MUSEUM OF DESIGN-ATLANTA, INC. AUDITED FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS REPORT FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2015

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1 AUDITED FINANCIAL STATEMENTS WITH INDEPENDENT AUDITORS REPORT R. Michael LaBounty & Associates, P.C. Certified Public Accountants 2750 Buford Highway, Suite 247 Atlanta, Georgia 30324

2 TABLE OF CONTENTS Page INDEPENDENT AUDITORS REPORT...1 STATEMENT OF FINANCIAL POSITION...3 STATEMENT OF ACTIVITIES...5 STATEMENT OF FUNCTIONAL EXPENSES...6 STATEMENT OF CASH FLOWS...7 NOTES TO THE FINANCIAL STATEMENTS...8

3 To the Board of Directors Museum of Design-Atlanta, Inc Peachtree Street, NE Atlanta, GA INDEPENDENT AUDITORS REPORT We have audited the accompanying financial statements of the Museum of Design-Atlanta, Inc., which comprise the statements of financial position as of December 31, 2014 and 2015, and the related statements of activities, functional expenses, and cash flows for the year then ended, and the related notes to the financial statements. 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 controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility 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 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 auditor s 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Museum of Design-Atlanta, Inc. as of December 31, 2014 and 2015, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the Atlanta, Georgia August 2,

4 STATEMENTS OF FINANCIAL POSITION AS OF DECEMBER 31, 2014 AND ASSETS CURRENT ASSETS: Cash $ 21,681 $ 93,552 Grants receivable 45,000 22,500 Pledges receivable 18, ,220 Inventory 3,830 15,400 Prepaid expenses - 6,600 Total current assets 88, ,272 PROPERTY & EQUIPMENT: Leasehold improvements 76,707 76,707 Furniture & equipment 52,010 52,010 Total property & equipment 128, ,717 Accumulated depreciation (53,777) (63,696) Total property & equipment - net 74,940 65,021 Total assets $ 163,701 $ 322,293 SEE INDEPENDENT AUDITORS REPORT AND ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS -3-

5 STATEMENTS OF FINANCIAL POSITION (CONTINUED) AS OF DECEMBER 31, 2014 AND 2015 LIABILITIES & NET ASSETS CURRENT LIABILITIES: Accounts payable $ 150,592 $ 49,667 Accrued liabilities 54,712 41,412 Deferred revenue 70,094 56,757 Note payable - current portion - 27,806 Total current liabilities 275, ,642 LONG-TERM LIABILITIES: Note payable 21,145 58,174 Total liabilities 296, ,816 NET ASSETS: Temporarily restricted 25, ,500 Unrestricted (157,842) (164,023) Total net assets (132,842) 88,477 Total liabilities & net assets $ 163,701 $ 322,293 SEE INDEPENDENT AUDITORS REPORT AND ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS -4-

6 STATEMENTS OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, 2014 AND CHANGES IN UNRESTRICTED NET ASSETS: REVENUE & SUPPORT: Memberships, grants & contributions $ 492,460 $ 325,863 Exhibitions, lectures & events 226, ,236 Other income 64,452 53,300 Donations in-kind 268, ,424 Released restrictions - 37,500 Total revenue & support 1,052,068 1,058,323 EXPENSES: Program expenses 800, ,319 Fundraising expenses 128, ,477 General & administrative expenses 224, ,708 Total expenses 1,154,121 1,064,504 (DECREASE) IN UNRESTRICTED NET ASSETS (102,053) (6,181) CHANGES IN TEMPORARILY RESTRICTED NET ASSETS: Contributions for specific purposes 25, ,000 Released restrictions - (37,500) INCREASE IN TEMPORARILY RESTRICTED NET ASSETS 25, ,500 (DECREASE) INCREASE IN NET ASSETS (77,053) 221,319 NET ASSETS, BEGINNING OF YEAR (55,789) (132,842) NET ASSETS, END OF YEAR $ (132,842) $ 88,477 x x SEE INDEPENDENT AUDITORS REPORT AND ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS -5-

7 STATEMENTS OF FUNCTIONAL EXPENSES General & Program Expenses Fundraising Expenses Administrative Expenses Total December 31, 2015 Personnel $ 237,035 $ 69,276 $ 80,255 $ 386,566 Facility expense 180,530 9,764 19, ,078 Exhibit production 181, ,053 Professional fees 128, , ,862 Contract services 29,675 5,629 22,231 57,535 Meetings and events 5,710 15, ,550 Publicity and advertising 16, ,948 Insurance 10, ,244 12,441 Depreciation 7,935-1,983 9,918 Supplies 6, ,336 9,412 Printing & copying 1, ,273 Other 3, ,844 17,868 Total expenses $ 810,319 $ 102,477 $ 151,708 $ 1,064,504 December 31, 2014 Personnel $ 220,083 $ 64,322 $ 74,516 $ 358,921 Facility expense 175,576 9,753 19, ,085 Exhibit production 204, ,771 Contract services 69,266 13,138 51, ,296 Printing & copying 43,566 2,563 5,125 51,254 Professional fees 9,021 5,620 32,568 47,209 Meetings and events 10,774 28, ,665 Supplies 26,251 1,897 9,291 37,439 Insurance 12, ,514 15,136 Depreciation 7,928-1,981 9,909 Publicity and advertising 6, ,583 Other 14,248 1,602 27,002 42,852 Total expenses $ 800,658 $ 128,576 $ 224,887 $ 1,154,120 x x x x SEE INDEPENDENT AUDITORS REPORT AND ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS -6-

8 STATEMENTS OF CASH FLOWS CASH FLOWS (USED BY) PROVIDED BY OPERATING ACTIVITIES: (Decrease) Increase in net assets $ (77,053) $ 221,319 Adjustments to reconcile (decrease) in net assets to net cash (used by) provided by operating activities Depreciation 9,909 9,918 (Increase) decrease in grants receivable (33,500) 22,500 (Increase) in pledges receivable (18,250) (100,970) Decrease (Increase) in inventory 4,849 (11,570) Decrease (Increase) in prepaid expenses 35,000 (6,600) Increase (Decrease) in accounts payable 32,631 (100,924) Increase (Decrease) in accrued liabilities 1,052 (13,300) Increase (Decrease) in deferred revenue 40,161 (13,337) Net cash (used by) provided by operating activities (5,202) 7,037 CASH FLOWS (USED BY) INVESTING ACTIVITIES: Purchase of property & equipment (519) - Net cash (used by) investing activities (519) - CASH FLOWS PROVIDED BY FINANCING ACTIVITIES: Proceeds from note payable 22,000 64,835 Repayments on note payable (855) - Net cash provided by financing activities 21,145 64,835 INCREASE IN CASH 15,425 71,872 CASH, BEGINNING OF YEAR 6,256 21,681 CASH, END OF YEAR $ 21,681 $ 93,552 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for: Interest $ 4,853 $ 1,967 Income Taxes $ - $ - x x SEE INDEPENDENT AUDITORS REPORT AND ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS -7-

9 NOTES TO THE FINANCIAL STATEMENTS Located in the midtown area of Atlanta, Georgia, The Museum of Design Atlanta, Inc. (the Museum) is dedicated to the study of design and its impact on our daily lives. Opened in 1989 as the Atlanta International Museum, the Museum changed to its present name in Note A - Summary of Significant Accounting Policies The Museum s Summary of Significant Accounting Policies is presented to assist in understanding its financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America, and have been consistently applied in the statements preparation. The financial statements and notes are representations of the Museum s management, who are responsible for their integrity and objectivity. Basis of Accounting and Presentation - The financial statements of the Museum have been prepared on the accrual basis of accounting and accordingly reflect all significant receivables, payables and other liabilities. Information regarding its financial position and activities is presented under three separate net asset classifications: unrestricted, temporarily restricted and permanently restricted net assets. Certain prior year amounts have been reclassified for consistency with the current year presentation. Pledges Receivable - Contributions are recognized when the donor makes a written pledge to the Museum. The Museum then determines whether a provision for uncollectable receivables is required based upon an evaluation of its historical experience and industry averages. When a specific amount is deemed uncollectable, the account is written off against the allowance. Based upon that evaluation, the Museum concluded that no allowance for uncollectable accounts was required for the years ended December 31, 2014 and Inventory Inventories are maintained at lower of cost or market on a first-in, first-out basis. Property and Equipment - Purchased property and equipment is carried at cost. Donated property and equipment is carried at approximate fair value at donation date. Expenditures of $1,000 or more which prolong an asset s useful life beyond 2 years are capitalized. The cost of assets retired or sold and their associated accumulated depreciation are removed from the accounts upon disposition, with any related gain or loss included in income. Depreciation is provided under the straight-line method over each asset s estimated useful life. Depreciation expense for the years ended December 31, 2014 and 2015 was $9,909 and $9,918 respectively. Restricted and Unrestricted Revenue - Unconditional promises to give are recorded as received. Unconditional grants due in the next year are reflected as receivables and recorded at their net realizable value. The Museum is supported primarily by contributions, memberships and exhibit sponsorships. All donorrestricted contributions are reported as increases in temporarily or permanently restricted net assets, depending upon the nature of the restriction. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. Donor-restricted contributions whose restrictions are met within the same fiscal year are reported solely as unrestricted support. Fair Value of Financial Instruments - The Museum s financial instruments include cash, grants receivable, accounts payable, and other accrued liabilities. The carrying value of these instruments approximates fair value due to their relatively short-term nature. -8-

10 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Note A - Summary of Significant Accounting Principles (Continued) In-Kind Donations - Donated marketable securities and other noncash donations are recorded as contributions at estimated fair value at the date of donation. Donated services are recognized at fair value as contributions and expenses if the services (a) create or enhance nonfinancial assets, or (b) require specialized skills, which are performed by people with those skills and would otherwise be purchased by the Museum. If those conditions are met, then a contribution and an expense of equal amounts are recognized. During the years ended December 31, 2014 and 2015, the Museum recognized in kind donations for professional services of $88,842 and $184,424, respectively. Additionally, many individuals volunteered their time in support of the Museum s programs. The individuals time did not meet the criteria to be recorded as in-kind donations in the financial statements. The Museum is currently not paying any rent for its operating facilities. The Museum s landlord has agreed to allow it to occupy the space rent free until its finances stabilize. During the second half of 2016, the Museum and its landlord will be reevaluating that agreement. The Museum recognized $180,000 of in kind donations for the fair value of these facilities, for the years ended December 31, 2014 and Costs Allocated to Programs - The Museum applies formulas to certain groups of expenses to make allocations of expenses to programs, fundraising, and administration. The allocation formulas are derived from cost of labor based upon personnel assignments and upon the space and resources assigned to the personnel involved in an activity. In addition, there are analyses of time expended for certain activities. Allocation formulas are reevaluated annually or as material changes warrant. Tax Exempt Status - The Museum is exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code. The Museum qualifies for the charitable contribution deduction under Section 170(b)(1)(A) and has been classified as an Museum other than a private foundation under Section 509(a)(2). Income from certain activities not directly related to the Museum s tax-exempt purpose is subject to taxation as unrelated business income. For the years ended December 31, 2014 and 2015, the Museum had no unrelated business income and, accordingly, no unrelated business income tax. The Financial Accounting Standards Board has issued an Interpretation clarifying when an uncertainty in income taxes should be recognized or disclosed in the Museum s financial statements. The Museum has reviewed its tax positions and has determined that there are no tax uncertainties requiring recognition or disclosure for the years open to potential IRS examination ( ). 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 affecting the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those estimates. Note B Concentrations The Museum maintains its cash at financial institutions insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC-insured limit has been increased to 100% of noninterest-bearing deposits plus up to $250,000 of interest-bearing deposits per financial institution. As of December 31, 2014 and 2015, the Museum s balances did not exceed these insured limits. Management believes that the FDIC backing and the quality of the financial institution with which these amounts are deposited minimizes any potential risk of material loss. -9-

11 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Note C Temporarily Restricted Net Assets As described within Note A, temporarily restricted net assets are comprised of contributions received subject to donor-imposed restrictions. As of December 31, 2014 and 2015, restricted net assets are comprised of the following donor imposed purpose restricted contributions: Operating Support $ 25,000 $ 162,500 Capital Improvements/Technology - 90,000 Total Net Assets $ 25,000 $ 252,500 During the years ended December 31, 2014 and 2015, $0 and $37,500 were released from donor restrictions, respectively. Note D Related Party Transactions During the years ended December 31, 2014 and 2015, a board member advanced the Museum working capital funds of $22,000 and $64,835, respectively. The loan was formalized on December 30, 2015 with an executed note payable of $85,980. The loan bears 3% interest and has monthly payments of principal and interest of $2,500 expiring in December Future maturities of the loan are as follows: Year ended December 31, 2016 $ 27, , ,523 Total $ 85,980 Note E Subsequent Events Management has evaluated events and transactions which occurred through August 2, 2016, which was the date the financial statements were available to be issued. The Museum s management has determined that no other subsequent events or transactions are required to be disclosed. -10-

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