Magazine article AI Magazine

Independent Auditor's Report

Magazine article AI Magazine

Independent Auditor's Report

Article excerpt

The Board of Directors American Association For Artificial Intelligence Menlo Park, California

I have audited the statement of financial position of American Association for Artificial Intelligence as of December 31, 2003 and the related statements of activities, changes in net assets and cash flows for the year 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 the audits.

I conducted the 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 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 the 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 American Association for Artificial Intelligence as of December 31, 2003 and the results of operations and cash flows for the year then ended, in conformity with generally accepted accounting principles.

Robert H. Burnham

Notes to Financial Statements, December 31, 2003

Note 1: Summary of Significant Accounting Policies

A. Method of Accounting:

The financial statements are presented on the accrual basis of accounting.

As required by Financial Accounting Standards No. 124 investments are stated at fair market value, and realized and unrealized gains and losses are combined on the statement of activities.

B. Inventory:

Magazine, proceedings, conference books and publications in process inventory is valued at the lower of cost or market value as of December 31, 2003.

C. Furniture, Fixtures and Equipment:

Furniture, fixtures and equipment are stated at cost, less accumulated depreciation. Depreciation is computed on the straightline method over estimated useful lives of five to ten years. Furniture, fixtures and equipment consist of the following at December 31, 2003.

Cost                       $ 228,073
Accumulated depreciation   (195,495)
Net                         $ 32,578

D. Income Taxes:

American Association for Artificial Intelligence is exempt from income taxes on its earning from investments and its exempt function operations under Section 501(c)(3) of the Internal Revenue Code and Section 23701(d) of the California Revenue and Taxation Code. Federal and California taxes were paid during 2003 on earnings from sales of mailing lists and advertising.

Note 2: Operations

The American Association for Artificial Intelligence (AAAI) was formed in 1979 as a scientific society, to encourage the basic knowledge of what constitutes intelligent thought and behavior and how it can be exhibited in computers. This is accomplished by the AI Magazine, the publications of the AAAI Press, the National Conference on Artificial Intelligence (NCAI), the Conference on Innovative Applications of Artificial Intelligence (IAAI), the International Conference on Knowledge Discovery and Data Mining, the Mobile Robot Competition, the Symposium Series, and the AAAI Workshop Program. In addition, AAAI has an extensive program for student scholarships, women and minority grants, and sponsorship of independent workshops and conferences. Finally, AAAI's World Wide Web Site serves as a central resource for individuals involved in AI research.

Note 3: Investments at December 31, 2003

Investments are stated at fair market value since it is readily determinable and the investments are not necessarily being held to any maturity. …

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