USA Water Ski Audit 12-31-10

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Informations

• Publié par: Odwou
• Nombre de lectures: 20
• Langue: English

Extrait

USA WATER SKI, INC.
Financial Statements
& Supplemental Schedules
For the Year Ended December 31, 2010











TABLE OF CONTENTS


Independent Auditors' Report . . . . . . . . . . . . . . . . . 1
Statement of Financial Position . . . . . . . . . . . . . . . 3
Statement of Activities and Changes in Net Assets . . . . . . 4
Statement of Cash Flows . . . . . . . . . . . . . . . . . . . 5
Notes to Financial Statements . . . . . . . . . . . . . . . . 6
Schedule of Program Services . . . . . . . . . . . . . . . . . 13
Schedule of Supporting Services . . . . . . . . . . . . . . . 14




INDEPENDENT AUDITORS' REPORT

Board of Directors
USA Water Ski, Inc.
Polk City, Florida

We have audited the accompanying statement of financial position of
USA Water Ski, Inc., (a nonprofit corporation) as of December 31,
2010 and the related statements of activities and changes in net
assets, and cash flows for the year then ended. These financial
statements are the responsibility of the Corporation's management.
Our responsibility is to express an opinion on these financial
statements based on our audit. The prior-year summarized
comparative information has been derived from the Corporation's
December 31, 2009 financial statements and, in our report dated
February 26, 2010, we expressed an unqualified opinion on those
financial statements.

We conducted our audit in accordance with auditing standards
generally accepted in the United States of America. 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
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 USA
Water Ski, Inc. as of December 31, 2010, and the changes in net
assets and cash flows for the year then ended in conformity with
accounting principles generally accepted in the United States of
America.

Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules of program services and of supporting services for the
year ended December 31, 2010 are presented for purposes of
additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of
management and was derived from and relates directly to the
underlying accounting and other records used to prepare
financial statements. The information has been subjected to the
auditing procedures applied in the audit of the basic financial
1

1365 Garden of the Gods Road, Suite 150 • Colorado Springs, CO 80907 • [phone] • Fax: [phone] • www.waughgoodwinllp.com statements and certain additional procedures including comparing and
reconciling such information directly to the underlying accounting
and other records used to prepare the financial statements or to the
financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United
States of America. In our opinion, the information is fairly stated
in all material respects in relation to the basic financial
statements taken as a whole.

Waugh & Goodwin, LLP
March 4, 2011
2
USA WATER SKI, INC.
Statement of Financial Position
December 31, 2010
(With Comparative Amounts for 2009)
ASSETS
2010 2009
CURRENT ASSETS:
Cash and cash equivalents $ 477,858 $ 624,158
Short-term investments 311,882 213,948
Accounts receivable 72,058 78,712
Prepaid expenses 119,41237,959
Inventory 6,663 7,510
Other assets 4,5503,200
Total current assets 992,423 965,487
PROPERTY AND EQUIPMENT, at cost:
Computers and software 110,373 98,479
Furniture and equipment 151,617 151,070
Leasehold improvements 33,835 33,835
295,825 283,384
Less accumulated depreciation (249,621) (237,009)
Property and equipment - net 46,204 46,375
TOTAL ASSETS $ 1,038,627 $ 1,011,862
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES:
Accounts payable $ 5,241 $ 24,868
Accrued liabilities 31,084 30,774
Deferred revenue (Note D) 338,130 335,039
Total current liabilities 374,455 390,681
DEFERRED REVENUE (Note D) 34,138
NET ASSETS:
Unrestricted 218,027 220,784
Unrestricted - Board designated (Note G) 342,703 338,751
Temporarily restricted (Note H) 69,304 61,646
Total net assets 630,034 621,181
TOTAL LIABILITIES AND NET ASSETS $ 1,038,627 $ 1,011,862
See Notes to Financial Statements
3USA WATER SKI, INC.
Statement of Activities and Changes in Net Assets
For the Year Ended December 31, 2010
(With Comparative Totals for 2009)
Temporarily 2010 2009
Unrestricted Restricted Totals Totals
SUPPORT AND REVENUE:
Membership registrations $ 925,910 $ $ 925,910 $ 971,410
Marketing and partnership 190,282 190,282 187,693
Publication income 163,593 163,593 186,572
Event sanctioning income 93,556 93,556 93,554
Regional income 92,52192,521 97,616
Sport discipline income 41,474 37,995 79,469 66,249
National tournaments 44,322 44,322 118,225
Approved towboat testing 44,00044,000 34,500
Sport development 37,565 37,565 41,103
Value in kind 31,00031,000 31,000
Teams fund 28,652 28,652 42,189
Interest income 13,80513,805 9,435
Other income 9,258 9,258 8,619
Team trials income 4,010 4,010 8,320
Satisfaction of program
restrictions 30,337 (30,337)
Total support and revenue 7,6581,750,285 1,896,4851,757,943
EXPENSES:
Program services:
Membership 518,926 518,926 549,742
Publication expense 362,449 362,449355,694
Sport discipline expense 164,511 164,511 160,625
Sport development 136,387 136,387145,706
Regional expense 85,808 85,808 108,163
National tournaments82,95982,959156,272
Competition 46,254 46,254 46,068
National teams37,20737,20749,875
Towboat program 19,502 19,502 15,213
Total program services 1,454,003 1,587,3581,454,003
Supporting services:
General and administrative
expense 167,779 167,779 168,924
Sponsorship development 127,308 127,308152,188
Total supporting services 295,087 295,087 321,112
Total expenses 1,749,090 1,749,090 1,908,470
CHANGE IN NET ASSETS 1,195 7,658 8,853 (11,985)
NET ASSETS,
beginning of year 559,535 61,646 621,181 633,166
end of year $ 560,730 $ 69,304 $ 630,034 $ 621,181
See Notes to Financial Statements
4USA WATER SKI, INC.
Statement of Cash Flows
For the Year Ended December 31, 2010
(With Comparative Amounts for 2009)
2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Change in net assets $ 8,853 $ (11,985)
Adjustments to reconcile changes in net
assets to net cash used by
operating activities:
Depreciation 21,207 22,842
Changes in assets and liabilities:
ges in accounts receivable 6,654 (38,203)
Changes in prepaid expenses (81,453) (271)ges in inventory 847 (2,406)
Changes in other assets (1,350)ges in accounts payable (19,627) (42,560)
Changes in accrued liabilities 310 (1,615)ges in deferred revenue 37,229 (18,407)
Total adjustments (36,183) (80,620)
Net cash used by
operating activities (27,330) (92,605)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment (21,036) (8,964)
Change in investments, net (97,934) 2,599
Net cash used by
investing activities (118,970) (6,365)
NET DECREASE IN CASH (146,300) (98,970)
CASH AND CASH EQUIVALENTS,
beginning of year 624,158 723,128
end of year $ 477,858 $ 624,158
See Notes to Financial Statements
5 USA WATER SKI, INC.
Notes to Financial Statements
For the Year Ended December 31, 2010



A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

USA Water Ski, Inc. (the Corporation) is the national governing
body of organized water skiing in the United States. USA Water
Ski, Inc. is a member of the International Water Ski
Federation, the Pan American Sports Organization and the United
States Olympic Committee. Affiliated with USA Water Ski, Inc.
as sport disciplines are the American Water Ski Association,
American Barefoot Club, American Kneeboard Association,