1 / 5

2014 Audit Highlights

APPA: THE ASSOCIATION OF HIGHER EDUCATION FACILITIES OFFICERS Executive Summary, Preliminary Draft March 31, 2014 Audit. 2014 Audit Highlights. Unmodified (Clean) Opinion on GAAP Financial Statements. 2013 Statements updated to reflect proper recognition of income in the amount of $84,800.

prue
Télécharger la présentation

2014 Audit Highlights

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. APPA: THE ASSOCIATION OF HIGHER EDUCATION FACILITIES OFFICERSExecutive Summary, Preliminary Draft March 31, 2014 Audit

  2. 2014 Audit Highlights • Unmodified (Clean) Opinion on GAAP Financial Statements. • 2013 Statements updated to reflect proper recognition of income in the amount of $84,800. • Total net income, $260,367 in FY 2014 compared to $159,085 (as restated) in FY 2013 • Total Assets Increased 13% • Total Liabilities Increased 13% • Net Assets Increased 13% • Net assets represent 47% of total expense compared to 44% in prior year

  3. Review of Draft Financial StatementsStatements of Financial Position • Total Assets Increased 13% to $4,202,719 in FY 2014 ($ 3,731,230 in FY 2013). • Significant changes in Assets: • Cash/CD 539K • Total Liabilities Increased 13% to $1,889,692 in FY 2014 from $1,678,570 in FY 2013. • Significant changes in Liabilities: • AP/Accrued Exp 66k • Deferred Revenue 105k • Net Assets Increased $260K • Net Assets to Total Expense Ratio • Industry Minimum Goal = 30-50% • 2014 APPA = 47% • 2013 APPA = 44%

  4. Review of Draft Financial StatementsStatements of Activities • 2014 total revenue increased 8% to $5,180,198 • Education 193k • Membership 91k • Supervisor’s Toolkit 72k • 2014 expenses increase 6% to $4,919,831. • Education 64k • Publication 99k • Membership 77k • 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) 1.23, ASAE 1.1 • Leverage (Total Liabilities / Total Net Assets), .82, ASAE .80 * Membership income represents 36% 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 30.9%; ASAE 40.5%; similar budget • Salary expense as a percent of total revenue is 23.2%, ASAE is 33.1%, similar budget • Revenue per employee, $470,927, ASAE $228,609

More Related