CIRRUS OWNERS AND PILOTS ASSOCIATION FINANCIAL STATEMENTS DECEMBER 31, 2014
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1 FINANCIAL STATEMENTS DECEMBER 31, 2014
2 DECEMBER 31, 2014 TABLE OF CONTENTS Page INDEPENDENT AUDITOR S REPORT 1-2 STATEMENT OF FINANCIAL POSITION 3 STATEMENT OF ACTIVITIES 4 STATEMENT OF CASH FLOWS 5 NOTES TO FINANCIAL STATEMENTS 6-9
3 Board of Directors Cirrus Owners and Pilots Association Las Vegas, Nevada INDEPENDENT AUDITOR S REPORT We have audited the accompanying financial statements of Cirrus Owners and Pilots Association (a nonprofit organization), which comprise the statement of financial position as of December 31, 2014, and the related statements of activities 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 control 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 qualified audit opinion. Basis for Qualified Opinion The accounting controls over the membership lists and expiration dates were insufficient to determine if the earned and deferred membership revenue reported in these financial statements were accurate. We were unable to obtain sufficient appropriate audit evidence about the amount recognized for membership dues for the year ended December 31, 2014, due to the lack of accounting controls over the membership effective dates and payment dates. Consequently, we were unable to determine whether any adjustments to those amounts were necessary. The Company has excluded the activity and financial position of two controlled related parties, as described in Note 5 of the financial statements that, in our opinion, should be included to conform with
4 accounting principles generally accepted in the United States of America. If that activity were included, contribution income for the year ended December 31, 2014 and cash held at December 31, 2014 would increase by $16,083. Qualified Opinion In our opinion, except for the possible effect of the matters described in the Basis for Qualified Opinion paragraph, the financial statements referred to above present fairly, in all material respects, the financial position of Cirrus Owners and Pilots Association as of December 31, 2014, and the changes in net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. July 21, 2015 Las Vegas, Nevada 2
5 STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2014 ASSETS CURRENT ASSETS Cash and cash equivalents $ 249,305 Prepaid expenes 6, ,647 PROPERTY AND EQUIPMENT, NET 411,903 $ 667,550 LIABILITIES AND NET ASSETS CURRENT LIABILITIES Accounts payable $ 7,881 Accrued liabilities 4,201 Deferred membership dues 105, ,031 NET ASSETS Unrestricted 549,519 $ 667,550 See notes to financial statements 3
6 STATEMENT OF ACTIVITIES FOR THE YEAR ENDING DECEMBER 31, 2014 UNRESTRICTED NET ASSETS Unrestricted Revenues, Gains and Other Support: Membership dues $ 222,409 Training event income 285,952 Annual migration event income 229,785 European migration event income 35,024 Other member events income 57,915 Sponsorship income 68,515 Interest and dividends 253 Other income 6, ,539 Expenses and Losses: Program Services 812,522 Support Services Management and general 147,366 Fundraising 51,465 1,011,353 Loss on exchange of foreign currency 1,189 1,012,542 DECREASE IN NET ASSETS (106,003) NET ASSETS, BEGINNING OF YEAR 655,522 NET ASSETS, END OF YEAR $ 549,519 See notes to financial statements 4
7 STATEMENT OF CASH FLOWS DECEMBER 31, 2014 CASH FLOWS FROM OPERATING ACTIVITIES Decrease in net assets $ (106,003) Adjustments to reconcile change in net assets to net cash used for operating activities: Depreciation and amortization 179,297 Decrease in operating assets: Prepaid expenses 11,958 Increase (decrease) in operating liabilities: Accounts payable (344,643) Accrued liabilities 4,201 Deferred revenue (11,953) Net cash used in operating activities (267,143) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment (190,304) NET DECREASE IN CASH (457,447) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 706,752 CASH AND CASH EQUIVALENTS, END OF YEAR $ 249,305 See notes to financial statements 5
8 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDING DECEMBER 31, 2014 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Activities The Cirrus Owners and Pilots Association (COPA or the Association ) is a nonprofit corporation that promotes education and safety for owners and pilots of Cirrus airplanes. COPA is a membership organization that provides social, safety, and training events for its members. Basis of Accounting COPA utilizes accrual basis accounting. In accordance with accrual basis accounting, revenue and the related assets are recognized when earned, and expenses and the related liabilities are recognized when the obligation is incurred. Basis of Presentation Financial statement presentation follows the recommendations of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). Under FASB ASC, the Association is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. Restricted and Unrestricted Revenue and Support Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor restrictions. Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. All other donor-restricted support is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires (that is, when a stipulated time restriction ends or purpose restriction is accomplished) temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Cash and Cash Equivalents The Association considers all highly liquid investments with an initial maturity of three months or less to be cash equivalents. 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 certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. 6
9 NOTES TO FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING DECEMBER 31, 2014 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenues Revenues are reported on the accrual basis. When member dues are collected, any portion that applies to the period of time not yet expired is classified as deferred revenue. Contributed Services The Association performs promotional functions for which the services of volunteers are extended solely for the benefit of the membership. No amounts have been recognized in the financial statements because the criteria for recognition of such volunteer efforts under FASB ASC have not been satisfied. Property and Equipment Fixed asset acquisitions in excess of $750 are capitalized at cost, or, if donated, at the approximate fair value at the date of donation. Depreciation is computed over the estimated useful lives of the assets (5 years for the equipment currently owned) on a straight-line basis. Additionally, the cost to design the website has been capitalized and is being amortized on a straight-line basis over 3 years. Gifts of Long-Lived Assets The Association reports gifts of land, buildings, and equipment as unrestricted support unless explicit donor stipulations specify how the donated assets must be used. Gifts of longlived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long-lived assets are reported as temporarily restricted support. Absent explicit donor stipulations about how long those long-lived assets must be maintained, the Association reports expirations of donor restrictions when the donated or acquired long-lived assets are placed in service. Impairment of Long-Lived Assets The Association reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount which the carrying amount of the assets exceeds the fair value of the assets. 7
10 NOTES TO FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING DECEMBER 31, 2014 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Income Taxes The Association is exempt from federal income tax under Section 501(c)(7) of the Internal Revenue Code and is generally exempt from income taxes on related income pursuant to the appropriate section of the Internal Revenue Code; however, income from certain activities not directly related to the Association s tax-exempt purpose may be subject to taxation as unrelated business income. Subsequent Events Subsequent events have been evaluated through July 21, 2015, which is the date the financial statements were available to be issued. NOTE 2. PROPERTY AND EQUIPMENT Property and equipment consist of the following at December 31, 2014: Equipment $ 3,799 Website design 599, ,799 Accumulated depreciation (190,896) $ 411,903 The depreciation and amortization expense for the year ending December 31, 2014 was $630 and $178,667, respectively. NOTE 3. OFFICE LEASE The Association has a lease for office space on a month-to-month basis. The current rent per month is $450. Rental expense was $5,400 for the year ending December 31, NOTE 4. FOREIGN ACTIVITY The Association maintained two bank accounts outside of the United States in Purchases and receipts have been translated using an average exchange rate for the year for each currency at December 31, At December 31, 2014 the foreign account balances totaled $23,339. The total loss on the translation of foreign currency into US dollars was $1,189 for the year ending December 31,
11 NOTES TO FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDING DECEMBER 31, 2014 NOTE 4. RELATED PARTY ACTIVITY The members of the Board of Directors are routinely reimbursed for expenses related to their travel to Board meetings and safety events. Periodically, Board members are contracted to provide instructional services. The following Board members received greater than $1,000 during 2014 for these expenses and services: Richard Beach $19,136, Andrew Niemyer $2,034, Timm Preusser $3,851, Roger Whitter $18,550 and Gil Williamson $1,273. George (Trip) Taylor, a Board member, owns Adventure Flight Training which received $23,705 for services rendered in NOTE 5. CONSOLIDATION CONSIDERATION During 2014, two new entities were formed by COPA: COPA Safety & Education Foundation and COPA Training Foundation LLC. Both of these entities are nonprofits and have applied for exemption from federal income tax under Internal Revenue Code Section 501(c)(3). COPA Safety & Education is the sole member in COPA Training Foundation and the COPA Training Foundation LLC s Board of Trustees is appointed by COPA. Therefore COPA has indirect voting control over both of these Organizations. Under FASB ASC , if a nonprofit organization holds a controlling interest in another nonprofit organization through direct or indirect ownership of a majority voting interest, the financial statements of these entities should be consolidated. These financial statements are not consolidated and do not include any of the activity during 2014 from either COPA Safety & Education Foundation or COPA Training Foundation LLC. 9
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