2009 CFI Audit Report

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• Publié par: Saem
• Nombre de lectures: 13
• Langue: English

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CHRISTIAN FREEDOM INTERNATIONAL, INC.


Financial Statements For The Years Ended December 31, 2009 and 2008
and Independent Auditors’ Report
Dated April 8, 2010































HENDERSHOT, BURKHARDT & REED
CERTIFIED PULIC ACCOUNTANTS
7525 PRESIDENTIAL LANE, MANASSAS, VA 20109
TEL [phone] FAX [phone]



Christian Freedom International, Inc.
Table of Contents




Independent Auditors’ Report 1

Statements of Financial Position as of December 31, 2009 and 2008 2

Statement of Activities for the Year Ended December 31, 2009 3

Statemor the Year Ended December 31, 2008 4

Statements of Cash Flows for the Years Ended December 31, 2009 and 2008 5

Statement of Functional Expenses for the Year Ended December 31, 2009 6

Statement of Functional Expenses for the Year Ended December 31, 2008 7

Notes to the Financial Statements 8-10




























i HENDERSHOT, BURKHARDT & REED
CERTIFIED PULIC ACCOUNTANTS
7525 PRESIDENTIAL LANE, MANASSAS, VA 20109
TEL [phone] FAX [phone]


Independent Auditors’ Report

Board of Directors
Christian Freedom International, Inc.
Sault Sainte Marie, MI

We have audited the accompanying statements of financial position of Christian Freedom
International, Inc. (“the Organization”) as of December 31, 2009 and 2008, and the related
statements of activities, functional expenses, 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 generally accepted auditing standards of the United
States of America. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatements.
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 Christian Freedom International, Inc. at December 31, 2009 and 2008,
and its changes in its net assets and its cash flows for the years then ended in conformity with
generally accepted accounting principles of the United States of America.



Hendershot, Burkhardt & Reed, CPAs
April 8, 2010















1 CHRISTIAN FREEDOM INTERNATIONAL, INC.
Statements of Financial Position
As of December 31, 2009 and 2008
2009 2008
ASSETS
Current Assets
Cash and Cash Equivalents $ 100,700 $ 102,704
Marketable Securities 342 825
Contributions Receivable, net of allowance 75,302 132,202
Prepaid Expenses and Other Assets 1,009 9,874
Research and Development Coffee -5,000
Inventory 59,326 57,995
Total Current Assets 236,679 308,600
Fixed Assets
Furniture and Equipment 237,753 223,689
Vehicle 50,418 50,418
Building and Building Improvements 578,958 574,876
Motel and Improvements 277,517 147,000
Vocational Center 64,296 64,296
Leasehold Improvements - 15,969
Less: Accumulated Depreciation (269,229) (196,042)
Total Fixed Assets 880,206939,713
Long Term Contribution Receivable, net 67,32760,021
Total Assets $ 1,256,1331,236,413 $
LIABILITIES AND NET ASSETS
Liabilities
Current Liabilities
Accounts Payable and Accrued Expenses $ 83,210 $ 97,691
Notes Payable - Current 32,887 19,025
Total Current Liabilities 116,097 116,716
Long Term Liabilities
Notes Payable 554,409 617,305
Total Long-term Liabilities 617,305
Total Liabilities 670,506 734,021
Net Assets
Unrestricted Net Assets 372,067 35,159
Temporarily Restricted Net Assets 193,840 486,953
Total Net Assets 565,907 522,112
Total Liabilities and Equity $ 1,256,1331,236,413 $
See the accompanying Independent Auditors' Report and notes to the financial statements
2CHRISTIAN FREEDOM INTERNATIONAL, INC.
Statement of Activities
For the Year Ended December 31, 2009
Temporarily
Unrestricted Restricted Total
Revenues and Gains
Contributions $ 925,699 $ 101,823 $ 1,027,522
Micro Enterprise Sales 55,151 - 55,151
Motel Income37,718- 37,718
Miscellaneous Income 1,064- 1,064
Unrealized Gain / (Loss) on Investment (483) - (483)
Gain / (Loss) on Sale of Asset (2,217)- (2,217)
(394,936) -Net Assets Released from Restrictions 394,936
Total Revenues 1,411,868 (293,113) 1,118,755
Cost of Goods Sold -30,636 30,636
Gross Revenues 1,381,232 (293,113) 1,088,119
Expenses
Program Services 885,007 - 885,007
General and Administrative Expenses123,099- 123,099
Fundraising Expenses -36,218 36,218
Total Expenses 1,044,324 - 1,044,324
Change in Net Assets 336,908 (293,113) 43,795
Net Assets, Beginning of Year 486,95335,159 522,112
Net Assets, End of Year $ 193,840372,067 $ 565,907$
See the accompanying Independent Auditors' Report and notes to the financial statements
3CHRISTIAN FREEDOM INTERNATIONAL, INC.
Statement of Activities
For the Year Ended December 31, 2008
Temporarily
Unrestricted Restricted Total
Revenues and Gains
Contributions $ 859,421 $ 486,953 $ 1,346,374
Micro Enterprise Sales 64,919 - 64,919
Dividend and Interest Income 667 - 667
Miscellaneous Income 7,510 - 7,510
(281,398) -Net Assets Released from Restrictions 281,398
Total Revenues 1,213,915 205,555 1,419,470
Cost of Goods Sold -27,579 27,579
Gross Revenues 1,186,336 205,555 1,391,891
Expenses
Program Services 896,947 - 896,947
General and Administrative Expenses 304,625 - 304,625
Fundraising Expenses -66,043 66,043
Total Expenses 1,267,615 - 1,267,615
Change in Net Assets (81,279) 205,555 124,276
Net Assets, Beginning of Year 281,398116,438 397,836
Net Assets, End of Year $ 486,95335,159 $ 522,112$
See the accompanying Independent Auditors' Report and notes to the financial statements
4CHRISTIAN FREEDOM INTERNATIONAL, INC.
Statements of Cash Flows
For the Years Ended December 31, 2009 and 2008
2009 2008
CASH FLOW FROM OPERATING ACTIVITIES
Change in Net Assets $ 43,795 $ 124,276
Adjustments to reconcile change in net cash
provided/(used) by operating activities:
Depreciation 86,937 46,877
Unrealized (Gains)/Losses on Investments 483 -
Loss on Disposal of Assets 2,217-
(Increase)/Decrease in Contributions Receivables 64,207 (15,686)
(Increase)/Decrease in Prepaid Expenses and Deposits 8,866 (7,643)
(Increase)/Decrease in Research and Development Coffee5,000 (5,000)
(Increase)/Decrease in Inventory (1,331) (17,862)
Increase/(Decrease) in Accounts Payable and Accrued Expenses (14,481) (121,999)
Net cash provided/(used) by operating activities 195,693 2,963
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Fixed Assets (286,126)(148,663)
Net cash provided/(used) by investing activities