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Association for the Advancement of Artificial Intelligence (a California nonprofit corporation) financial statements December 31, 2011 with independent auditor's report.

Independent Auditor's Report

The Board of Directors

Association for the Advancement of Artificial Intelligence

Palo Alto, California

We have audited the accompanying statement of financial position of the Association for the Advancement of Artificial Intelligence (a California nonprofit corporation) as of December 31, 2011, and the related statements of activities, cash flows and functional expenses for the year then ended. These financial statements are the responsibility of the Association for the Advancement of Artificial Intelligence'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 Association for the Advancement of Artificial Intelligence as of December 31, 2011, and the changes in net assets and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Vavrinek, Trine, Day & Co., LLP

Palo Alto, California

May 29, 2012
Statement of Financial Position, December 31, 2011.

ASSETS
  Current Assets
    Cash and cash equivalents                       $155,716
    Investments                                    6,843,823
    Accounts receivable                               34,019
    Inventory                                         99,252
    Prepaid expenses                                  16,414
    Deposits                                           5,535
      Total Current Assets                         7,154,759

  Non-Current Assets
    Equipment, net of accumulated depreciation        17,453
      Total Assets                                $7,172,212

LIABILITIES
  Accounts payable                                   $43,612
  Accrued vacation                                    46,470
  Funds held in trust for other organizations        254,188
  Unearned membership fees                           274,804
  Other deferred revenues                             13,347
    Total Liabilities                                632,421

NET ASSETS
  Unrestricted                                     6,539,791
    Total Liabilities and Net Assets              $7,172,212

Statement of Activities for the Year Ended December 31, 2011.

                                                   Unrestricted

Revenues
  Program revenues                                 $1,117,390
  Membership fees                                     396,324
  Investment income, net of investment expenses       (25,600)
    Total Support and Revenues                      1,488,114

Expenses
  Program services                                  1,017,555
  Membership services                                 312,396
  Supporting services                                 416,576
    Total program and supporting services           1,746,527

CHANGE IN NET ASSETS                                 (258,413)

NET ASSETS, BEGINNING OF YEAR                       6,798,204

NET ASSETS, END OF YEAR                            $6,539,791

Statement of Cash Flows for the Year Ended December 31, 2011

CASH FLOWS FROM OPERATING ACTIVITIES
  Change in net assets                                      $(258,413)
    Adjustments to reconcile change in net assets to net
        cash provided by operations
      Depreciation                                              7,178
      Unrealized and realized gain and loss on investment     205,136
      Increase in accounts receivable                         (19,439)
      Decrease in inventory                                    12,307
      Increase in prepaid expenses                             (1,140)
      Decrease in deposit                                       1,981
      Decrease in accounts payable                            (10,117)
      Increase in accrued vacation                              7,283
      Increase in funds held in trust                          29,869
      Decrease in unearned membership fees                    (14,598)
      Decrease in other deferred revenues                     (11,100)
        Net Cash Used by Operating Activities                 (51,053)

CASH FLOWS FROM INVESTING ACTIVITIES
  Purchase of furnishings and equipment                       (10,614)
  Sale of investments                                         200,000
  Purchase of investments, net of purchases fees             (178,942)
    Net Cash Provided by Investing Activities                  10,444

NET DECREASE IN CASH AND CASH EQUIVALENTS                     (40,609)
CASH AND CASH EQUIVALENTS, Beginning of Year                  196,325

CASH AND CASH EQUIVALENTS, End of Year                       $155,716

Statement of Functional Expenses for the Year Ended December 31, 2011.

                                       Program       Membership
                                       Services       Services

Program Services
  AAAI press                           $116,110          $--
  Symposium                             123,805           --
  Tutorials                              17,640           --
  AAAI/IAAI Technical                   419,822           --
  Conference service                      8,161           --
  AIIDE                                  46,791           --
  ICWSM                                 121,441           --
  Exhibits                               40,873           --
  Grants                                 40,891           --
  Workshop                               41,545           --
  EAAI                                   22,650           --
  IAAI                                   17,826           --
Membership Services
  Al Magazine                                --      156,692
  Salaries                                   --      100,784
  Employee benefits                          --       27,450
  Other membership support                   --       27,470
Support Services
  Salaries                                   --           --
  Employee benefits                          --           --
  Rent                                       --           --
  Web development and maintenance            --           --
  Other operating expenses                   --           --
  Prior year expenses                        --           --
    Total Expenses                   $1,017,555     $312,396

                                      Supporting
                                       Services        Total

Program Services
  AAAI press                              $--         $116,110
  Symposium                                --          123,805
  Tutorials                                --           17,640
  AAAI/IAAI Technical                      --          419,822
  Conference service                       --            8,161
  AIIDE                                    --           46,791
  ICWSM                                    --          121,441
  Exhibits                                 --           40,873
  Grants                                   --           40,891
  Workshop                                 --           41,545
  EAAI                                     --           22,650
  IAAI                                     --           17,826
Membership Services
  Al Magazine                              --          156,692
  Salaries                                 --          100,784
  Employee benefits                        --           27,450
  Other membership support                 --           27,470
Support Services
  Salaries                            115,730          115,730
  Employee benefits                    31,520           31,520
  Rent                                113,045          113,045
  Web development and maintenance      34,841           34,841
  Other operating expenses            120,982          120,982
  Prior year expenses                     458              458
    Total Expenses                   $416,576       $1,746,527
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Title Annotation:Auditor's Report
Publication:AI Magazine
Geographic Code:1U9CA
Date:Dec 22, 2012
Words:815
Previous Article:AAAI Executive Council meeting minutes.
Next Article:Notes to financial statements, December 31, 2011.
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