2003 Financial Statement

By Bregman, William | Renaissance Quarterly, Winter 2004 | Go to article overview

2003 Financial Statement


Bregman, William, Renaissance Quarterly


REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT

Members of the Executive Board And Advisory Council

The Renaissance Society of America

I have audited the statements of financial position of The Renaissance Society of America (a New York nonprofit organization) as of December 31, 2003 and 2002, and the related statements of activity and cash flows for the years then ended. These financial statements are the responsibility of the Society's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also 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. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of The Renaissance Society of America as of December 31, 2003 and 2002, and the results of its activity and cash flows for the years then ended, in conformity with generally accepted accounting principles.

THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF FINANCIAL POSITION
FOR THE YEARS ENDED DECEMBER 31,

                                        2003         2002

ASSETS
  Cash                                $ 152,319     $ 20,705
  Deferred annual meeting costs          10,958        9,334
  Prepaid salaries and benefits          29,810       31,000
  Investment securities               1,563,184    1,373,288
  Property and equipment, net             5,628        8,965
    Total Assets                      1,761,899    1,443,292
LIABILITIES
  Accounts payable and accrued
    expenses                              6,000        5,900
  Deferred memberships                  114,907       65,150
  Deferred subscriptions                 60,740       76,788
  Deferred conference registration      122,575       73,930
    Total Liabilities                   304,222      221,768
NET ASSETS
  Unrestricted                        1,412,842    1,176,709
  Temporarily restricted                      -            -
  Permanently restricted                 44,815       44,815
    Total Net Assets                  1,457,657    1,221,524
    Total Liabilities and
      Net Assets                    $ 1,761,879  $ 1,443,292

See Notes to Financial Statements

THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED DECEMBER 31,

                                                  2003         2002

UNRESTRICTED NET ASSETS
  Support:
      Memberships and subscriptions               $277,366     $231,715
      Use of donated facilities                     36,000       36,000
      Contributions                                 23,141       10,615
      Grants                                             -        5,500
      Investment return                            230,093     (290,843)
        Total Support                              566,600       (7,013)
  Revenue:
      Annual Meetings                               92,393       88,260
      Advertising                                   12,950        9,200
      Air Freight                                      460          390
      Publication                                   19,191       15,781
      Mailing list rental                            1,517        2,133
      Cranz microfilm corpus                         9,100            -
      Other                                            910          129
        Total Revenue                              136,521      115,893
  Net assets released from restrictions                  -            -
        Total Support and Revenue                  703,121      108,880
  Expenses:
    Program Services
      Renaissance Quarterly                        120,400      132,691
      Newsletter publication                         5,046        9,567
      Publication subsidies                          4,500        4,000
      Renaissance text series                        8,345        3,335
      Cranz microfilm corpus                         7,832            -
      Grants                                        22,000       25,000
      Iter                                          24,000       39,000
      Web page                                      15,332        6,156
      Other program services                        50,666       82,575
        Total Program Services                     258,121      302,324
  Supporting services                              208,867      291,249
        Total Expenses                            $466,988     $593,573
Increase (Decrease) in Unrestricted Net Assets    $236,133    $(484,693)
TEMPORARILY RESTRICTED NET ASSETS
(Decrease) Increase in Temporarily
  Restricted Net Asset                                   -            -
PERMANENTLY RESTRICTED NET ASSETS
  Endowment investment return                        1,600        2,200
  Endowment expenses:
    William Nelson Prize                              (600)        (600)
    Bennett Memorial Prize                          (1,000)      (1,600)
      Total endowment expense                       (1,600)      (2,200)
Increase in Permanently Restricted
  Net Assets                                             -            -
TOTAL INCREASE IN NET ASSETS                       236,133     (484,693)
NET ASSETS, beginning of year                    1,221,524    1,706,217
NET ASSETS, end of year                         $1,457,657   $1,221,524

See Notes to Financial Statements

THE RENAISSANCE SOCIETY OF AMERICA
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31,

                                                    2003        2002

CASH FLOW FROM OPERATING ACTIVITIES
  Increase (decrease) in net assets                $236,133   $(484,693)
  Adjustment to reconcile increase
    in net assets to net cash used by operations
      Depreciation                                    3,337       4,476
      (Gain) loss on sales of investments            44,252      46,550
      Unrealized (gain) loss on investment
        securities                                 (236,891)    280,394
      Decrease (increase) in operating
      assets:
        Prepaid expenses                              1,190     (31,000)
        Deposits                                          -       4,329
        Deferred annual meeting costs                (1,624)      8,122
      Increase (decrease) in operating
      liabilities:
        Accounts payable and accrued
          expenses                                      100      (7,204)
        Deferred memberships and
          subscriptions                              33,709      32,999
        Deferred conference registration             48,645      (1,988)
NET CASH PROVIDED BY OPERATING ACTIVITIES           128,851    (148,015)
CASH FLOWS FROM INVESTING ACTIVITIES
  Acquisitions of property and equipment                  -      (2,100)
  Purchase of investment securities                (546,465)   (832,617)
  Proceeds from redemptions and
    sales of investments                            549,228     938,817
NET CASH USED BY INVESTING ACTIVITIES                 2,763     104,100
INCREASE (DECREASE) IN CASH                         131,614     (43,915)
CASH, beginning of year                              20,705      64,620
CASH, end of year                                  $152,319     $20,705

See Notes to Financial Statements

THE RENAISSANCE SOCIETY OF AMERICA NOTES TO FINANCIAL STATEMENTS

NOTE A--NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNT POLICIES

Nature of Activities

The Renaissance Society of America is a not-for-profit organization incorporated under the laws of New York State. …

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