Magazine article American Music Teacher

2013-2014 MTNA Financial Reports

Magazine article American Music Teacher

2013-2014 MTNA Financial Reports

Article excerpt

At the conclusion of each fiscal year (June 30), the MTNA Board of Directors engages an external accounting firm to audit the association's financial books. This year's audit was performed by Clark, Schaefer, Hackett, a highly regarded Cincinnati firm specializing in not-for-profits. The independent auditor expressed an opinion that the audited consolidated financial statements as of June 30, 2014, presented fairly, in all material respects, the financial position of MTNA, and conformed with accounting principals generally accepted In the United States. The extensive audit report may be viewed on the MTNA website by clicking the "About MTNA" tab.

As an additional service to our members, the summary financial report below has been produced to enable our members to view revenues and expenses by the specific MTNA program or service. These figures are derived from the FY 2014 audited consolidated financial statements. The expense line items in this report include allocations for personnel and other overhead costs associated with the specific program or service.

Statement of Consolidated Financial Position

Assets:
  Cash & Cash Equivalents               $1,459,916
  Investments at Fair Market Value       2,566,396
  Accounts Receivable                        6,348
  Prepaid Expenses                          67,060
  Fixed Assets                              38,658
  Deposits                                   8.358

    Total Assets                        $4. … 
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