MARINE CORPS ASSOCIATION AND MARINE CORPS ASSOCIATION ...

MARINE CORPS ASSOCIATION AND

MARINE CORPS ASSOCIATION FOUNDATION

CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

YEARS ENDED DECEMBER 31, 2018 AND 2017

MARINE CORPS ASSOCIATION MARINE CORPS ASSOCIATION FOUNDATION

TABLE OF CONTENTS YEARS ENDED DECEMBER 31, 2018 AND 2017

INDEPENDENT AUDITORS' REPORT

1

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

3

CONSOLIDATED STATEMENTS OF ACTIVITIES

4

CONSOLIDATED STATEMENTS OF CASH FLOWS

5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

6

INDEPENDENT AUDITORS' REPORT ON SUPPLEMENTARY INFORMATION

19

SUPPLEMENTARY INFORMATION

CONSOLIDATING STATEMENT OF FINANCIAL POSITION

20

CONSOLIDATING STATEMENT OF ACTIVITIES

21

INDEPENDENT AUDITORS' REPORT

Board of Governors Marine Corps Association Marine Corps Association Foundation Quantico, Virginia

Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of the Marine Corps Association and Marine Corps Association Foundation, which comprise the consolidated statements of financial position as of December 31, 2018 and 2017, and the related consolidated statements of activities and cash flows for the years then ended, and the related notes to the consolidated financial statements.

Management's Responsibility for the Consolidated 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 audits. We conducted our audits 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 auditors' 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.

(1)

Board of Governors Marine Corps Association Marine Corps Association Foundation

Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Marine Corps Association and Marine Corps Association Foundation as of December 31, 2018 and 2017, and the changes in their net assets and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principle As discussed in Note 1 to the consolidated financial statements, management has adopted Accounting Standards Update (ASU) No. 2016-14, Presentation of Financial Statements of Not-for-Profit Entities. Our opinion is not modified with respect to that matter.

CliftonLarsonAllen LLP

Arlington, Virginia July 19, 2019

(2)

MARINE CORPS ASSOCIATION MARINE CORPS ASSOCIATION FOUNDATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

DECEMBER 31, 2018 AND 2017

ASSETS

CURRENT ASSETS Cash Accounts Receivable, Net of Allowance for Bad Debt of $20,000 at December 31, 2018 and 2017 Contributions Receivable Inventory, Net of Allowance for Obsolete Inventory of $60,000 at December 31, 2018 and 2017 Prepaid Expenses and Deposits Total Current Assets

INVESTMENTS

PROPERTY AND EQUIPMENT Land Building and Building Improvements Furniture, Software, Equipment, and Vehicles Total Less: Accumulated Depreciation Total Property and Equipment

OTHER ASSETS

Total Assets

LIABILITIES AND NET ASSETS

CURRENT LIABILITIES Accounts Payable and Accrued Expenses Capital Lease Obligations Deferred Revenue: Subscriptions Other Total Deferred Revenue

Total Current Liabilities

CAPITAL LEASE OBLIGATIONS, Net of Current Portion

DEFERRED SUBSCRIPTIONS REVENUE, Net of Current Portion

Total Liabilities

NET ASSETS Without Donor Restrictions With Donor Restrictions: Time or Purpose Restrictions Perpetual in Nature Total Net Assets

Total Liabilities and Net Assets

See accompanying Notes to Consolidated Financial Statements. (3)

2018

2017

$

791,485

259,888 38,668

2,117,563 242,064

3,449,668

9,176,317

$ 1,020,432

292,814 40,002

1,708,833 495,828

3,557,909

10,103,368

106,000 8,694,211 2,169,764 10,969,975 7,694,005 3,275,970

40,000

$ 15,941,955

106,000 8,740,945 2,126,931 10,973,876 7,579,061 3,394,815

40,000

$ 17,096,092

$

845,188

24,911

1,219,634 61,078

1,280,712

2,150,811

6,718

1,644,489

3,802,018

$

710,641

23,933

909,916 47,974

957,890

1,692,464

31,629

2,038,099

3,762,192

11,632,410

452,427 55,100

12,139,937

$ 15,941,955

12,775,268

503,532 55,100

13,333,900

$ 17,096,092

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