,520 District dues 4,336 Sale of merchandise 2,041 Interest and other income 348 Total support and revenue 242,108 EXPENSES Program services 189,403 General and administrative 43,324 Total expenses 232,727 Increase in net assets 9,3 81 NET ASSETS Beginning of year 64,110 End of year $ 73,491 The accompanying notes to financial statements are an integral part of this statement. 3

6 Exhibit C LOUISIANA SENIOR OLYMPIC GAMES, INC. STATEMENT OF CASH FLOWS For the year ended December 31,2004 (See Independent Accountants' Compilation Report) CASH FLOWS FROM OPERATING ACTIVITIES Increase in net assets Adjustments to reconcile increase in net assets: Depreciation Change in operating liabilities: Accrued payroll tax Net cash provided by operating activities CASH Beginning of year End of year $ 9,381 1,402 (10) 10,773 67,713 $ 78,486 The accompanying notes to financial statements are an integral part of this statement. 4

7 Exhibit D LOUISIANA SENIOR OLYMPIC GAMES, INC. STATEMENT OF FUNCTIONAL EXPENSES For the year ended December 31, 2004 (See Independent Accountants' Compilation Report) Program General and Services Administrative Total Salaries $ 73,100 $ 11,619 $ 84,719 Payroll taxes andbenefits 1,918 6,046 7,964 Local district support 30,852-30,852 Printing and promotions 25,897-25,897 Facilities and rentals 16,951 8,200 25,151 Equipment and supplies 9,561 2,073 11,634 Participant food and support 10,871-10,871 Insurance - 8,650 8,650 Awards 5,613-5,613 Postage 4,259-4,259 Travel and conferences 2,914-2,914 Promotional supplies 2,740-2,740 Volunteer meals and supplies 2,355-2,355 Accounting - 2,100 2,100 Depreciation 1,402-1,402 Other 970 4,636 5,606 Total expenses $ 189,403 $ 43,324 $ 232,727 The accompanying notes to financial statements are an integral part of this statement. 5

8 Exhibit E LOUISIANA SENIOR OLYMPIC GAMES, INC. NOTES TO FINANCIAL STATEMENTS (See Independent Accountants* Compilation Report) NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of activities The Louisiana Senior Olympic Games, Inc. (LSOG) is a non-profit organization that promotes wellness and an improved quality of life for senior citizens through sports and physical training. LSOG plans, promotes and oversees a statewide program, which includes competitions held at the local, state and district level. Funding for LSOG is through donations, primarily from organizations and the State of Louisiana, membership dues from individuals, and registration fees from participants in the state games. Basis of presentation LSOG maintains its financial statements and related records on the accrual basis of accounting wherein revenues are recognized in the accounting period in which they are earned and become measurable and expenses are recognized in the period incurred, if measurable. LSOG reports its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. LSOG did not have any temporarily or permanently restricted net assets at December 31, The statement of activities presents expenses of LSOG's operations functionally between program services and general and administrative. Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts and related disclosures of the financial statements. Actual results could differ from those estimates. Estimates are used primarily when accounting for depreciation in these financial statements.

9 Exhibit E Continued NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair value of financial instruments The carrying value of cash and current liabilities approximates fair value due to the short-term maturity of these instruments. None of the financial instruments are held for trading purposes. Cash and cash equivalents LSOG considers all highly liquid investments with a maturity of three months or less at the date of acquisition to be cash equivalents. There are no cash equivalents at December 31,2004. Support and revenue Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support depending on donor restrictions, if any. Contributions are recognized when the donor makes a promise to give to LSOG that is, in substance, unconditional. LSOG did not receive any restricted donations during Donated services and supplies No amounts have been reported in the accompanying financial statements for donated services and supplies because no objective basis is available to measure the value of such services and donations. A number of volunteers and organizations have contributed their time and services to LSOG without compensation. Fixed assets and depreciation Purchased fixed assets are recorded at cost. Fixed assets are depreciated over their estimated useful lives using the straight-line method. Income tax status LSOG qualifies as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code; therefore, the financial statements have no provision for federal and state income tax.

10 NOTE 2 - FIXED ASSETS Exhibit E Continued Fixed assets consist of sports and office equipment (original cost of $14,445 and accumulated depreciation of $14,445) with an estimated service life of three to five years. Depreciation expense was $1,402 during NOTE 3 - CONCENTRATIONS OF CREDIT RISK Financial instruments that subject LSOG to concentrations of credit risk consist of cash. LSOG typically maintains these balances in a local bank that may at times exceed the FDIC limits. Approximately 67% of revenue was received as support from three contributors, which consisted of two corporations and one Louisiana agency. NOTE 4 - RENTAL OF OFFICE SPACE LSOG leases office facilities under a month-to-month operating arrangement. Rent expense for office facilities during the year ended December 31, 2004 was approximately $8,200.