JUNE 30, 2002

iii

A UD ITED FINA N CIA L STA TEM E N TS

C:3

OF

N

F O RE VER O UR CH ILD RE N ,IN C.A F TE R SCH O OL TU TORIA L PR O GRA M

AS OF AND FOR

JUNE 30,2002

1340 PoydrasStreet ~ Suite2130 ~ N ew Orleans,LA ~ 70112 Phone:504-561-1111 ~ Fax:504-561-1114

Forever O ur C hildren,Inc.-A fter SchoolT utorialProgram T able ofC ontents

IndependentA uditor'sReport

Statem entofFinancialPosition

Statem entofA ctivities

Statem entofC ash Flow s

N otesto the FinancialStatem ents

IndependentA uditor'sReportO n Internal Com pliance and Intern alC ontrolO verFinancial R eporting B ased O n A n A uditO fFinancialStatem ents Perform ed In A ccordance W ith G overnm ent A ud iting Standards

ScheduleofFindingsand Q uestioned Costs

StatusofPriorY earA uditFindings

Page 1 2 3 4

. 5-8

. 9-10

11-12 13

C H A R M A IN E PH IL IPS PLA TE N B U R G Certifi edPublicAccountant

IN D EPEN D E N T A U D IT O R 'S R EPO R T

To the Board ofD irectors ForeverO urC hildren,Inc.-A fterSchoolTutorialProgram

I have audited the accom panying statem entof financialposition of Forever O ur Children,Inc.-

After SchoolTutorialProgram (a non-profitcorporation) as ofJune 30,2002 and the related

statem entsofactivitiesand cash flow sforthe fiscalyearthen ended. These financialstatem entsare the responsibility of Forever O ur C hildren,Inc.- A fter School Tutorial Program 's m anagem ent. M y responsibility isto expressan opinion on these financialstatem entsbased on m y audit.

Iconducted m y auditin accordance w ith generally accepted auditing standardsin the U nited States of A m erica and the standards applicable to financial audits contained in G overnm ent A uditing Standards,issued by the Com ptrollerG eneralofthe U nited States. Those standards require thatI plan and perform the auditto obtain reasonable assurance aboutw hetherthe financial statem entsare free ofm aterialm isstatem ent. A n auditincludesexam ining,on a testbasis,evidence supporting the am ounts and disclosures in the financial statem ents. A n audit also includes assessing the accounting principlesused and the significantestim atesm ade by m anagem ent,asw ellaseval uating the overallfinancialstatem entpresentation. Ibelieve thatm y auditprovides a reasonable basisfor m y opm ton

In m y opinion,the financialstatem entsreferred to above presentfairly,in allm aterialrespects,the financialposition ofForever O ur Children,Inc.- A fter SchoolTutorialProgram as of June 30, 2002,and the changesin itsnetassetsand itscash flow sforthe fiscalyearthen ended in conform ity w ith the accounting principlesgenerally accepted in the U nited StatesofA m erica.

In accordance w ith G overnm entA uditing Standards,Ihave al so issued m y reportdated O ctober 15, 2002 on m y consideration ofForeverO urChildren,Inc.-A fterSchoolTutorialProgram 's internal control over financial reporting and m y test of its com pliance w ith certain provisions of law s, regulations,contractsand grants.Thatreportisan integralpartofan auditperform ed in accordance

with GovernmentAuditing Standards and should be read in conjunction with this report in

considering the resultsofm y audit.

Charm aine PhilipsPlatenburg,C PA

N ew O rleans,LA O ctober 15,2002

134o PoydrasStreet ~ Suite 2130 * N ew O rleans,LA ~ 70112 Phone:504-561-1111 ~ Fax:504-561-1114

FO R EV ER O U R C H ILD R EN ,IN C . A FTER SC H O O L TU T O R IA L PR O G RA M

Statem entofFinancialPosition

AsofJune30,2002

A ssets CurrentA ssets:

Cash and Cash Equivalents Prepaid Expenses

TotalCurentA ssets

Fixed A ssets Equipm ent Less:A ccum ulated D epreciation

TotalFixed A ssets

TotalA ssets

Liabilities & N etA ssets CurentLiabilities:

A ccountsPayable PayrollT axesPayable Line ofCredit D efered R evenue

T otalL iabilities

N etA ssets: U nrestricted

TotalNetA ssets

TotalLiabilities& N etA ssets

2,085 4.922 7.007

16,330

(16,330)

7.007

1,024 2,740

150 2.718 6.632

375 375 7.007

SeeAccom panyingAuditor'sReportand Notes.

2

FO REV ER O UR CH ILDR EN ,IN C. AFTER SC H O O L TUTO RIAL PR O G RAM

Statem entofA ctivities FortheYearEnded June30,2002

R eYenues'. C ontractA ppropriations N etA ssetsreleased from restrictions O therIncom e

T otalR evenues

E xpenses: Salaries C ontractualServices R ent Security JanitorialExpenses Insurance Program A ctivities PayrollTaxes

Telephone A ccounting D epreciation Expense A uditor M aintenance-Equipment

M ileage Sem inars& Training Food Supplies W orkm en'sCom pensation O ffice Supplies InterestExpense Postage LegalExpenses M iscellaneous InstructionalM aterials

TotalExpense

D ecreasein N etA ssets

N etA ssets,Beginning Balance

N etA ssets,Ending Balance

U nrestricted

171,000 1.405

172,405

T em porarily R estricted

T otal

171,000 $ 171,000

(171,000)

1.405

172,405

76,970 19,705 18,050 10,974 6,499 6,106 5,861 5,799 5,468 4,400

2,534 2,200 1,808 1,500 1,000

980 800 593 544 512 2OO 150 110

172,763

(358)

733

375

76,970 19,705 18,050 10,974 6,499 6,106 5,861 5,799 5,468 4,400

2,534 2,200 1,808 1,500 1,0O 0

98O 80O 593 544 512 200 150 110

172,763

(358)

733

375

SeeAccom panyingA uditor'sReportand Notes.

3

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