Download
slide1 n.
Skip this Video
Loading SlideShow in 5 Seconds..
2013 Audit Highlights PowerPoint Presentation
Download Presentation
2013 Audit Highlights

2013 Audit Highlights

126 Views Download Presentation
Download Presentation

2013 Audit Highlights

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. APPA: THE ASSOCIATION OF HIGHER EDUCATION FACILITIES OFFICERSExecutive Summary, Preliminary Draft March 31, 2013 Audit

  2. 2013 Audit Highlights NEW REPORT FORMAT UNDER CLARITY STANDARDS. • Unqualified (Clean) Opinion on GAAP Financial Statements. • No SAS 115 Findings Material Weaknesses or Significant Deficiencies that Require Communicated • Total net income, $74,285 in FY 2013 compared to $66,992 in FY 2012 • Total Assets Decreased 4% • Total Liabilities Decreased 13% • Net Assets Increased 4% • Net assets represent 42% of total expense compared to 40% in prior year

  3. Review of Draft Financial StatementsStatements of Financial Position • Total Assets Decreased 4% to $3,646,430 in FY 2013 ($ 3,814,229 in FY 2012). • Significant changes in Assets: • Cash/CD (64k) • Products in Process (68k) • Total Liabilities Decreased 13% to $1,678,570 in FY 2013 from $1,920,654 in FY 2012. • Significant changes in Liabilities: • AP/Accrued Exp (104k) • Deferred Revenue (211k) • Net Assets Increased $74K • Net Assets to Total Expense Ratio • Industry Minimum Goal = 30-50% • 2013 APPA = 42% • 2012 APPA = 40%

  4. Review of Draft Financial StatementsStatements of Activities • 2013 total revenue decreased 2% to $4,705,355. • Education 75k • Membership 48k • FMEP (145k) • 2013 expenses decreased 2% to $4,632,070. • Education (66k) • Annual Conference 36k • FMEP (37k) • Investment loss in 2012 was $37,057, Investments sold in PY. • Expenses Presented on a Functional Basis (Costs Allocated to Programs and Supporting Services) in accordance with Nonprofit Standards. • Cost Allocations Based on Estimates of Staff Time Devoted to Activities. • Expenses also presented on a natural basis in the back of the audit report.

  5. Review of Draft Financial StatementsGeneral Observations (ASAE 2–5 Million Range) • Operating Efficiency Ratio (Total Revenue/Total Assets) 1.29, ASAE 1.1 • Leverage (Total Liabilities / Total Net Assets), .85, ASAE .80 * Membership income represents 37.5% of total revenue, ASAE Median Benchmark is 39.9%. Source: ASAE 14th Edition of the Operating Ratio Report, Revenues $2-$5 million, 700 Associations reporting. • Total personnel expenses as a percent of total revenue is 33.9%; ASAE 40.5%; similar budget • Salary expense as a percent of total revenue is 25.9%, ASAE is 33.1%, similar budget • Revenue per employee, $392,196, ASAE $228,609