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  • 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...

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Additional Information

ISSN
1558-9560
Print ISSN
0038-478X
Pages
pp. 117-131
Launched on MUSE
2013-07-03
Open Access
No
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