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Home My WebLink AboutFinancial StatementsFINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 DO THE RIGHT THING, INC. MIAMI, FLORIDA TUR ER & ASSOCIATES, LLP CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS Miami Lakes Office Center 15291 NW 60thAvenue, Suite 100 Miami Lakes, FL 33014 INDEPENDENT AUDITORS' REPORT To the Board of Directors Do The Right Thing, Inc. Miami, Florida Telephone: 305-377-0777 Facsimile: 305-556-5601 www.turnercpas.com We have audited the accompanying statements of financial position of Do The Right Thing, Inc. (a nonprofit organization) as of December 31, 2011 and 2010, 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 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 Do The Right Thing, Inc. as of December 31, 2011 and 2010, 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 20, 2012 Page 1 of 6 Members American Institute of Certified Public Accountants and Florida Institute of Certified Public Accountants Fti Printart nn rpnvnlart nanar STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2011 AND 2010 DO THE RIGHT THING, INC. 2011 2010 ASSETS CURRENT ASSETS Cash $230,160 $241,475 Contributions receivable 120,000 117,030 Prepaid expenses 11,135 7,131 Total current assets 361,295 365,636 Property and equipment, net 2,082 3,043 Trademark, net 60 256 Total assets $363,437 $368,935 LIABILITIES AND UNRESTRICTED NET ASSETS CURRENT. LIABILITIES Accrued expenses $ 8,544 $ 2,715 Total current liabilities 8,544 2,715 NET ASSETS, UNRESTRICTED 354,893 366,220 Total liabilities and unrestricted net assets $363.437- $368,935 The accompanying notes are an integral part of these financial statements. Page 2 of 6 STATEMENTS OF ACTIVITIES YEARS ENDED DECEMBER 31, 2011 AND 2010 DO THE RIGHT THING, INC. 2011 2010 CHANGES IN UNRESTRICTED NET ASSETS: REVENUES LETF Grant $ 120,000 $ 110,000 Contributions 49,979 70,046 In -kind donations 38,509 23,376 Chapter fees 500 500 Interest income 924 1,577 Total revenue 209,912 205,499 EXPENSES Program services: Awards program 56,503 59,206 Activities and events 99.499 64,846 Total program services 156.002 124,052 Support services: Management and general 65.237 47.732 Total support services 65,237 47,732 Total expenses 221,239 171,784 Increase (decrease) in unrestricted net assets (11,327) 33,715 UNRESTRICTED NET ASSETS, beginning of year 366,220 332,505 UNRESTRICTED NET ASSETS, end of year $ 354,893 $ 366,220 The accompanying notes are an integral part of these financial statements. • Page 3 of 6 STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2011 AND 2010 DO THE RIGHT THING, INC. 2011 2010 CASH FLOWS FROM OPERATING ACTIVITIES: Change in unrestricted net assets ($11,327) $ 33,715 Adjustments to reconcile change in unrestricted net assets to net cash provided by operating activities: Depreciation and amortization 1,157 1,340 (Increase) decrease in assets: Contribution receivable (2,970) 5,222 Prepaid expenses (4,004) 3,969 Increase (decrease) in liabilities: Accrued expenses 3,112 246 Accrued payroll and payroll taxes 2,717 Net cash provided by operating activities (11,315) 44,492 Net change in cash (11,315) 42,576 CASH, beginning of year 241,475 198,899 CASH, end of year $230,160 $241.475 The accompanying notes are an integral part of these financial statements. Page 4 of 6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 DO THE RIGHT THING, INC. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF ACTIVITIES Do The Right Thing, Inc. ("the Organization") is a Florida non-profit corporation founded in 1990, and dedicated to recognizing and rewarding youth for positive behavior, accomplishments, and deeds, through an ongoing awards program as well as community projects and activities with an emphasis on crime prevention in Miami -Dade County, Florida. BASIS OF ACCOUNTING AND PRESENTATION The financial statements of the Organization have prepared on the accrual basis of accounting. The Organization follows the recommendations of the FASB Accounting Standards Codification, (ASC), under statement ASC 958 (SFAS No. 177), in its statement presentation. Under ASC 958, the Organization 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. CONCENTRATION OF CREDIT RISK At various times during the year, the Organization may have cash in excess of federally insured limits. However, the Organization maintains its cash with high quality financial institutions, which the Organization believes, limits their risks. CONTRIBUTIONS The Organization accounts for contributions in accordance with FASB ASC No. 605. Contributions, including unconditional promises to give, are recognized as revenues in the period received at their fair market value. Conditional promises to give are not recognized until they become unconditional; that is, when the conditions on which they depend are substantially met. Contributions, which are restricted by the donor, are reported as increases in unrestricted net assets if the restriction expires in the same year in which the contributions are recognized. All other donor -restricted contributions are reported as increased in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. All contributions receivable are due in less than one year. Do The Right Thing, Inc. receives a majority of its grant revenue from the City of Miami Police Department Law Enforcement Trust Fund (LETF). These funds are recognized in revenue on an annual basis for various programs and support expenses. Other revenue is generated from new chapter franchise fees and contributions received directly from the public. DONATED SERVICES Donated services are recognized as contributions in accordance with FASB ASC No. 605, if the services create or enhance non -financial assets, or require specialized skills, are performed by people with those skills, and would otherwise be purchased by the Organization. Volunteers also provided fundraising and other services throughout the year that are not recognized as contributions in the financial statements since these are not susceptible to objective measurement or valuation. Page 5 of 6 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 DO THE RIGHT THING, INC. NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) DONATED SERVICES (Continued) In -kind donations consist of travel tickets received from airline, newspaper advertisements and various other local entertainment tickets. Tickets are, in turn, awarded to the youths that achieve the organization's purpose and advertising is used to promote the program in the community. EXPENSE ALLOCATION The costs of providing various programs and other activities have been summarized on the functional basis in the statement of activities. Accordingly, certain costs have been allocated among the programs and supporting services benefitted. PROPERTY AND EQUIPMENT It is Do The Right Thing, Inc.'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 The Project is a not -for -project organization that is exempt from income taxes under Section 501(c)(3) of the Internal Revenue Code. The Project has also been classified as an entity that is not a private foundation within the meaning of Section 509(a) and qualifies for deductible contributions as provided in Section 170(b)(1)(A)(vi). CASH AND CASH EQUIVALENTS For purposes of the statements of cash flows, Do The Right Thing, Inc. considers all highly liquid investments available for current use with an initial maturity of three months or less to be cash equivalents. NOTE 2 - FIXED ASSETS As of December 31, 2011 and 2010, fixed assets consist of: Furniture Computer equipment Less accumulated depreciation Total fixed assets 2011 2010 $13,187 $13,187 9,569 9,569 22,756 22,756 (20,674) (19,713) $ 2,082 $ 3,043 Page 6 of 6 ; iAnaslREaendli ' asigira 75a1ifil EittieRodd ei-, ( th (thaws rr eihnOviiiViitta ntd111100haller d#AGAelmYstim . eAiLEARdfi plaedtl 1Pd1E1NGF(IdENSFEEh(E; 'illii do' ait9 eda frdtEAlfaiAEEdR R.OELE- C1Eftidla Esfapined Tte.LNnidnaEEasGOEtE. taiteitim •'Pdvnit!hE?1UR!€nw• gmeorAftisi Mortg qr GemhltiGaieft{ u, A:tt9Al9AF4'c4 ;+iW@n!fY ldNm yI1yAIGIk4akECklkaige. hHA Klftdi1i113''Iz -ar-0ffiilHeriJ6s+ Ji It(nAiibEN4trad€E r MIaIIdALfidlo ';;Johnil�GSTmon� BALE 1:11YEELErIIENRIN '! 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