DALLAS BAY SOUTHERN BAPTIST CHURCH Financial Statements ...
DALLAS BAY SOUTHERN BAPTIST CHURCH
Financial Statements
August 31, 2020
(With Independent Accountants' Review Report Thereon)
DALLAS BAY SOUTHERN BAPTIST CHURCH
Table of Contents
Page
Independent Accountants' Review Report
1
Financial Statements:
Statement of Financial Position
2
Statement of Activities and Changes in Net Assets
3
Statement of Functional Expenses
4
Statement of Cash Flows
5
Notes to the Financial Statements
6 - 11
INDEPENDENT ACCOUNTANTS' REVIEW REPORT
The Finance Committee
Dallas Bay Southern Baptist Church
We have reviewed the accompanying financial statements of Dallas Bay Southern Baptist Church (the
"Church"), which comprise the statement of financial position as of August 31, 2020, the related
statements of activities and changes in net assets, functional expenses, and cash flows for the year
then ended, and the related notes to the financial statements. A review includes primarily applying
analytical procedures to management's financial data and making inquiries of the Church's
management. A review is substantially less in scope than an audit, the objective of which is the
expression of an opinion regarding the financial statements as a whole. Accordingly, we do not
express such an opinion.
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 the financial statements that are free from material misstatement whether
due to fraud or error.
Accountants' Responsibility
Our responsibility is to conduct the review in accordance with Statements on Standards for Accounting
and Review Services promulgated by the Accounting and Review Services Committee of the AICPA.
Those standards require us to perform procedures to obtain limited assurance as a basis for reporting
whether we are aware of any material modifications that should be made to the financial statements
for them to be in accordance with accounting principles generally accepted in the United States of
America. We believe that the results of our procedures provide a reasonable basis for our conclusion.
Accountants' Conclusion
Based on our review, we are not aware of any material modifications that should be made to the
accompanying financial statements in order for them to be in accordance with accounting principles
generally accepted in the United States of America.
Chattanooga, Tennessee
January 6, 2021
DALLAS BAY SOUTHERN BAPTIST CHURCH
Statement of Financial Position
August 31, 2020
(See Independent Accountants' Review Report)
Assets
Current assets:
Cash
Prepaid expenses
$
Total current assets
1,476,715
8,974
1,485,689
Property and equipment:
Land and improvements
Buildings
Furnishings and equipment
1,096,225
10,770,949
1,096,424
Total property and equipment
12,963,598
Accumulated depreciation
(6,299,313)
Property and equipment, net
6,664,285
Total assets
$
8,149,974
$
74,747
23,973
466,180
Liabilities and Net Assets
Current liabilities:
Accounts payable and accrued expenses
Unearned revenue
Current maturities of notes payable
Total current liabilities
564,900
Notes payable, net of current maturities
4,617,954
Total liabilities
5,182,854
Net assets:
Without donor restrictions
With donor restrictions
2,850,060
117,060
Total net assets
2,967,120
Total liabilities and net assets
$
See accompanying notes to the financial statements.
2
8,149,974
DALLAS BAY SOUTHERN BAPTIST CHURCH
Statement of Activities and Changes in Net Assets
Year ended August 31, 2020
(See Independent Accountants' Review Report)
Without Donor
Restrictions
Revenue and support:
General contributions
Tuition and fees
Miscellaneous income
Other church sponsored support
$
Total revenue and support
2,976,067
131,330
2,532
255,849
With Donor
Restrictions
$
3,365,778
Net assets released from restrictions
Total revenue, support and
reclassifications
Expenses:
Program services:
Operating ministries
Other church sponsored expenses
Supporting services:
General and administrative
Total expenses
Change in net assets
$
2,976,067
131,330
2,532
271,163
3,381,092
(39,664)
-
3,405,442
(24,350)
3,381,092
2,514,228
151,683
-
2,514,228
151,683
418,585
-
418,585
3,084,496
-
3,084,496
(24,350)
2,850,060
296,596
141,410
$
117,060
See accompanying notes to the financial statements.
3
$
39,664
2,529,114
Net assets at end of year
15,314
15,314
320,946
Net assets at beginning of year
Total
2,670,524
$
2,967,120
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