NYFA-Audit-03

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• Langue: English

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NEW YORK FOUNDATION FOR THE ARTS, INC.     FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION     JUNE 30, 2003 AND 2002

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  ................................................................................... 5-11      Additional Information    Independent Auditor’s Report onA dditional Information  ............................................ 13     Schedule of Functional Expenses  ............................................................................. 14     

      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, 2003 and 2002, 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, 2003 and 2002, 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 January 7, 2004    

NEW YORK FOUNDATION FOR THE ARTS, INC. STATEMENTS OF FINANCIAL POSITION JUNE 30, 2003 AND 2002 Assets Cash and cash equivalents (Notes 1b and 3) Unconditional promises to give (Notes 1d and 5) Prepaid expenses and other current assets Property and equipment, at cost, less accumulated   depreciation (Notes 1e and 6) Investments (Notes 1c and 4) Security deposits Total Assets Liabilities and Net Assets Liabilities Accounts payable and other current liabilities Encumbered funds (Note 1f) Due to Sponsored Emerging Organizations Total Liabilities Commitments and Contingencies (Note 8) Net Assets Unrestricted (Note 2a) Temporarily restricted (Note 2b) Permanently restricted Geri Ashur Award Fund (Note 2c1) Concordia Foundation Career Advancement Award   Fund (Note 2c2) Cash reserve (Note 2c3) Total Permanently Restricted Total Net Assets Total Liabilities and Net Assets See notes to financial statements. 2003 $ 3,479,448       915,711       109,994       161,392       698,120         38,073 $ 5,402,738 $ 195,230       549,747       554,144 1,299,121     ( 122,240)    3,773,214       139,413       110,000       203,230       452,643    4,103,617 $ 5,402,738 2 2002 $ 4,457,198       846,354       108,444       109,293       240,432         37,521 $ 5,799,242 $ 145,741       721,343       408,058 1,275,142      (108,540)    4,184,997       134,413       110,000       203,230       447,643    4,524,100 $ 5,799,242

NEW YORK FOUNDATION FOR THE ARTS, INC. STATEMENTS OF ACTIVITIES YEARS ENDED JUNE 30, 2003 AND 2002 Changes in Unrestricted Net Assets Revenue and Other Support Grants and contributions Fundraising benefits Less: Direct fundraising costs Administrative fees Program service fees Loan service fees Interest Net realized gain on sale of investments Net unrealized gain on investments Miscellaneous Net assets released from restrictions Satisfaction of time and program restrictions Total Unrestricted Revenue and Other Support Expenses Program Services Management and general Fundraising Total Expenses (Decrease) Increase in Unrestricted Net Assets Changes in Temporarily Restricted Net Assets Contributions Net assets released from restrictions Transfer to cash reserve (Note 2c3) (Decrease) Increase in Temporarily Restricted Net Assets    Changes in Permanently Restricted Net Assets Contributions Transfer from temporarily restricted net assets to cash reserve   (Note 2c3) Increase in Permanently Restricted Net Assets (Decrease) increase in net assets Net assets, beginning of year Net Assets, End of Year See notes to financial statements. 2003 $ 7,294,249            -            -       450,749       185,778           2,280         73,498         12,556           8,580         39,522    2,734,833  10,802,045 9,884,850       537,208       393,687  10,815,745       (13,700)    2,323,050  ( 2,734,833)            -     ( 411,783)           5,000            -           5,000     ( 420,483)    4,524,100 $ 4,103,617 3 2002 $11,928,025       144,554        (54,104)       504,866         80,400           5,434       108,378             - -                     33,271    2,375,005   15,125,829 14,152,139       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 $ 4,524,100

NEW YORK FOUNDATION FOR THE ARTS, INC. STATEMENTS OF CASH FLOWS YEARS ENDED JUNE 30, 2003 AND 2002 Cash Flows From Operating Activities (Decrease) increase in net assets Adjustments to reconcile changes in net assets to net   cash (used) provided by operating activities: Depreciation Net realized gain on sale of investments Net unrealized gain on investments Realized loss on disposition of property and equipment (Increase) decrease in: Unconditional promises to give Prepaid expenses and other current assets Security deposits Increase (decrease) in: Accounts payable and other current liabilities Encumbered funds Due to Sponsored Emerging Organizations Net Cash (Used) Provided By Operating Activities Cash Flows From Investing Activities Purchases of securities Proceeds from sale of securities Loans disbursed Loan repayments received Acquisition of property and equipment Net Cash Used By Investing Activities Cash Flows From Financing Activities Bank loan proceeds Bank loan repayments Net Cash Used By Financing Activities Net (decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and Cash Equivalents, End of Year See notes to financial statements. 2003 $ (420,483)         61,220       (12,556)         (8,580)           2,501       (69,357)         (1,550)            (552)         49,489     ( 171,596)       146,086     ( 425,378)     ( 560,162)       123,610       (76,000)         76,000     ( 115,820)     ( 552,372)         73,720       (73,720)            -     ( 977,750)    4,457,198 $ 3,479,448 4 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 $ 4,457,198

  NEW YORK FOUNDATION FOR THE ARTS, INC.   NOTES TO FINANCIAL STATEMENTS   JUNE 30, 2003 AND 2002 5         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. The New York Arts Recovery Fund activity was completed during fiscal year 2003.   b - Cash and Cash Equivalents   For purposes of the statement of cash flows, the Organization considers all short- term highly liquid debt instruments, such as money market funds, 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.

  NEW YORK FOUNDATION FOR THE ARTS, INC.   NOTES TO FINANCIAL STATEMENTS   JUNE 30, 2003 AND 2002         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.         Note 2 - Restrictions on Assets    a- Unrestricted Net Assets    Included in unrestricted net assets at June 30, 2003 and 2002 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:         2003           2002           Program Activities:    Support for Sponsored Artists Projects $1,897,927 $1,270,758  Support for Sponsored Organizations 84,134 100,851  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        46,770  New York Arts Recovery          -         1,148,297             Sub-total (carried forward) 2,353,831  2,891,676  6