French Quarter Festivals, Inc. · 2020-06-11 · French Quarter Festivals, Inc. New Orleans,...
Transcript of French Quarter Festivals, Inc. · 2020-06-11 · French Quarter Festivals, Inc. New Orleans,...
FRENCH QUARTER FESTIVALS. INC.
NEW ORLEANS. LOUISIANA
FINANCIAL STATEMENTS
AS OF AND
FOR THE YEARS ENDED
DECEMBER 3 L 2015 AND 2014
ERICKSEN KRENTEL & LAPORTE. CERTIFIED PUBLIC ACCOUNTANTS • CONSULTANTS
TABLE OF CONTENTS
PAGE
ACCOUNTANTS' COMPILATION REPORT 1
FINANCIAL STATEMENTS;
Exhibit "A" Statements of Financial Position 2
Exhibit "B" Statements of Activities 3
Exhibit "C" Statements of Cash Flows 4
SUPPLEMENTARY INFORMATION:
Schedule "1" Schedule of Compensation, Benefits, and Other Payments to Agency Head 5
Schedule of Findings 6
Schedule of Prior Year Findings 7
ERICKSEN KRENTEL & LAPORTE. CERTIFIED PUBLIC ACCOUNTANTS • CONSULTANTS
ACCOUNTANTS' COMPILATION REPORT
To the Board of Directors of French Quarter Festivals, Inc. New Orleans, Louisiana
Management is responsible for the accompanying financial statements of French Quarter Festivals, Inc. (a nonprofit organization), which comprise the statements of fmancial position as of December 31, 2015 and 2014, and the related statements of activities and cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these fmancial statements.
Management has elected to omit substantially all disclosures required in financial statements prepared in accordance with accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the fmancial statements, they might influence the user's conclusions about the Organization's fmancial position, changes in net assets, and cash flows. Accordingly, the fmancial statements are not designed for those who are not informed about such matters.
Supplementary Information
The supplementary information contained in Schedule "1" is presented for purposes of additional analysis and is not a required part of the basic fmancial statements. This information is the representation of management. The information was subject to our compilation engagement; however, we have not audited or reviewed the supplementary information and, accordingly, do not express an opinion, a conclusion, nor provide any form of assurance on such supplementary information.
We are not independent with respect to French Quarter Festivals, Inc.
June 25, 2016 New Orleans, Louisiana
Certified Public Accountants
4227 Canal Street New Orleans, LA 70119 P: (504) 486-7275 | F: (504) 482-2516
Ericksen, Krentel 8 LaPorte LLP www.EricksenKrentel.com
1
2895 Highway 190, Ste213 Mandeville, LA 70471
P: (985) 727-0777 | E: (985) 727-6701
FRENCH QUARTER FESTIVALS, INC. STATEMENTS OF FINANCIAL POSITION
DECEMBER 31. 2015 AND 2014
fSee Accountants' Compilation Reportl
Exhibit "A"
2015 2014 ASSETS; Cash and cash equivalents Accounts receivable Other current assets Investments Equipment (net of accumulated depreciation of $15,421 in 2015
and $14,466 in 2014)
58,839 $ 60,480 33,649 876,779
6,131
175,673 12,127 7,927
992,283
Total assets $ 1,035,878 $ 1,188,010
LIABILITIES: Accounts payable Accrued payroll liabilities
70 $ 8,689
5,070 15,216
Total liabilities 8,759 20,286
NET ASSETS: Unrestricted:
Undesignated Board designated:
Reserve fund Temporarily restricted
506,509
400,000 120,610
633,124
400,000 134,600
Total net assets 1,027,119 1,167,724
Total liabilities and net assets $ 1,035,878 $ 1,188,010
Exhibit "B"
FRENCH QUARTER FESTIVALS, INC. STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED DECEMBER 31. 2015 AND 2014
fSee Accountants' Compilation Reportl
UNRESTRICTED NET ASSETS: 2015 2014
Public Suiinoit and Other Revenues: Beverage sales $ 790,772 $ 1,198,349 Food booth rental 231,863 234,978 Merchandise 262,919 318,324 Sponsorship 1,591,808 1,431,357 Advertising income 76,025 70,880 Other income 134,127 68,990 Revenues released from restrictions 134,600 113,471
Total unrestricted public support and other revenues 3,222,114 3,436,349
ExDcnscs: Program services 3,020,544 2,881,975 Supporting services:
Management and general 210,483 200,929 Fundraising 117,702 128,144
Total supporting services 328,185 329,073
Total expenses 3,348,729 3,211,048
Net change in unrestricted net assets (126,615) 225,301
TEMPORARILY RESTRICTED NET ASSETS:
Contributions 120,610 134,600 Released from restrictions (134,600) (113,471)
Net change in temporarily restricted net assets (13,990) 21,129
Change in net assets (140,605) 246,430
Net assets, beginning of year 1,167,724 921,294
Net assets, end of year $ 1,027,119 $ 1,167,724
FRENCH QUARTER FESTIVALS, INC. STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31.2015 AND 2014
(See Accountants' Compilation Renoif)
Exhibit "C"
2015 2014 CASH FLOWS FROM (USED FORI OPERATING ACTIVITIES: Change in net assets Adjustments to reconcile change in net assets to net cash
from (used for) operating activities:
(140,605) $ 246,430
Depreciation expense 955 -Bad debt expense 1,158 2,770
Changes in assets and liabilities: (Increase) in accounts receivable (49,511) (2,131) (Increase) in other current assets (25,722) (900) (Decrease) in accounts payable (5,000) (18,586) Increase (decrease) in accrued payroll liabilities (6,527) 2,973
Net cash from (used for) operating activities (225,252) 230,556
CASH FLOWS OJSED FORI INVESTING ACTIVITIES: Proceeds for sale of investments 115,504 . Purchase of investments - (175,961) Purchase of fixed assets (7,086) -
Net cash from (used for) investing activities 108,418 (175,961)
Net increase (decrease) in cash and cash equivalents (116,834) 54,595
Cash and cash equivalents, beginning of year 175,673 121,078
Cash and cash equivalents, end of year 58,839 $ 175,673
Schedule "1"
FRENCH QUARTER FESTIVALS, INC SCHEDULE OF COMPENSATION, BENEFITS, AND OTHER PAYMENTS TO AGENCY HEAD
FOR THE YEAR ENDED DECEMBER 31. 2015
(See Accountants' Compilation Reporti
Marci Schramm
Time served 01/01/15 through 12/31/15
Salary Benefits - insurance (health and dental) Benefits - retirement Benefits - cell phone
121,643 6,530 3,030 3,806
Total compensation, benefits, and other payments $ 135,009
FRENCH QUARTER FESTIVALS, INC. SCHEDULE OF FINDINGS
FOR THE YEAR ENDED DECEMBER 31. 2015
We have compiled the financial statements of French Quarter Festivals, Inc. as of and for the year ended December 31, 2015, and have issued our report thereon dated June 25, 2016. We conducted our compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. We did not audit or review the financial statements and, accordingly, did not express an opinion or provide any assurance about whether the fmaneial statements of French Quarter Festivals, Inc. were in accordance with accounting principles generally accepted in the United States of America.
During our engagement to compile the financial statements, we did not become aware of any matters that we deemed reportable to the management of French Quarter Festivals, Inc.
SECTION I - FINDINGS RELATED TO THE FINANCIAL STATEMENTS
NOT APPLICABLE
SECTION H - MANAGEMENT LETTER
NOT APPLICABLE
FRENCH QUARTER FESTIVALS, INC. SCHEDULE OF PRIOR YEAR FINDINGS
FOR THE YEAR ENDED DECEMBER 31.2015
SECTION I - FINDINGS RELATED TO THE FINANCIAL STATEMENTS
NOT APPLICABLE
SECTION H - MANAGEMENT LETTER
NOT APPLICABLE