- Affairs of the Association
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.
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.
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.
January 26, 2015 [End Page 99]
TEXAS STATE HISTORICAL ASSOCIATION STATEMENTS OF FINANCIAL POSITION
|Cash and cash equivalents||$||33,237||$||117,993|
|Grant receivables, net||1,570,185||1,064,050|
|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||$||106,142|
|Line of credit||350,000 ||- |
|Net assets (deficiency):|
|Permanently restricted||3,834,578 ||3,533,929 |
|Total net assets||4,885,054 ||4,003,917 |
|Total liabilities and net assets||$ ||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|
|Contributions and grants||260,837||745,300||750,000||1,756,137|
|Contributed facilities and services||137,789||-||-||137,789|
|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...|