Report of Independent Certified Public Accountants
Members of the Executive Board and Advisory Council The Renaissance Society of America
We have audited the statements of financial position of The Renaissance Society of America (a New York nonprofit organization) as of December 31, 1998 and 1997, 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. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we 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. 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 Renaissance Society of America as of December 31, 1998 and 1997, and the results of its activity and cash flows for the years then ended, in conformity with generally accepted accounting principles.
New York, New York
February 24, 1999
THE RENAISSANCE SOCIETY OF AMERICA STATEMENTS OF FINANCIAL POSITION FOR THE YEARS ENDED DECEMBER 31, 1998 1997 ASSETS Cash $ 66,184 $ 126,522 Accounts receivable 835 1,365 Prepaid expenses 2,862 3,010 Prepaid electronic bibliography 8,000 -0- Investment securities 1,849,426 1,499,909 Deposits 1,124 5,304 Property and equipment, net 12,535 14,383 Total Assets 1,940,966 1,650,493 LIABILITIES Accounts payable and accrued expenses 5,050 9,250 Deferred memberships 29,000 61,528 Deferred subscriptions 73,291 55,329 Deferred revenue 16,100 7,348 Total Liabilities 123,441 133,455 NET ASSETS Unrestricted 1,772,710 1,437,223 Temporarily restricted -0- 35,000 Permanently restricted 44,815 44,815 Total Net Assets 1,817,525 1,517,038 Total Liabilities and Net Assets $1,940,966 $1,650,493 THE RENAISSANCE SOCIETY OF AMERICA STATEMENTS OF ACTIVITY FOR THE YEARS ENDED DECEMBER 31. 1998 1997 UNRESTRICTED NET ASSETS Support: Iter subscriptions $ 4,155 $ -0- Memberships 192,945 193,496 Use of donated facilities 18,000 18,000 Contributions 23,635 35,360 Investment return 350,239 237,453 Total Support 588,974 484,309 Revenue: Annual Meetings 58,303 1,905 Advertising 9,350 10,863 Air Freight 2,775 2,100 Publication 7,663 8,820 Mailing list rental 4,359 3,669 Cranz microfilm corpus 1,982 17,125 Other 4,808 3,236 Total Revenue 89,240 47,718 Net assets …
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Publication information: Article title: Report of Independent Certified Public Accountants. Contributors: Not available. Journal title: Renaissance Quarterly. Volume: 52. Issue: 4 Publication date: Winter 1999. Page number: 1229. © 1999 Renaissance Society of America. COPYRIGHT 1999 Gale Group.
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