STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2004 AND 2003
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|
2004 |
2003 |
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Assets |
|||||
Cash and cash equivalents |
$ 459,406
|
$ 261,398
|
|||
Dues receivable, net of allowance of $12,445 and $2,500 |
168,377
|
148,100
|
|||
Co-sponsorship conference fees receivable |
20,322
|
45,804
|
|||
Prepaid expenses and other assets |
12,527 |
16,188
|
|||
Total current assets |
660,632
|
471,490
|
|||
Web site development costs, net of accumulated
|
63,938
|
94,063
|
|||
Totals |
$ 724,570 |
$ 565,553 |
|||
Liabilities and Net Assets |
|
|
|||
Liabilities: | |||||
Accounts payable |
$ 26,564
|
$ 33,323
|
|||
Unearned dues |
113,811
|
111,665
|
|||
Due to AICPA |
85,454
|
158,125
|
|||
Total liabilities |
225,829
|
303,113
|
|||
Net assets - unrestricted |
498,741
|
262,440
|
|||
Totals |
$
724,570
|
$ 565,553
|
|||
See Notes to Financial Statements |
|
|
2004 |
2003 |
|||
Changes in unrestricted net assets: | ||||||
Support and revenue: |
|
|
||||
Dues income |
$ 342,108
|
$ 321,923
|
||||
Co-sponsorship conference fee |
116,224
|
87,844
|
||||
Contributed services |
76,589
|
33,251
|
||||
Sponsorship Income |
38,333
|
|
||||
Interest income |
5,283
|
|
||||
Total support and revenue
|
578,537
|
443,018
|
||||
Expenses: |
|
|
||||
Program Services: |
|
|
||||
Salaries and benefits |
110,534
|
77,700
|
||||
Contributed services |
76,589
|
10,251
|
||||
Meeting expense |
14,547
|
13,264
|
||||
Professional and commercial fees |
6,262
|
3,006
|
||||
Amortization |
30,125
|
15,062
|
||||
Web site maintenance |
27,565
|
10,356
|
||||
Tradeshow expense |
|
13,780
|
||||
Provision for bad debts |
12,445
|
|
||||
Supporting services: |
|
|
||||
Legal and accounting fees |
13,336
|
44,526
|
||||
Consulting fees |
27,000
|
|
||||
Insurance expense |
20,014
|
7,903
|
||||
Meals and entertainment |
2,589
|
|
||||
Sundry |
1,230
|
527
|
||||
Total expenses |
342,236
|
196,375
|
||||
Change in unrestricted net assets |
236,301
|
246,643
|
||||
Net assets, beginning of year |
262,440
|
15,797
|
||||
Net assets, end of year |
$ 498,741
|
$ 262,440
|
||||
See Notes to Financial Statements |
2004 |
2003 |
||||||
Operating Activities: |
|
|
|||||
Change in unrestricted net assets |
$ 236,301
|
$ 246,643
|
|||||
Adjustments to reconcile change in net assets to net cash provided by operating activities: |
|
|
|||||
Amortization |
30,125
|
15,062
|
|||||
Changes in operating assets and liabilities: |
|
|
|||||
Dues receivable |
-20,277
|
97,067
|
|||||
Co-sponsorship conference fees receivable |
25,482
|
-19,735
|
|||||
Prepaid expenses and other assets |
3,661
|
-16,188
|
|||||
Accounts payable |
-6,759
|
-31,685
|
|||||
Unearned dues |
2,146
|
2,081
|
|||||
Due to AICPA |
-72,671
|
77,278
|
|||||
Net cash provided by operating activities |
198,008
|
370,523
|
|||||
Investing activities - web site development costs |
|
-109,125
|
|||||
Net increase in cash and cash equivalents |
198,008
|
261,398
|
|||||
Cash and cash equivalents, beginning of year |
261,398
|
|
|||||
Cash and cash equivalents, end of year |
$ 459,406
|
$ 261,398
|
|||||
See Notes to Financial Statements |
Note 1 - Organization: XBRL is a royalty-free, open specification. It is designed to benefit everyone involved in the preparation or collection of business information by utilizing a platform independent, standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze business reports and the information they contain. It can be used to express a wide range of reports and disclosures for both internal and external reporting purposes. Business reporting includes, but is not limited to, financial statements, financial information, nonfinancial information, general ledger transactions and regulatory filings such as annual and quarterly accounting, tax and industry reports. |
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Note 2 - Summary of significant accounting policies: |
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Accounting method: |
|
Use of
estimates: |
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Cash and
cash equivalents: |
|
Concentration of credit risk: |
|
Web site
development costs: |
|
Contributed services: |
|
Dues
income: |
|
Co-sponsorship conference fee income: |
|
Income
taxes: |
|
Note 3: Significant transactions: |
|
The Corporation receives one-third of the XBRL-US membership dues collections as organizational support from the AICPA on behalf of XBRL-US. Approximately $127,000 and $140,000 of such dues are included in dues income for the years ended June 30, 2004 and 2003, respectively. At June 30, 2004 and 2003, the Corporation owed the AICPA approximately $85,000 and $158,000, respectively. Salaries and benefits include approximately $85,000 and $78,000 of charges from the AICPA for payroll and employee benefits for the years ended June 30, 2004 and 2003, respectively. |
To the Steering Committee |
We have audited the accompanying statements of financial position of XBRL International, Inc. (A Nonprofit Corporation) as of June 30, 2004 and 2003, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Corporation'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 XBRL International, Inc. as of June 30, 2004 and 2003, and the changes in its net assets and cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. |
|
Roseland, New Jersey |
August 16, 2004 |
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Role : | http://www.xbrl.org/2003/role/XBRLInt |