Affairs of the Association

Affairs ofthe Association Financial Report Padgett Stratemann & Co., l.l.p. Accountants and Advisors Independent Auditors' Report To the Members of The Texas State Historical Association Austin, Texas We have audited the accompanying statements of financial position of The Texas State Historical Association (the Association) as ofAugust 31, 2008 and 2007, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Association's management. 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association's internal control over financial reporting. Accordingly, we express no such opinion. 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 audits provide 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 the Association as of August 31, 2008 and 2007, and the changes in its net assets and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. test' 9 ,Sfavü/ria^-te^uJ0 March 19, 2009 140Southwestern Historical QuarterlyJuly The Texas State Historical Association Statements of Financial Position August 31, 2008 and 2007 ASSETS 20082007 Cash and cash equivalents$ 351,842$ 160,069 Investments1,748,3703,202,527 Receivables125,917112,498 Pledges receivable, net of an allowance for doubtful accounts of $-0- in 2008 and 2007121,750100,000 Inventory488,084343,809 Prepaid expenses54,37421,394 Fixed assets, net53,93954,606 Endowment investments1,901,0921,900,954 TOTAL ASSETS$ 4,845,368$ 5,895,857 LIABILITIES AND NET ASSETS LIABILITIES Accounts payable and accrued liabilities3>_____1 19.954 J_____102.622 Total Liabilities119,954102,622 NETASSETS Unrestricted Net Assets Board designated: Endowment/general ____________- 1,840,180 Total Board Designated- 1,840,180 Unrestricted, undesignated1,011,727 ____________Total Unrestricted Net Assets1 ,01 1 ,7271 ,840, 1 80 Temporarily restricted1,812,5952,052,101 Permanently restricted1,901,0921,900,954 Total Net Assets4,725,4145,793,235 TOTAL LIABILITIES AND NET ASSETS$ 4,845,368$ 5,895,857 Notes tofinancial statementsform an Integralpart ofthese statements. The Texas State Historical Association Statements of Activities Years Ended August 31, 2008 and 2007 2007 REVENUES ftibhcalions uid other sales Investment income Contribution! Association activities Membership income Educational activities Annual meeting Contributed services ?????????? Sociery Awards Other income Net assets released from donor and program restrictions Total Revenues TemporarilyPermanently 156.938 J 70.835 295338 41.564 83,956 74,708 16306 35,000 500 24,587 576.971 30.025 S 86.168 221,272 1,376.703 (576,971) (239,506) Total 186.963 157,141 516.610 41,564 83.956 74,708 16306 35.000 500 24387 1.137335 204,081 330.695 21314 16,196 72.762 33358 44.729 210.944 35.000 6.600 493367 TemporarilyPermanently 29.788 317599 121331 355 25W0 1,468,746 (493367) (24.949) IiUl 233.869 648349 167.645 16,196 72,762 33.058 44.729 210,944 35.000 6.600 EXPENSES Program Services: Digital Oateway Handbook production Publications Southwest Historical Quarterly Educational activities Association activities Awards Texas Almanac Pundnising General and administrative Total E 87346 190,099 261 ,032 118.144 304,149 101.002 12.600 59302 256,978 813.804 2.205.156 87346 190.099 261,032 118,144 304.149 101,002 12.600 59302 256,978 813304 2.205,156 133365 218319 341313 98349 297389 109390 11,666 19,274 709.469 1...