LEMAY - AMERICA'S CAR MUSEUM CONSOLIDATED …

LEMAY - AMERICA'S CAR MUSEUM

CONSOLIDATED FINANCIAL STATEMENTS With Independent Auditor's Report

YEAR ENDED DECEMBER 31, 2017

LEMAY - AMERICA'S CAR MUSEUM FINANCIAL STATEMENTS

YEAR ENDED DECEMBER 31, 2017

TABLE OF CONTENTS

INDEPENDENT AUDITOR'S REPORT CONSOLIDATED STATEMENT OF FINANCIAL POSITION

December 31, 2017 CONSOLIDATED STATEMENT OF ACTIVITIES

Year ended December 31, 2017 CONSOLIDATED STATEMENT OF FUNCTIONAL EXPENSES

Year ended December 31, 2017 CONSOLIDATED STATEMENT OF CASH FLOWS

Year ended December 31, 2017 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SUPPLEMENTARY INFORMATION CONSOLIDATING STATEMENT OF FINANCIAL POSITION

December 31, 2017 CONSOLIDATING STATEMENT OF ACTIVITIES

Year ended December 31, 2017

2 4 5 6 7 - 8 9 - 21

23 24

1

August 29, 2018

INDEPENDENT AUDITOR'S REPORT

Board of Directors LeMay - America's Car Museum Tacoma, Washington

We have audited the accompanying consolidated financial statements of LeMay - America's Car Museum, which comprise the consolidated statement of financial position as of December 31, 2017, and the related consolidated statements of activities, functional expenses and cash flows for the year then ended, and the related notes to the consolidated financial statements.

Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated 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 consolidated 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 consolidated 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 consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements.

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

2

200 First Avenue West, Suite 200 ? Seattle, WA 98119 ? 206.628.8990 ? fax 206.628.0432 ?

Opinion In our opinion, the consolidated financial statements referred to in the first paragraph of this letter present fairly, in all material respects, the financial position of LeMay - America's Car Museum as of December 31, 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. Other Matters Other Information Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The accompanying consolidating statement of financial position as of December 31, 2017 and consolidating statement of activities for the year then ended are presented for purposes of additional analysis and are not a required part of the consolidated 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 consolidated financial statements. The information has been subjected to the auditing procedures applied in the audit of the consolidated financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the consolidated financial statements or to the consolidated financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the consolidating financial statements are fairly stated, in all material respects, in relation to the consolidated financial statements as a whole.

Jacobson Jarvis & Co, PLLC

3

LEMAY - AMERICA'S CAR MUSEUM

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

DECEMBER 31, 2017

Current Assets Cash and cash equivalents Contributions receivable, net - current Other receivables Prepaid expenses

ASSETS

Long-Term and Other Assets Cash restricted for investment in exhibitions Cash restricted for endowment Contributions receivable, net - long-term Property and equipment, net Other assets Classic and antique cars - not accessed Collection (Note B)

$ 1,278,480 820,522 822,118 190,861

Total Current Assets 3,111,981

390,468 80,000 1,256,668 45,697,854 438,769 5,016,846

-

Total Assets $ 55,992,586

LIABILITIES AND NET ASSETS

Current Liabilities

Accounts payable

$

Accrued payroll and related taxes

Current portion of long-term debt

Total Current Liabilities

227,336 332,859 329,809 890,004

Obligation Under Interest Rate Swap Debt, net of current portion above

78,270 8,445,658

Net Assets Unrestricted Temporarily restricted Permanently restricted

Total Liabilities 9,413,932

Total Net Assets

43,527,248 2,371,913 679,493

46,578,654

Total Liablities and Net Assets $ 55,992,586

See notes to consolidated financial statements. 4

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download