TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY. Board of Directors
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1 TECHNOLOGICALL RESEARCH AND DEVELOPMENT AUTHORITY Financial Report (Liquidation Basis) September 30, 2013
2 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY Board of Directors Dr. James T. Brown - Chairman James J. Dwight - Vice Chairman Dr. Richard E. Enstice - Secretary
3 TABLE OF CONTENTS INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS (LIQUIDATION BASIS) Statement of Net position 7 Statement of Revenues, Expenses and Changes in Net position 8 Statement of Cash Flows 9 Notes to Financial Statements 10 SUPPLEMENTAL INFORMATION Unaudited Financial Statements (Liquidation Basis as of December 31, 2013) Report on Compilation - Forecast 22 Unaudited Statement of Net position 23 Unaudited Statement of Revenues, Expenses and Changes in Net position 24 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 25 MANAGEMENT LETTER 27 Page CURRENT YEAR MANAGEMENT RECOMMENDATIONS 29
4 8035 Spyglass Hill Road Melbourne, FL Phone: Fax: S. Orange Ave. Suite 745 Orlando, FL Phone: Fax: INDEPENDENT AUDITORS REPORT Board of Directors Technological Research and Development Authority Melbourne, Florida Report on the Financial Statements We have audited the accompanying financial statements of the business-type activities on the liquidation basis of the Technological Research and Development Authority (the Authority ), as of and for the year ended September 30, 2013, and the related notes to the financial statements, which collectively comprise the Authority s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express opinions 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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 1
5 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities in liquidation of the Authority, as of September 30, 2013, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Change of Accounting Basis As discussed in Note L to the financial statements, the Board of Directors of the Authority approved a plan of liquidation on November 15, 2012, for the wind-up of operations and dissolving of the Authority per the agreed upon settlement with the U.S. Government on December 31, As a result, the Authority changed its basis of accounting to liquidation basis for the year ended September 30, Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management s discussion and analysis on pages 3-6 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 2, 2013, on our consideration of the Authority s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Authority s internal control over financial reporting and compliance. December 2, 2013 Melbourne, Florida Berman Hopkins Wright & LaHam CPAs and Associates, LLP 2
6 Technological Research and Development Authority Management's Discussion and Analysis For the Fiscal Year Ended September 30, 2013 Management's discussion and analysis is intended to provide an objective analysis of the Technological Research and Development Authority's (the Authority ) financial activities for the fiscal year ended September 30, Effective November 15, 2012, the Board of Directors approved entering into a settlement with the U.S. Government to wind-down its operations and dissolve the Authority. As a result, the Authority changed its basis of accounting to the liquidation basis for the year ended September 30, This analysis provides summary financial information for the Authority and its blended component unit, the Florida Technological Research and Development Foundation and should be read in conjunction with the Authority s financial statements. Financial Highlights The Authority's assets exceeded its liabilities at September 30, 2013, by $347,100 (net position). Of this amount, $347,100 (unrestricted net position) and the remaining assets will be used to meet the Authority's obligations at the time operations are discontinued on December 31, The Authority's total net position decreased by $822,180 from the previous year resulting from program activities and organizational wind-down efforts during the year. Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to the Authority's basic financial statement. The basic financial statements are comprised of two components: 1) financial statements and 2) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. Notes to the financial statements - The notes provide additional information that is essential to a full understanding of the data provided in the financial statements. The notes to the financial statements can be found on pages of this report. Financial Analysis of the Authority The following table provides a summary of the Authority's operations for the years ended September 30, 2013 and 2012: STATEMENTS OF NET POSITION (LIQUIDATION BASIS) Change Current and other assets $ 744,166 $ 4,966,272 $ 4,222,106 Capital assets - 52,965 52,965 Total assets 744,166 5,019,237 4,275,071 Other liabilities 397,066 3,849,957 3,452,891 Net position: Invested in capital assets, net of related debt - 52,965 52,965 Restricted - 254,282 - Unrestricted 347, , ,282 Total net position $ 347,100 $ 1,169,280 $ 307,247 3
7 The change in total assets and other liabilities is the result of the Authorities wind-down of operations. As noted earlier, net position may serve over time as a useful indicator of a government s financial position. In the case of the Authority, assets exceeded liabilities by $347,100 at the close of the most recent fiscal year. Approximately 96% of the Authority s net position represents resources that are subject to external restrictions on how they may be used. The Authority has unearned revenue of $342,454 mostly related the Energy program. At the end of the current fiscal year, the Authority is able to report positive balances in all the categories of net position. The same situation held true for the prior fiscal year. Analysis of the Authority s Operations The following table provides a summary of the Authority s operations for the years ended September 30, 2013 and 2012: STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (LIQUIDATION BASIS) Change Operating Revenues: Grants $ 362,928 $ 948,689 $ 585,761 Programs 119, , ,674 Total revenues 482,855 1,301, ,435 Operating Expenses: Program services 1,200,149 1,300, ,513 General and administrative 116, , ,958 Total expenses 1,317,087 1,552, ,471 Non-Operating Revenues and Expenses: Gain on investments 5,177 11,323 6,146 Interest revenue 2,970 2,093 (877) Gain on asset disposal 3,905 - (3,905) Total non-operating revenues and expenses 12,052 13,416 1,364 Change in net position (822,180) (237,852) 584,328 Net position beginning of fiscal year 1,169,280 1,407, ,852 Net position end of fiscal year $ 347,100 $ 1,169,280 $ 822,180 The change in revenue and expenses is the result of the Authorities wind-down of operations. 4
8 Capital Assets and Debt Administration Capital assets - As of September 30, 2013, the Authority disposed of all capital assets and the related investment in capital assets which included furniture and fixtures due to the winddown of operations. The total decrease in the Authority's investment in capital assets for the current fiscal year was $52,965. Long-term loans - At the end of the current fiscal year the Authority did not have any general long-term outstanding loans. Economic Factors In March 2012, the U.S. Department of Justice, ( DOJ ) filed a lawsuit against the Authority regarding alleged misuse of grants from National Aeronautics and Space Administration, ( NASA ) and Economic Development Administration under a different Authority administration between 2002 and The Authority believes that previous Authority leadership, who were in charge at the time the grants were awarded and implemented, but who are no longer employed or affiliated with the Authority, acted responsibly and in good faith under the law. The activity relating to these grants was disclosed to all parties at all times. During the period in question, the TRDA was audited by outside certified public accounting firms and each year s audit report stated the TRDA was in compliance with federal rules and regulations. The TRDA relied on its counsels, consultants and auditors to ensure it was acting appropriately. During the first quarter of the fiscal year, the Board of Directors of the Authority announced the organization would begin the process of dissolving its operations as part of a proposed $15 million settlement with the U.S. Department of Justice of the lawsuit noted above. Under the terms of the settlement, the DOJ agreed not to enforce the financial judgment against the Authority and released all current Authority Board of Directors and staff from liability. The Authority entered into settlement negotiations because it did not have the resources to fight the lawsuit in court, and the potential liability resulting from an unfavorable result of the lawsuit would far exceed the Authority s capability to pay. The Authority is committed to pursuing this dissolution in an orderly fashion that honors current grants and contracts, puts the Authority s clients needs first and adheres to all necessary legislative requirements of the State of Florida. It is estimated this will be completed by December During the fiscal year, TRDA continued its partnership with the University of Central Florida and the Florida Energy Systems Consortium, in the implementation of the Florida Cleantech Acceleration Network. This began in FY2012 and continued through FY2013. Funding for this initiative is being provided by the U.S. Departments of Commerce and Energy. Due to the decision to dissolve TRDA, as noted previously, TRDA participation in the Florida Cleantech Acceleration Network was terminated in the second quarter of the fiscal year. In partnership with Space Florida, Brevard Workforce and the Space Coast Energy Consortium, the Space Coast Clean Energy Jobs Accelerator was established in 2012 and continued through TRDA s participation in the effort was terminated in December 2012, due to the decision to dissolve TRDA. Funding for the Authority s activities associated with this initiative is being provided by the U.S. Small Business Administration. 5
9 A significant component of the Authority s past programmatic efforts and budget is the TRDA Business Innovation Center (Center). Due to the decision to dissolve TRDA, steps were taken to conclude the Center s programmatic efforts (which were concluded in the early part of the third quarter of the fiscal year) and return management and operational control of the Center to the Melbourne Airport Authority (which was done in April 2013). TRDA continued as a tenant of the Center but with no responsibility for day-to-day management or tenant issues. Also during the fiscal year, TRDA undertook steps to liquidate assets, complete project reporting and terminate various service contracts in anticipation of TRDA s dissolution. Given TRDA s dissolution, no budget has been prepared for FY
10 Technological Research and Development Authority STATEMENT OF NET POSITION (Liquidation Basis) September 30, 2013 ASSETS CURRENT ASSETS Cash and cash equivalents $ 705,250 Grants/tag fees receivable, net of allowance 1,986 Prepaid expenses 12,910 Investments 24,020 Total assets $ 744,166 LIABILITIES CURRENT LIABILITIES Accounts and contracts payable $ 9,778 Accrued expenses 29,921 Accrued payroll 3,898 Compensated absences 11,015 Unearned revenue 342,454 Total current liabilities 397,066 NET POSITION Unrestricted 347,100 Total net position and liabilities $ 744,166 The accompanying notes are an integral part of these financial statements. 7
11 Technological Research and Development Authority STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (Liquidation Basis) Year ended September 30, 2013 OPERATING REVENUE Grants $ 362,928 Programs 119,927 Total revenues 482,855 OPERATING EXPENSES Depreciation 18,466 General and administrative 116,938 Government relations 50,000 Insurance - business 8,994 Information technology expense 10,216 Lease expense 547,009 Outside contract services 51,635 Rent 53,305 Repairs and maintenance 4,960 Salaries 431,637 Utilities expense 23,854 Workshop and webinar expenses 73 Total operating expenses 1,317,087 Operating loss (834,232) NON-OPERATING REVENUES AND EXPENSES Gain on investments 5,177 Interest revenue 2,970 Gain on asset disposal 3,905 Total non-operating revenues and expenses 12,052 Change in net position (822,180) NET POSITION Beginning of year 1,169,280 End of year $ 347,100 The accompanying notes are an integral part of these financial statements. 8
12 Technological Research and Development Authority STATEMENT OF CASH FLOWS (Liquidation Basis) Year ended September 30, 2013 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers $ 362,556 Payments for services and supplies (468,861) Payments to/for employees (471,230) Net cash used in operating activities (577,535) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Proceeds from sale of fixed assets 38,914 Net cash provided in capital and related financing activities 38,914 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of investments 15,524 Gain on investments 5,177 Interest earned on investments 2,970 Net cash provided in investing activities 23,671 Net decrease in cash (514,950) Cash and cash equivalents at beginning of year 1,220,200 Cash and cash equivalents at end of year $ 705,250 RECONCILIATION OF LOSS FROM OPERATIONS TO NET CASH FROM OPERATING ACTIVITIES Net loss from operations $ (834,232) Adjustments to reconcile net loss from operations to net cash used in operating activities: Depreciation 18,466 Gain on asset disposal 3,905 Allowance for doubtful account 10,212 Amortization of prepaid lease 3,580,860 (Increase) decrease in assets: Grants/tag fees receivable, net of allowance 104,731 Prepaid expenses (8,586) Increase (decrease) in liabilities: Accounts and contracts payable (66,482) Accrued expenses (5,159) Accrued payroll (8,529) Compensated absences (31,064) Deposits (18,478) Unearned revenue (3,323,179) Net cash used in operating activities $ (577,535) NON-CASH OPERATING ACTIVITIES Amortization of prepaid lease obligation and lease expense $ 47,343 The accompanying notes are an integral part of these financial statements. 9
13 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. Financial reporting entity The Technological Research and Development Authority (the Authority ) was established as an independent special district by the 1987 Florida Legislature for the purpose of promoting Brevard County as a regional center for high technology and scientific research by contracting with accredited universities and colleges in Florida and fostering higher education and economic development. In support of this mission, and in recognition of the important roles of Brevard County and the Kennedy Space Center in the nation s space program, the 1988 Legislature provided the Authority with 25% of the revenues generated by the Challenger licenses plates in order to promote related economic development. Effective July 1, 1997, Florida Statutes were amended to provide 50% of the Challenger license plate revenues (now Challenger/Columbia ) to the Authority. The statutes were also amended to allow the Authority to fund the Teacher Quest Program, as well as, allow up to 10% of the funds to be used for continuing the promotion and marketing of the license plate. As of March 31, 2013, the Authority discontinued receiving the license plate revenue by action of the State Legislation. The accounting policies of the Authority conform to generally accepted accounting principles as applicable to governmental units. During 2000, the Authority assisted with the formation of a 501(c)(3) organization, the Florida Technological Research and Development Foundation (the Foundation ), which was organized to engage in fundraising activities. This organization was determined to be a component unit of the Authority (the primary government). Component units are legally separate organizations for which the primary government is financially accountable or organizations which should be included in the primary government s financial statements because of the nature and significance of their relationship with the primary government. As of September 30, 2013, the Foundation was dissolved. The decision to include a potential component unit in the Authority s report is based on the criteria stated in Governmental Accounting Standards Board ( GASB ) Statement No. 61, The Financial Reporting Entity: Omnibus an amendment of GASB Statements No. 14 and No. 34, which includes the ability to appoint a voting majority of an organization s board and the ability of the Authority to significantly influence the program, projects, activities, or level of service performed by the component unit. The Authority, also, has the ability to impose its will on the component unit to provide specific financial benefits or impose specific financial burdens on the component unit. Although legally separate entities, blended component units are, in substance, part of the Authority s operation. Accordingly, data from the component unit is combined with data of the primary government. 10
14 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 2. Basic financial statements The Authority is considered a special purpose government engaged in a single businesstype activity. Business-type activities are those activities primarily supported by user fees and charges. As such, the Authority presents only the statements required of enterprise funds, which include the Statement of Net Position, Statement of Revenues, Expense and Changes in Net Position, and Statements of Cash Flows. 3. Fund structure The Authority s accounts are maintained in accordance with the principles of fund accounting to ensure compliance with limitations and restrictions placed on the use of resources available to it. Under fund accounting, individual funds are established for the purpose of carrying on activities or attaining objectives in accordance with specific regulations, restrictions, or limitations. Each individual fund is a self-balancing set of accounts recording assets and other financing resources, together with liabilities and residual equities or balances, and changes therein. The Authority maintains a proprietary fund, which reports transactions related to activities similar to those found in the private sector. Proprietary funds distinguish operating revenues and expenses from non-operating revenue and expenses. Operating revenue and expenses generally result from providing services and producing and delivering goods in connection with the funds principal ongoing operation. The principal operating revenue for the Authority s proprietary fund are operating grant revenues and charges to customers for sales and services. Operating expenses include direct expenses of providing the goods or services, administrative expenses, and depreciation on capital assets. All revenue and expenses not meeting this definition are reported as non-operating revenue and expenses. 4. Basis of accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Authority s financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Under this method, revenue is recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Grants and similar items are recognized as revenue when all eligibility requirements imposed by the provider are met. Revenue collected on an advance basis, including certain federal grant revenue, to which the Authority does not yet have legal entitlement, are not recognized as revenue until the related commitment arises. 11
15 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 4. Basis of accounting (continued) The financial statements of the Authority have been prepared in conformity with generally accepted accounting principles ( GAAP ) as applied to government units. The Governmental Accounting Standards Board ( GASB ) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The Authority has elected to apply all applicable GASB pronouncements. Effective November 15, 2012, the Board of Directors approved entering into a settlement with the U.S. Government to wind-down its operations and dissolve the Authority. As a result, the Authority changed its basis of accounting to the liquidation basis for the year ended September 30, Budget and budgetary accounting The Authority prepares a budget for its proprietary fund. The Authority is authorized to transfer appropriated funds from one of the purposes for which funds are appropriated to another if, in the discretion of the Authority, such transfer is necessary to carry out all of the purposes for which funds are appropriated, subject to applicable law. Thus, the legal level of budgetary control is at the fund level. All budgets are adopted in accordance with accounting principles generally accepted in the United States. Encumbrances outstanding at year-end for unfulfilled obligations are canceled and re-appropriated in the succeeding year s budget. There were no encumbrances outstanding at September 30, In addition, the Authority is not legally required to establish a budget of proprietary funds. 6. Cash and cash equivalents For the purpose of the statement of cash flows, the Authority considers all unrestricted, highly liquid investments with an initial maturity of three months or less to be cash equivalents. 7. Receivables and payables Receivables are reported for amounts earned but not yet received. The Authority s receivables consist of grant and license plate revenues. After reviewing the individual account balances, the Authority s management has determined that $10,212 is uncollectible. Therefore, an allowance for doubtful accounts has been provided of $10,212. Payables are reported as amounts owed at current year end for which payment has not been made. 12
16 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 8. Compensated absences It is the Authority s policy to permit employees to accumulate earned unused vacation and sick pay benefits. Vacation leave credit may be accumulated to a maximum of two times an employee s annual leave. Earned unused vacation is paid at separation provided the employee is in good standing at termination. Sick leave credit may be accumulated to a maximum of three times the annual leave. In the event an employee leaves the Authority, the employee is compensated at 20% of unused sick time. All vacation pay and 20% of unused sick time is accrued when earned. 9. Prepaid items Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in the Statement of Net Position. The Authority has adopted the consumption method of accounting for prepaid items. That is, the asset is recorded when the payments to vendors are made, and the expenses are amortized in the appropriate accounting period. 10. Unearned revenues Revenue collected on an advance basis, including certain federal grant revenue, to which the Authority does not yet have legal entitlement are reported as unearned revenues in the statement of net position. 11. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reporting amounts of assets, liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses/expenditures during the reported period. Actual results could differ from those estimates. 12. Income taxes The Authority qualifies as a tax-exempt entity and is therefore, exempt from income tax. Accordingly, no tax provision has been made in the accompanying financial statements. 13. Net position Net position represents the difference between assets and liabilities. Net Position is reported as restricted when there are limitations imposed on their use through enabling legislation or through external restrictions imposed by creditors, grantors or laws or regulations of other governments. 13
17 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 13. Net position (continued) When both restricted and unrestricted resources are available for use, it is government s policy to use restricted resources first, then unrestricted resources as they are needed. 14. New accounting pronouncements 1. GASB Statement No In November 2012, the GASB issued Statement No. 61, The Financial Reporting Entity: Omnibus an amendment of GASB Statements No. 14 and No. 34. The objective of this Statement is to improve financial reporting for a governmental financial reporting entity. The requirements of Statement No. 14, The Financial Reporting Entity, and the related financial reporting requirements of Statement No. 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments, were amended to better meet user needs and to address reporting entity issues that have arisen since the issuance of those Statements. This Statement modifies certain requirements for inclusion of component units in the financial reporting entity. The provisions of this Statement are effective for the fiscal year ending September 30, GASB Statement No In December 2010, the GASB issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The objective of this Statement is to incorporate into the GASB's authoritative literature certain accounting and financial reporting guidance that is included in the following pronouncements issued on or before November 30, 1989, which does not conflict with or contradict GASB pronouncements: 1. Financial Accounting Standards Board (FASB) Statements and Interpretations, 2. Accounting Principles Board Opinions, 3. Accounting Research Bulletins of the American Institute of Certified Public Accountants' (AICPA) Committee on Accounting Procedure. The provisions of this Statement are effective for the fiscal year ending September 30, GASB Statement No In June 2011, the GASB issued Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. The objective of this Statement is to provide financial reporting guidance for deferred outflows of resources and deferred inflows of resources as defined by GASB s Concepts Statement No. 4. It also amends the net asset reporting requirements in Statement no. 34, Basic Financial Statements - and Management s Discussion and Analysis - for State and Local Governments, and other pronouncements by incorporating deferred outflows and deferred inflows of resources into the definition of net assets and by renaming it as net position, rather than net assets. The requirements of this Statement will improve financial reporting by standardizing the presentation and their effects on a government s net position. The provisions of this Statement are effective for the fiscal year ending September 30,
18 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE B - CASH, CASH EQUVALENTS AND INVESTMENTS Custodial credit risk - deposits - Custodial credit risk for deposits is the risk that, in the event of a depository financial institution s failure, the Authority s deposits may not be returned to it. The Authority maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. Monies invested in amounts greater than the $250,000 insurance coverage through the Federal Deposit Insurance Corporation ( FDIC ) are secured by the qualified public depositories pledging securities with the State Treasurer in such amounts required by the Florida Security for Public Deposits Act. In the event of a default or insolvency of a qualified public depositor, the State Treasurer will implement procedures for payment of losses according to the validated claims of the Authority pursuant to Section , Florida Statutes. Financial institutions must meet the criteria of being a Qualified Public Depository as described in the Florida Security for Public Deposits Act, under Chapter 280, Florida Statutes, before any investments are made with those institutions. The Authority s investments with the Florida State Business Administration ( SBA ) are composed of local government surplus funds deposited therein by units of local government and are insured by the multiple financial institution collateral pool established by Florida Statutes, Section , which governs the investing of public funds with the SBA. The SBA operates two types of investment pools, the Florida PRIME and Fund B. The Florida PRIME is operated as a 2a-7 like money market fund. September 30, 2013, the Authority had $2,145 in the Florida PRIME. As of Currently, Fund B participants are prohibited from withdrawing funds from Fund B. As maturities occur in Fund B, the monies are released and transferred to the Florida PRIME. The SBA s interpretation in regards to Fund B is that it does not meet the requirements of an SEC 2a-7 like fund; therefore, Fund B uses the fluctuating Net Position Value ( NAV ) for valuation. The current value of Fund B at September 30, 2013 is $24,020 which is currently recorded as an investment in the financial statements. The following cash, cash equivalents and investment accounts were included in the various funds at September 30, 2013: Deposits and insured investments Duration Rating Fair Value Cash with financial institution N/A Not Rated $ 703,105 Investments with the State Board of Administration: Florida PRIME 40 days AAAm 2,145 Fund B 5.73 years Not Rated 24,020 $ 729,270 15
19 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE B - CASH, CASH EQUVALENTS AND INVESTMENTS (continued) Investment Policy, Credit Risk and Interest Rate Risk - The Authority s adopted investment guidelines require that the Authority will minimize credit risk, the risk of loss due to the failure of the security issuer or backer by pre-qualifying the financial institutions, brokers/dealers, intermediaries, and advisors and diversifying portfolios so potential losses on individual securities will be minimized. The Authority will minimize interest rate risk, the risk that the market value of securities will fall due to changes in general interest rates by structuring investment portfolios so that securities mature to meet cash requirements for ongoing operations and investing operating funds primarily in shorter-term securities. NOTE C - PREPAID LEASE PAYMENTS Under the term of an operating lease agreement, the Authority prepaid ground rent totaling $4,232,408 for an office facility (see Note K). The lease was for forty years plus the construction term of one year. The prepaid rent was being amortized on the straightline basis over the lease term beginning in June 2006, which is when the construction began. On February 22, 2013, the Authority entered into an agreement with the Melbourne Airport Authority ( MAA ), in which the original lease was terminated on March 15, The prepaid lease payments and the related unearned revenue were written off with a net effect of zero. NOTE D - CAPITAL ASSETS Capital asset activity for the year ended September 30, 2013 was as follows: Balance as of October 1, 2012 Increases Decreases Balance as of September 30, 2013 Capital assets, being depreciated: Furnitures and fixtures $ 333,020 $ - $ 333,020 $ - Computers 85,645-85,645 - Signs 6,968-6,968 - Total capital assets being depreciated 425, ,633 - Less accumulated depreciation for: Furnitures and fixtures 283,286 17, ,171 - Computers 85,649-85,649 - Signs 3, ,314 - Total accumulated depreciation 372,668 18, ,134 - Capital assets, net $ 52,965 $ (18,466) $ 34,499 $ - 16
20 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE D - CAPITAL ASSETS (continued) Depreciation expense for the year ended September 30, 2013 was charged to the following programs as follows: NOTE E - DEFINED CONTRIBUTION PLAN Incubator initiatives $ 18,054 General and administrative indirect 412 $ 18,466 The Authority has a defined contribution pension plan, Technological Research and Development Authority of Brevard County 401(a) Money Purchase Plan, established and administered by Technological Research and Development Authority to provide retirement benefits to all full-time employees. The Authority currently contributes 10.6% of annual payroll. Plan provisions and contribution requirements are established and may be amended by the Authority s Board of Directors. Total contributions by the Authority were $30,594 for the year ended September 30, NOTE F - DEFERRED COMPENSATION PLAN The Authority has a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan, available to all employees, permits employees to defer a portion of their salary until future years. Participation in the plan is optional. Deferred compensation withdrawals are not available to employees until termination, retirement, death, or an unforeseeable emergency. NOTE G - COMPENSATED ABSENCES The following is a summary of changes in compensated absences: Balance September 30, 2012 Increase Decrease Balance September 30, 2013 Due within one year Compensated absences $ 42,079 $ 633 $ (31,697) $ 11,015 $ 11,015 NOTE H - UNEARNED REVENUES At September 30, 2013, the Authority had cash receipts in excess of grant qualifying expenditures totaling $342,454. Accordingly, this amount has been reported as unearned revenue in the statement of net position. 17
21 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE H - UNEARNED REVENUES (continued) Unearned revenues consist of the following: Florida Department of Agriculture $ 62,008 Department of Community Affair - energy grants 155,438 Energy royalties 125,008 NOTE I - LEASES IN FINANCIAL STATEMENTS OF LESSORS $ 342,454 The Authority operates a business incubator. Tenants in the incubator sign lease agreements for one year and are renewable annually. Rents collected from tenants for the fiscal year ending September 30, 2013 were approximately $109,157. NOTE J - ECONOMIC DEPENDENCY The Authority s main sources of revenue are state shared revenues, state and federal grants. NOTE K - OPERATING LEASES The Authority entered into a noncancelable operating lease agreement with the Melbourne Airport Authority for office facilities. The term of the lease is for 40 years plus the construction term of one year which began June The lease agreement required the Authority to provide $3 million of ground rent, paid in advance, plus improvement rent to begin at occupancy at an initial rate of $36,742 per year. Due to an increase in construction costs, the Authority provided approximately $4.2 million in prepaid ground rent. The improvement rent is subject to change every 10 th year based on the change in estimated fair value of the unimproved land. As part of the DOJ settlement and wind-down of operations, the above noncancelable operating lease agreement with the Melbourne Airport Authority was terminated on March 15, 2013 and a separate new lease was entered into for the Authority s occupancy of significantly reduced space at the leased property. The lease expense from March 15, 2013 through December 31, 2013 will be $2,500 per month. The annual facility lease expense was $547,009. The Authority also entered into noncancelable equipment leases for copiers with terms through July However, with the wind down of operations, the copier leases have been canceled effective September 30, Annual copier lease expense was $4,
22 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE L - GOING CONCERN The Authority participates in various federal, state and local grants, contracts, or sponsored agreements that are subject to review and audit by the grantor agencies. Entitlements to these resources are generally conditional upon compliance with the terms and conditions of grant agreements and applicable federal regulations, including the expenditure of resources for allowable purposes. Any disallowance resulting from a review or audit may become a liability of the Authority. The United States Department of Justice, working with the Office of the Inspector General of the National Aeronautics and Space Administration, investigating claims that the Authority failed to comply with terms and conditions of grants the Authority received from NASA. Effective November 15, 2012, the Board of Directors approved entering into a settlement with the U.S. Government to wind-down its operations and dissolve the Authority without admission of fault by the Authority s Board of Directors and staff. The Authority will discontinue operations on December 31, 2013 and transfer the remaining assets of the Authority to Brevard County. NOTE M - RISK MANAGEMENT The Authority participates in the Florida Municipal Insurance Trust ( FMIT ) which provides property comprehensive general liability and workers compensation coverage, up to $1,000,000 per occurrence for workers compensation claims. The Authority s expense is the premium charged by the FMIT. Liabilities for claims incurred are the responsibility of and are recorded by FMIT. The premiums may be calculated on a retrospective or prospective basis depending on the claims experience of the Authority and other participants in the FMIT. Workers Compensation and General Liability insurance premiums amounted to $6,945 for the year ended September 30, The Authority is also a participant in the FMIT property insurance program. This allows the Authority to receive the best available property insurance rates. Premium expense amounted to $2,049 for the year ended September 30, As a part of the Authority s risk management program, certain commercial insurance policies are purchased to cover designated exposures and potential loss situations. There have been no significant reductions in insurance coverage during fiscal year Settled claims resulting from the risks described above have not exceeded the insurance coverage in any of the previous three years. 19
23 TECHNOLOGICAL RESEARCH AND DEVELOPMENT AUTHORITY NOTES TO FINANCIAL STATEMENTS (Liquidation Basis) September 30, 2013 NOTE N - SUBSEQUENT EVENTS 1. Per the agreement with the DOJ, the Authority s operations will terminate on December 31, 2013 and the remaining assets will be transferred to Brevard County. Unaudited Financial Statements (Liquidation Basis) for the period of October 1, 2013 through December 31, 2013 are included at pages The Authority has evaluated subsequent events through December 2, 2013 the date which the financial statements were available for issue, and has determined that no material events occurred that would require disclosure. 20
24 SUPPLEMENTAL INFORMATION 21
25 8035 Spyglass Hill Road Melbourne, FL Phone: Fax: S. Orange Ave. Suite 745 Orlando, FL Phone: Fax: REPORT ON COMPILATION - FORECAST Board of Directors Technological Research and Development Authority Melbourne, Florida We have compiled the accompanying forecasted statement of net position and statement of revenues, expenses and changes in net position on the liquidation of Technological Research and Development Authority (the Authority ) as of December 31, 2013, in accordance with attestation standards established by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of forecast information that is the representation of management and does not include evaluation of the support for the assumptions underlying the forecast. We have not examined the forecast and, accordingly, do not express an opinion or any other form of assurance on the accompanying statements or assumptions. Furthermore, there will usually be differences between the forecasted and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. We have no responsibility to update this report for events and circumstances occurring after the date of this report. December 2, 2013 Melbourne, Florida 22
26 Technological Research and Development Authority UNAUDITED STATEMENT OF NET POSITION (Liquidation Basis) As of Projected to be at ASSETS December 2, 2013 December 31, 2013 CURRENT ASSETS Cash and cash equivalents $ 656,088 $ 591,640 Grants/tag fees receivable, net of allowance of $10,212 1,138 - Prepaid expenses 2,181 - Investments 23,612 23,612 Total assets 683, ,252 LIABILITIES CURRENT LIABILITIES Accounts and contracts payable $ 14,311 $ - Accrued expenses 10,340 - Accrued payroll 2,018 - Compensated absences 11,015 - Unearned revenue 342, ,454 Total liabilities 380, ,454 NET POSITION Unrestricted $ 302,881 $ 272,798 Note - Projection is based on known information at the date of the report 23
27 Technological Research and Development Authority UNAUDITED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (Liquidation Basis) As of Projected to be at December 2, 2013 December 31, 2013 OPERATING EXPENSES General and administrative $ 2,735 $ 5,015 Information technology expense 2,621 2,621 Outside contract services 5,789 11,772 Rent 5,000 7,500 Salaries 28,259 47,579 Total operating expenses 44,404 74,487 NON-OPERATING REVENUES Interest revenue $ 185 $ 185 Change in net position (44,219) (74,302) NET POSITION Beginning of year 347, ,100 End of year $ 302,881 $ 272,798 Note - Projection is based on known information at the date of the report 24
28 8035 Spyglass Hill Road Melbourne, FL Phone: Fax: S. Orange Ave. Suite 745 Orlando, FL Phone: Fax: REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Board of Directors Technological Research and Development Authority Melbourne, Florida We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the business-type activities on the liquidation basis of Technological Research and Development Authority (the Authority ), as of and for the year ended September 30, 2013, and the related notes to the financial statements, which collectively comprise the Authority s basic financial statements, and have issued our report thereon dated December 2, Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Authority s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. 25
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