ASSOCIATION OF GOVERNMENT ACCOUNTANTS

ASSOCIATION OF GOVERNMENT ACCOUNTANTS

Financial Statements and Supplementary Information

For the Year Ended March 31, 2019 (With Summarized Financial Information for the Year Ended March 31, 2018)

and Report Thereon

ASSOCIATION OF GOVERNMENT ACCOUNTANTS

TABLE OF CONTENTS For the Year Ended March 31, 2019

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Page Independent Auditors' Report ............................................................................................................. 1-2

Financial Statements Statement of Financial Position .......................................................................................................... 3 Statement of Activities ........................................................................................................................ 4 Statement of Functional Expenses ..................................................................................................... 5 Statement of Cash Flows.................................................................................................................... 6 Notes to Financial Statements ....................................................................................................... 7-14

Supplementary Information Schedule of Revenue and Expenses .............................................................................................. 15

Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards .................................................................. 16-17

INDEPENDENT AUDITORS' REPORT

To the Board of Directors of the Association of Government Accountants

Report on the Financial Statements We have audited the accompanying financial statements of the Association of Government Accountants (AGA) which comprise the statement of financial position as of March 31, 2019, and the related statements of activities, functional expenses 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 (GAAP); 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.

Auditors' 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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 auditors' 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.

Continued - 1 -

Marcum LLP n 1899 L Street, NW n Suite 850 n Washington, DC 20036 n Phone 202.227.4000 n Fax 202.227.4001 n

Opinion In our opinion, the 2019 financial statements referred to above present fairly, in all material respects, the financial position of the Association of Government Accountants as of March 31, 2019, 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.

Other Matters Report on Summarized Comparative Information AGA's 2018 financial statements were audited by other auditors, whose report dated June 22, 2018, expressed an unmodified opinion on those statements. In our opinion, the summarized comparative information presented herein as of and for the year ended March 31, 2018, 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 accompanying supplementary schedule of revenue and expenses 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.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated July 10, 2019, on our consideration of AGA's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of AGA's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering AGA's internal control over financial reporting and compliance.

Washington, DC July 10, 2019

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ASSOCIATION OF GOVERNMENT ACCOUNTANTS

STATEMENT OF FINANCIAL POSITION March 31, 2019

(With Summarized Financial Information as of March 31, 2018) _______________

ASSETS Cash and cash equivalents Accounts receivable, net Prepaid expenses and deposits Investments Property and equipment, net

TOTAL ASSETS

LIABILITIES AND NET ASSETS Liabilities

Accounts payable and accrued expenses Deferred revenue

TOTAL LIABILITIES

Net Assets Without donor restrictions With donor restrictions

TOTAL NET ASSETS

TOTAL LIABILITIES AND NET ASSETS

2019

$ 2,579,070 137,019 143,956

2,266,022 361,998

$ 5,488,065

2018

$ 2,583,732 117,233 151,280

2,201,819 379,626

$ 5,433,690

$ 502,639 1,516,668

2,019,307

$ 521,542 1,583,004

2,104,546

3,416,190 52,568

3,468,758

$ 5,488,065

3,276,845 52,299

3,329,144

$ 5,433,690

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

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