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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