MLA Financial Statements

832 Music Library Association Table Of Contents June 30, 2007 INDEPENDENT AUDITOR’S REPORT . . . . . . . . . . . . . . . . . . . . . . . . 833 FINANCIAL STATEMENTS Statements of financial position . . . . . . . . . . . . . . . . . . . . . . . . . . . . .834 Statements of activities – 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 835 Statements of activities – 2006 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 836 Statements of cash flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837 Notes to financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . 838–842 Financial Statements 833 834 Notes, June 2008 MUSIC LIBRARY ASSOCIATION STATEMENTS OF FINANCIAL POSITION June 30, 2007 and 2006 2007 2006 ASSETS Cash and cash equivalents: Unrestricted 109,237 $ 110,200 $ Restricted, Mellon Grant 12,622 99,735 Temporarily restricted 0 16,458 Permanently restricted 0 2,612 Total cash and cash equivalents 121,859 229,005 Certificate of deposit 60,000 0 Certificate of deposit - restricted, Mellon Grant 0 60,000 Accounts receivable 7,355 5,047 Inventories 8,345 7,692 Investments in mutual funds: Unrestricted 644,452 571,691 Temporarily restricted 67,695 19,754 Permanently restricted 157,192 154,580 Total investments in mutual funds 869,339 746,025 Equipment, net of accumulated depreciation 2007 - $3,430; 2006 - $2,544 1,257 2,143 TOTAL ASSETS 1,068,155 $ 1,049,912 $ LIABILITIES AND NET ASSETS Accounts payable 7,379 $ 13,962 $ Customer prepayments 57,040 59,382 Mellon Grant payable 12,622 129,084 Total liabilities 77,041 202,428 NET ASSETS Unrestricted 766,227 654,080 Temporarily restricted 67,695 36,212 Permanently restricted 157,192 157,192 Total net assets 991,114 847,484 TOTAL LIABILITIES AND NET ASSETS 1,068,155 $ 1,049,912 $ The accompanying notes are an integral part of these financial statements. Financial Statements 835 MUSIC LIBRARY ASSOCIATION STATEMENT OF ACTIVITIES Temporarily Permanently Unrestricted restricted restricted Total Changes in net assets: Public support and revenues: 6 7 9 , 3 s n o i t u b i r t n o C $ 16,108 0 20,084 $ Dues 130,995 0 0 130,995 6 5 8 , 1 7 1 0 0 6 5 8 , 1 7 1 s n o i t a c i l b u p f o s e l a S 0 0 1 , 1 6 1 0 0 0 0 1 , 1 6 1 s n o i t n e v n o C 8 5 5 , 5 3 0 3 7 0 , 8 5 8 4 , 7 2 s d n e d i v i d d n a t s e r e t n I Realized and unrealized gain 2 0 0 , 5 6 0 8 6 5 , 5 1 4 3 4 , 9 4 t e n , s t n e m t s e v n i n o Other 9,440 0 0 9,440 Net assets released from restriction: 0 0 ) 0 0 6 , 6 ( 0 0 6 , 6 s d r a w a f o t n e m y a P Total revenues and gains 560,886 33,149 0 594,035 Expenses: Program services: 2 7 9 , 8 1 0 0 2 7 9 , 8 1 s e s n e p x e l a r e n e G 5 7 3 , 2 0 1 0 0 5 7 3 , 2 0 1 s n o i t a c i l b u P 3 2 2 , 9 6 1 0 0 3 2 2 , 9 6 1 s n o i t n e v n o C Awards 6,950 0 0 6,950 6 1 8 , 0 1 0 0 6 1 8 , 0 1 s e c i v r e s r e b m e M Total program expenses 308,336 0 0 308,336 Supporting services: Management and general 140,403 1,666 0 142,069 5 0 4 , 0 5 4 0 6 6 6 , 1 9 3 7 , 8 4 4 s e s n e p x e l a t o T 0 3 6 , 3 4 1 0 3 8 4 , 1 3 7 4 1 , 2 1 1 s t e s s a t e n n i e g n a h C 4 8 4 , 7 4 8 2 9 1 , 7 5 1 2 1 2...