NYFA-Audit-02

NYFA-Audit-02

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NEW YORK FOUNDATION FOR THE ARTS, INC. FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION JUNE 30, 2002 AND 2001 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 ................................................................................... 5-10 Additional Information Independent Auditor’s Report on Additional Information ............................................ 12 Schedule of Functional Expenses ............................................................................. 13 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, 2002 and 2001, and the related statements of activities and cash flows for the years then ended. These financial ...

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NEW YORK FOUNDATION FOR THE ARTS, INC.   FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION   JUNE 30, 2002 AND 2001 
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  ................................................................................... 5-10   Additional Information   Independent Auditor’s Report on Additional Information  ............................................ 12   Schedule of Functional Expenses  ............................................................................. 13   
  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, 2002 and 2001, 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, 2002 and 2001, 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 November 7, 2002   
NEW YORK FOUNDATION FOR THE ARTS, INC.STATEMENTS OF FINANCIAL POSITIONJUNE 30, 2002 AND 2001AssetsCash and cash equivalents (Notes 1b and 3)Unconditional promises to give (Notes 1d and 5)Loans receivablePrepaid expenses and other current assetsProperty and equipment, at cost (net of accumulated   depreciation of $244,836 and $189,834) (Notes 1e and 6)Investments (Notes 1c and 4)Security depositsTotal AssetsLiabilities and Net AssetsLiabilitiesLoan payable - bank (Note 7)Accounts 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.2002$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$5,799,24222001$3,540,094  1,815,925         4,400       74,030     112,636     124,824       39,079$5,710,988$ 4,268     233,371     593,088     539,8571,370,584   (114,950)  4,128,491     126,838-               200,025     326,863  4,340,404$5,710,988
NEW YORK FOUNDATION FOR THE ARTS, INC.STATEMENTS OF ACTIVITIESYEARS ENDED JUNE 30, 2002 AND 2001Changes in Unrestricted Net AssetsRevenue and Other SupportGrants and contributionsFund raising benefitsLess: Direct fund raising costsAdministrative feesProgram service feesLoan service feesInterest MiscellaneousNet assets released from restrictionsSatisfaction of time and program restrictionsTotal Unrestricted Revenue and Other SupportExpensesProgram ServicesManagement and generalFundraisingTotal ExpensesIncrease in Unrestricted Net AssetsChanges in Temporarily Restricted Net AssetsContributionsNet assets released from restrictionsTransfer to cash reserve (Note 2c3)Increase (Decrease) in Temporarily Restricted Net Assets  Changes in Permanently Restricted Net AssetsContributionsTransfer from temporarily restricted net assets to cash   reserve (Note 2c3)Increase in Permanently Restricted Net AssetsIncrease (decrease) in net assetsNet assets, beginning of yearNet Assets, End of YearSee notes to financial statements.2002$ 11,928,025        144,554        ( 54,104)        504,866          80,400            5,434        108,378          33,271     2,375,005$15,125,82914,152,139        524,105        443,175  15,119,419          6,410     2,434,716   ( 2,375,005)          ( 3,205)        56,506        117,575            3,205      120,780      183,696   4,340,404$ 4,524,10032001$ 9,983,649       94,260      (36,300)     550,431       51,104       11,742     244,781       69,527  2,133,094$13,102,28812,081,089     627,325     360,744  13,069,158        33,130  1,528,952 (2,133,094)      (16,565)     (620,707)       16,375       16,565        32,940     (554,637)   4,895,041$ 4,340,404
NEW YORK FOUNDATION FOR THE ARTS, INC.STATEMENTS OF CASH FLOWSYEARS ENDED JUNE 30, 2002 AND 2001Cash Flows From Operating ActivitiesIncrease (decrease) in net assetsAdjustments to reconcile changes in net assets  to net cash provided by operating activities:DepreciationRealized 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 Provided By Operating ActivitiesCash Flows From Investing ActivitiesPurchases of investments, netLoans 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 increase in cash and cash equivalentsCash and cash equivalents, beginning of yearCash and Cash Equivalents, End of YearSee notes to financial statements.2002$ 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$4,457,19842001$ (554,637)       38,809         1,635     532,851       ( 8,759)           (524)       48,605       81,442     113,348     252,770     ( 21,241)   ( 393,600)     437,600      (68,938)      (46,179)     379,658   ( 422,338)     ( 42,680)     163,911  3,376,183$3,540,094
 NEW YORK FOUNDATION FOR THE ARTS, INC.  NOTES TO FINANCIAL STATEMENTS  JUNE 30, 2002 AND 2001    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.  b  Cash and Cash Equivalents - For purposes of the statement of cash flows, the Organization considers all highly liquid debt instruments purchased with a maturity of three months or less, 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. 5 
 NEW YORK FOUNDATION FOR THE ARTS, INC.  NOTES TO FINANCIAL STATEMENTS  JUNE 30, 2002 AND 2001     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. 6     Note 2 - Restrictions on Assets  a - Unrestricted Net Assets  Included in unrestricted net assets at June 30, 2002 and 2001 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:        2002           2001      Program Activities:   Support for Sponsored Artists Projects $1,270,758 $1,587,174 Support for Sponsored Organizations 100,851 466,413 New York Arts Recovery 1,148,297 -      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 49,975 Arts Leadership Initiative 222,000 -      Community Organization Infrastructure Planning    176,139    667,403           Sub-total (carried forward) 3,289,815 3,095,965  
 NEW YORK FOUNDATION FOR THE ARTS, INC.  NOTES TO FINANCIAL STATEMENTS  JUNE 30, 2002 AND 2001     Note 2 - Restrictions on Assets (continued)  b - Temporarily Restricted Net Assets (continued)          Sub-total (brought forward)  Interamericas Program Capacity Building Programs Dance Groups’ Infrastructure Support Arts Award Program Ross Fund Information Services Arts Education Program Evaluation Public Programming Fellowship Program Technical Assistance Literary Magazine Internship Program NYFA Quarterly (Formerly FYI) Arts ’Policy Project Artists Space Study Turiano Fund Cultural Resources Study Marketing Planning and Strategic Planning Weblab Project General Operating Support for Future Periods Artists in the Branches NYFA Web Development Cultural Exchange Program Administration Catalogue Project On-Line Residency             2002            2001        $3,289,815 $3,095,965   169,892 163,892 150,000       -81,800 50,600 76,471 94,113 54,872 49,279      53,020    133,020 50,090 50,090 50,000 -      48,260 123,260 43,775 58,434 34,904 19,545 34,000 -      23,000 -      19,000 19,000 5,000 -      1,098         1,098 -      52,009 -      46,000 -      43,886 -      35,000 -      34,500            33,000 -      12,000 --   7,500               -               6,300   $4,184,997 $4,128,491 2. Cash Reserve with 10 Year Restriction  This component of temporarily restricted net assets was created by a $75,000 grant from the National Endowment for the Arts in fiscal year 1998. The cash reserve is classified as temporarily restricted since the grant permits the release of the funds to unrestricted net assets after a period of ten years. 7