Academic journal article American Journal of Pharmaceutical Education

Independent Auditor's Report

Academic journal article American Journal of Pharmaceutical Education

Independent Auditor's Report

Article excerpt

The 2011 financial audit report (Appendix 1) with comparative figures for 2010 was submitted to AACP by its independent auditor Edward F. Angevine, CPA.

AMERICAN ASSOCIATION OF COLLEGES OF PHARMACY, INC.

FINANCIAL STATEMENTS

JUNE 30, 2011

MEMBER

GREATER WASHINGTON SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS

MEMBER

AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

Independent Auditor's Report

Board of Directors

American Association of Colleges of Pharmacy, Inc.

Members of the Board of Directors:

I have audited the accompanying statements of financial position of the American Association of Colleges of Pharmacy, Inc. as of June 30, 2011 and 2010, and the related statements of unrestricted revenues, expenses and other changes in unrestricted net assets, changes in net assets and cash flows for the years then ended. These financial statements are the responsibility of the Association's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with auditing standards generally accepted in the United States of America. 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 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 audits provide 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 American Association of Colleges of Pharmacy, Inc. as of June 30, 2011 and 2010, and the results of its activities and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

September 30, 2011

Edward F. Angevine

Certified Public Accountant

AMERICAN ASSOCIATION OF COLLEGES OF PHARMACY, INC.
Statements of Financial Position
June 30

                                                  2011           2010

Cash and cash equivalents                    2 200 028      2 331 510
Accounts receivable                            229 894        280 474
Long-term investments(at FMV) (Note 2)         4616414      3 406 621
Endowment funds (at FMV) (Note 2)              243 623        204 028
Prepaid expenses                               615 651        404 304
Furniture, equipment and software (net
  of accumulated depreciation 2011--           522 543        468 968
  1,517,673: 2010--1,382,060) (Note 1)
Building and improvements (net of
  accumulated depreciation 2011--              278 472         312510
  139,027; 2010-104,989) (Note 1)
Land                                            12 000         12 000
ASSETS                                       8 718 625      7 420 415
Accounts payable (Note 8)                      578 119        443 525
Dues received in advance (Note 1)            1 618 075      1 261 090
Advance registration and exhibitor           1 480 892      1 328 610
  fees (Note 1)
Note payable (Notes 11)                         85 210         95 306
Liabilities                                  3 762 296      3 128 531
Unrestricted net assets (Note 1)             4 616 255      3 622 914
Temporarily restricted net assets               79 000        410 016
  (Note 1&3)
Permanently restricted net assets              261 074        258 954
  (Note 1&5)
Net Assets                                   4 956 329      4 291 884
LIABILITIES AND NET ASSETS                   8 718 625      7 420 415

SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS

SEE INDEPENDENT AUDITOR'S REPORT

AMERICAN ASSOCIATION OF COLLEGES OF PHARMACY, INC. … 
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