2003 Audit

Administrator

Informations

• Publié par: Sawyog
• Nombre de lectures: 82
• Langue: English

Extrait

REDWOOD COMMUNITY ACTION AGENCY, INC.

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2003

IZABAL, BERNACIAK & COMPANY C E R T I F I E D P U B L I C A C C O U N T A N T S

REDWOOD COMMUNITY ACTION AGENCY, INC. AUDITED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2003

TABLE OF CONTENTS

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AUDITED FINANCIAL STATEMENTS Independent Auditor's Report ............................................................................................. 1 Statement of Financial Position.......................................................................................... 2 Statement of Activities......................................................................................................... 3 Statement of Cash Flows .................................................................................................... 4 Notes to Financial Statements.......................................................................................5-14

IZABAL, BERNACIAK & COMPANY C E R T I F I E D P U B L I C A C C O U N T A N T S

INDEPENDENT AUDITOR'S REPORT

Board of Directors Redwood Community Action Agency, Inc. Eureka, California

We have audited the accompanying statement of financial position of Redwood Community Action Agency, Inc. as of December 31, 2003 and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of Redwood Community Action Agency, Inc.'s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America, Government Auditing Standards , issued by the Comptroller General of the United States . 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 Redwood Community Action Agency, Inc. for the year ended December 31, 2003 and the change in net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards , we have also issued a report dated March 26, 2004 on our consideration of Redwood Community Action Agency, Inc.'s internal control structure and a report dated March 26, 2004, on its compliance with laws and regulations. These reports are an integral part of an audit performed in accordance with Government Auditing Standards  and should be read in conjunction with this report in considering the results of our audit.

San Francisco, California March 26, 2004

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$ 480,414 872,659 1,766 134,477 216,032 4,953 1,710,301 183,895 861,138 4,102,681 262,571 220,174 (1,981,394) 3,465,170 $ 5,359,366

REDWOOD COMMUNITY ACTION AGENCY, INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2003 ASSETS Current Assets Cash Grants/Contracts Receivable Accounts Receivable Prepaids Inventory Investment Total Current Assets Deposits, Reserves and Custodial Fixed Assets Land Buildings Equipment Vehicles Accumulated Depreciation Total Fixed Assets TOTAL ASSETS LIABILITIES AND NET ASSETS Current Liabilities Accounts Payable Current Portion of Long-Term Debt Accrued Expenses Deferred Revenue Other Payables Total Current Liabilities Long Term Liabilities Deferred Revenue Security Deposits Payable Long Term Debt less Current Portion Total Long Term Liabilities TOTAL LIABILITIES Net Assets Unrestricted - Designated Unrestricted - Undesignated TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS

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$ 327,773 144,878 194,076 856,097 4,953 1,527,777 174,512 47,873 3,071,175 3,293,560 4,821,337 116,087 421,942 538,029 $ 5,359,366

STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2003

REVENUE, GAINS AND OTHER SUPPORT Gran t Contributions Rent s Miscellaneous Total Revenue EXPENSES Personnel Trav el Space Equipment Other Operating Cost Consultants & Contractors Direct Services Total Expenses Before Depreciation REVENUE IN EXCESS OF EXPENSES BEFORE DEPRECIATION Depreciation Expense REVENUE IN EXCESS OF EXPENSES Depreciation on fixed assets purchased with grant funds CHANGE IN NET ASSETS - UNRESTRICTED Net Assets at Beginning of the Year NET ASSETS AT END OF THE YEAR

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UNRESTRICTED $ 7,884,557 13,443 377,255 558,592 8,833,847

$

3,959,377 120,075 333,802 45,178 398,231 1,158,263 2,638,156 8,653,082 180,765 46,968 133,797 (170,207) (36,410) 574,439 538,029

REDWOOD COMMUNITY ACTION AGENCY, INC. STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2003 CASH FLOWS FROM OPERATING ACTIVITIES Change in Net Assets $ (36,410) Depreciation Expense 46,968 Grant fixed assets depreciation 170,207 (Increase)/Decrease In: Grants/Contracts Receivable (120,235) Accounts Receivable (218) Prepaids (12,578) Inventory 168,296 Deposits, reserves and custodial (23,684) Increase/(Decrease) In: Accounts Payable 73,314 Accrued Expenses (34,243) Security Deposits Payable (2,416) Other Payables (1,035) Deferred Revenue 41,943 Net Cash Provided by Operations 269,909 CASH FLOWS FROM INVESTING ACTIVITIES Investments 1,035 Land 33,627 Building 69,318 Vehicles (17,531) Net Cash Provided by Investing Activities 86,449 CASH FLOWS FROM FINANCING ACTIVITIES Paydowns on Long Term Debt (456,609) Net Cash Used by Financing Activities (456,609) NET DECRASE IN CASH (100,251) Cash Balances at 12/31/02 580,665 CASH BALANCES AT 12/31/03 480,414 SUPPLEMENTAL DISCLOSURES Cash Used by Payments of Interest 60,800

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$ $

REDWOOD COMMUNITY ACTION AGENCY, INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2003

NOTE A: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General The Redwood Community Action Agency, Inc. (RCAA) was designated the Community Action Agency for Humboldt County on July 1, 1980. The purpose of this organization is to mobilize and coordinate anti-poverty resources within Humboldt County and to preserve land for scenic, scientific educational and open space opportunities.

Basis of Accounting The financial statements have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables and other liabilities.

Financial Statement Presentation Redwood Community Action Agency, Inc. follows the recommendations of the Financial Accounting Standards Board in its Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements of Not-for-Profit Organizations . Under SFAS No.117, 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.

Revenue Recognition Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of the donor restrictions. All donor-restricted contributions are reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires (that is, when a stipulated time restriction ends or the purpose of the restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Income Taxes

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The Organization is a not-for-profit organization that is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code.

Cash and Cash Equivalents For purposes of the statements of cash flows, the Organization considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. Accounts / Grants Receivable The Organization considers accounts / grants receivable to be fully collectable; accordingly no allowance for doubtful accounts is required. If amounts become uncollectable, they will be charged to operations when that determination is made. 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 of, assets and liabilities, disclosure of contingent assets and liabilities and the reported revenue and expenses.

Depreciation Depreciation is calculated using the straight-line method over the estimated useful lives of the asset which range as follows: Buildings 20 to 30 years Equipment 3 to 5 years Vehicles 3 to 5 years

Depreciation expense for the fiscal year ended December 31, 2003 amounted to $46,968 for unrestricted general operations and $170,207 for grant fixed assets. Assets purchased or donated to unrestricted general operation funds are capitalized and depreciated as an operating expense. Assets purchased with grant funds are recorded as operating expenditures in the period in which they were purchased. Capitalization and depreciation for assets purchased with grant funds are accounted for as adjustments in the Statement of Changes in Net Assets.

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NOTE B: GRANTS/CONTRACTS RECEIVABLE Grant/Contracts receivable represents the amount due for revenues earned but not yet reimbursed at December 31, 2003. The following amounts are due Redwood Community Action Agency, Inc. at December 31, 2003: Description Acct Amount Rio Dell Gateway Project (123) $ 5,303 EHAP Capital (124) 738 No. Coast Mentor Program (137) 388 VISTA (143) 5,287 Mentoring DOEd (145) 8,347 Mentoring DOEd (148) 10,233 CSBG (153) 27,094 City MAC CDBG (161) 3,219 CPUC (168) 1,000 CPUC (168) 20 SCSA (169) 49,944 Caesar Chavez (172) 32,570 SCSA-AmeriCorps (182) 548 Pacific Art Center (182) 523 GoSERV (182) 968 SRC-AC health ins refund (182) 4,998 Ameri5 (183) 8,013 2nd Time ebuy _ (198) 2,312 Hom er Rehab HAF Rent Subsidies (204) 1,040 FESG 02/05 (230) 25,529 PFP-WIA (241) 9,725 MAC Fundraising (251) 250 Humboldt County (269) 4,830 Arcata Portfolio (326) 420 City of Arcata 01/03 (327) 5,774 City Of Rio Dell (341) 3,306 City Of Rio Dell (342) 3,080 Rio Dell CDBG-GA (345) 4,005 Blue Lake CDBG GA (352) 452 Blue Lake CDBG PD (353) 10,758 Blue Lake CDBG HA (354) 1,279 Blue Lake 03 CDBG GA (355) 21 Blue Lake 03 CDBG PD (356) 2,502 Eureka HOME (360) 3,984 County HOME (370) 22,142 Humboldt County (373) 13,500

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Description Acct Fortuna Hsg Cond Survey (390) NCIDC Cal LIHEAP (402) LIHEAP Wx 2004 (430) LIHEAP Ass 17 (431) LIHEAP WPO (432) LIHEAP HEAP (433) DOE 2003/2005 (469) CSD (476) CA DOEd-November (503) CA DOEd-December (503) WIA-Eureka (524) Raven-HHS 03/05 (535) HHS (538) FESG - TLP 03/06 (544) DOEd-Mentor (545) CSD (551) CYA 03/05 (553) HIV Outreach-HC 03/05 (567) HIV Outreach-HC NIGHT (568) CYA (580) Lindsay Creek (620) SCC (630) BLM (632) Cesar Chavez (644) Regional Bike Plan (645) Elk River trail Design (653) Montery Bay (682) WRCB (684) HBWAC (698) Humboldt Bay Enhancement (699) Martin Slough SCC (942) Widow White 04 (958) Hammond South & Widow Wht (959) NOAA-CSP (964) Headwaters Trail Brushing (965) South Spit Plover (967) Sinkyone Trails (970) Bull Creek (980) FSOS (993)  TOTAL GRANTS/CONTRACTS RECEIVABLE

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Amount  6,253  41,490  35,146  1,513  48,677  6,413  28,333  7,556  340  295  4,130  7,133  3,545  5,437  10,084  7,130  13,706  31,759  1,550  17,234  59,654  3,482  8,146  7,440  1  2,574  268  4,997  12,260  9,181  5,191  20,221  9,854  79,321  6,794  565  8,355  78,329  4,200 $ 872,659

NOTE C: DEFERRED REVENUE Deferred revenue represents the excess of funds advanced less earned revenue for ongoing programs at December 31, 2003:

Description Acct Amount VISTA –Partners (138) 3,752 Capacity Building (160) 30,000 Americorps 02/04 (182) 5,588 First Time Homebuyers (197) 73,240 SJHS Foundation (221) 8,645 SJ CNN (222) 24,257 SJHS MAC (250) 54,462 St. Joes – Orange Co. (263) 33,367 EHAP X (272) 28,522 Revolving Loan Fund (305) 205,649 City of Arcata 01 HOME (328) 18,977 HPG 2004 (333) 4,221 Rio Dell CDBG – PD HR (346) 44,375 Rio Dell CDBG – PD HA (347) 3,788 County Cal – HOME (372) 8,724 LIHEAP Carryover Funds (403) 30,826 ULTS (419) 5,000 LIHEAP Wx 2003 (420) 62,395 LEAD Video (477) 7,628 Shelter Activities (501) 16,264 Raven Activities (502) 6,608 TLP Activities (504) 897 Cal Endowment (516) 11,121 TCE Interest (517) 15,158 YSB Arts Program (521) 1,278 St Joe’s Healthcare 03/04 (528) 49,004 St Joe’s CNN (529) 25,000 CRI Mowing (681) 4,937 Ford – Phase II (929) 68,893 Martin Slough DWR (941) 3,521 Total Current Deferred Revenue $ 856,097 Total Long Term Deferred Revenue: AGENCY FUND: 1100 California Street 174,512 TOTAL DEFERRED REVENUE $1,030,609

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