FINANCIAL STATEMENTS (2)
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Cronin, Jackson, Nixon & Wilson
CERTIFIED rUBLlC ACCOUNTAN7S, r.A.
JAMES L CARLSTEDT. C.P.A.
JOHN H. CRONIN. JR.. C.P.A.
ROBERT H. JACKSON. C.P.A.
BRENDA W. McBARRON. C.P.A.
ROBERTC. NIXON, C.P.A.
HOLLY M. TOWNER. C.P.A.
JAMES L WILSON. C.P.A.
l.SIlO (;('I.r,TO.RA r ROUUYARf)
S(JfTf: lOO
CLEA RW A TER, Fl.ORllJA 34f.l5.4419
(1113) 79/.40l0
TEl.ECOPlER
(813) 797-360l
Independent Auditors' Report
November 15, 1994
To the Board of Directors
Ervin's All American Youth Club, Inc.
We have audited the accompanying balance sheet of Ervin's All American
Youth Club, Inc. (a non-profit organization) as of Septemher 30, 1994, and
the related statement of activity and changes in fund balance and cash
flows for the year then ended. These financial statements are the
responsibility of the organization's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Ervin's All American
Youth Club, Inc. as of September 30, 1994, and the results of its
operations for the year then ended in conformity with generally accepted
accounting principles.
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CRONIN, JACKSON, NIXON & WILSON
Assets
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Ervin's All American Youth Club, Inc.
Balance Sheet
September 30, 1994
Current assets:
Cash
Due from Juvenile Welfare Board (Note 3)
Other
Furniture and equipment, net of accumulated
depreciation of $9,517
Liabilities and Net Assets
Liabilities:
Deferred revenue - W. K. Kellogg Foundation (Note 6)
Accounts payable and accrued expenses
Payroll taxes
Fund balance
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The accompanying notes are an integral
part of these financial statements
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$17,469
4,834
671
22,974
9.509
$32.483
$10,821
3,373
4.630
18,824
13.659
$32.483
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Ervin's All American Youth Club, Inc.
statement of Activity and Changes in Fund Balance
For the Year Ended September 30, 1994
Support:
W. K. Kellogg Foundation
Juvenile Welfare Board (Note 3)
City of Clearwater (Note 4)
City of Clearwater in-kind donations (Note 5)
Corporate and civic Club donations
Individual donations
other donations
Expenses:
Salaries
Taxes
Accounting and audit fees
Contractual services
Travel and conference costs
Training
Telephone
utilities
Rent - Equipment
Rent - Building
Insurance
Repairs and maintenance
Promotional activities
operating supplies and expense
Depreciation
Networking
Dues and subscriptions
Program evaluation
Penalties
Retirement
Incentive program
Books
Family activities
Excess of support over expenses
Fund balance, beginning of year
Fund balance, end of year
The accompanying notes are an integral
part of these financial statements
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$ 88,679
67,239
87,681
18,060
10,000
2,776
3.487
277.922
137,550
12,857
10,130
2,663
4,296
300
2,926
5,028
12,086
12,000
6,347
8,597
1,246
14,490
2,573
1,820
507
4,500
1,583
1,644
3,287
1,553
11.287
259.270
18,652
(4.993)
$ 13.659
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Ervin's All American Youth Club, Inc.
statement of Cash Flows
For the Year Ended September 30, 1994
Cash flows from operating activities:
Cash received from supporting agencies and individuals
Cash paid to employees
Cash paid for operations
$ 286,814
(139,463)
(115.662)
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of equipment
31. 689
(10.183)
(10.183)
Net cash used in investing activities
Net increase in cash
21,506
Cash at the beginning of year
(4.037)
$ 17.469
Cash at the end of year
Reconciliation of excess of support over expenses
to net cash provided by operating activities:
Excess of support over expenses
Adjustments to reconcile excess of support
over expenses to net cash provided by
operating activities:
Depreciation
Change in asset and liabilities:
Increase in due from Juvenile Welfare Board
Decrease in other current assets
Decrease in accounts payable
Increase in payroll taxes payable
Decrease in accrued payroll
Increase in deferred revenue
$ 18.652
2,573
(1,929)
778
(81 )
2,788
(1,913)
10.821
Net cash provided by operating activities
13.037
$ 31.689
The accompanying notes are an integral
part of these financial statements
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Ervin's All American Youth Club, Inc.
Notes to Financial statements
September 30, 1994
Note 1 - Orqanization:
Ervin's All American Youth Club, Inc. (the "Organization") was
organized to provide a club for the youth of the Clearwater, Florida area.
The intent of the Organization is to combat juvenile delinquency by
promoting the development of athletic ability and scholastic achievement.
The Organization was incorporated on June 17, 1981, in the State of
Florida to engage exclusively in not-for-profit activities, and is exempt
from federal income taxes under Section 501(c) (3) of the Internal Revenue
Code and state income taxes under Section 220.13 of the Florida State Tax
Code. Therefore, no provision for income taxes has been made in these
financial statements.
Note 2 - Summary of siqnificant accountinq policies:
A summary of the major accounting policies followed by the organization
in preparation of the accompanying financial statements is set forth below.
A. Method of accounting:
The financial statements of the Organization have been prepared on
the accrual basis of accounting.
B. Fund accountinq:
The accounts of the Organization are maintained in accordance with
the principles of fund accounting in order to ensure observance of
limitations and restrictions which may be placed on the use of
resources made available to the organization.
C. Depreciation:
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Furniture and equipment are recorded at cost. Depreciation has
been provided based on straight-line and accelerated methods over
periods ranging from five to seven years.
D. Contributed services:
The value of the contributed time of unpaid volunteers is not
reflected in the financial statements of the organization, since it
is not susceptible to objective measurement.
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Note 3 - Juvenile Welfare Board qrants:
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An ongoing source of support for the Organization is the Juvenile
Welfare Board of Pinellas County ("JWB"). JWB reimburses the organization
for monthly operating costs based upon a budget recommended by the
Organization and approved by JWB.
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The amount due from JWB of $4,834 represents expenditures made by the
Organization for which reimbursement has been requested. The support
amount from JWB of $67,239 represents expenditures made by the Organization
and funded by JWB.
JWB reimbursed
September 30, 1994:
expenses
are
as
follows
for the year ended
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Salaries
Payroll taxes
Retirement
Group insurance
Contractual services
Accounting and audit fees
Conference costs
Telephone
Postage
utilities
Water/sewer/Sanitation
Rent
Insurance
Printing
Advertising
operating supplies and expense
Subscriptions
Books
$39,469
3,019
1,644
5,291
1,000
6,750
500
1,000
175
3,000
700
1,000
1,000
91
200
2,000
200
200
$67.239
Note 4 - city of Clearwater qrants:
support from the City of Clearwater in the amount of $87,681 represents
Community Development Block Grant awards, special awards, and
reimbursements for specific projects.
Note 5 - city of Clearwater in-kind donations:
The support amounts from city of Clearwater in-kind donations of
$18,060 represents donations of building rent, maintenance, and supplies.
The organization occupies facilities owned and maintained by the City of
Clearwater.
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Note 6 - Deferred revenue:
The organization received funding of $99,500 in advance from the W. K.
Kellogg Foundation. These funds have been restricted by the donor for
specific purposes. In the current fiscal year, revenue has been recognized
to the extent that specific expenses have been incurred. Revenue of
$88,679 has been recognized and the remaining $10,821 has been recorded as
deferred revenue.
Note 7 - Commitments and continqencies:
Ervin's All American Youth Club, Inc. receives a substantial amount of
its support from Federal programs and local governments. A significant
reduction in the level of this support, if this were to occur, would have
an adverse effect on the organization's programs and activities.
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