Academic journal article Renaissance Quarterly

The Renaissance Society of America Financial Statements and Supplementary Information: December 31, 2004 and 2003

Academic journal article Renaissance Quarterly

The Renaissance Society of America Financial Statements and Supplementary Information: December 31, 2004 and 2003

Article excerpt

William Bregman

Certified Public Accountant

575 Lexington Avenue, Suite 410

New York, NY 10022

212-572-9626

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, 2004 and 2003, 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, 2004 and 2003, and the results of its activity and cash flows for the years then ended, in conformity with generally accepted accounting principles.

Will Bregman CPA

New York, New York

March 11, 2005

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

                                                  2004          2003

ASSETS
  Cash                                           $64,636      $152,319
  Deferred annual meeting costs                   23,706        10,958
  Prepaid salaries and benefits                   29,925        29,810
  Investment securities                        2,121,428     1,563,184
  Property and equipment, net                     37,306         5,628
    Total Assets                               2,277,001     1,761,899
LIABILITIES
  Accounts payable and accrued expenses           10,100         6,000
  Deferred memberships                            83,125       114,927
  Deferred subscriptions                          84,950        60,740
  Deferred conference registration               404,194       122,575
  Mellon--Medici Fund                             35,917             -
    Total Liabilities                            618,286       304,242
NET ASSETS
  Unrestricted                                 1,583,183     1,411,170
  Temporarily restricted                               -             -
  Permanently restricted                          75,532        46,487
    Total Net Assets                           1,658,715     1,457,657
    Total Liabilities and Net Assets          $2,277,001    $1,761,899

See Notes to Financial Statements

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

                                                   2004         2003

UNRESTRICTED NET ASSETS
  Support:
    Memberships and subscriptions                $303,104     $277,366
    Use of donated facilities                      36,000       36,000
    Contributions                                  12,346       20,826
    Investment return                             211,190      230,093
      Total Support                               562,640      564,285
Revenue:
   Annual Meetings                                451,242       92,393
   Advertising                                      7,800       12,950
   Air Freight                                        300          460
   Publication                                     23,322       19,191
   Mailing list rental                              4,416        1,517
   Cranz microfilm corpus                           8,200        9,100
   Other                                              425          910
     Total Revenue                                495,705      136,521
     Total Support and Revenue                  1,058,345      700,806
Expenses:
  Program Services
    Renaissance Quarterly                         141,040      120,400
    Newsletter publication                          4,240        5,046
    Publication subsidies                           2,800        4,500
    Renaissance text series                         5,354        8,345
    Cranz microfilm corpus                          6,350        7,832
    Grants                                         22,000       22,000
    Iter                                           12,181       24,000
    Web page                                       29,430       15,332
    Other program services                        381,289       50,023
      Total Program Services                      604,684      257,478
Supporting services                               281,648      208,867
    Total Expenses                               $886,332     $466,345
Increase (Decrease) in Unrestricted Net          $172,013     $234,461
  Assets
TEMPORARILY RESTRICTED NET ASSETS
(Decrease) Increase in Temporarily
  Restricted Net Asset                                  -            -
PERMANENTLY RESTRICTED NET ASSETS
  Support:
    Rona Goffen Fund                                5,500            -
    Patricia H. … 
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