Final audit report - Assoc Students 08
25 pages
English

Final audit report - Assoc Students 08

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25 pages
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Associated Students of San Diego State University Financial Report June 30, 2008 McGladrey & Pullen, LLP is a member firm of RSM International, an affiliation of separate and independent legal entities. Contents Independent Auditor’s Report 1 Financial Statements Statements of financial position 2 ents of activities 3 and 4 Statements of changes in net assets 5 ents of cash flows 6 Notes to financial statements 7–17 Supplementary Information Statement of activities, Student Union 18 Schedule of net assets 19 Schedule of revenues, expenses and changes in net assets 20 Other supplemental information 21 and 22 Independent Auditor’s Report The Associated Students Council Associated Students of San Diego State University San Diego, California We have audited the accompanying statements of financial position of Associated Students of San Diego State University (the Organization) as of June 30, 2008 and 2007, and the related statements of activities, changes in net assets 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 audit. We conducted our audits in accordance with auditing standards generally accepted in the United States of ...

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                 Contents   Independent Auditor’s Report  Financial Statements Statements of financial position Statements of activities Statements of changes in net assets Statements of cash flows Notes to financial statements  Supplementary Information Statement of activities, Student Union Schedule of net assets Schedule of revenues, expenses and changes in net assets Other supplemental information  
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2 3 and 4 5 6 7–17  18 19 20 21 and 22
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       Independent Auditor’s Report  The Associated Students Council Associated Students of San Diego State University San Diego, California  We have audited the accompanying statementasl foosf pitnioan dtSaietsto dunen Dif SaStatego  eic  Aofocss University (the Organization) as of June 30, 2008 and 2007, and the related statements of activities, changes assets 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 audit.  We conducted our audits in accordance with auditing standards generally accepted in the United States of Am Those standards require that we plan and perform the audit to obtain reasonable assurance about whether th financial statements are free of material misstatement. An audit includes examining, on a test basis, evidenc supporting the amounts and disclosures in the financial statements. An audit also includes assessing the acc principles used and significant estimates made by management, as well as evaluating the overall financial st presentation. We believe that our audits provide a reasonable basis for our opinion.  In our opinion, the financial statements referred to above present, in all material respects, the financial posit Organization as of June 30, 2008 and 2007, and the changes in its net assets and its cash flows for the years ended, in conformity with accounting principles generally accepted in the United States of America.  Our audit was conducted for the purpose of forming opinions on the financial statements that collectively com the Organizations basic financial statements. Tehse,  lsisctheedd iunl the table of contents as supplementary information on pages 18 through 22, are presented for purposes of additional analysis and are not a required the basic financial statements. Such information has been subjected to the auditing procedures applied in the the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the bas financial statements taken as a whole.  The financial statements of the Organization aurde eadl saos  ian cclomponent unit of the basic financial statements of San Diego State University, the primary reporting entity.  San Diego, California September 16, 2008   McGladrey & Pullen, LLP is a m efirmmb eorf RSM International,  an affiliation of separate and independent legal entities.1  
20082007 $ 708,132$  51,238  693,000   1,977,000  4,844,556     1,305,566  812,728   1,157,432  162,421   272,189  179,593   160,105  7,400  , 4   3  04 , 923,530  2,439,430     2,382,682  3,551,000     4,244,000  5,99 0  ,  4  360, 6 26,682 $ 13,390,860$   11,550,212
$ 577,009$  576,184  812,538   976,542  82,845   - 337,033   404,909  1,80  9 ,  4  215, 9 57,635  1,009,329     878,195  375,545   389,091  132,752   - 3,327, 0  5   1    3,224,921  10,063,809     8,325,291 $ 13,390,860$    11,550,212
Liabilities and Net Assets Current Liabilities Accounts payable (Note 3) Accrued liabilities (Note 3) Obligations under capital lease (Note 6) Deferred revenue Total current liabilities Accrued Employee Benefit Cost (Note 5) Accrued Pension Costs (Note 5) Noncurrent portion of obligations under capital lease (Note 6) Total liabilities Commitments and Contingencies (Notes 5 and 6) Net Assets, unrestricted (Note 8)
See Notes to Financial Statements.
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Current Assets Cash Certificates of deposit Short-term investments (Note 2) Receivables, net (Note 3) Prepaid expenses and other Deposits Total current assets Noncurrent Assets Buildings, improvements and equipment, net (Note 4) Certificates of deposit Total noncurrent assets
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See Notes to Financial Statements.
Changes in Unrestricted Net Assets Revenue and other support: Activity fees Student union fees Investment income (Note 2) Administrative Program revenue and user fees: Campus recreation Children’s center College councils Cultural arts Daily Aztec Imperial Valley Campus Mission Bay Aquatic Center Student government Student organizations Facility revenue and user fees: Aztec Center/Scripps Cottage Imperial Valley Campus facilities Cox Arena (Note 6) Total revenue and other support Expenses and deductions (Note 5): General and administrative Program expenses: Campus recreation Children’s center College councils Cultural arts Daily Aztec Imperial Valley Campus Mission Bay Aquatic Center Student government Student organizations Facility expenses: Aztec Center/Scripps Cottage Imperial Valley Campus facilities Cox Arena (Note 6) Total expenses and deductions
20082007 $ 1,087,571$  1,019,528  3,160,478     2,865,695  472,324   375,784  118,487   58,631  4,734,297     4,153,033  2,052,578     1,991,939  299 1,461  43,007 42,209  725,429   860,649  643 1,033  1,701,597     1,719,393  64,396 91,770  333 - 1,055,485     742,970                                               -- 4,474,300     4,289,718  19,  6  9  11,82,22143 ,813  2,001,336     1,797,217  4,803,992     4,272,545  1,974,638     1,842,531  23,246 23,479  213,740   200,657  733,428   755,279  25,512   27,671  1,830,191     1,764,435  312,250   346,779  47,649   53,688  1,626,979     1,674,699  44,816 41,811  4,314,929     3,945,565  17,9  5   2 ,1760,764 6,356
  
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 Associated Students of San Diego State University
Statements of Activities, Continued Years Ended June 30, 2008 and 2007
20082007 Revenue, gains and other support over expenses and deductions $ 1,738,5$1  8     1,467,457
Net increase in net assets, unrestricted before adoption of FASB Statement No. 158 1,73  8  , 5  118, 4 67,457
Effect of adoption of recognitiomne aSBFAdnment dat sureoisno  f erpvosi Statement No. 158 Net increase in net assets, unrestricted
See Notes to Financial Statements.
  
 
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                          (548,000) -$ 1$, 7  3   8 ,95119,84  57
 Associated Students of San Diego State University
Statements of Changes in Net Assets Years Ended June 30, 2008 and 2007
Net assets, unrestricted, June 30, 2006 Net increase in net assets, unrestricted Net assets, unrestricted, June 30, 2007 Net increase in net assets, unrestricted Net assets, unrestricted, June 30, 2008
See Notes to Financial Statements.  
 
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$ 7,405,834  919,457  8,325,291  1,738,518 $ 10,063,809
 Associated Students of San Diego State University Statements of Cash Flows Years Ended June 30, 2008 and 2007
20082007 Cash Flows from Operating Activities Increase in net assets, unrestricted$ 1,738,518$  919,457 Adjustments to reconcile increase (decrease) in net assets to net cash provided by operating activities: Net periodic postretirement benefit cost 117,588   693,219 Depreciation and amortization 614,589   511,534 Net loss on disposal of equipment 41,706 16,172 Changes in assets and liabilities: (Increase) decrease in assets: Receivables 344,704   (266,898) Prepaid expenses and other 109,768   11,862 Deposits (19,488)     -Increase (decrease) in liabilities: Accounts payable 825 (211,872) Accrued liabilities (164,004 )     385,881 Deferred revenue (67,876)     (170,392) Net cash provided by operating activities 2  , 7  116,,838380, 9 63 Cash Flows from Investing Activities Proceeds from matured certificates of deposit 1,977,000     1,683,000 Proceeds from sale of equipment 2,231 43,489 Purchases of certificates of deposit - (2,673,000) Purchase of investments (6,557,503 )      (4,402,234) Redemption of investments 3,018,513     4,402,356 Purchases of equipment (490,072 )     (988,848) Net cash (used in) investing activities (2  ,  0  4(91,,893351,)2  37) Cash Flows from Financing Activities Payments on capital lease obligation (9,605)     -Net cash (used in) financing activities    (  9 ,  6  0  5  )    -Net increase (decrease) in cash 6  5  6 ,  8  9 (44   6,274) Cash Beginning of year End of year Noncash Activity Equipment under capital lease Capital lease obligation Total noncash activity See Notes to Financial Statements.
 
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 51,238 97,512 $ 708,132$ 51,238
 225,202                        -(225,202)-                                    $$- -
Associated Students of San Diego State University  Notes to Financial Statements Note 1. Nature of Operations aanrdy  Souf mSimgnificant Accounting Policies   Nature of operat iAosnsso:State University (the Organization) is a California not-fociated Students of San Diego profit auxiliary organization of The California Sstitayt e( CUSniUv),e rorganized and operated in accordance with the Education Code of the State of California and the California Code of Regulations. The function of the Organiz to provide essential activities which are an inotfe tghrea l Spaanr t Diego State Universitys (the University) campus programs. Such activities include student government, cultural programs and various other services.  The operations of the Organization combine the activities of two unrestricted funds: General Activities and S Union. The General Activities fund accounts for activities provided by the student government and its board committees, and student organizations. The Student Union fund accounts for the facilities, programs and se provided by the Associated Students, which include Cultural Arts, Aztec Center, Cox Arena, Campus Recreati Mission Bay Aquatic Center, Children’s Centers, etc. The Organization extends credit to the University and it auxiliary organizations in the form of unsecuresd.  rTehceosr  nlataoinazi Orgleivabceieev soctnirubtions from the University and its auxiliary organizations to support the Organization’s operations.  Affiliated organiza tTiohen sO:rganization is related to other auxiliaries of the University, including Aztec Shops, Ltd., The Campanile Foundation and San Diego eSrtsaitey  tnd hea eslixuiraia seniUndat Fou Theion.vrahceRes University periodically provide various services to one another.  A summary of significant accounting policies is as follows:  Basis of accounting and re pTohret ifinnga:ncial statements of the Organization have been prepared in accordance with FinanAcenial countingatS radnB sddrao (sSBFAS) tcialinanof F tSnani guotnA ccs rddaemat (SFAS) No. 11F7i,nancial Statements of Not-for-Profit Org.a nAitzJautinoen s30, 2008 and 2007, all of the Organization’s net assets have been classified as unrestricted. Unrestricted net assets represent funds whic fully available, at the discretion of management and the Associated Students Council, for the Organization t any of its programs or services. In order to ensure observance of limitations and possible restrictions placed use of available resources, the accounts of the Organization are maintained in accordance with the principle accounting. This is the procedure by which resources for various purposes are classified for accounting and purposes into funds that are in accordance with activities or objectives specified. Funds that have similar obj and characteristics have been combined into fund groups. Amounts due to or from other funds are eliminate in the financial statements.  Contributions, including unconditional promisees dtgo egsi)v, ea (rpel recognized in the year the promise is made, as opposed to when assets are received. Contributinoonrs- iwmitpho sdeod restrictions are reported as temporarily or permanently restricted contributimopnosr. aTriely restricted net assets are reclassified as unrestricted net assets at such time as the Organization has fulfilled the donor-imposed restriction. Contributions where donor-impose restrictions both arose and expired in the same fiscal year are reported as unrestricted contributions. As of a the years ended June 30, 2008 and 2007, all contributions received by the Organization were classified as unrestricted and are included in “Revenue and other support.”  Noncash contributions are recorded at their fair value at the date of donation as established by either apprai value anticipated in the subsequent resale of an item.   7
       
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