FINANCIAL STATEMENTS WITH SUPPLEMENTAL ... - Amazon S3

[Pages:10]FINANCIAL STATEMENTS WITH

SUPPLEMENTAL INFORMATION

30 JUNE 2011 AND 2010

ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY

TABLE OF CONTENTS

Independent auditor's report

1

Financial statements:

Statements of financial position

3

Statements of activities

4

Statements of cash flows

6

Notes to financial statements

8

Supplemental information:

Schedule of temporarily restricted funds - non-endowment

30

Schedule of temporarily restricted funds - restricted endowment

38

Schedule of permanently restricted funds

42

INDEPENDENT AUDITOR'S REPORT

Board of Directors Association of Graduates

of the United States Air Force Academy USAF Academy, Colorado

We have audited the accompanying statements of financial position of the Association of Graduates of the United States Air Force Academy (a nonprofit corporation) as of 30 June 2011 and 2010, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the management of the Association of Graduates of the United States Air Force Academy. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits 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. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Association of Graduates of the United States Air Force Academy as of 30 June 2011 and 2010, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplemental schedules of temporarily restricted funds - non-endowment, temporarily restricted funds - restricted endowment, and permanently restricted funds are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsbility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Colorado springs, Colorado November 28, 2011

BiggsKofford, P.C. ? Member AICPA 630 Southpointe Court, Suite 200 ? Colorado Springs, CO 80906 ? Phone: 719.579.9090 ? Fax: 719.576.0126 ?

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ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY

STATEMENTS OF FINANCIAL POSITION 30 JUNE

ASSETS

Cash and cash equivalents Accounts receivable Contributions receivable, net Investments Investments - agency Inventory and prepaid expenses Property and equipment, net Other assets

2011

2010

$ 2,556,950 276,558 660,225

26,060,879 2,236,890 142,630 4,562,529 845,642

$ 2,026,982 229,732

1,302,737 23,220,325

2,032,271 131,719

3,812,393 871,994

Total assets

$ 37,342,303 $ 33,628,153

LIABILITIES

Accounts payable and accrued expenses Agency deposits Deferred revenue:

Life memberships Royalties and dues Other liabilities

$ 204,973 2,236,890

7,446,239 154,219 103,848

$ 241,978 2,032,271

6,924,094 480,687 61,678

Total liabilities

10,146,169

9,740,708

NET ASSETS

Unrestricted: Unrestricted - undesignated Unrestricted - equity in property and equipment and construction in progress Unrestricted - designated - AOG Reserve

Total unrestricted Temporarily restricted Permanently restricted

3,932,828

5,304,323 994,799

10,231,950 12,841,302

4,122,882

2,133,949

4,622,709 333,364

7,090,022 12,679,420

4,118,003

Total net assets

27,196,134

23,887,445

Total liabilities and net assets

$ 37,342,303

The accompanying notes and independent auditor's report should be read with these financial statements.

$ 33,628,153

3

ASSOCIATION OF GRADUATES OF THE UNITED STATES AIR FORCE ACADEMY

STATEMENT OF ACTIVITIES YEAR ENDED 30 JUNE 2011

SUPPORT AND REVENUE

Contributions Investment income Membership dues Merchandising Publication and advertising Homecoming and reunions Royalties Other revenue

NET ASSETS RELEASED Satisfaction of restrictions

Unrestricted

Temporarily Restricted

Permanently Restricted

Total

$ 249,207 $ 3,363,245 $

2,916,951

1,711,662

490,356

-

89,704

-

316,269

-

207,980

-

292,251

-

447,206

-

5,009,924

5,074,907

4,913,025

(4,913,025)

3,974 -

3,974

$ 3,616,426 4,628,613 490,356 89,704 316,269 207,980 292,251 447,206

10,088,805

-

-

Total support and revenue

9,922,949

161,882

3,974

10,088,805

EXPENSES

Program services Support services:

Management and general Fund raising

6,046,635

-

616,035

-

189,114

-

-

6,046,635

-

616,035

-

189,114

Total expenses

6,851,784

-

-

6,851,784

OTHER INCOME

Recovery of uncollectible pledges, net

71,668

-

-

71,668

CHANGE IN NET ASSETS

3,142,833

161,882

3,974

3,308,689

RECLASSIFICATIONS

(905)

-

905

-

BEGINNING NET ASSETS

7,090,022

12,679,420

4,118,003

23,887,445

ENDING NET ASSETS

$ 10,231,950 $ 12,841,302 $ 4,122,882 $ 27,196,134

The accompanying notes and independent auditor's report should be read with this financial statement.

4

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