Louisiana School Board Association

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LOUISIANA SCHOOL BOARDS ASSOCIATION CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30.2011 AND 2010

linder provisions of state law, this report is a public document: Acopy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clerk of court.

Release Date APR 2 5 2012

i f f l f S I Postlethwaite ^ K l & Netterville

A Professional Accounting Corporation

LOUISIANA SCHOOL BOARDS ASSOCIATION CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30,2011 AND 2010

TABLE OF CONTENTS

INDEPENDENT AUDITORS' REPORT FINANCIAL STATEMENTS

Consolidated Statements of Financial Position Consolidated Statements of Activities and Changes in Net Assets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements SUPPLEMENTAL INFORMATION Consolidated Schedules of Functional Expenses REPORT ON INTERNAL CONTROL OVER FINANCIAL

REPORTING AND ON COMPLIANCE AND ON OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS SUMMARY SCHEDULE OF FINDINGS AND QUESTIONED COSTS

Page 1-2

3 4-5

6 7-13

14-15

16-17 18-22

[ i j 9 E K | Postlethwaite E S S i K I & Netterville

A Professional Accounting Cofporotion Associotod Offices in Principal CiKes of the United States



INDEPENDENT AUDITORS' REPORT

Board of Directors Louisiana School Boards Association Baton Rouge, Louisiana:

We have audited the accompanying consolidated statements of financial position of the Louisiana School Boards Association (a nonprofit organization) (the Association) as ofJune 30,2011, and 2010, and the related statements of activities and changes in net assets and cash flows, for the year ended June 30,2011. These financial statements are the responsibility ofthe Association's management. Our responsibility is to express an opinion on these financial statements based on our audit.

Except as explained in the followmg paragraph, we conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica andtiiestandards ^plicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of tiie United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the jQnancial statements are free ofmaterial misstatement. An audit includes examining on a test basis, evidence suppoi^g &e amounts and disclosures in the fmancial statements. An audit also includes assessing the accounting principles used and the signiHcant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We were not able to satisfy ourselves regarding balances ofthe Association's assets, liabilities and net assets as ofJune 30,2009. Assets, liabilities and net assets as ofJune 30,2009 enter into the determination of changes in net assets and cash flows for the year ended June 30,2010.

Because ofdie matter discussed m the preceding paragraph, the scope ofour work was not sufScienttoenable us to express, and we do not express, an opinion on the results ofoperations and cash flows fortiieyear ended June 30,2010.

In our opinion, the consolidated statements of financial position ofLouisiana School Boards Association as of Jime 30,2011 and 2010, and the related statements ofactivities and changes in net assets, and cash flows for the year ended June 30,2011 present fairly, in all material respects, the financial position of Louisiana School Boards Association as of June 30,2011, and 2010, and the changes in its net assets, and its cash flows for the year ended June 30,2011, in conformity with accounting principles generally accepted in the United States of America.

In accordance with the Government Auditing Standards, we have also issued our report dated March 7,2012, on our consideration of Louisiana School Boards Association's internal control overfinancialreporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose ofthat report is to describe the scope ofour testing of internal control over financial reporting and compliance and the results ofthat testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

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8550 United Plaza Blvd, Suite 1001 ? Baton Rouge, LA 70809 ? Tel: 225.922.4600 ? Fax: 225.922.4611

Our audit was conducted for the purpose of forming an opinion on the consolidated financial statements as a whole. The consolidated schedules of functional expenses on ps^es 14-1S are pres^ted for purposes of additional analysis, and are not a required part of the financial statements. Such information is the responsibility ofmanagement and was derivedfix>mand relates directlytoibc underlying accounting and a&nsx records used for the year ended June 30,2011 to prepare die financial statements. The information pertaining to the schedule of&nctional ei^enses on page 14 hzs been subjected to the auditing procedures applied in ^ audit ofthefinancialstatements and certain additional procedures, includmg comparing and reconciling such information directlytotiieunderlying accountmg and other records used to prepare die financial statements or to thefinancialstatements themselves, and other additional procedures in accordance with auditing standards general^ accepted intiieUnited States of America. In our opinion, the information included in the sdiedole of functional expenses for the year ended June 30,2011 is &irly stated mall material respects in relation to the financial statements as a whole. Because of the matter discussed in the third paragnq>h, we are unable to exi?e$s, and do not express, an opinion on the corisolidated schedule offimctioiiale3q)aisesforthe year eride^ June 30,2010 cm page 15 in relation to the financial statements as a whole.

PfiM^M^tut^^^M^

Baton Rouge, Louisiana March 7,2012

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LOUISIANA SCHOOL BOARDS ASSOCIATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

JUNE 30.2011 AND 2010

ASSETS

CURRENT ASSETS: Cash - Unrestricted Cash - Restricted litigation fund Investments - LAMP Accounts receivable: Federal programs Other (less allowance for doubtful accounts of $6,000) Prepaid expenses Other current assets

2011

2010

$ 80,104 137,658 739,817

$ 85,979 163,306 573,098

7,989 9,950 7,994

550

11,505 20,085

8,321 2,927

Total curr^t assets

984,062

865,221

NON-CURRENT ASSETS: Property and equipment (net of accumulated depreciation) Total non-current assets Total assets

68,341

71,131

68,341

71,131

$ 1,052,403 $ 936,352

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES:

Accounts payable Accrued leave Deferred membership dues Total current liabilities

$ 3,615 $ 7,695

49,040

43,329

9,128

1,000

61,783

52,024

NON-CURRENT LLiBILITIES: Claims payable

184,679

190,074

Total liabilities

246,462

242,098

NET ASSETS: Temporarily restricted - Litigation fund Unrestricted

137,658 668,283

163,306 530,948

Total net assets

805,941

694,254

Total liabilities and net assets

$ 1,052,403 $ 936,352

The accompanying notes are an integral part of these fmancial statements.

LOUISIANA SCHOOL BOARDS ASSOCIATION CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED JUNE 30,2011 AND 2010

Revenues and support: Federal - Grant funds received Dues revenue Workshop registration & sponsorship State convention Advertising Second injury fund reimbursment NSBA reception sponsorship QZAB program Otiier Net assets released from restrictions

Total revenues and other support

Expenses: Program services: Program services Support services:

Management and general

Total expenses

Change in net assets

NET ASSETS AT BEGINNING OF THE YEAR

NET ASSETS AT END OF THE YEAR

Unrestricted

2011 Temporarily Restricted

Total

$

$ 328,262 55 328,262

721,876

-

721,876

122,485

-

122,485

225,011

. -

225,011

45,085

-

45,085

35,789

-

35,789

11,400

-

11,400

15,000

-

15,000

13,037

1,499

14,536

355,409

(355,409)

m

1,545,092

(25,648)

1,519,444

1,103,407 304,350

1,407,757 137,335 530,948

$ 668,283 $

1,103,407

304,350

1,407,757

(25,648)

111,687

163,306

694,254

137,658 $ 805,941

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

2010 (Unaudited) Temporarily Unrestricted Restricted

Total

$

701,622 84.375 182,153 36,680

11,505 $

-

11,505 701,622 84,375 182,153 36,680

13,550 15,000 16,080 30,578

-

(30,578)

13,550 15,000 16,080

-

1,080,038

(19,073)

1,060,965

746,553

-

746,553

250,086

2

250,086

996,639

-

996,639

83,399

(19,073)

64,326

447,549

182,379

629,928

$ 530,948 $ 163,306 $ 694,254

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