NAVAL AVIATION MUSEUM FOUNDATION, INC. AND …

NAVAL AVIATION MUSEUM FOUNDATION, INC. AND SUBSIDIARIES

PENSACOLA, FLORIDA

CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2019 AND 2018

NAVAL AVIATION MUSEUM FOUNDATION, INC. AND SUBSIDIARIES

PENSACOLA, FLORIDA CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2019 AND 2018

CONTENTS

Independent Auditor's Report Consolidated Statements of Financial Position Consolidated Statements of Activities Consolidated Statements of Functional Expenses Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements

PAGE 1 3 4 5 6 7

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors Naval Aviation Museum Foundation, Inc. and Subsidiaries

Report on the Financial Statements

We have audited the accompanying consolidated financial statements of the Naval Aviation Museum Foundation, Inc. and Subsidiaries (a nonprofit corporation), which comprise the consolidated statement of financial position as of December 31, 2019, and the related consolidated statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the consolidated financial statements.

Management's Responsibility for the 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 financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit 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 of 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 auditor's judgment, including the assessment of the risk 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-

To the Board of Directors Naval Aviation Museum Foundation, Inc. and Subsidiaries

Opinion

In our opinion, the 2019 consolidated financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of the Naval Aviation Museum Foundation, Inc. and Subsidiaries, as of December 31, 2019, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Prior Period Financial Statements

The consolidated financial statements of the Naval Aviation Museum Foundation, Inc. and Subsidiaries as of December 31, 2018, were audited by other auditors whose report dated May 9, 2019, expressed an unmodified opinion on those consolidated financial statements.

Pensacola, Florida April 8, 2020

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NAVAL AVIATION MUSEUM FOUNDATION, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2019 AND 2018 (In thousands of dollars)

ASSETS

Current Assets: Cash and cash equivalents Unconditional promises to give, net Inventory Prepaid expenses Accounts receivable Total current assets

Noncurrent Assets: Investments Beneficial interest in perpetual trust Unconditional promises to give, net Property and equipment, net Other assets Total other assets

Total Assets

LIABILITIES AND NET ASSETS

Current Liabilities: Accounts payable Accrued wages and compensated absences Line of credit Current maturities of notes payable Deferred revenue Total current liabilities

Long-Term Liabilities: Notes payable, less current maturities

Total liabilities

Net Assets: Without donor restrictions With donor restrictions Total net assets

Total Liabilities and Net Assets

2019

2018

$

556 $

643

232

375

902

678

139

178

24

37

1,853

1,911

16,690 1,257 107 4,395 48

22,497

14,107 1,103 171 5,524 48

20,953

$

24,350 $

22,864

$

301 $

246

311

247

-

350

238

238

485

304

1,335

1,385

645 1,980

886 2,271

13,175 9,195 22,370

11,989 8,604 20,593

$

24,350 $

22,864

The accompanying notes are an integral part of these financial statements. -3-

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