auxiliary-audit-report-june-30-2009

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FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTSHERBERT H. LEHMAN COLLEGE AUXILIARY ENTERPRISE CORPORATION, INC.June 30, 2009TABLE OF CONTENTSPageRequired Supplementary Information:Management’s Discussion and Analysis 1-5Report of Independent Certified Public Accountants 6Financial Statements:Statement of Net Assets as of June 30, 2009, with Comparative Information for 2008 7Statement of Revenues, Expenses and Changes in Net Assets for the Year Ended June 30, 2009, with Comparative Information for 2008 8Statement of Cash Flows for the Year Ended June 30, 2009, with ComparativeInformation for 2008 9-10Notes to Financial Statements 11-16Management’s Discussion and AnalysisThe intent of management’s discussion and analysis (“MD&A”) is to provide readers with a comprehensive overview of the Herbert H. Lehman College Auxiliary Enterprise Corporation, Inc.’s (the “Auxiliary”) financial position as of June 30, 2009, and changes in its net assets for the year then ended. Since this MD&A is designed to focus on current activities, resulting changes, and currently known facts, it should be read in conjunction with the accompanying audited financial statements and related footnotes.Financial Highlights The Auxiliary’s net assets decreased by $162,216 or 16%. Total revenues increased by $129,475 or 12%, compared to the previous year. The major components of this variance related to new housing program of $91,152 and ...

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• Publié par: Shueh
• Nombre de lectures: 5
• Langue: English

Extrait

FINANCIAL STATEMENTS TOGETHER WITH REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

HERBERT H. LEHMAN COLLEGE AUXILIARY ENTERPRISE CORPORATION, INC.

June 30, 2009

TABLE OF CONTENTS

Required Supplementary Information:

Management’s Discussion and Analysis

Report of Independent Certified Public Accountants

Financial Statements:

Pag

1-5

6

Statement of Net Assets as of June 30, 2009, with Comparative Information for72008

Statement of Revenues, Expenses and Changes in Net Assets for the Year Ended June 30, 2009, with Comparative Information for 2008 8

Statement of Cash Flows for the Year Ended June 30, 2009, with Comparative Information for 2008 9-10

Notes to Financial Statements

11-16

Management’s Discussion and Analysis The intent of management’s discussion and analysis (“MD&A”) is to provide readers with a overview of the Herbert H. Lehman College Auxiliary Enterprise Corporation, Inc.’s (the “Au position as of June 30, 2009, and changes in its net assets for the year then ended. Since t designed to focus on current activities, resulting changes, and currently known facts, it sho conjunction with the accompanying audited financial statements and related footnotes. Financial Highlights  The Auxiliary’s net assets decreased by $162,216 or 16%.  Total revenues increased by $129,475 or 12%, compared to the previous year. The of this variance related to new housing program of $91,152 and facility rental.  Total expenses increased by $133,261 or 11%, compared to the previous year. The of this variance related to new setup cost of the new housing program and an increas wages. Financial Position The Auxiliary’s net assets (the difference between assets and liabilities) is one way to meas financial health or financial position. Over time, increases and decreases in the Auxiliary’s one indicator of its financial health. Statement of Net Assets The following summarizes the Auxiliary’s assets, liabilities, and net assets as of June 30, 20 the accrual basis of accounting: Dollar Percent 2009 2008 Change Change Assets: Current assets $ 657,880 $ 688,767 $ (30,887) (4)% Noncurrent assets 395,561 488,135 (92,57)4 (19)% Total assets $ 1,053,441 $ 1,176,902$ (123,4)61 (10)% Liabilities: Current liabilities $ 203,780 $ 156,757 $ 47,023 30% Noncurrent liabilities 12,000 20,268 (8,26)8 (41)% Total liabilities $ 215,780 $ 177,025 $ 38,755 22 % Net assets: Invested in capital assets $ 31,975 $ 51,128 $ (19,153) (37)% Unrestricted 805,686 948,749(143,0)63(15)% Total net assets $ 837,661 $ 999,877 $ (162,2)16 (16)% -1-

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-2-

$1,200,000 $948,749 $805,686 $1,000,000 $800,000 $600,000 $400,000 $200,000 $31,975 $51,128 $- 2009 2008

Net Assets

Management’s Discussion and Analysis

Invested in capital Unrestricted

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Management’s Discussion and Analysis Revenues Dollar Percent 2009 2008 Change Change Operating revenues: Commissions: Bookstore $ 255,039 $ 255,559 $ (520) - Cafeteria and vending 255,356 241,265 14,091 6 % Parking fees 269,596 281,073 (11,477) (4)% Facility rentals 203,373 139,240 64,133 46 % Performing arts 153,968 161,084 (7,116) (4)% Donated space 1,549 - 1,549 100 % Housing program and other income 91,639 487 91,152 100 % Total operating revenues 1,230,520 1,078,708 151,812 14 % Nonoperating revenues (losses): Investment (losses) (71,353) (42,030) (29,323) 70 % Other income 7,057 71 6,986 100 % Total nonoperating revenues (losses) (64,29)6 (41,95)9 (22,33)7 53 % Total revenues $ 1,166,224 $ 1,036,749 $ 129,475 12 % The Auxiliary’s total revenues for fiscal year 2009 were $1,166,224, an increase of $129,475 to the previous year. The major components of this variance related to increase of our new of $91,152, and increase in facility rentals, offset by increase investment losses of $29,323. Commissions, parking fees, facility rentals and performing arts represented approximately 4 13% of total revenues, respectively. Accordingly, the Auxiliary is dependent upon this level out its operations. There were no other significant or unexpected changes in the Auxiliary’s revenues. The following illustrates the Auxiliary’s revenues for the year ended June 30, 2009, by source Revenues by Source Parking Donated space 23% 1% Bookstore commissions 22% Cafeteria a vending commissions 22% Performing  arts 13% Nonoperating losses  als -6% rent Other Facili 1 t 7 y  % 8% -3-

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Parking 22%

College support 37%

Management’s Discussion and Analysis

-4-

Expenses

Expenses by Category Management a  Depreciation general 1% 8% Donated space 1% Other 3% Housing program 9% Performing arts 15% Student  programs 4%

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$600,000 $475,740 $400,000 $200,000 $- $(200,000) $(400,000) $(600,000) Operating Noncapital Investing activities activities financing activities

Cash Flows

-5-

$(496,150) $9,125

Management’s Discussion and Analysis

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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS To the Board of Directors of the Herbert H. Lehman College Auxiliary Enterprise Corporation, Inc.: We have audited the accompanying financial statements, as listed in the table of contents, of the H College Auxiliary Enterprise Corporation, Inc. (the “Auxiliary”) as of and for the year ended June 30, financial statements are the responsibility of the Auxiliary’s management. Our responsibility is to expr these financial statements based on our audit. The prior year comparative information has been Auxiliary’s fiscal 2008 financial statements and, in our report dated February 23, 2009, we express opinion on those financial statements. We conducted our audit in accordance with auditing standards generally accepted in the United Sta established by the American Institute of Certified Public Accountants. Those standards require that we the audit to obtain reasonable assurance about whether the financial statements are free of material audit includes consideration of internal control over financial reporting as a basis for designing audit p appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness internal control over financial reporting. Accordingly, we express no such opinion. An audit also includ a test basis, evidence supporting the amounts and disclosures in the financial statements, assessi principles used and significant estimates made by management, as well as evaluating the overall 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 fi the Auxiliary as of June 30, 2009, and the changes in its net assets and its cash flows for the year then with accounting principles generally accepted in the United States of America. Management’s discussion and analysis (“MD&A”), presented on pages 1 through 5, is not a required financial statements, but is supplementary information required by accounting principles generally acc States of America for entities reportin G g o   v u e n r d n e m r ental Accounting .    St W a e n   d h a a rd v s e applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of m presentation of the supplementary information. However, we did not audit the information comprisi accordingly, express no opinion on it. New York, New York March 19, 2010 -6-