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Article Excerpt
INDEPENDENT AUDITOR'S REPORT 872
FINANCIAL STATEMENTS Statements of financial position 873 Statements of activities - 2008 874 Statements of activities - 2007 875 Statements of cash flows 876 Notes to financial statements 877-881
INDEPENDENT AUDITOR'S REPORT
To the Board of Directors
Music Library Association
Middleton, Wisconsin
We have audited the accompanying statements of financial position of Music Library Association as of June 30, 2008 and 2007, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Association's management. 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Music Library Association as of June 30, 2008 and 2007, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
October 7, 2008
MUSIC LIBRARY ASSOCIATION STATEMENTS OF FINANCIAL POSITION June 30, 2008 and 2007 2008 2007 ASSETS Cash and cash equivalents: Unrestricted $ 106,094 $ 109,237 Restricted, Mellon Grant 12,544 12,622 Total cash and cash 118,638 121,859 equivalents Certificate of deposit 65,585 60,000 Accounts receivable 14,241 7,355 Prepaid expenses 9,600 Inventories 8,607 8,345 Investments in mutual funds: Unrestricted 644,369 644,452 Temporarily restricted 65,455 67,695 Permanently restricted 157,192 157,192 Total investments in mutual 867,016 869,339 funds Equipment, net of accumulated 3,433 1,257 depreciation 2008-$3,761; 2007-$3,430 Web site 8,300 TOTAL ASSETS $ 1,095,420 $ 1.068,155 LIABILITIES AND NET ASSETS Accounts payable $ 27,129 $ 7,379 Customer prepayments 65,955 57,040 Mellon Grant payable 12,544 12,622 Total liabilities 105,628 77,041 NET ASSETS Unrestricted 767,145 766,227 Temporarily restricted 65,455 67,695 Permanently restricted 157,192 157,192 Total net assets 989,792 991,114 TOTAL LIABILITIES AND NET $ 1,095,420 $ 1,068,155 ASSETS The accompanying notes are an integral part of these financial statements. MUSIC LIBRARY ASSOCIATION STATEMENT OF ACTIVITIES...
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