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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