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  • Affairs of the Association
  • Whitle Penn

REPORT OF INDEPENDENT AUDITORS

To the Board of Directors of the Texas State Historical Association

We have audited the accompanying financial statements of Texas State Historical Association, which comprise the statements of financial position as of August 31, 2014 and 2013, and the related statements of activities, and cash flows for the years then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”); this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

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 audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Texas State Historical Association as of August 31, 2014 and 2013, and the results of its activities and its cash flows for the years then ended in conformity with GAAP.


Dallas, Texas
January 26, 2015 [End Page 99]

TEXAS STATE HISTORICAL ASSOCIATION STATEMENTS OF FINANCIAL POSITION

August 31,
2014 2013
Assets
Cash and cash equivalents $ 33,237 $ 117,993
Investments 739,129 290,062
Receivables 72,376 62,832
Grant receivables, net 1,570,185 1,064,050
Pledges receivable 182,076 161,013
Inventory 105,695 110,008
Prepaid expenses and other assets 11,930 12,775
Fixed assets, net 1,793 2,849
Endowment investments 2,609,109
2,288,477
Total assets $
5,325,530
$ 4,110,059
Liabilities and Net Assets
Accounts payable and accrued liabilities $ 90,476 $ 106,142
Line of credit 350,000
-
Total liabilities 440,476 106,142
Net assets (deficiency):
  Unrestricted (367,269) (439,198)
  Temporarily restricted 1,417,745 909,186
  Permanently restricted 3,834,578
3,533,929
Total net assets 4,885,054
4,003,917
Total liabilities and net assets $
5,325,530
$
4,110,059

See accompanying notes to financial statements. [End Page 100]

TEXAS STATE HISTORICAL ASSOCIATION STATEMENT OF ACTIVITIES

Year ended August 31, 2014

Unrestricted Temporarily Restricted Permanently Restricted Total
Revenue, gains, and other support:
    Publications and other sales $ 307,614 $ - $ - $ 307,614
    Investment income 262,419 255,976 649 519,044
    Contributions and grants 260,837 745,300 750,000 1,756,137
    Association activities 132,805 - - 132,805
    Membership fees 216,204 - - 216,204
      Educational activities 58,074 - - 58,074
    Contributed facilities and services 137,789 - - 137,789
    Philosophical society 73,153 - - 73,153
    Awards 15,900 - - 15,900
    Other income 106,135 - - 106,135
    Permanently restricted funds released by donor - 450,000 (450,000) -
    Net assets released from donor and program restrictions 942,717
(942,717)
-
-
Total revenue, gains, and other support 2,513,647 508,559 300,649 3...

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Additional Information

ISSN
1558-9560
Print ISSN
0038-478X
Pages
pp. 99-115
Launched on MUSE
2015-08-07
Open Access
No
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