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INDEPENDENT AUDITORS' REPORT.

100 Lakeforest Boulevard, Suite 650 Gaithersburg, MD 20877 P: 301-948 -9825 F: 301-948-3220

210 Wirt Street SW, Suite 102 Leesburg, VA 20175 P: 571-442-5220 F: 571-730-3669

www.deleonandstang.com

Allen P. Deleon, CPA, PFS Richard C. Stang, CPA, PFS, ABV Daniel L. Dellon, CPA, ABV, CFF Brad ly L. Hoffman, CPA Jeanie Price, AAAPM

Board of Directors

Association for Career and Technical Education

Alexandria, Virginia

We have audited the accompanying financial statements of the Association for Career and Technical Education (a nonprofit organization), which comprise the statements of financial position as of June 30, 2017 and 2016, and the related statements of activities, functional expenses and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits 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 from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Association for Career and Technical Education as of June 30, 2017 and 2016, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

Report on Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules of unrestricted, board designated net assets and the schedules of temporarily restricted net assets shown on pages 20-23 are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

DeLeon & Stang, CPAs Gaithersburg, Maryland October 1, 2017

ASSOCIATION FOR CAREER AND TECHNICAL EDUCATION

Statements of Financial Position

June 30, 2017 and 2016
                                             2017
                                    ASSETS

Assets:
  Cash and cash equivalents                  $  243,414
  Restricted cash                                 3,794
  Investments in marketable securities            4,894,066
  Accounts receivable                            97,332
  Inventory                                      26,230
  Prepaid expenses and other assets             244,075
  Property and equipment, net of
  accumulated depreciation                        1,631,624
         TOTAL ASSETS                        $    7,140,535

         LIABILITIES AND NET ASSETS

Liabilities:
  Accounts payable and other liabilities!    $  301,772
  Deferred revenue                                1,401,539
  Rental deposits                                 7,010
  Note payable                                  393,635
    Total liabilities                             2,103,956
Net Assets:
  Unrestricted net assets                         1,359,409
  Unrestricted net assets, Board-Designated
    Regions and Divisions                       445,448
  Unrestricted net assets, Board-Designated
    Capital Improvements/Reserves                 2,975,042
     Total unrestricted net assets                4,779,899
  Temporarily restricted net assets             256,680
    Total net assets                              5,036,579
      TOTAL LIABILITIES AND NET ASSETS       $    7,140,535

                                             2016
                                    ASSETS

Assets:
  Cash and cash equivalents                  $  122,735
  Restricted cash                                 2,891
  Investments in marketable securities            3,799,166
  Accounts receivable                            43,597
  Inventory                                      23,208
  Prepaid expenses and other assets             240,090
  Property and equipment, net of
  accumulated depreciation                        1,783,169
         TOTAL ASSETS                        $    6,014,856

         LIABILITIES AND NET ASSETS

Liabilities:
  Accounts payable and other liabilities!    $  170,843
  Deferred revenue                                1,129,508
  Rental deposits                                 7,010
  Note payable                                  453,702
    Total liabilities                             1,761,063
Net Assets:
  Unrestricted net assets                         2,141,924
  Unrestricted net assets, Board-Designated
    Regions and Divisions                       379,074
  Unrestricted net assets, Board-Designated
    Capital Improvements/Reserves                 1,514,577
     Total unrestricted net assets                4,035,575
  Temporarily restricted net assets             218,218
    Total net assets                              4,253,793
      TOTAL LIABILITIES AND NET ASSETS       $    6,014,856


ASSOCIATION FOR CAREER AND TECHNICAL EDUCATION

Statements of Activities

For the Years Ended June 30, 2017 and 2016
                                                       2017
                                                       Temporarily
                                         Unrestricted  Restricted

Revenue and Support:
  Membership dues                        $  1,730,580  $        -
  Contributions                                32,065      76,195
  Sponsorship                                 251,206           -
  Program service revenue:
   Convention, conferences and
    workshops                               2,743,192           -
   Publications                               150,358           -
  Advertising                                 190,746           -
  Rental income                               186,165           -
  Service fees                                 24,744           -
  Other revenue                               242,696           -
  Investment income                           186,953       9,964
  Net assets released from restrictions        47,697     (47,697)
  Total revenue and support                 5,786,402      38,462
Expenses:
  Program services:
  Convention, conferences and
  workshops                                 1,395,725           -
  Publications                                874,274           -
  Government relations                        368,221           -
  Regions & divisions                         212,228           -
  Education services                          264,469           -
   Total program services                   3,114,917           -
  Supporting services:
   Finance & operations                     1,035,020           -
   Membership                                 486,994           -
   Governance                                 405,147           -
    Total supporting services               1,927,161           -
     Total expenses                         5,042,078           -
Change in net assets                          744,324      38,462
Net assets at beginning of year             4,035,575     218,218
Net assets at end of year                $  4,779,899  $  256,680

                                           2017
                                         Total

Revenue and Support:
  Membership dues                        $  1,730,580
  Contributions                               108,260
  Sponsorship                                 251,206
  Program service revenue:
   Convention, conferences and
    workshops                               2,743,192
   Publications                               150,358
  Advertising                                 190,746
  Rental income                               186,165
  Service fees                                 24,744
  Other revenue                               242,696
  Investment income                           196,917
  Net assets released from restrictions             -
  Total revenue and support                 5,824,864
Expenses:
  Program services:
  Convention, conferences and
  workshops                                 1,395,725
  Publications                                874,274
  Government relations                        368,221
  Regions & divisions                         212,228
  Education services                          264,469
   Total program services                   3,114,917
  Supporting services:
   Finance & operations                     1,035,020
   Membership                                 486,994
   Governance                                 405,147
    Total supporting services               1,927,161
     Total expenses                         5,042,078
Change in net assets                          782,786
Net assets at beginning of year             4,253,793
Net assets at end of year                $  5,036,579
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Title Annotation:2017 ANNUAL REPORT TO MEMBERS ACTE
Publication:Techniques
Geographic Code:1U5MD
Date:Jan 1, 2018
Words:1235
Previous Article:AWARDS.
Next Article:FINDING THE TRAILHEAD: CAREER PATHWAYS INTAKE DESIGN.
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