- Affairs of the Association
Report of Independent Auditors
To the Board of Directors of The Texas State Historical Association
We have audited the accompanying statements of financial position of the Texas State Historical Association (the “Association”), a not-for-profit organization, as of August 31, 2012 and 2011, and the related statements of activities and changes in net assets, 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 Suites 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. The Association is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included 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, 2012 and 2011, 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.
Dallas, Texas
March 13, 2013 [End Page 117]
Texas State Historical Association Statements of Financial Position
August 31, | ||||
---|---|---|---|---|
2012 | 2011 | |||
Assets | ||||
Cash and cash equivalents | $ | 53,499 | $ | 423,064 |
Investments | 450,328 | 374,320 | ||
Receivables | 65,347 | 73,710 | ||
Grant receivables, net | 1,525,461 | - | ||
Pledges receivable | 1,800 | 28,621 | ||
Inventory | 202,884 | 211,038 | ||
Prepaid expenses and other assets | 19,332 | 43,629 | ||
Fixed assets, net | 6,265 | 13,087 | ||
Endowment investments | 2,037,830 | 2,011,638 | ||
Total assets | $ | 4,362,746 | $ | 3,179,107 |
Liabilities and Net Assets | ||||
Accounts payable and accrued liabilities | $ | 84,279 | $ | 319,063 |
Total liabilities | 84,279 | 319,063 | ||
Net assets (deficiency): | ||||
Unrestricted | (55,609) | 316,186 | ||
Temporarily restricted | 800,785 | 532,220 | ||
Permanently restricted | 3,533,291 | 2,011,638 | ||
Total net assets | 4,278,467 | 2,860,044 | ||
Total liabilities and net assets | $ | 4,362,746 | $ | 3,179,107 |
See accompanying notes to financial statements. [End Page 118]
Texas State Historical Association Statement of Activities and Changes in Net Assets
Year ended August 31, 2012
Unrestricted | Temporarily Restricted | Permanently Restricted | Total | |||||
---|---|---|---|---|---|---|---|---|
Revenue, gains, and other support: | ||||||||
Publications and other sales | $ | 310,755 | $ | - | $ | - | $ | 310,755 |
Investment income | 150,921 | 166,624 | 808 | 318,353 | ||||
Contributions and grants | 419,691 | 448,143 | 1,520,461 | 2,388,295 | ||||
Association activities | 175,854 | - | - | 175,854 | ||||
Membership income | 138,992 | - | - | 138,992 | ||||
Educational activities | 48,988 | - | - | 48,988 | ||||
Contributed services | 137,789 | - | - | 137,789 | ||||
Philosophical society | 46,069 | - | - | 46,069 | ||||
Awards | 10,475 | - | - | 10,475 | ||||
Other income | 100,520 | - | - | 100,520 | ||||
Net assets released from donor and program restrictions | 345,818 | (345,818) | - | - | ||||
Total revenue, gains, and other support | 1,885,872 | 268,949 | 1,521,269 | 3,676,090 | ||||
Expenses: | ||||||||
Program services: | ||||||||
Digital gateway | 114,703 | - | - | 114,703 | ||||
Handbook production | 131,905 | - | - | 131,905 | ||||
Publications | 206,773 | - | - | 206,773 | ||||
Southwest historical quarterly | 100,449 | - | - | 100,449 | ||||
Educational activities | 434,694 | - | - | 434,694 | ||||
Association activities | 406,467 | - | - | 406,467 | ||||
Awards | 27,409 | - | - | 27,409 | ||||
Texas Almanac | 261,507 | - | - | 261,507 | ||||
Total program services | 1,683,907 | - | - | 1,683,907 | ||||
Fundraising | 290,983 | - | - | 290,983 | ||||
General and administrative | 282,777 | - | - | 282,777 | ||||
Total expenses | 2,257,667 | - | - | 2,257,667 | ||||
Transfer of net assets | - | (384) | 384 | - | ||||
Changes in net assets | (371,795) | 268,565 | 1,521,653 | 1... |