HomeMy WebLinkAboutFinancial StatementsFINANCIAL STATEMENTS
DECEMBER 31. 2009 AND 2008
MIAMI POLICE ATHLETIC LEAGUE, INC.
MIAMI, FLORIDA
TURNER& ASSOCIATES, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
Wachovia Financial Center
200 South Biscayne Boulevard, Suite 1770
Miami, Florida 33131 •
INDEPENDENT AUDITORS' REPORT
Telephone: 305-377-0707
Facsimile: 305-377-0787
www.turnercpas.com
To the Board of Directors of
Miami Police Athletic League, Inc.
Miami, Florida
We have audited the accompanying statements of financial position of Miami Police
Athletic League, Inc. (a nonprofit organization) as of December 31, 2009 and 2008,
and the related statements of activities and cash flows for the years then ended.
These financial statements are the responsibility of the Organization's management.
Our responsibility is to express an n opinion on these financial statements based on
our audits.
We conducted our audits 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 of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Miami Police Athletic. League, Inc. as of.
December 31, 2009 and 2008, and the changes in its net assets and its cash flows
for the years then ended in conformity with accounting principles generally accepted
in the United States of America.
September 10, 2010
Page 1 of 7
Members American Institute of Certified Public Accountants and Florida Institute of Certified Public Accountants
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STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2009 AND 2008
MIAMI POLICE ATHLETIC LEAGUE, INC.
2009 2008
ASSETS
CURRENT ASSETS
Cash and cash equivalents $119,424 $ 277,446
Grants receivable 250,000 1,134
Prepaid expenses 29,559 34,838
Total current assets 398,983 313,418
PROPERTY AND EQUIPMENT, NET 2,482 3,168
Total assets $401,465 $316,586
LIABILITIES AND UNRESTRICTED, NET ASSETS
CURRENT LIABILITIES
Accrued expenses
Unearned revenue
$ 4,621
$ 4,745
5,000
Total current liabilities 4,621 9,745
UNRESTRICTED, NET ASSETS 396,844 306,841
Total liabilities and unrestricted, net assets $401,465 $316,586
The accompanying notes are an integral part of these financial statements.
Page 2 of 7
STATEMENTS OF ACTIVITIES
YEARS ENDED DECEMBER 31, 2009 AND 2008
MIAMI POLICE ATHLETIC LEAGUE, INC.
2009 2008
REVENUES
LETF Grant $250,000 $292,000
Contributions 46,063 21,237
In -kind donations 452,371 420,663
Interest 172 52
Unrestricted grants 16,960 12,933
Other income 11,098
Total revenue 776,664 746,885
EXPENSES
Program services:
Awards program 431 2,256
Activities and events 508,952 444.061
Total program services 509,383 446,317
Support services:
Management and general 173,894 162,567
Fund-raising 3, 384 3,567
Total support services 177.278 166,134
Total expenses 686,661 612,451
Change in unrestricted net assets 90,003 134,434
UNRESTRICTED, NET ASSETS, beginning of year 306,841 172,407
UNRESTRICTED, NET ASSETS, end of year $396,844 $306,841
The accompanying notes are an integral part of these financial statements.
Page 3 of 7
STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2009 AND 2008
MIAMI POLICE ATHLETIC LEAGUE, INC.
2009 2008
OPERATING ACTIVITIES:
Change in unrestricted net assets $ 90,003 $134,434
Adjustments to reconcile change in unrestricted
net assets to net cash (used in) provided by
operating activities:
Depreciation 686 973
Change in assets and liabilities
Grants receivable (248,866) 100,266
Prepaid expenses 5,279 8,755
Accrued expenses (124) 1,562
Unearned revenue (5,000) 5,000
Net cash (used in) provided by operating activities (158,022) 250,990
Net (decrease) increase in cash (158,022) 250,990
CASH, beginning of year 277,446 26,456
CASH, end of year $119,424 $277,446
The accompanying notes are an integral part of these financial statements.
Page 4 of 7
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2009 AND 2008
MIAMI POLICE ATHLETIC LEAGUE, INC.
NOTE 1. - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF ACTIVITIES
The Police Athletic League (PAL) started in New York City in the 1930's providing
organized sports activities with police participation and supervision as an alternative
to juvenile delinquency. A not -for -profit organization, PAL is a basic crime
prevention program offering at -risk youth a positive alternative to the negative
influences in the community. PAL relies heavily on athletics and related activities
to create and cement the bond between police officers and the kid in the street.
PAL is based on the belief that children can develop a strong, positive attitude
towards police and that police officers can influence the attitudes and values of
children through their interaction.
The Miami Police Department incorporated its own local PAL chapter in December
1995 under the laws of the State of Florida, Miami Police Athletic League, Inc.
(Miami PAL), with a variety of planned programs merging sports and recreation with
good citizenship activities, supplemented by substance abuse education, tutoring,
and career counseling. Miami PAL's diversified activities will provide the opportunity
for every child in the city, regardless of their abilities, to participate.
BASIS OF ACCOUNTING
The financial statements have been prepared on the accrual basis of accounting in
accordance with generally accepted accounting principles.
REVENUE
Miami PAL receives substantially all of its grant revenue from the City of Miami
Police Department Law Enforcement Trust Fund (LETF), and the Florida
Department of Education. These funds are recognized in revenue during the period
for which they are awarded. Other revenue is generated from contributions -
received directly from the public.
CONTRIBUTIONS
Contributions received are recorded as unrestricted, temporarily restricted, or
permanently restricted support depending on the existence and/or nature of any
donor restrictions. Miami PAL has not received any contributions with donor -
imposed restrictions that would result in temporarily or permanently restricted net
assets.
In -kind donations predominantly consist of the use of equipment, facilities and
personnel of the Miami Police Department. The equipment is used to transport the
youth to athletic events and related activities.
Page 5 of 7
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2009 AND 2008
MIAMI POLICE ATHLETIC LEAGUE, INC.
NOTE .1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
CONTRIBUTED SERVICES
To assist in carrying out its mission, the organization receivesadvertising services
donated by several community businesses as well as significant donated hours of
service from individuals. Noamounts have been reflected in the financial
statements for those services since they do not meet the criteria for recognition
under SFAS No. 116, Accounting for Contributions Received and Contributions
Made.
GRANTS RECEIVABLE
Contributions and grants are recognized when the donor makes a promise to give
to the Organization that is, in substance, unconditional. Management believes that
the grants receivable are fully collectible; accordingly, the Organization has provided
no allowance for uncollectible amounts.
FIXED ASSETS
It is Miami PAL's policy to capitalize property and equipment over $500. Purchased
property and equipment is capitalized at cost. Property and equipment are
depreciated using the straight-line method.
ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.
INCOME TAXES
Miami PAL is a not -for -profit organization that is exempt from income taxes under
Section 501(c)(3) of the Internal Revenue Code and classified by the Internal
Revenue Service as other than a private foundation.
NOTE 2 - PREPAID EXPENSES
Prepaid expenses predominantly consist of sports related equipment used in
different youth activities that are generally used within twelve months of purchase.
NOTE 3 - CONCENTRATION OF CREDIT RISK
Miami PAL maintains its cash in bank deposit accounts which, at times, may exceed
federal insured limits. The exposure to Miami PAL from these transactions was
solely dependent upon daily bank balances and the financial strength of the
respective financial institution.
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NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2009 AND 2008
MIAMI POLICE ATHLETIC LEAGUE, INC.
NOTE 4 - FIXED ASSETS
As of December 31, 2009 and 2008, fixed assets consists of:
Furniture and equipment
Computer equipment
Less accumulated depreciation
Total fixed assets
Page 7 of 7
2009 2008
$15,030 $15,030
14,243 14,243
29,273 29,273
26,791 26,105
$ 2,482 $ 3,168
TURNER. & ASSOCIATES, LLP
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