View Audit Letter 2010 - Amigos Center

12 Pages·2012·0.22 MB·English

Mario E. Juarez, CPA
15051 S. Tamiami Trail Suite 203
Fort Myers, FL 33908
Tel. [phone]
Fax [phone]
Email [email protected]

To the Board of Directors
Amigos en Cristo, Inc.
Fort Myers, Florida

We have audited the accompanying statement of financial position of
Amigos en Cristo, Inc. (a nonprofit organization) as of December 31, 2010 and
the related statements of activities and cash flows for the year then ended. These
financial statements are the responsibility of the Amigos en Cristo, Inc.
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit 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 misstatements. 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 audit provides a reasonable
basis for our opinion.
In our opinion, based on our audit, the financial statements referred to
above present fairly, in all material respects, the financial position of Amigos en
Cristo, Inc. as of December 31, 2010 and the changes in its net assets and its cash
flow for the year then ended in conformity with generally accepted accounting
principles.

Mario E. Juarez, CPA
Accounting Solutions of Southwest Florida.
5/12/2011
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TABLE OF CONTENTS

PAGE
INDEPENDENT AUDITOR(cid:8217)S REPORT 1

TABLE OF CONTENTS 2

FINANCIAL STATEMENTS

Statement of Financial Position 3

Statement of Activities 5

Statement of Cash Flows 7

Notes to Financial Position 8

APPENDIX 1
Divisional Expense Detail 11

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AMIGOS EN CRISTO, INC
Statement of Financial Position
December 31. 2010

Dec 31, 10
ASSETS
Current Assets
Checking/Savings
SunTrust Cash Account 66,376.64
SunTrust Money Mkt
Capital Improvements 12,630.52
SunTrust Money Mkt - Other 25,423.93
Total SunTrust Money Mkt 38,054.45
SunTrust Payroll Account 300.00
Total Checking/Savings 104,731.09
Accounts Receivable
Accounts Receivable 25,484.71
Total Accounts Receivable 25,484.71
Total Current Assets 130,215.80
Fixed Assets
Buildings
Accum Building/Land Dep -76,818.00
Construct & Bldg Modifications 70,642.43
Immokalee Building 454,830.35
Management and Engineering 7,712.62
Total Buildings 456,367.40
Office furniture and equipment
Bus 2,100.00
Freezer 576.22
Office computer 4,497.20
Office copier 913.86
Video Projector 879.76
Total Office furniture and equipment 8,967.04
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Other Fixed Assets
Accumulated Depreciation -7,074.12
Total Other Fixed Assets -7,074.12
Total Fixed Assets 458,260.32
TOTAL ASSETS 588,476.12
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable 2,176.90
Total Accounts Payable 2,176.90
Other Current Liabilities
Direct Deposit Liabilities 466.98
Payroll Liabilities -255.48
Total Other Current Liabilities 211.50
Total Current Liabilities 2,388.40
Long Term Liabilities
LCEF Mortgage Loan 280,809.70
Total Long Term Liabilities 280,809.70
Total Liabilities 283,198.10
Equity
Opening Bal Equity 0.40
Retained Earnings 126,706.94
Temporarily Restricted Assets
Bus 7,477.08
Immigration Training 1,099.93
Immokalee Food Pantry 7,586.32
Parish Nurse Ministry 47.08
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PEM 1 505.00
PEM 2 456.50
SWFLOC New Missions 7,144.84
Total Temporarily Restricted Assets 24,316.75
Net Income 154,253.93
Total Equity 305,278.02
TOTAL LIABILITIES & EQUITY 588,476.12

AMIGOS EN CRISTO, INC
Statement of Activities
January 1 thru December 31. 2010

TOTAL
Income
Bonita Offerings 11,962.64
Campaign Income 250,523.23
Client Contributions 68,785.00
Debt Retirement 210,000.00
EFSP Grants 7,000.00
Grants 101,233.37
Humanitarian 5,517.68
Immokalee Offerings 7,220.39
In Kind Donations 40,080.00
Interest 715.69
Newcomers' Guide -220.00
Rental Income 9,200.00
SWFLOC Grants 39,742.67
Temporarily Restricted Income 27,138.51
Total Income 778,899.18
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Expense
Benefits 95,491.17
Bonita Church 14,033.74
Continue Ed./Conferences 7,533.01
Depreciation Expense 22,184.35
EFSP Expenses 7,000.00
Fundraising Expenses 6,858.99
Housing 70,518.19
Humanitarian Expenses 12,316.09
Immokalee Church 9,582.15
Insurance 11,768.48
Interest & Fees 15,935.28
Licenses and Permits 421.25
Maintenance 5,116.60
Miscellaneous Expenses 2.29
Newcomer's Guide 200.00
Office Supplies 3,601.75
Payroll Taxes 12,049.55
Postage 517.41
Printing, Publicity, PR 6,357.44
Professional Fees 830.90
Program Materials 16,071.66
Space Charges 40,080.00
Telephone 10,892.74
Transportation 24,828.38
Travel & Hospitality 2,496.42
Utilities 7,405.92
Wages and Salaries 220,551.49
Total Expense 624,645.25
Net Income 154,253.93

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AMIGOS EN CRISTO, INC
Statement of Cash Flows
January 1 through December 31. 2010
Jan - Dec
2010
OPERATING ACTIVITIES
Net Income 154,253.93
Adjustments to reconcile Net Income
to net cash provided by operations:
Accounts Receivable 1,209.31
Accounts Payable 738.38
Payroll Liabilities -255.48
Net cash provided by Operating Activities 155,946.14
INVESTING ACTIVITIES
Buildings: Accum Building/Land Dep 20,739.00
Office furniture and equipment:Bus -2,100.00
Office furniture and equipment:Freezer -576.22
Office furniture and equipment:Office copier -245.90
Other Fixed Assets:Accumulated Depreciation 1,445.35
Net cash provided by Investing Activities 19,262.23
FINANCING ACTIVITIES
-
LCEF Mortgage Loan 210,000.00
Temporarily Restricted Assets:Bus 7,477.08
Temporarily Restricted Assets:Immigration Training -765.59
Temporarily Restricted Assets:Immokalee Food Pantry -865.16
Temporarily Restricted Assets:Parish Nurse Ministry -28.56
Temporarily Restricted Assets:PEM 1 505.00
Temporarily Restricted Assets:PEM 2 456.50
Temporarily Restricted Assets:SWFLOC New Missions 7,144.84
Temporarily Restricted Assets:Thrivent Charitable Gifting Ini -12,237.59
-
Net cash provided by Financing Activities 208,313.48
Net cash increase for period -33,105.11
Cash at beginning of period 137,836.20
Cash at end of period 104,731.09
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AMIGOS EN CRISTO, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2010
-
NOTE 1 NATURE OF THE ORGANIZATION AND SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES

Nature of the Organization

Amigos en Cristo, Inc. (the "Organization"), is a not-for-profit corporation that
was established in 1997. The Organization provides low-cost immigration, social
and spiritual services to immigrants arriving to Southwest Florida. The accounting
and reporting policies of the Organization conform to generally accepted
accounting principles, and are in accordance with the Audit and Accounting
Guide issued by the American Institute of Certified Public Accountants, Not-for-
Profit Organizations. A summary of the significant accounting policies followed
by the Organization is set forth below:

Basis of Accounting

The Organization prepares its financial statements on the accrual basis of
accounting. Grant revenues are recorded as support when performance occurs
under the terms of the grant agreement. Grant revenue includes all resources
received from another entity in accordance with a contract, entitlement, or grant
document.

The costs of providing the various programs and other activities have been
detailed in the Statement of Activities.

Recognition of Contributions

Contributions are recognized when the donor makes a promise to give, that is, in
substance, unconditional. The Organization reports gifts of cash and other assets
as restricted support if they are received with donor stipulations that limit the use
of the donated assets. When a donor restriction expires, that is, when a stipulated
time restriction ends or purpose restriction is accomplished, restricted net assets
are reclassified to unrestricted net assets and reported in the statement of activities
as net assets released from restrictions. Should the Organization not be able to
comply with donor stipulations, the amounts would have to be returned to
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AMIGOS EN CRISTO, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2010
-
NOTE 1 NATURE OF THE ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

the donor.

The Organization reports gifts of land, buildings, and equipment as unrestricted
support unless explicit donor stipulations specify how the donated assets must be
used. Gifts of long-lived assets, with explicit restrictions that specify how the
assets are to be used, and gifts of cash or other assets that must be used to acquire
long-lived assets, are reported as restricted support. Absent explicit donor
stipulations about how long those long-lived assets must be maintained, the
Organization reports expirations of donor restrictions when the donated or
acquired long-lived assets are placed in service.

Furniture and Equipment

Furniture and equipment are recorded at cost. Depreciation is provided over the
estimated useful lives of the assets using the straight-line method. The cost of
assets retired or sold, together with the related accumulated depreciation, is
removed from the accounts, and any resulting gain or loss is included in
operations. The costs of maintenance and repairs are charged to operations as
incurred. Additions and major renewals in excess of $500 are capitalized.
.

Contributed Goods and Services

Contributed goods and services are reflected at estimated fair market value at the
date the services were performed or the date goods were donated. A
corresponding administrative expense is also recorded. In accordance with
Financial Accounting Standards No. 116, contributions of services recognized as
revenues if the services received (a) create or enhance non financial assets, or (b)
require specialized skills, are provided by individuals possessing those skills, and
would typically need to be purchased if not provided by donation. There were
$40.080 such contributed goods and services during the year ended for office
space and utilities donated by Lutheran Services of Florida, The Trust of John P.
Kingston, Sr., Zion Lutheran Church (Fort Myers, FL), Messiah Lutheran Church
(Naples, FL) and Hope Lutheran Church (Bonita Springs, FL).
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AMIGOS EN CRISTO, INC.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2010

-
NOTE 1 NATURE OF THE ORGANIZATION AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES (Continued

Benefits

The benefits category consists primarily of pension benefits, health insurance
benefits, disability insurance benefits and accident insurance program totaling
$95,491.

Income Taxes

The Internal Revenue Service has determined that Amigos en Cristo, Inc. is
exempt from federal income tax under Section 501 ( c) (3) of the Internal
Revenue Code. The Organization is a not-for-profit Florida corporation, and
therefore, is not subject to state income taxes.

Use of estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires the use of estimates based on management's
knowledge and experience. Due to their prospective nature, actual results could
differ from those estimates.

Compensation for Executive Director

For the year ended December 31, 2010, the Organization paid $61,726 to the
Executive Director for salary/housing, $16,619 for Benefits (health insurance,
pension, disability insurance and accident insurance program), and $5,477 for
mileage reimbursement in carrying out his duties with Amigos en Cristo, Inc.

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