La lecture en ligne est gratuite
Le téléchargement nécessite un accès à la bibliothèque YouScribe
Tout savoir sur nos offres
Télécharger Lire

NYFA-Audit-03

16 pages
NEW YORK FOUNDATION FOR THE ARTS, INC. FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION JUNE 30, 2003 AND 2002 NEW YORK FOUNDATION FOR THE ARTS, INC. TABLE OF CONTENTS Page Independent Auditor’s Report .......................................................................................... 1 Financial Statements Statements of Financial Position ................................................................................ 2 Statements of Activities .............................................................................................. 3 Statements of Cash Flows .......................................................................................... 4 Notes to Financial Statements ................................................................................... 5-11 Additional Information Independent Auditor’s Report on Additional Information ............................................ 13 Schedule of Functional Expenses ............................................................................. 14 INDEPENDENT AUDITOR’S REPORT To the Board of Trustees of New York Foundation for the Arts, Inc. We have audited the accompanying statements of financial position of New York Foundation for the Arts, Inc. (a not-for-profit corporation) as of June 30, 2003 and 2002, and the related statements of activities and cash flows for the years then ended. These financial ...
Voir plus Voir moins
NEW YORK FOUNDATION FOR THE ARTS, INC.   FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION   JUNE 30, 2003 AND 2002
NEW YORK FOUNDATION FOR THE ARTS, INC.    TABLE OF CONTENTS Page        Independent Auditor’s Report  .......................................................................................... 1   Financial Statements   Statements of Financial Position ................................................................................ 2   Statements of Activities .............................................................................................. 3   Statements of Cash Flows .......................................................................................... 4   Notes to Financial Statements  ................................................................................... 5-11   Additional Information   Independent Auditor’s Report onA dditional Information  ............................................ 13   Schedule of Functional Expenses  ............................................................................. 14   
   INDEPENDENT AUDITOR’S REPORT     To the Board of Trustees of New York Foundation for the Arts, Inc.   We have audited the accompanying statements of financial position of New York Foundation for the Arts, Inc. (a not-for-profit corporation) as of June 30, 2003 and 2002, and the related statements of activities and cash flows for the years 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 audits.  We conducted our audits in accordance with U.S. 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 audits provide 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 New York Foundation for the Arts, Inc. as of June 30, 2003 and 2002, and the changes in its net assets and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.          New York, New York January 7, 2004   
NEW YORK FOUNDATION FOR THE ARTS, INC.STATEMENTS OF FINANCIAL POSITIONJUNE 30, 2003 AND 2002AssetsCash and cash equivalents (Notes 1b and 3)Unconditional promises to give (Notes 1d and 5)Prepaid expenses and other current assetsProperty and equipment, at cost, less accumulated   depreciation (Notes 1e and 6)Investments (Notes 1c and 4)Security depositsTotal AssetsLiabilities and Net AssetsLiabilitiesAccounts payable and other current liabilitiesEncumbered funds (Note 1f)Due to Sponsored Emerging OrganizationsTotal LiabilitiesCommitments and Contingencies (Note 8)Net AssetsUnrestricted (Note 2a)Temporarily restricted (Note 2b)Permanently restrictedGeri Ashur Award Fund (Note 2c1)Concordia Foundation Career Advancement Award   Fund (Note 2c2)Cash reserve (Note 2c3)Total Permanently RestrictedTotal Net AssetsTotal Liabilities and Net AssetsSee notes to financial statements.2003$ 3,479,448      915,711      109,994      161,392      698,120        38,073$ 5,402,738$ 195,230      549,747      554,1441,299,121    ( 122,240)   3,773,214      139,413      110,000      203,230      452,643   4,103,617$ 5,402,73822002$ 4,457,198      846,354      108,444      109,293      240,432        37,521$ 5,799,242$ 145,741      721,343      408,0581,275,142     (108,540)   4,184,997      134,413      110,000      203,230      447,643   4,524,100$ 5,799,242
NEW YORK FOUNDATION FOR THE ARTS, INC.STATEMENTS OF ACTIVITIESYEARS ENDED JUNE 30, 2003 AND 2002Changes in Unrestricted Net AssetsRevenue and Other SupportGrants and contributionsFundraising benefitsLess: Direct fundraising costsAdministrative feesProgram service feesLoan service feesInterest Net realized gain on sale of investmentsNet unrealized gain on investmentsMiscellaneousNet assets released from restrictionsSatisfaction of time and program restrictionsTotal Unrestricted Revenue and Other SupportExpensesProgram ServicesManagement and generalFundraisingTotal Expenses(Decrease) Increase in Unrestricted Net AssetsChanges in Temporarily Restricted Net AssetsContributionsNet assets released from restrictionsTransfer to cash reserve (Note 2c3)(Decrease) Increase in Temporarily Restricted Net Assets  Changes in Permanently Restricted Net AssetsContributionsTransfer from temporarily restricted net assets to cash reserve   (Note 2c3)Increase in Permanently Restricted Net Assets(Decrease) increase in net assetsNet assets, beginning of yearNet Assets, End of YearSee notes to financial statements.2003$ 7,294,249           -           -      450,749      185,778          2,280        73,498        12,556          8,580        39,522   2,734,833 10,802,0459,884,850      537,208      393,687 10,815,745      (13,700)   2,323,050 ( 2,734,833)           -    ( 411,783)          5,000           -          5,000    ( 420,483)   4,524,100$ 4,103,61732002$11,928,025      144,554       (54,104)      504,866        80,400          5,434      108,378            --                    33,271   2,375,005  15,125,82914,152,139      524,105      443,175  15,119,419          6,410   2,434,716  (2,375,005)         (3,205)        56,506      117,575          3,205      120,780      183,696   4,340,404$ 4,524,100
NEW YORK FOUNDATION FOR THE ARTS, INC.STATEMENTS OF CASH FLOWSYEARS ENDED JUNE 30, 2003 AND 2002Cash Flows From Operating Activities(Decrease) increase in net assetsAdjustments to reconcile changes in net assets to net   cash (used) provided by operating activities:DepreciationNet realized gain on sale of investmentsNet unrealized gain on investmentsRealized loss on disposition of property and equipment(Increase) decrease in:Unconditional promises to givePrepaid expenses and other current assetsSecurity depositsIncrease (decrease) in:Accounts payable and other current liabilitiesEncumbered fundsDue to Sponsored Emerging OrganizationsNet Cash (Used) Provided By Operating ActivitiesCash Flows From Investing ActivitiesPurchases of securitiesProceeds from sale of securitiesLoans disbursedLoan repayments receivedAcquisition of property and equipmentNet Cash Used By Investing ActivitiesCash Flows From Financing ActivitiesBank loan proceedsBank loan repaymentsNet Cash Used By Financing ActivitiesNet (decrease) increase in cash and cash equivalentsCash and cash equivalents, beginning of yearCash and Cash Equivalents, End of YearSee notes to financial statements.2003$ (420,483)        61,220      (12,556)        (8,580)          2,501      (69,357)        (1,550)           (552)        49,489    ( 171,596)      146,086    ( 425,378)    ( 560,162)      123,610      (76,000)        76,000    ( 115,820)    ( 552,372)        73,720      (73,720)           -    ( 977,750)   4,457,198$ 3,479,44842002$ 183,696        55,002            -            --                  969,571       (34,414)          1,558       (87,630)      128,255     (131,799)   1,084,239     (115,608)-                 (210,480)      214,880       (51,659)     (162,867)      205,046     (209,314)         (4,268)      917,104   3,540,094$ 4,457,198
 NEW YORK FOUNDATION FOR THE ARTS, INC.  NOTES TO FINANCIAL STATEMENTS  JUNE 30, 2003 AND 2002 5    Note 1 - Organization and Summary of Significant Accounting Policies  a - Organization  The New York Foundation for the Arts (NYFA) provides artists and the small arts organizations that support them with grants and technical and information services to insure that more artistic voices are heard, and new works created. NYFA also insures that greater opportunities to experience and understand new art works are offered to the public. In fiscal year 2002, NYFA created the New York Arts Recovery Fund to aid artists and small arts groups directly affected by the 9/11 tragedy so as to continue this tradition of increased creativity and opportunity for artists in New York City. The New York Arts Recovery Fund activity was completed during fiscal year 2003.  b - Cash and Cash Equivalents  For purposes of the statement of cash flows, the Organization considers all short-term highly liquid debt instruments, such as money market funds, to be cash equivalents.  c - Investments  The Organization reports investments in accordance with Statement of Financial Accounting Standards (SFAS) No. 124, Accounting for Certain Investments Held By Not-for-Profit Organizations. Under SFAS No. 124, the Organization reflects investments at fair value in the statement of financial position.  d - Contributions and Unconditional Promises to Give  Contributions are recognized when the donor makes a promise to give to the Organization that is, in substance, unconditional. Contributions that are restricted by the donor are reported as increases in unrestricted net assets if the restrictions expire in the fiscal year in which the contributions are recognized. All other donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets.   The Organization uses the allowance method to determine uncollectible promises to give. The allowance is based on prior years’ experience and management’s analysis of specific promises made.  e - Property and Equipment  Property and equipment are being depreciated using the straight-line method over the estimated useful life of the asset or term of the lease.  f - Encumbered Funds  Encumbered funds represent unexpended portions of government grant funds received which are chargeable against programs initiated and conducted by the Organization.
 NEW YORK FOUNDATION FOR THE ARTS, INC.  NOTES TO FINANCIAL STATEMENTS  JUNE 30, 2003 AND 2002     Note 1 - Organization and Summary of Significant Accounting Policies (continued)  g - Tax Status  The Organization is a not-for-profit organization exempt from federal income taxes under Section 501(c)3 of the Internal Revenue Code and has been designated as an organization which is not a private foundation.  h - Financial Statement Presentation  Under SFAS No. 117, Financial Statements of Not-for-Profit Organizations, the Organization is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets.  i - Estimates  The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.     Note 2 - Restrictions on Assets  a- Unrestricted Net Assets   Included in unrestricted net assets at June 30, 2003 and 2002 are Board Designated revolving loan program funds of $10,000.  b - Temporarily Restricted Net Assets  1. Temporarily restricted net assets are available for future programs and periods as follows:        2003           2002         Program Activities:   Support for Sponsored Artists Projects $1,897,927 $1,270,758 Support for Sponsored Organizations 84,134 100,851 Collateral for Loan Program Borrowing 250,000 250,000 Cash Reserve with 10 year restriction (Note 2b2) 75,000 75,000 Future Allocation to Cash Reserve Fund (Note 2c3)      46,770        46,770 New York Arts Recovery          -         1,148,297           Sub-total (carried forward) 2,353,831  2,891,676 6