2002 financial statement.REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. Members of the Executive Board And Advisory Council The Renaissance Renaissance (rĕnəsäns`, –zäns`) [Fr.,=rebirth], term used to describe the development of Western civilization that marked the transition from medieval to modern times. Society of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. I have audited the statements of financial position of The Renaissance Society of America (a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. ) as of December December: see month. 31, 2002 and 2001, and the related statements of activity and cash flows for the years then ended. These financial statements are the responsibility of the Society's management. My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audits in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted auditing standards Generally Accepted Auditing Standards, or GAAS, are ten auditing standards, developed by the AICPA, consisting of general standards, standards of field work, and standards of reporting, along with interpretations. . Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement mis·state tr.v. mis·stat·ed, mis·stat·ing, mis·states To state wrongly or falsely. mis·state  ment n. . An audit also 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. I believe that my audit provides a reasonable basis for my
opinion.In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Renaissance Society of America as of December 31,2002 and 2001, and the results of its activity and cash flows for the years then ended, in conformity with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . New York, New York March 11, 2003
THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF FINANCIAL POSITION
FOR THE YEARS ENDED DECEMBER 31,
2002 2001
ASSETS
Cash $20,705 $64,620
Deferred annual meeting costs 9,334 17,456
Prepaid salaries and benefits 31,000 -
Investment securities 1,373,288 1,806,432
Deposits - 4,329
Property and equipment net 8,965 11,341
Total Assets 1,443,292 1,904,178
LIABILITIES
Accounts payable and accrued
expenses 5,900 13,104
Deferred memberships 65,150 38,979
Deferred subscriptions 76,788 69,960
Deferred conference registration 73,930 75,918
Total Liabilities 221,768 197,961
NET ASSETS
Unrestricted 1,176,709 1,661,402
Temporarily restricted - -
Permanently restricted 44,815 44,815
Total Net Assets 1,221,524 1,706,217
Total Liabilities and
Net Assets $1,443,292 $1,904,178
See Notes to Financial Statements
THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED DECEMBER 31,
2002 2001
UNRESTRICTED NET ASSETS
Support:
Memberships and subscriptions $231,715 $235,914
Use of donated facilities 36,000 18,000
Contributions 10,615 23,295
Grants 5,500 220,000
Investment return (290,843) (218,838)
Total Support (7,013) 278,371
Revenue:
Annual Meetings 88,260 82,923
Advertising 9,200 11,550
Air Freight 390 540
Publication 15,781 29,563
Mailing list rental 2,133 4,070
Cranz microfilm corpus - 7,000
Other 129 1,491
Total Revenue 115,893 137,137
Net assets released from restrictions - -
Total Support and Revenue 108,880 415,508
Expenses:
Program Services
Renaissance Quarterly 132,691 100,302
Newsletter publication 9,567 16,045
Publication subsidies 4,000 -
Renaissance text series 3,335 -
Cranz microfilm corpus - 6,350
Grants 25,000 203,800
Iter 39,000 24,000
Web page 6,156 22,341
Other program services 82,575 88,278
Total Program Services 302,324 461,116
Supporting services 291,249 260,725
Total Expenses $593,573 $721,841
Increase (Decrease) in Unrestricted $(484,693) $(306,333)
Net Assets
TEMPORARILY RESTRICTED NET ASSETS
(Decrease) Increase in Temporarily
Restricted Net Asset - -
PERMANENTLY RESTRICTED NET ASSETS
Endowment investment return 2,200 1,600
Endowment expenses:
William Nelson Prize (600) (600)
Bennett Memorial Prize (1,600) (1,000)
Total endowment expense (2,200) (1,600)
Increase in Permanently Restricted
Net Assets - -
TOTAL INCREASE IN NET ASSETS (484,693) (306,333)
NET ASSETS, beginning of year 1,706,217 2,012,550
NET ASSETS, end of year $1,221,524 $1,706,217
See Notes to Financial Statements
THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,
2002 2001
CASH FLOW FROM OPERATING ACTIVITIES
Increase (decrease) in net assets $(484,693) $(306,333)
Adjustment to reconcile increase
in net assets to net cash used by
operations
Depreciation 4,476 5,556
(Gain) loss on sales of investments 46,550 (25,480)
Unrealized (gain) loss on investment 280,394 285,578
securities
Decrease (increase) in operating
assets:
Prepaid expenses (31,000) -
Deposits 4,329 (2,531)
Deferred annual meeting costs 8,122 (5,148)
Increase (decrease) in operating
liabilities:
Accounts payable and accrued
expenses (7,204) 3,104
Deferred memberships and
subscriptions 32,999 257
Deferred conference registration (1,988) 11,211
NET CASH PROVIDED BY OPERATING
ACTIVITIES (148,015) (33,786)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property and equipment (2,100) (1,679)
Purchase of investment securities (83,2617) (516,120)
Proceeds from redemptions and
sales of investments 938,817 558,233
NET CASH USED BY INVESTING ACTIVITIES 104,100 40,434
INCREASE (DECREASE) IN CASH (43,915) 6,648
CASH, beginning of year 64,620 57,972
CASH, end of year $(20,705) $64,620
See Notes to Financial Statements
William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack Bregman Certified Public Accountant 575 Lexington Lexington. 1 City (1990 pop. 225,366), seat of Fayette co., N central Ky., in the heart of the bluegrass region; inc. 1832, made coextensive with Fayette co. 1974. Avenue, Suite 410 New York, NY 10022 212-572-9626 |
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