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Home My WebLink About2007 Financial StatementMEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. ACCOUNTANTS' REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 2007 TABLE OF CONTENTS Accountants' Report Statement of Financial Position Statement of Activities Statement of Functional Expenses Statement of Cash Flows Notes to Financial Statements Page No. 2 4 6-8 ACCOUNTANTS'REPORT To the Board of Directors of Memorial for All Veterans of the Brazos Valley, Inc. Bryan, Texas We have reviewed the accompanyinga nonmrofit organization) as of December 31f 20071 Veterans of the Brazos Valley, Inc , ( P and the related statements o~i hl Statementst1onaStandardssfor Acount g and tReview then ended, in accordance Services issued by the ~Se can ancialu statements 1 i~s dtheublepresentat onntof the information included m the management of the organization. The prior year summarized comparative information has been derived from the organization's 2006 reviewed financial statements. A review consists primarily of tai It es ubstant allytless ine s opelthandan audit m procedures applied to financial da accordance with generally acce ardinaudhe fi an c ald stat mentscttakenf ashlah whole. expression of an opinion reg g Accordingly, we do not express such an opinion. Based on our review, we are not t ementsnin order folr them to be tinatconfolrmity wah to the accompanying financial s generally accepted accounting principles. THOMPSON, DERRIG & CRAIG, P.C. June 5, 2008 MEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2007 AND 2006 2007 2006 ASSETS Current assets: Cash and cash equivalents $ 171,527 $ 102,064 Inventory 1, 500 1, 500 Total current assets 173,027 103,564 Permanent collection (Note 4) 169,400 169,400 Fixed assets: Furniture and equipment 6,227 4,574 Improvements -memorial site 726,275 692,893 262,468 191,890 Less accumulated depreciation ~ ) ~ Net fixed assets 470,034 505,577 TOTAL ASSETS $ 812,461 $ 778,541 LIABILITIES AND NET ASSETS Current liabilities: Accounts payable $ - $ Total current liabilities - - Net assets: Unrestricted 763,961 771,659 Temporarily restricted 48,500 6,882 Total net assets 812,461 778,541 TOTAL LIABILTIES AND NET ASSETS $ 812,461 $ 778,541 See accountants' report and notes to financial statements. 2 MEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2007 WITH COMPARATIVE TOTALS FOR 2006 Totals Temporarily Unrestricted Restricted 2007 2006 REVENUES Support Contributions -individual $ 25,725 $ - $ 25,725 $ 24,285 Contributions -corporate - - - 15,000 Brazos County 25,000 - 25,000 25,000 City of College Station - 50,000 50,000 50,000 City of Bryan - 25,000 25,000 - Donated services 34,250 - 34,250 40,300 Total support 84,975 75,000 159,975 154,585 Interest income 2,604 - 2,604 1,549 Net assets released from restrictions 33,382 (33,382) - - Total revenue EXPENSES Program expenses General and adnunistrative expenses Fundraising Total expenses Change in net assets Net assets, beginning of year Net assets, end of year 120,961 41,618 162,579 156,134 110,550 - 110,550 98,643 17,833 - 17,833 15,362 276 - 276 1,548 128,659 - 128,659 115,553 (7,698) 41,618 33,920 40,581 771,659 6,882 778,541 737,960 $ 763,961 $ 48,500 $ 812,461 $ 778,541 See accountants' report and notes to financial statements. 3 MEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. STATEMENT OF FUNCATIONAL EXPENSES FOR THE YEAR ENDED DECEMBER 31, 2007 WITH COMPARATIVE TOTALS FOR 2006 Totals Program Support Fundraising 2007 2006 Bank fees $ - 152 - $ 152 $ 38 Computer services 1,381 - - 1,381 - Dedication expense 2,409 - - 2,409 - Depreciation 70,578 - - 70,578 53,580 Design services 920 - - 920 3,075 Dues and subscriptions - - - - 50 Engraving expense 6,963 - - 6,963 9,658 Flags - - - - 2,659 Insurance - 95 - 95 100 Marketing 27,813 - - 27,813 26,000 Meals - 1,263 - 1,263 1,027 Office expense - 6,473 - 6,473 3,347 Postage and delivery 26 - 199 225 949 Printing 460 - 77 537 2,580 Program expense - - - 1,190 Professional fees - 1,600 - 1,600 2,550 Park upkeep - - - - 500 Rent - 8,250 - 8,250 8,250 $ 110,550 $ 17,833 $ 276 $ 128,659 $ 115,553 See accountants' report and notes to financial statements. 4 MEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. STATEMENT OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006 2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES Increase in net assets $ 33,920 $ 40,581 Adjustments to reconcile increase in net assets to net cash provided by operating activities: Depreciation 70,578 53,580 Changes in operating assets and liabilities: Inventory - (1,500) Accounts payable - (16,325) Net cash provided by operating activities 104,498 76,336 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of fixed assets (35,035) (33,117) Net cash used by investing activities (35,035) (33,117) Net change in cash and cash equivalents 69,463 43,219 Cash at beginning of year 102,064 58,845 Cash at end of year ~ 171,5?7 $ 102,064 See accountants' report and notes to financial statements. 5 MEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2007 Note 1 -Summary of Significant Accounting Policies Oreanization and nature of activities Memorial for All Veterans of the Brazos Valley, Inc., was chartered as anon-profit corporation by the State of Texas on July 17, 2000. The organization has no stockholders or equity owners and is governed by a board of directors made up of community volunteers. Membership is based on contribution levels and is open to the public. The mission of Memorial for All Veterans of the Brazos Valley, Inc., is to take a pro- active role in honoring veterans who have served in the uniformed services of the United States. It is the purpose of the organization to ensure that the generations to come will forever recall with pride those veterans' unselfish sacrifice on behalf of the United States of America. Basis of accounting The financial statements of the organization have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables, and other liabilities. Basis of presentation Financial statement presentation follows the recommendations of the Financial Accounting Standards Board in its Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements of Not for-Profit Organizations. Under SFAS No. 117, the organization is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted, temporarily restricted, and permanently restricted. The organization has no permanently restricted net assets. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles includes the use of estimates that affect the financial statements. Accordingly, actual results could differ from those estimates. Cash and cash equivalents The organization considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. See accountants' report. 6 MEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2007 Note 1 -Summary of Significant Accounting Policies (Continued) Fixed assets Acquisitions of furniture and equipment in excess of $1,000 are capitalized. Donated equipment is recorded at fair market value at the date of the donation. Purchased equipment is recorded at cost. Depreciation is provided over the estimated useful lives of the respective assets using the straight-line method. Public support, revenue, and pledges All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Income tax status The organization is anot-for-profit organization exempt from federal income taxes under Internal Revenue Code 501(c)(3). Comparative financial information 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. Accordingly, such information should be read in conjunction with the organization's financial statements for the year ended December 31, 2006, from which the summarized information was derived. Note 2 -Inventory Inventory consists of maquettes of the memorial sculpture. These are mini sculptures held for sale. Inventory is recorded at cost and was valued at $1,500 at December 31, 2007 and 2006, respectively. Note 3 -Cash and Cash Equivalents in Excess of FDIC Limits At times, the organization's cash balances in banks exceed the $100,000 insured by the Federal Deposit Insurance Corporation. The organization has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. See accountants' report. 7 MEMORIAL FOR ALL VETERANS OF THE BRAZOS VALLEY, INC. NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 2007 Note 4 -Donated Services and Support The organization received donated services throughout the year from numerous volunteers performing clerical functions. The value of these services is not reflected in the accompanying financial statements because they do not meet the criteria for recognition under SFAS No. 116, Accounting for Contributions Received and Contributions Made. The organization also received various donations of services, facilities and materials which do meet the criteria for recognition under SFAS No. 116, as follows: 2007 2006 Rent and office support $ 8,250 $ 11,000 Memorial improvements - 3,300 Advertising 26,000 26,000 $ 34,250 $ 40,300 Note 5 -Permanent Collection Memorial for All Veterans of the Brazos Valley, Inc., began their permanent collection in 2001. The permanent collection will consist of various works of art related to the memorial for veterans. These items will be located at the Veterans Memorial Complex. As of December 31, 2007 and 2006, the collection is recorded at cost totaling $169,400. Note 6 -Restrictions on Net Assets Temporarily restricted net assets consist of donor-restricted funds to be used for future capital expenses. Note 7 -Related Party Transactions Beginning in November 2006, the Organization began paying the spouse of a board member to perform certain administrative functions. For the years ended December 31, 2006 and 2006, the amount paid to the related party totaled $6,250 and $750, respectively. See accountants' report. 8