Association for the Advancement of Artificial Intelligence (a California nonprofit corporation) financial statements December 31, 2011 with 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|
|Date:||Dec 22, 2012|
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