MLA Financial Statements

Abstract

MLA Financial Statements Music Library Association Table Of Contents For The Year Ended June 30, 2002 Accountants' Report On Financial Statements .....................1 Financial Statements Statement Of Financial Position ..............................2 Statement Of Activities ......................................3 Statement Of Cash Flows ....................................4 Notes To Financial Statements ..............................5-7 [End Page 1005] Report Of Independent Certified Public Accountants To The Board Of Directors Music Library Association 8551 Research Way, Suite 180 Middleton, WI 53562 We have audited the accompanying statement of financial position of Music Library Association as of June 30, 2002, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the Association's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. 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 audit provides 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 Music Library Association as of June 30, 2002 and the change in its net assets, and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Hertzbach & Company, P.A. Certified Public Accountants Baltimore, Maryland August 22, 2002 [End Page 1006] Music Library Association Statement Of Financial Position June 30, 2002 Assets Cash And Cash Equivalents $ 25,776 Cash And Cash Equivalents - Permanently Restricted 21,763 Cash And Cash Equivalents - Temporarily Restricted 4,678 Investments In Marketable Securities 416,390 Accounts Receivable 15,901 Inventories 18,948 Investments In Marketable Securities - Permanently Restricted 89,555 Temporarily Restricted 19,249 Equipment, Net Of Accumulated Depreciation Of $51 3,001 TOTAL ASSETS $ 615,261 Liabilities and Net Assets Accounts Payable 40,925 Customer Prepayments 34,436 TOTAL LIABILITIES 75.361 Net Assets Unrestricted 404,655 Temporarily Restricted 23,927 Permanently Restricted 111,318 TOTAL NET ASSETS 539,900 TOTAL LIABILITIES AND NET ASSETS $ 615,261 [End Page 1007] Music Library Association Statement Of Activities For The Year Ended June 30, 2002 Temporarily Permanently Unrestricted Restricted Restricted Total Revenues And Gains: Contributions $10,943 $8,022 $6,500 $25,465 Dues 105,175 - - 105,175 Sales Of Publications 109,656 - - 109,656 Meetings 87,096 - - 87,096 Other income 6,606 - - 6,606 Investment Income 18,266 - - 18,266 Net Assets Released From Restriction: Restrictions Satisfied By Payments 6,585 (6,585) - - Total Revenues And Gains $ 344,327 1,437 6,500 $ 352,264 Expenses And Losses: Management Services 146,813 - - 146,813 Program Expenses 15,644 - - 15,644 Publications 106,866 - - 106,866 Meetings 69,195 - - 69,195 Net Unrealized And Realized Losses On Investments In Marketable Securities 31,759 2,123 9,871 43,753 Awards 6,585 - - 6,585 Bad Debt 9,828 - - 9,828 General & Administrative 5,563 - - 5,563 Other Member Services 19,706 - - 19,706 Total Expenses And Losses: 411,959 2,123 9,871 423,953 Decrease In Net Assets (67,632) (686) (3,371) (71,689) Net Assets - Beginning Of Year 472,287 24,613 114,689 611,589 Net Assets - End Of Year $ 404,655 $ 23,927 $ 111,318 $ 539,900 [End Page 1008] Music Library Association Statement Of Cash Flows For The Year Ended June 30, 2002 CASH FLOWS FROM OPERATING ACTIVITIES: Change In Net Assets $ (71,689) Adjustments To Reconcile Change In Net Assets To Net Cash And Cash Equivalents Used In Operating Activities: Depreciation 51 Net Unrealized And Realized Losses On Investments In Marketable Securities 43,753 Increase In Accounts Receivable (2,142) Decrease In Prepaid Expenses 650 Increase In Inventories (6,687) Decrease In Cash And Cash Equivalents - Temporarily Restricted 23,584 Decrease In Accounts Payable (27,220) Increase...