Audit report 2004-2005.Report of Independent Auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together To the Board of Directors Photographic 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. Oklahoma City, Oklahoma “OKC” redirects here. For the airport, see Will Rogers World Airport. Oklahoma City is the capital of the U.S. state of Oklahoma. The county seat of Oklahoma County, the city is the 30th largest city in the U.S. We have audited the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statement of financial position of the Photographic Society of America as of June 30, 2005, and the related consolidated statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the Photographic Society of America's management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior year summarized comparative information has been derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the Organization's 2004 financial statements and, in our report dated August 27, 2004, we expressed an unqualified opinion Unqualified opinion An independent auditor's opinion that a company's financial statements comply with accepted accounting procedures. Antithesis of qualified opinion. unqualified opinion See clean opinion. on those financial statements. We conducted our audit 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 auditing standards generally accepted in the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . Those standards require that we 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 includes consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact.2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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 consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge referred to above present fairly, in all material respects, the financial position of the Photographic Society of America as of June 30, 2005, and the changes in their net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Notes to Consolidated Financial Statements Year Ended June 30, 2005 with Comparative Information for June 30, 2004 1. Summary of Significant Accounting Policies The consolidated financial statements of the Photographic Society of America have been prepared on the accrual basis A method of accounting that reflects expenses incurred and income earned for Income Tax purposes for any one year. Taxpayers who use the accrual method must include in their taxable income any money that they have the right to receive as payment for services, once it of accounting. A summary of the significant accounting policies consistently applied in the preparation of the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. financial statements follows:</p> <pre> Nature of operations and tax status: Photographic Society of America (the "Society") is a not-for-profit membership organization organized as a medium for cooperative cooperative Organization owned by and operated for the benefit of those using its services. Cooperatives have been successful in such fields as the processing and marketing of farm products and the purchasing of other kinds of equipment and raw materials, and in the action in promoting the arts and sciences of photography and for furthering public education therein. The Society was incorporated in 1937 under the Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. General Corporation Law to operate exclusively for charitable, educational, scientific and literary purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. of 1954. The Internal Revenue Service has determined the Society is exempt from federal income tax. However, the Society may be subject to federal and state tax on unrelated business income. There were no taxes on unrelated activities for 2005 and 2004. The Board of Directors established a quasi-endowment fund, MEF MEF Marine Expeditionary Force MEF Metro Ethernet Forum MEF Ministerio de Economía y Finanzas (Spanish) MEF Mobile Entertainment Forum MEF Middle East Forum (think tank) I, in the fiscal year ended June 30, 1986, into which the assets of the PSA (Professional Services Automation) An information system designed to organize, track and manage all opportunities, work, resources, costs, revenues and invoices to improve the productivity and efficiency of the workforce. Memorial Fund were transferred. The Quasi-Endowment Fund has obtained tax exempt status. An endowment fund Noun 1. endowment fund - the capital that provides income for an institution endowment patrimony - a church endowment chantry - an endowment for the singing of Masses , MEF II, was established during the fiscal year ended June 30, 1987. The Endowment Fund was granted tax exempt status in December December: see month. , 1988. Both MEF I and MEF II are exempt under Section 501(c)(3) of the Internal Revenue Code. The Quasi-Endowment Fund (MEF I) consists of unrestricted assets and the Endowment Fund (MEF II) consists of permanently restricted assets. Basis of presentation and consolidation: The accompanying consolidated financial statements include the accounts of the Society and its related endowment funds Endowment funds Investment funds established for the support of institutions such as colleges, private schools, museums, hospitals, and foundations. The investment income may be used for the operation of the institution and for capital expenditures. , MEF I and MEF II. Significant intercompany transactions and balances have been eliminated in the consolidated financial statements. Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent Fortuitous; dependent upon the possible occurrence of a future event, the existence of which is not assured. The word contingent denotes that there is no present interest or right but only a conditional one which will become effective upon the happening of the assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Display of net assets by class: The accompanying financial statements have been prepared in conformity with the disclosure and display requirements of the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). (FASB FASB See: Financial Accounting Standards Board FASB See Financial Accounting Standards Board (FASB). ) as set forth in Statements of Financial Accounting Standards No. 117, Financial Statements of Not-for-Profit Organizations. This standard requires that the net assets of the Society be reported in the following three classes: (a) unrestricted net assets, (b) temporarily restricted net assets and (c) permanently restricted net assets. Net assets of the two restricted classes are created only by donor-imposed restrictions on their use. All other net assets, including board-designated or appropriated amounts, are legally unrestricted, and are reported as part of the unrestricted class. For the period represented, the Society had no temporarily restricted net assets. Ordinary income is accounted for in the fund owning such assets. Investment income and gains and losses arising from the sale, collection or other disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of assets is accounted for in the unrestricted fund unless donor The party conferring a power. One who makes a gift. One who creates a trust. donor n. a person or entity making a gift or donation. DONOR. He who makes a gift. (q.v.) or other restrictions apply to such income. Permanently restricted net assets: The Society has permanently restricted assets at June 30, 2005 and 2004: The Endowment Fund, MEF II, can only make its income available corpus is inviolate in·vi·o·late adj. Not violated or profaned; intact: "The great inviolate place had an ancient permanence which the sea cannot claim" Thomas Hardy. . If the Fund were to d be transferred to the Sos' discretion. Investment income from the endowment funds is recorded in the Society's unrestricted fund. Realized gains and losses arising from the sale, collection or other disposition of assets and unrealized gains and losses from the endowment funds are accounted for in the permanently restricted fund in accordance with the trust agreement. Investments: In accordance with SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 124, Accounting for Certain Investments Held by Not-for-Profit Organizations, investments are reported in the statement of financial position at fair value with any realized or unrealized gains and losses reported in the statement of activities. Fair values are utilized are either provided by brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. firms holding the securities or available through financial publications. Investment income is recognized as revenue in the period it is earned and gains and losses are recognized as changes in net assets in the accounting periods in which they occur. Prior year summaries for comparison purposes: The financial statements include certain prior year summarized comparative information in total but not by net asset class. Such information does not include sufficient detail to constitute a presentation 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 . Accordingly, such information should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the Organization's financial statements for the year ended June 30, 2004, from which the summarized information was derived. Cash and cash equivalents: Cash and cash equivalents consist of cash on hand, in banks and cash management accounts. Dues: Membership dues are recognized as revenue over the term of the membership. Life membership dues are recognized as revenue over twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. which is the estimated life of the membership. Publication costs: The Society publishes the PSA Journal, a monthly magazine for members of the Society. Publication costs are charged to expense when incurred. Depreciation: Property and equipment are capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. at cost and are depreciated Depreciated may refer to:
adj. 1. Lying in a straight line. 2. Relating to a device whose linkage produces or copies motion in straight lines. 3. basis over the estimated useful lives of the related assets. </pre> <p>2. Investments As stated in Note 1, investments in certificates of deposit, U.S. Treasury securities, corporate stocks and mutual funds are stated at fair value and are summarized as follows:</p> <pre> June 30, 2005 Unrealized Fair Appreciation Cost Value (Depreciation) Certificates of deposit $150,000 $149,822 $ (178) U.S. Gov. & Agencies 680,000 677,387 (2,613) securities Corporate stocks 377,736 892,141 514,405 Mutual funds 1,098,537 1,228,588 130,051 Total 2,306,273 2,947,938 641,665 Short-term 359,227 359,662 435 Long-term $ $1,947,046 $2,588,276 $641,230 June 30, 2004 Unrealized Fair Appreciation Cost Value (Depreciation) Certificates of deposit $100,000 $100,000 $ - U.S. Gov. & Agencies 839.817 845,868 6,051 securities Corporate stocks 293,860 751,829 457,969 Mutual funds 1,207,217 1,069,978 (137,239) Total 2,440,894 2,767,675 326,781 Short-term 285,305 289,908 4,603 Long-term $2,155,589 $2,477,767 $322,178 </pre> <p>2. Investments (Continued) The following schedule summarizes the investment return and its classification in the statement of activities for the years ended:</p> <pre> June 30, 2005 Unrestricted Exec. Comm See comms. . MEF Trustee A user or group of users that has been given access rights to files on a network server. See also TRUSTe. Unrestricted Designated Designated Interest and dividends 66,178 $27,907 (Premium) discount amortization 386 585 Unrealized appreciation (depreciation) 25,306 7,057 57,750 Realized gains/(losses) 2,142 Total $94,012 $7,642 $85,657 June 30, 2004 Unrestricted Exec. Comm. MEF Trustee Unrestricted Designated Designated Interest and dividends $63,566 $ - $22,657 (Premium) discount amortization (631) 472 Unrealized appreciation (depreciation) 88,103 13,216 65,313 Realized gains/(losses) 3,137 Total $154,175 $13,688 $87,970 June 30, 2005 Unrestricted Permanently Restricted Total Interest and dividends $94,085 (Premium) discount amortization 971 Unrealized appreciation (depreciation) (1,314) 88,799 Realized gains/(losses) 2,142 Total $(1,314) $185,997 June 30, 2004 Unrestricted Permanently Restricted Total Interest and dividends $ - $86,223 (Premium) discount amortization (159) Unrealized appreciation (depreciation) 12,593 179,225 Realized gains/(losses) 3,137 Total $12,593 $268,426 </pre> <p>3. Property and Equipment Major classes of property and equipment and accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( are as follows:</p> <pre> June 30 2005 2004 Furniture and equipment 57,484 $50,826 Less accumulated depreciation 46,046 43,374 11,438 $7,452 Depreciation expense 2,672 $2,796 </pre> <p>4. Print Collection The Society owns a collection of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4,120 prints. The prints that have an identifiable market are carried at the estimated fair value. For prints acquired prior to June 30, 1991, fair value as of June 30, 1991 was used. For prints acquired subsequent to June 30, 1991, fair value was recorded at the date of acquisition. The following summarizes prints that have an identifiable market and an estimated value:</p> <pre> 2005 2004 Number Carrying Number Carrying of Prints Value of Prints Value 358 $263,300 358 $263,300 </pre> <p>5. Leases The Society leases office space for the headquarters in Oklahoma City Oklahoma City (1990 pop. 444,719), state capital, and seat of Oklahoma co., central Okla., on the North Canadian River; inc. 1890. The state's largest city, it is an important livestock market, a wholesale, distribution, industrial, and financial center, and a farm . The lease payments are $2,374 per month; however, the lease states that payments may be increased for related increases in taxes and insurance on the property. Lease payments for the years ended June 30, 2004 and 2003 were $32,079 and $28,939, respectively. Future minimum lease payments Rental payments over the lease term including the amount of any bargain purchase option, premium and any guaranteed residual value and excluding any rental relating to costs to be met by the lessor and any contingent rentals. are as follows:</p> <pre> Year ending June 30, 2006 28,479 Total $28,479 </pre> <p>6. Due from (to) Other Funds The following is a breakdown by funds of the various due to and due from accounts:</p> <pre> June 30, 2005 2004 Unrestricted--operating Due from board designated $6,785 $- Due from MEF trustee designated 22,696 20,394 Due from permanently restricted 2,273 2,164 31,754 22,558 Due to board designated (35) (3,090) Due to MEF trustee designated (5,775) (620) Due to permanently restricted (1,620) (1,065) (7,430) (4,775) Total $24,324 $17,783 Unrestricted--board designated Due from unrestricted--operating $35 $3,090 Due to unrestricted--operating (6,785) Total (6,750) $3,090 Unrestricted--MEF trustee designated Due from unrestricted--operating $5,775 $620 Due to unrestricted--operating (22,696) (20,394) Total (16,921) (19,774) Permanently restricted Due from unrestricted--operating $1,620 $1,065 Due to unrestricted--operating (2,273) (2,164) Total (653) (1,099) </pre> <p>7. Deferred Revenue Deferred revenue consists of the following:</p> <pre> 7. Deferred Revenue Deferred revenue consists of the following: June 30, 2005 2004 Current membership dues 114,839 $115,391 Deferred credits 36,035 46,925 Life membership dues 11,528 13,841 162,402 176,157 Less current portion (153,187) (164,629) Deferred revenue-long term $9,215 $11,528 </pre> <p>Deferred revenues for dues represent monies received during the current and prior years for memberships that will expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. in the future. As stated in Note 1, revenues from life membership dues will be recognized over twenty years, which is the estimated life of the memberships. 8. Chapter Transfers Photographic Society of America is a single organization with various state chapters that are intended to be integral parts of the Society. To support this relationship between the Society and its chapters, chapter financial data is included in the Society's financial statements. Individual chapters maintain separate bank accounts for operating purposes and, at their discretion, may make transfers to the Society to aid in Society operations. Also, chapter funds revert re·vert v. 1. To return to a former condition, practice, subject, or belief. 2. To undergo genetic reversion. to the Society in the event a chapter terminates its Society charter. Transfers of funds from chapters to the Society amounted to a total of $5,431 and $5,000 for the years ended June 30, 2005 and 2004, respectively. 9. Concentration of Credit Risk The Society maintains bank accounts at multiple financial institutions and also has cash accounts with investment companies. Cash accounts held at investment companies are not insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. by the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). , but are privately insured. Cash equivalent accounts at investment companies amounted to $204,983 and $283,415 at June 30, 2005 and 2004, respectively. Regier Carr CARR Carrier CARR Customer Acceptance Readiness Review CARR Carrollton Railroad CARR Corrective Action Request and Report CARR City Area Rural Rides (Texas) CARR Configuration Audit Readiness Review CARR Customer Acceptance Requirements Review & Monroe, L.L.P. August 12, 2005 Wichita, Kansas
Wichita, also known as the Air Capital of the World, is the largest city in the U.S. state of Kansas, as well as a major aircraft manufacturing hub and cultural center.
Photographic Society of America
Consolidated Statement of Financial Position
June 30, 2005 with Comparative Totals for June 30, 2004
Unrestricted
Board
Operating Designated
ASSETS
Current assets
Cash and cash equivalents $468,747 $53,216
Accrued interest receivable 2,425
Accounts receivable 2,700
Due from (to) other funds 24,324 (6,750)
Inventory at lower of cost (FIFO) or 39,910
market
Prepaid expenses and other assets 6,448
Short-term investments 84,227 275,435
Total current assets 628,781 321,901
Print collection 263,300
Investments 1,301,339 394,796
Property and equipment, at cost
less accumulated depreciation 11,438
1,576,077 394,796
Total assets $2,204,858 $716,697
LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $23,445 $ -
Deferred revenue, current 153,187
Total current liabilities 176,632 -
Deferred revenue 9,215
Net assets
Unrestricted 2,019,011 716,697
Permanently restricted
Total net assets 2,019,011 716,697
Total liabilities and net assets 2,204,858 $716,697
Unrestricted
MET Trustee Permanently
Designated Restricted
ASSETS
Current assets
Cash and cash equivalents $29,068 $1,906
Accrued interest receivable 157 14
Accounts receivable
Due from (to) other funds (16,921) (653)
Inventory at lower of cost (FIFO) or
market
Prepaid expenses and other assets
Short-term investments
Total current assets 12,304 1,267
Print collection
Investments 795,784 96,357
Property and equipment, at cost
less accumulated depreciation
795,784 96,357
Total assets $808,088 $97,624
LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $ - $ -
Deferred revenue, current
Total current liabilities - -
Deferred revenue
Net assets
Unrestricted 808,088
Permanently restricted 97,624
Total net assets 808,088 97,624
Total liabilities and net assets $808,088 $97,624
June 30, 2005 June 30, 2004
Total Total
ASSETS
Current assets
Cash and cash equivalents $552,937 $627,318
Accrued interest receivable 2,596 5,963
Accounts receivable 2,700 7,239
Due from (to) other funds - -
Inventory at lower of cost (FIFO) or 39,910 32,640
market
Prepaid expenses and other assets 6,448 6,390
Short-term investments 359,662 289,908
Total current assets 964,253 969,458
Print collection 263,300 263,300
Investments 2,588,276 2,477,767
Property and equipment, at cost
less accumulated depreciation 11,438 7,452
2,863,014 2,748,519
Total assets $3,827,267 $3,717,977
LIABILITIES AND NET ASSETS
Current liabilities
Accounts payable and accrued expenses $23,445 $23,687
Deferred revenue, current 153,187 164,629
Total current liabilities 176,632 188,316
Deferred revenue 9,215 11,528
Net assets
Unrestricted 3,543,796 3,420,816
Permanently restricted 97,624 97,317
Total net assets 3,641,420 3,518,133
Total liabilities and net assets $3,827,267 $3,717,977
Photographic Society of America
Consolidated Statement of Activities
Year Ended June 30, 2005 with Comparative Totals for June 30, 2004
Unrestricted
Board
Operating Designated
Revenues, gains and other support
Dues $189,245 $ -
PSA Journal 43,192
Division programs 27,624
Committee programs 955
Investment income (loss) 94,012 7,642
Headquarters services 9,459
Conventions and exhibitions 90,618
Contributions 3,876 19,994
Chapter income 36,005
Gain on sale of assets
Total revenues, gains and other 494,986 27,636
support
Expenses
General operations 72,951
Headquarters services 99,943
PSA Journal 193,641
Divisions 18,242
Committees 5,411
Awards 1,315
Chapter expenses 39,524
Conventions and exhibitions 59,941
Miscellaneous
Total expenses 490,968 -
Change in net assets 4,018 27,636
Net assets--beginning 1,983,068 696,017
Transfers from (to) other funds 31,925 (6,956)
Net assets--ending $2,019,011 $716,697
Unrestricted
MET Trustee Permanently
Designated Restricted
Revenues, gains and other support
Dues $ - $ -
PSA Journal
Division programs
Committee programs
Investment income (loss) 85,657 (1,314)
Headquarters services
Conventions and exhibitions
Contributions 5,775 1,621
Chapter income
Gain on sale of assets
Total revenues, gains and other 91,432 307
support
Expenses
General operations 105
Headquarters services
PSA Journal
Divisions
Committees
Awards
Chapter expenses
Conventions and exhibitions
Miscellaneous
Total expenses 105 -
Change in net assets 91,327 307
Net assets--beginning 741,730 97,317
Transfers from (to) other funds (24,969)
Net assets--ending $808,088 $97,624
June 30, 2005 June 30, 2004
Total Total
Revenues, gains and other support
Dues $189,245 $200,498
PSA Journal 43,192 93,974
Division programs 27,624 27,521
Committee programs 955 2,511
Investment income (loss) 185,997 268,426
Headquarters services 9,459 6,809
Conventions and exhibitions 90,618 67,488
Contributions 31,266 14,312
Chapter income 36,005 95,077
Gain on sale of assets - 133,100
Total revenues, gains and other 614,361 909,716
support
Expenses
General operations 73,056 89,689
Headquarters services 99,943 111,368
PSA Journal 193,641 205,813
Divisions 18,242 18,018
Committees 5,411 5,849
Awards 1,315 1,644
Chapter expenses 39,524 90,555
Conventions and exhibitions 59,941 49,564
Miscellaneous - 541
Total expenses 491,073 573,041
Change in net assets 123,288 336,675
Net assets--beginning 3,518,132 3,181,458
Transfers from (to) other funds - -
Net assets--ending $3,641,420 $3,518,133
Photographic Society of America
Consolidated Statement of Cash Flows
Year Ended June 30, 2005 with Comparative Totals for June 30, 2004
Unrestricted
Board
Operating Designated
Operating activities
Change in net assets $4,018 $27,636
Adjustments to reconcile change in
net assets to net cash provided
(used) by operating activities:
Depreciation 2,672
Gain on sale of assets
Gain on sale of investments (2,142)
Unrealized (appreciation)
depreciation of investments (25,306) (7,057)
Amortization of investment (386) (585)
premiums
Decrease (increase) in interest 3,514
receivable
Decrease (increase) in accounts 4,539 (36)
receivable
Decrease (increase) in inventory (7,270)
Decrease (increase) in other (58)
assets
Decrease (increase) in due (to) (6,541) 9,876
from other funds
Increase (decrease) in accounts (243)
payable
Increase (decrease) in deferred (13,755)
revenue
Permanently restricted
contributions
Net cash provided (used) by (40,958) 29,834
operating activities
Investing activities
Purchase of property assets (6,659)
Proceeds from sale of prints
Purchase of investments (282,476) (100,000)
Sales/maturities of investments 318,000 60,000
Net cash provided (used) by 28,865 (40,000)
investing activities
Financing activities
Permanently restricted contributions
Net cash provided by financing - -
activities
Transfers
Transfers from (to) funds 31,925 (6,956)
Net cash provided (used) by 31,925 (6,956)
transfers
Net increase (decrease) in cash and
cash equivalents 19,832 (17,122)
Cash and cash equivalents at beginning 448,915 70,338
of year
Cash and cash equivalents at end of $468,747 $53,216
Year
Unrestricted
MEF Trustee Permanently
Designated Restricted
Operating activities
Change in net assets $91,327 $307
Adjustments to reconcile change in
net assets to net cash provided
(used) by operating activities:
Depreciation
Gain on sale of assets
Gain on sale of investments (2,833)
Unrealized (appreciation)
depreciation of investments (57,750) 1,314
Amortization of investment
premiums
Decrease (increase) in interest (133) (13)
receivable
Decrease (increase) in accounts
receivable
Decrease (increase) in inventory
Decrease (increase) in other
assets
Decrease (increase) in due (to) (2,853) (446)
from other funds
Increase (decrease) in accounts
payable
Increase (decrease) in deferred
revenue
Permanently restricted (1,621)
contributions
Net cash provided (used) by 27,758 (459)
operating activities
Investing activities
Purchase of property assets
Proceeds from sale of prints
Purchase of investments (78,108) (6,594)
Sales/maturities of investments 3,660
Net cash provided (used) by (74,448) (6,594)
investing activities
Financing activities
Permanently restricted contributions 1,621
Net cash provided by financing - 1,621
activities
Transfers
Transfers from (to) funds (24,969)
Net cash provided (used) by (24,969) -
transfers
Net increase (decrease) in cash and
cash equivalents (71,659) (5,432)
Cash and cash equivalents at beginning 100,727 7,338
of year
Cash and cash equivalents at end of $29,068 $1,906
year
June 30, 2005 June 30, 2004
Total Total
Operating activities
Change in net assets $123,288 $336,675
Adjustments to reconcile change in
net assets to net cash provided
(used) by operating activities:
Depreciation 2,672 2,796
Gain on sale of assets (136,037)
Gain on sale of investments (4,975) -
Unrealized (appreciation)
depreciation of investments (88,799) (179,225)
Amortization of investment (971) 160
premiums
Decrease (increase) in interest 3,368 5,547
receivable
Decrease (increase) in accounts 4,503 11,139
receivable
Decrease (increase) in inventory (7,270) (2,327)
Decrease (increase) in other (58) 12,365
assets
Decrease (increase) in due (to) 36 (1)
from other funds
Increase (decrease) in accounts (243) 1,447
payable
Increase (decrease) in deferred (13,755) 19,515
revenue
Permanently restricted (1,621) (1,065)
contributions
Net cash provided (used) by 16,175 70,989
operating activities
Investing activities
Purchase of property assets (6,659) (2,687)
Proceeds from sale of prints - 198,250
Purchase of investments (467,178) (702,441)
Sales/maturities of investments 381,660 468,137
Net cash provided (used) by (92,177) (38,741)
investing activities
Financing activities
Permanently restricted contributions 1,621 1,065
Net cash provided by financing 1,621 1,065
activities
Transfers
Transfers from (to) funds -
Net cash provided (used) by - -
transfers
Net increase (decrease) in cash and
cash equivalents (74,381) 33,313
Cash and cash equivalents at beginning 627,318 594,005
of year
Cash and cash equivalents at end of $552,937 $627,318
year
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion