SPECIAL PURPOSE FINANCIAL STATEMENTS FOR THE FISCAL …

ASPIRA LEADERSHIP AND COLLEGE PREPARATORY ACADEMY A Program of ASPIRA OF FLORIDA, INC. (a nonprofit organization)

SPECIAL PURPOSE FINANCIAL STATEMENTS

FOR THE FISCAL YEARS ENDED JUNE 30, 2018 AND 2017

ASPIRA LEADERSHIP AND COLLEGE PREPARATORY ACADEMY A Program of ASPIRA OF FLORIDA, INC. (a nonprofit organization)

TABLE OF CONTENTS

INDEPENDENT AUDITORS' REPORT SPECIAL PURPOSE FINANCIAL STATEMENTS:

Statements of Financial Position Statements of Activities and Changes in Net Assets Statements of Cash Flows Notes to Special Purpose Financial Statements COMPLIANCE SECTION: INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA SCHEDULE OF PRIOR AUDIT FINDINGS SCHEDULE OF FINDINGS AND RESPONSES

PAGE 1-2

3 4 5 6-11

12-13

14-15 16

17-19

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Officers of ASPIRA of Florida, Inc. Miami, Florida

Report on the Financial Statements

We have audited the accompanying special purpose financial statements of ASPIRA Leadership and College Preparatory Academy (the "School"), a program of ASPIRA of Florida, Inc. (a nonprofit organization), which comprise the statements of financial position as of June 30, 2018 and 2017, and the related statements of activities and changes in net assets, and cash flows for the fiscal years then ended, and the related notes to the special purpose financial statements.

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 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 financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the School's preparation and fair presentation of the 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 School'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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the special purpose financial statements referred to above present fairly, in all material respects, the financial position of the School as of June 30, 2018 and 2017, and the changes in its net assets and cash flows for the fiscal years then ended in accordance with accounting principles generally accepted in the United States of America.

1

4649 Ponce de Leon Blvd I Suite 404 I Coral Gables, FL 33146 T: 305.662.7272 F: 305.662.4266 I

Emphasis of Matters As explained in Note I to the special purpose financial statements, the special purpose financial statements being presented are only for the School referred to above, which is a program of ASPIRA of Florida, Inc. The special purpose financial statements do not include the statements of financial position, activities or cash flows of ASPIRA of Florida, Inc. (a nonprofit organization). Accordingly, the accompanying special purpose financial statements are not intended to present the financial position of ASPIRA of Florida, Inc. as of June 30, 2018 and 2017 or its results of operations and cash flows for the fiscal years then ended in conformity with accounting principles generally accepted in the United States of America. Also, as explained in Note V to the special purpose financial statements, ASPIRA of Florida, Inc. has had events of default in connection with a loan agreement that have raised substantial doubt about the Organization's ability to continue as a going concern as of October 9, 2018, the date that these special purpose financial statements were available to be published. The special purpose financial statements presented do not include any adjustments that might result from the outcome of this uncertainty as it affects ASPIRA of Florida, Inc. Our opinion is not modified with respect to this matter. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated October 9, 2018 on our consideration of the School's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that 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 in considering the School's internal control over financial reporting and compliance.

Caballero Fierman Llerena & Garcia, LLP

Caballero Fierman Llerena & Garcia, LLP Coral Gables, Florida October 9, 2018

2 4649 Ponce de Leon Blvd I Suite 404 I Coral Gables, FL 33146

T: 305.662.7272 F: 305.662.4266 I

ASPIRA LEADERSHIP AND COLLEGE PREPARATORY ACADEMY A Program of ASPIRA of FLORIDA, INC. (a nonprofit organization) STATEMENTS OF FINANCIAL POSITION

JUNE 30, 2018 AND 2017

ASSETS

Current assets: Cash and cash equivalents Due from the Miami-Dade County School Board -State of Florida Capital Outlay Distribution Local-FTE receivable Other Receivables Due from ASPIRA of Florida, Inc. Total current assets

Capital Assets, Net Total assets

LIABILITIES

Current liabilities: Accounts payable and current liabilities Due to ASPIRA of Florida, Inc. Total current liabilities

Compensated absences Total liabilities

NET ASSETS

Net Assets: Unrestricted Total net assets

Total liabilities and net assets

2018

2017

$

49,139 $

69,011

49,139

8,354 9,422 2,922 6,853 96,562

316,045 365,184

288,349 384,911

196,235 105,105 301,340

19,537 320,877

-

32,963 32,963

44,307 44,307

351,948 351,948

$

365,184 $

384,911

See Notes to Special Purpose Financial Statements. 3

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download