HomeMy WebLinkAboutFinancial Statement - DraftFINANCIAL STATEMENTS
DECEMBER 31. 2010 AND 2009
MIAMI POLICE ATHLETIC LEAGUE. INC.
MIAMI. FLORIDA
TURNER & ASSOCIATES, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
Southeast Financial Center
200 South Biscayne Blvd., 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, 2010 and 2009,
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 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 eve uating the overall financial
statement presentat . ; W= i,'-ve thrt our tidityp * vile a reasonable basis for
our opinion.
In our opinion, the fit nn°al = e '- n's ref abo • resent fairly, in all material
respects, the financial position of Miami Police Athletic League, Inc. as of
December 31, 2010 and 2009, 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.
Page 1 of 7
Members American Institute of Certified Public Accountants and Florida Institute of Certified Public Accountants
STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2010 AND 2009
MIAMI POLICE ATHLETIC LEAGUE, INC.
2010 2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents $202,785 $ 119,424
Grants receivable 102,380 250,000
Prepaid expenses 26.898 29.559
332,064 398,983
Total current assets
PROPERTY AND EQUIPMENT, NET
Total assets
2.084 2.482
$334,147 . $401.465
LIABILITIES AND UNRESTRICTED, NET ASSETS
CURRENT LIABILITIES
Accrued expenses
Uneamed revenue
$ 6,776
7.500
$ 4,621
Total current Iiabil 14,276 4,621
UNRESTRICTED, NET ASSETS 319.871 396.844
Total liabilities and unrestricted, net assets $334,147 $401,465
The accompanying notes are an integral part of these financial statements.
Page 2 of 7
STATEMENTS OF ACTIVITIES
YEARS ENDED DECEMBER 31, 2010 AND 2009
MIAMI POLICE ATHLETIC LEAGUE, INC.
2010 2009
REVENUES
LETF Grant $100,000 $250,000
Contributions 42,157 46,063
In -kind donations 379,023 452,371
Interest 181 172
Unrestricted grants 54,450 16,960
Other income 11,098
Total revenue 575,811 776.664
EXPENSES
Program services:
Awards program
Activities and events
3,228 431
484.182 508.952
Total program services 487.410 509,383
Support services:
Management and general 164,792 173,894
Fund-raising 582 3,384
Total support se`r y 65.374 177.278
Total expenses . 652.784, 686,061
Change in unrestricted net assets (77,973) 90,003
UNRESTRICTED, NET ASSETS, beginning of year 396.844 306.841
UNRESTRICTED, NET ASSETS, end of year $319,871 $396,844
The accompanying notes are an integral part of these financial statements.
Page 3 of 7
STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2010 AND 2009
MIAMI POLICE ATHLETIC LEAGUE, INC.
2010 2009
OPERATING ACTIVITIES:
Change in unrestricted net assets $(76,973) $ 90,003
Adjustments to reconcile change in unrestricted
net assets to net cash (used in) provided by
operating activities:
Depreciation 398 686
Change in assets and Liabilities
Grants receivable 147,620 (248,866)
Prepaid expenses 2,661 5,279
Accrued expenses 2,155 (124)
Unearned revenue 7.500 (5.000)
Net cash provided by (used in) operating activities 83.361 (158.022)
Net increase (decrease) in cash 83,361 (158,022)
CASH, beginning of year 119.424 277.446
CASH, end of year $202.785 $119.424
The accompanying notes are an integral part of these financial statements.
Page 4 of 7
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2010 AND 2009
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 s 9L
Miami PAL -cei-sstana all s gr $ t revenue from the City of Miami
Police De. = • •, =n V";... ,w or Tru and (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, 2010 AND 2009
MIAMI POLICE ATHLETIC LEAGUE, INC.
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
CONTRIBUTED SERVICES
To assist in carrying out its mission, the organization receives advertising services
donated by several community businesses as well as significant donated hours of
service from individuals. No amounts have been reflected in the financial
statements for those services since they do not meet the criteria for recognition
under FASB ASC 958-605, 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•rinciples requires ana•em ent to make estimates and assumptions
that affect am g nts - i c osu es. Accordingly, actual results
could differ fe o tim
INCOME V S
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.
Page 6 of 7
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2010 AND 2009
MIAMI POLICE ATHLETIC LEAGUE, INC.
NOTE 4 - FIXED ASSETS
As of December 31, 2010 and 2009, fixed assets consists of:
Furniture and equipment
Computer equipment
Less accumulated depreciation
Total fixed assets
Page 7 of 7
2010 2009
$15,030 $15,030
14.243 14.243
29,273 29,273
27.189 26.791
$ 2,084 $ 2.482
TURNER & ASSOCIATES, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
Southeast Financial Center
200 South Biscayne Blvd., Suite 1770
Miami, Florida 33131
August 30, 2012
Chief Manuel Orosa
City of Miami Police Department
400 N.W. 2nd Avenue
Miami, FL 33128
Re: Miami Police Athletic League, Inc.
Dear Chief Orosa:
Telephone: 305-377-0707
Facsimile: 305-377-0787
www.turnercpas.com
For your reference, attached is a draft of the 2010 audited financial statements for Miami Police
Athletic League, Inc.
Due to the absence of an executive director, some of the documents and accounting data
pertaining to the 2010 financial statements were recently submitted to our office.
Once the additional data is reviewed, and some administrative tasks are completed, we will
finalize the 2010 fmancial statements. We do not anticipate any significant modifications to the
draft version of the 2010 financial statements.
If you should have any questions, please contact me.
Very truly yours,
f
tin E. Go . han
Certified Public Accountant
KEG/lgl
Members American Institute of Certified Public Accountants and Florida Institute of Certified Public Accountants
TURNER & ASSOCIATES, LLP
CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS
Southeast Financial Center
200 South Biscayne Blvd., Suite 1770
Miami, Florida 33131
August 28, 2012
Chief Manuel Orosa
City of Miami Police Department
400 N.W. 2nd Avenue
Miami, FL 33128
Re: Miami Police Athletic League, Inc.
Dear Chief Orosa:
The purpose of this letter is to inform you that our firm has been engaged by
Athletic League, Inc. (PAL) to audit the 2011 financial statements.
In the absence of an executive director for PAL, we are currently working with
the remaining documents and accounting records in order to perform our audit.
If you should have any questions, please contact me.
Very truly yours,
itiktOU
Kristin E. Gaughan
Certified Public Accountant
KEG/lgl
Telephone: 305-377-0707
Facsimile: 305-377-0787
www.turnerepas.com
the Miami Police
the staff to gather
Members American Institute of Certified Public Accountants and Florida Institute of Certified Public Accountants