Academic journal article The Technology Teacher

ITEA Financial Report - Fiscal 2001. (ITEA Financial Report)

Academic journal article The Technology Teacher

ITEA Financial Report - Fiscal 2001. (ITEA Financial Report)

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, 2001. 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                                $146,775
  Investments                                               837,079
  Accounts receivable, net of allowance
    For doubtful accounts of $9,489                          39,376
  Grants receivable                                          72,154
  Inventory                                                 107,684
  Prepaid expenses                                           31,828
    Total Current Assets                                  1,234,896

PROPERTY AND EQUIPMENT
  Furniture and fixtures                       &24,501
  Equipment                                    218,273
  Less: accumulated depreciation             (171,116)
    Total Property and Equipment                             71,658

OTHER ASSETS
  Security deposit                               2,355
  Cash surrender value of life insurance        82,061
    Total Other Assets                                       84,416

TOTAL ASSETS                                             $1,390,970

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES
  Accounts payable                                          $27,487
  Accrued wages and payroll taxes                            15,551
  Accrued vacation payable                                   43,228
  Deferred membership dues                                  132,265
    Total Current Liabilities                               218,531

NET ASSETS
  Unrestricted                              $1,032,595
  Temporarily restricted
    Technology Education
      Collegiate Association net assets          8,748
    Life Member net assets                      94,138
    Grant Program net assets                    26,374
    Technical Foundation of America
      net assets                                10,584
  Total temporarily restricted net assets      139,844

TOTAL NET ASSETS                                          1,172,439

TOTAL LIABILITIES AND NET ASSETS                          1,390,970

TOTAL REVENUES                              $1,860,767

TOTAL EXPENSES                              $1,761,585

  Loss on Investments                                      (43,827)

EXCESS OF (REVENUES OVER EXPENSES)                          $55,355
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