INDEPENDENT AUDITORS' REPORT.
210 Wirt Street SW, Suite 102 Leesburg, VA 20175 P: 571-442-5220 F: 571-730-3669
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
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.
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.
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|
|Date:||Jan 1, 2018|
|Next Article:||FINDING THE TRAILHEAD: CAREER PATHWAYS INTAKE DESIGN.|