FINANCIAL STATEMENTS AND ... - High Desert Museum

HIGH DESERT MUSEUM

FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

For the Year Ended June 30, 2017 (With Comparative Totals for the Year Ended June 30, 2016)

HIGH DESERT MUSEUM FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

For the Year Ended June 30, 2017 (With Comparative Totals for the Year Ended June 30, 2016)

TABLE OF CONTENTS

Independent Auditor's Report

Financial Statements: Statement of Financial Position Statement of Activities and Changes in Net Assets Statement of Cash Flows Notes to Financial Statements

Supplementary Information: Schedule of Functional Expenses

Page 1 - 2

3 4 5 6 - 17

18

INDEPENDENT AUDITOR'S REPORT

To the Board of Trustees High Desert Museum Bend, Oregon

We have audited the accompanying financial statements of High Desert Museum (a nonprofit corporation), which comprise the statement of financial position as of June 30, 2017, and the related statements of activities and changes in net assets and cash flows for the year 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 audit. We conducted our audit 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 High Desert Museum as of June 30, 2017, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Report on Summarized Comparative Information We have previously audited High Desert Museum's 2016 financial statements, and we expressed an unmodified audit opinion on those audited financial statements in our report dated November 22, 2016. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2016, is consistent, in all material respects, with the audited financial statements from which it has been derived. Report on Supplementary Information Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of functional expenses, as listed in the table of contents, is presented for purposes of additional analysis and is 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.

Jones & Roth, P.C. Bend, Oregon November 30, 2017

- 2 -

FINANCIAL STATEMENTS

HIGH DESERT MUSEUM STATEMENT OF FINANCIAL POSITION

June 30, 2017 (With Comparative Totals for June 30, 2016)

Assets

Current assets Cash and cash equivalents Pledges receivable Grants receivable, current Inventory Prepaid expenses and deposits

Total current assets Grants receivable, noncurrent

Endowment investments

Beneficial interest in Oregon Community Foundation

Intangible assets, less accumulated amortization

Facilities and equipment, less accumulated depreciation

Total assets

2017

2016

$ 1,491,723 $ 1,518,036

23,789

14,524

140,914

32,500

107,098

85,786

82,047

54,261

1,845,571

1,705,107

60,000

-

2,826,995

2,627,651

339,433

321,481

10,331 13,186,560

13,694,106

$ 18,268,890 $ 18,348,345

Liabilities and Net Assets

Current liabilities Accounts payable Accrued payroll and taxes Accrued compensated absences Deposits and gift certificates

$ 183,508 $ 196,156

119,123

114,112

63,188

56,890

84,401

99,799

Total current liabilities

450,220

466,957

Net assets Unrestricted: Board-designated endowment Undesignated

502,012 13,031,670

471,612 13,545,890

Total unrestricted

13,533,682 14,017,502

Temporarily restricted Permanently restricted

2,683,876 1,601,112

2,262,774 1,601,112

Total net assets

17,818,670 17,881,388

Total liabilities and net assets

$ 18,268,890 $ 18,348,345

The accompanying notes are an integral part of these statements.

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HIGH DESERT MUSEUM STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS

For the Year Ended June 30, 2017 (With Comparative Totals for the Year Ended June 30, 2016)

Operating support and revenue Memberships Admissions, net of discounts of $18,245 Contributions Educational and program fees Merchandise and other sales, net of discounts of $17,778 Cost of goods sold Grants Fundraising events, net of direct expenses of $149,614 Facility rental Other revenue Net investment income Loss on disposal of assets

Unrestricted

2017

Temporarily Permanently

Restricted

Restricted

Total

Total 2016

$

342,047 $

1,267,953

570,262

141,573

835,547 (361,752) 517,160

204,248 59,254 61,279

171,821 (1,886)

104 $ 192,674 -

265,609

186,799 -

-$

342,151 $

343,620

-

1,267,953

1,171,017

-

762,936

1,017,732

-

141,573

140,907

-

835,547

730,642

-

(361,752)

(316,272)

-

782,769

598,416

-

204,248

360,070

-

59,254

55,498

-

61,279

5,821

-

358,620

35,793

-

(1,886)

(30,445)

Total operating support and revenue

Net assets released from restrictions

3,807,506 224,084

645,186 (224,084)

-

4,452,692

4,112,799

-

-

-

Operating expenses Program services: Exhibits Educational and program fees Visitor services Communications

Total program services

1,355,848

-

842,779

-

670,233

-

461,035

-

3,329,895

-

-

1,355,848

1,263,658

-

842,779

855,158

-

670,233

618,414

-

461,035

421,220

-

3,329,895

3,158,450

Support services: Management and general Fundraising

Total support services

Total operating expenses

219,432

-

338,848

-

558,280

-

3,888,175

-

-

219,432

214,884

-

338,848

377,471

-

558,280

592,355

-

3,888,175

3,750,805

Change in net assets before depreciation and amortization

89,273

421,102

-

564,517

361,994

Depreciation and amortization

(627,235)

-

-

(627,235)

(664,163)

Change in net assets after depreciation and amortization

(483,820)

421,102

-

(62,718)

(302,169)

Net assets, beginning of year

14,017,502

2,262,774

1,601,112

17,881,388

18,183,557

Net assets, end of year

$ 13,533,682 $ 2,683,876 $ 1,601,112 $ 17,818,670 $ 17,881,388

The accompanying notes are an integral part of these statements.

- 4 -

HIGH DESERT MUSEUM STATEMENT OF CASH FLOWS For the Year Ended June 30, 2017 (With Comparative Totals for the Year Ended June 30, 2016)

Cash flows from operating activities Change in net assets after depreciation and amortization Adjustments to reconcile change in net assets after depreciation and amortization to net cash provided by operating activities: Depreciation and amortization Loss on disposal of assets Realized and unrealized (gains) losses on investments Endowment investment income (Increase) decrease in: Pledges and grants receivable Inventory Prepaid expenses and deposits Increase (decrease) in: Accounts payable Other accrued expenses

Net cash provided by operating activities

Cash flows from investing activities Change in the value of OCF account Contributions to investment accounts Withdrawals from investment accounts Purchases of equipment and intangibles

Net cash used by investing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents, beginning of year

Cash and cash equivalents, end of year

2017

2016

$ (62,718) $ (302,169)

627,235 1,886

(255,501) (40,468)

(177,679) (21,312) (27,786)

(12,648) (4,089)

26,920

664,163 30,445 32,790 (67,917)

200,456 (1,956)

(33,538)

(25,521) 22,973

519,726

(17,952) -

96,625 (131,906)

11,452 (150,100)

89,840 (718,580)

(53,233)

(767,388)

(26,313)

(247,662)

1,518,036

1,765,698

$ 1,491,723 $ 1,518,036

The accompanying notes are an integral part of these statements. - 5 -

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