1 / 5

2013 Audit Highlights

APPA: THE ASSOCIATION OF HIGHER EDUCATION FACILITIES OFFICERS Executive Summary, Preliminary Draft March 31, 2013 Audit. 2013 Audit Highlights. NEW REPORT FORMAT UNDER CLARITY STANDARDS. Unqualified (Clean) Opinion on GAAP Financial Statements.

delta
Download Presentation

2013 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, 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

More Related