Audited Financial Statements: Council for Exceptional Children December 31, 2010

By Tate; Tyron | Exceptional Children, Fall 2011 | Go to article overview

Audited Financial Statements: Council for Exceptional Children December 31, 2010


Tate, Tyron, Exceptional Children


Independent Auditor's Report

To the Board of Directors

The Council for Exceptional Children

We have audited the accompanying statements of financial position of the Council for Exceptional Children (the Council) as of December 31, 2010 and 2009, and the related statements of activities, functional expense, and cash flows for the years then ended. These financial statements are the responsibility of the Council'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 States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. 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 Council for Exceptional Children as of December 31, 2010 and 2009, 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.

Tate & Tryon

Washington, DC

April 8, 2011

COUNCIL FOR EXCEPTIONAL CHILDREN

Statement of Financial Position
December 31, 2010 and 2009

Year Ended December 31,                2010        2009
ASSETS

  Cash and cash equivalents       3,597,218   4,300,454
  Investments                     3,220,064   2,965,939
  Accounts receivable               366,918      97,835
  Inventory                         458,363     394,993
  Prepaid expenses and
    other assets                    399,093     490,272
  Property and equipment          1,244,738     149,763
  TOTAL ASSETS                    9,286,394   8,399,256

Year Ended December 31,                2010        2009
LIABILITIES AND NET ASSETS

  Liabilities
  Accounts payable and
    accrued expenses                607,199     502,474
  Amounts due to divisions          221,773     203,314
  Refunds payable to afilliated
    units                           335,798     332,465
  Deferred revenue                2,896,304   3,089,545
  Deferred rent & lease
    incentive                     1,122,718     110,344
  Capital lease obligation              --       82,038
  Deferred compensation             158,089     157,403
    Total Liabilities             5,341,881   4,477,583

Commitments and contingencies
Net assets
  Unrestricted                    3,926,247   3,898,690
  Temporarily restricted             18,266      22,983
    Total net assets              3,944,513   3,921,673
TOTAL LIABILITIES
AND NET ASSETS                    9,286,394   8,399,256

COUNCIL FOR EXCEPTIONAL CHILDREN
Statement of Activities
For the Years Ended December 31, 2010 and 2009

Year Ended December 31,                2010        2009
Unrestricted Activities

REVENUE AND SUPPORT
  Member dues, net of
    affiliated unit refunds       3,310,845   3,452,637
  Convention and
    conferences                   2,543,769   1,729,217
  Publications                      939,522   1,177,148
  Subscriptions                     402,997     453,586
  Service revenue and royalties     350,911     367,969
  Advertising                       153,549     151,931
  Rental Income                     136,718     176,822
  Membership list rental            122,160     129,236
  Interest and dividends             80,147      89,052
  Other products and services        63,488      46,774
  Contracts                          36,491       7,311
                                  8,140,597   7,781,683
  Net assets released from
    restriction-satisfaction
    of program restriction           87,513      75,558

  TOTAL UNRESTRICTED
  REVENUE AND
  SUPPORT                         8,228,110   7,857,241

Year Ended December 31,                2010        2009
EXPENSES

  Program Services
  Publications/continuing
    education                     1,491,857   1,449,891
  Convention                      1,235,032   1,141,699
  Marketing and
    communications                1,112,405   1,183,604
  Membership                        962,835   1,013,840
  Public policy                     660,648     612,873
  Constituent services              363,852     394,650
  Professional standards            318,092     273,369
  Grants and contracts               36,490       4,096
  Total program services          6,181,211   6,074,022
Supporting services
  Management and general          2,212,315   2,161,194
    Total expense                 8,393,526   8,235,216
  Change in net assets
    before other item             (165,416)   (377,975)
Net gain on investments             192,973     194,605
  Change in unrestricted
    net assets                       27,557   (183,370)
Temporary restricted activities
  Contributions                      82,796      76,046
  Net assets released from
    restriction                    (87,513)    (75,558)
  Changes in temporarily
    restricted net assets           (4,717)         488
Change in net assets                 22,840   (182,882)

NET ASSETS,
BEGINNING OF YEAR                 3,921,673   4,104,555
NET ASSETS,
END OF YEAR                       3,944,513   3,921,673

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