Fiscal Years Ending 12/31/2003 thru 12/31/2006

 

 

1. Restricted Funds include the Old and New Life Member Funds and the Archive Fund.  See Statement of Cash Balances for specific account balances.  Cash balances on the 990s were over-reported by the following amounts:
1. 2004    $3,184
2. 2005    $8,125
2. The following amounts are owed to restricted fund balances:
1. Life Memberships purchased in 2004 never transferred $4,500.
2. Donations to the Life Member Fund in 2004 and 2005 never transferred $2,650.80
3. Donations to the Archive Fund in 2003, 2004 and 2006 never transferred $1,690 less Archive expenses paid from General Funds $3,472.63.
3. Accounts Receivable under-reported on the 990 in 2005.  Should have included a December shipment to Naranja paid for in January 2006.  Accounts Receivable as of 12/31/06 are all current.
4. Current inventory value includes DVDs at original cost.  Magazines and other merchandise assigned 0 value.
5. A deposit from June 2006 in the amount of $2,495 was discovered in boxes of records transferred from previous treasurer.  Funds were deposited in January 2007.
6. Computer Software fully depreciated.  Computer Hardware purchased in 2006 being depreciated straight line over 3 years.
7. Accounts Payable as of 12/31/06 consists of 2 invoices for video reproduction.  Videos were included in year end inventory.  Both invoices were paid in January 2007.
8. Membership income for multi-year memberships has been deferred until the year it is earned.  Deferral of unearned membership income was not done in 2004 so membership income was overstated by approximately $5,800.
9. Beginning fund balance in 2004 was reduced by $14,558 for obsolete inventory that was written off.  Ending Fund balance on 2005 990 was overstated on page 1 of 990 by $1,525 and understated on page 4 of 990 by $2,442.
10. Festival Income for 2005 over-reported on 990 by amount of donation income included also on donation line $7,680.
11. Spike in membership income in 2004 due to 3 new life memberships ($4,500) and multi-year membership income not deferred (approx $5,800).
12. Could not find record of Auction Income amount for 2003 so is included in Festival Income.
13. Professional Services in 2003 include employee salaries and related taxes.
14. Other expenses are donations to other charitable organizations which are required to be reported to the IRS.