Academic journal article The Technology Teacher

ITEA Financial Report-Fiscal 2003

Academic journal article The Technology Teacher

ITEA Financial Report-Fiscal 2003

Article excerpt

Important Comments Pertaining to the ITEA and FTE Financial Reports

* The figures in this report reflect the financial year, which ended on June 30, 2003. A complete financial report is made to the ITEA/FTE Board of Directors/Trustees by the accounting firm of Ribis, Jones, and Maresca, P.A.

* The balance shown is the result of specifically planned activities on behalf of the Board of Directors and the headquarters staff to balance the budget. The Board monitors the financial condition of the association and foundation on an ongoing basis through its Executive Committee, which also serves as the finance committee, and the Executive Director, who serves the association as secretary/treasurer.

* Care is taken through the auditing process to ensure that the operation of the association is in compliance with rules and regulations established by the Internal Revenue Service and State of Virginia guidelines used for nonprofit associations. Questions pertaining to this report can be directed to ITEA at (703) 860-2100.

ASSETS

CURRENT ASSETS
  Cash and cash equivalents                                 $105,207
  Investments                                                686,079
  Accounts receivable, net of allowance
    for doubtful accounts of $8,230                           75,156
  Grants receivable                                           89,234
  Inventory                                                  120,225
  Prepaid expenses                                            16,429
    Total Current Assets                                   1,092,330

PROPERTY AND EQUIPMENT
  Furniture and fixtures                         24,501
  Equipment                                     232,826
  Less: accumulated depreciation              (217,029)
    Total Property & Equipment                                40,298

OTHER ASSETS
  Security deposit                                3,250
  Cash surrender value of life insurance         92,766
  Total Other Assets                                          96,016

TOTAL ASSETS                                              $1,228,644

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES
  Accounts payable                                           $27,489
  Accrued wages and payroll taxes                             20,968
  Accrued vacation payable                                    48,378
  Deferred membership dues                                   158,342
    Total Current Liabilities                                255,177

NET ASSETS
  Unrestricted                                 $888,969
  Temporarily restricted
    Federal grant net assets                     11,108
    Life Member net assets                       62,804
    Technical Foundation of America net
      assets                                     10,586
  Total temporarily restricted net assets        84,498

TOTAL NET ASSETS                                             973,467

TOTAL LIABILITIES AND NET ASSETS                           1,228,654

TOTAL REVENUE                                              2,061,271

TOTAL EXPENSES                                             2,079,785

  Loss on Investments                                        (9,535)

EXCESS OF EXPENSES OVER SUPPORT AND REVENUE                 (28,049)

FTE Financial Report-Fiscal 2003

ASSETS

CURRENT ASSETS

  Cash and cash equivalents         $16,972

  Accounts Receivable                 7,620

  Investments                       257,195

TOTAL ASSETS                        281,787

LIABILITIES AND NET ASSETS

NET ASSETS

  Total Net Assets                  281,787

TOTAL LIABILITIES AND NET ASSETS   $281,787
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