UNITED STATES OF AMERICA CHESS FEDERATION …

UNITED STATES OF AMERICA CHESS FEDERATION FINANCIAL STATEMENTS

AND SUPPLEMENTARY INFORMATION MAY 31, 2019 AND 2018

UNITED STATES OF AMERICA CHESS FEDERATION YEAR ENDED MAY 31, 2019

CONTENTS

Compilation Report Statements of Financial Position Statements of Activities and Changes in Net Assets Statements of Functional Expenses Statements of Cash Flows Notes to Financial Statements Supplementary Information

Schedules of Unrestricted Expenses

Page Number 1-2 3 4 5-8 9

10 ? 18

19 - 20

507 West Clinch Avenue Knoxville, TN 37902-2104 Phone 865-546-2300 Fax 865-525-7454 E-mail lastname@

Bible Harris Smith, P.C.

Certified Public Accountants and Business Advisors Since 1949

Member of the AICPA Peer Review Program

Member of the Tennessee Society of Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT

Board of Directors United States of America Chess Federation Crossville, Tennessee

We have audited the accompanying financial statements of the United States of America Chess Federation (a nonprofit organization) which comprise the statements of financial position as of May 31, 2019 and 2018, and the related statements of activities and changes in net assets, functional expenses, and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

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 audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the United States of America Chess Federation as of May 31, 2019 and 2018, and the changes in its

BKR An independent member of BKR International with offices throughout the world.

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net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Report on Supplementary Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The schedules of unrestricted expenses on pages 19 - 20 are presented for purposes of additional analysis and are not a required part of the financial statements. Such information is the responsibility 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 audit 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.

Bible Harris Smith, P.C. Knoxville, Tennessee August 2, 2019

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UNITED STATES OF AMERICA CHESS FEDERATION STATEMENTS OF FINANCIAL POSITION

ASSETS

May 31,

2019

2018

OPERATING ASSETS Cash Accounts Receivable Prepaid Expenses Certificates of Deposit Investments Furniture and Equipment (net of accumulated depreciation of $122,605 and $117,128 in 2019 and 2018) Total Operating Assets

$ 2,379,516 31,862 8,514 105,884

487,400

6,886 3,020,062

$ 2,314,662 46,894 6,867

104,836 -

12,363 2,485,622

LIFE MEMBERSHIP ASSETS Cash and Investments Land Building and Improvements (net of accumulated depreciation of $241,159 and $224,377 in 2019 and 2018) Total Life Membership Assets

549,249 264,000

400,263 1,213,512

525,415 264,000

417,044 1,206,459

TOTAL ASSETS

$ 4,233,574

$ 3,692,081

LIABILITIES AND NET ASSETS (DEFICIT)

LIABILITIES

Accounts Payable

$

4,556

Accrued Expenses and Other Liabilities

414,913

Deferred Multi-Year Memberships

822,515

Deferred Sales and Tournament Income

18,932

Deferred Scholarships

49,953

Deferred Revenue - Life and Sustaining Memberships

406,623

TOTAL LIABILITIES

1,717,492

NET ASSETS Without Donor Restrictions With Board Designated Restrictions Without Board Designated Restrictions With Donor Restrictions Total Net Assets

1,328,984 742,130 444,968

2,516,082

TOTAL LIABILITIES AND NET ASSETS

$ 4,233,574

$ 43,376 68,974 816,413 35,691 61,567 412,391

1,438,412

1,050,996 777,377 425,296

2,253,669

$ 3,692,081

The accompanying notes are an integral part of these financial statements. -3-

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