Academic journal article The Technology Teacher

ITEA Financial Report-2006

Academic journal article The Technology Teacher

ITEA Financial Report-2006

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, 2006. 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.

INTERNATIONAL TECHNOLOGY EDUCATION ASSOCIATION, INC. AND FOUNDATION FOR TECHNOLOGY EDUCATION, INC. COMBINED STATEMENT OF FINANCIAL POSITION

ASSETS

CURRENT ASSETS
  Cash and cash equivalents                              $ 25,510
  Investments                                             768,513
  Accounts receivable, net of allowance
    For doubtful accounts of $3,000                        27,691
  Grants receivable                                       103,549
  Inventory                                               155,387
  Prepaid expenses                                         40,694
    Total Current Assets                                1,121,344

PROPERTY AND EQUIPMENT
  Furniture and fixtures                   24,501
  Equipment                               248,718
  Less: accumulated depreciation         (257,975)
    Total Property& Equipment                            $ 15,244

OTHER ASSETS
  Security deposit                           9,750
  Cash surrender value of life insurance   131,635
    Total Other Assets                                  $ 141,385

TOTAL ASSETS                                           $1,277,973

CURRENT LIABILITIES
  Accounts payable                                         95,034
  Accrued wages and payroll taxes                          17,232
  Accrued vacation payable                                 25,975
  Deferred membership dues                                155,293

    Total Current Liabilities                             293,534

NET ASSETS
  Unrestricted                           $ 930,692
  Temporarily restricted
  Life Member net assets                    48,161
  Technical Foundation of America
    net assets                               5,586
  Total temporarily restricted net assets   53,747

TOTAL NET ASSETS                                        $ 984,439

TOTAL LIABILITIES AND NET ASSETS                       $1,277,973

TOTAL REVENUE                                          $1,923,108

TOTAL EXPENSES                                         $1,909,556

REVENUE OVER EXPENSE AND SUPPORT                         $ 13,552
Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.