The Museum of Contemporary Art Detroit

Transcription

1 The Museum of Contemporary Art Detroit Detroit, Michigan Audited Financial Statements December 31, 2011 CROSKEY LANNI, PC CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS

2 INDEPENDENT AUDITOR'S REPORT David M. Croskey, CPA Thomas B. Lanni, CPA Carolyn A. Jones, CPA, CFP MST Clifton F. Powell Jr., CPA, CFP, PFS Roger J. DeJong, CPA Patrick M. Sweeney, CPA To the Board of Directors of The Museum of Contemporary Art Detroit We have audited the accompanying statement of financial position of The Museum of Contemporary Art Detroit (a nonprofit corporation), as of December 31, 2011, and the related statements of activities and cash flows for the year then ended. These financial statements are the responsibility of the Museum's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides 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 The Museum of Contemporary Art Detroit as of December 31, 2011, and changes in its net assets and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The schedule of functional expenses on page 11 is presented for purposes of additional analysis and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole. Croskey Lanni, PC August 27, 2012 Rochester, Michigan 345 Diversion Street Suite 400 Rochester, MI Office Fax

3 STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2011 ASSETS Current Assets Cash and cash equivalents $ 969,406 Contributions and grants receivable 54,801 Merchandise inventory 20,122 Prepaid expenses 17,439 Total current assets 1,061,768 Property and equipment, net of accumulated depreciation of $89,925 96,193 Total assets $ 1,157,961 LIABILITIES AND NET ASSETS Current Liabilities Accounts payable and accrued expenses $ 56,913 Unearned revenue 3,250 Total current liabilities 60,163 Net Assets Unrestricted Operating 1,505 Property and equipment 96,193 Total unrestricted net assets 97,698 Temporarily restricted 1,000,100 Total net assets 1,097,798 Total liabilities and net assets $ 1,157,

4 STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2011 Temporarily Unrestricted Restricted Total Revenue and Other Support Contributions $ 362,372 $ - $ 362,372 Grants 82, , ,000 Special events, net of direct costs of $54, , ,496 Store sales, net of costs of $22,606 24,820-24,820 Cafe sales, net of costs of $9,401 11,615-11,615 Facility rentals 19,628-19,628 Interest income 1,004-1,004 Other income Total revenue and support 677, ,000 1,332,477 Net Assets Released from Restrictions 298,889 (298,889) - Total 976, ,111 1,332,477 Expenses Program expenses 808, ,730 Administrative expenses 222, ,134 Fundraising expenses 44,612-44,612 Total expenses 1,075,476-1,075,476 Change In Net Assets (99,110) 356, ,001 Net Assets - Beginning 196, , ,797 Net Assets - Ending $ 97,698 $ 1,000,100 $ 1,097,

5 STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2011 Cash Flows From Operating Activities Change in net assets $ 257,001 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 23,812 Decrease in operating assets Contributions and grants receivables 298,671 Inventory 2,789 Prepaid expenses 13,078 Increase (decrease) in operating liabilities: Accounts payable and accrued expenses 25,315 Unearned revenue (7,500) Net Cash Provided by Operating Activities 613,166 Cash Flows Used in Investing Activities Purchases of property and equipment (29,333) Net Increase in Cash and Cash Equivalents 583,833 Cash and Cash Equivalents - Beginning 385,573 Cash and Cash Equivalents - Ending $ 969,