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RECEIVEDLEGISLATIVE AUDITOR
2088 OCT-6 AH 10-52
Le Petit Theatre Du Vieux Carre
Financial Statements
For The Year Ended June 30, 2007
Under provisions of state law, this report is a publicdocument. Acopy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for public inspection at the BatonRouge office of the Legislative Auditor and, whereappropriate, at the office of the parish clerk of court.
Release Date
LE PETIT THEATRE DU VIEUX CARRE
TABLE OF CONTENTS
JUNE 30, 2007
INDEPENDENT AUDITOR'S REPORT 1FINANCIAL STATEMENTS
STATEMENT OF FINANCIAL POSITION 2
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS 3 - 4
STATEMENT OF CASH FLOWS 5 - 6
STATEMENT OF FUNCTIONAL EXPENSES 7
NOTES TO FINANCIAL STATEMENTS 8-13
SPECIAL REPORTS OF INDEPENDENT AUDITOR
REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERSBASED ON AN AUDIT OF FINANCIAL STATEMENTSPERFORMED IN ACCORDANCE WITH GOVERNMENTAUDITING STANDARDS 14 -15
SCHEDULE OF FINDINGS AND RESPONSES 16-18
SPECIAL REPORTS OF MANAGEMENT
SCHEDULE OF PRIOR YEAR FINDINGS 19
MANAGEMENT CORRECTIVE ACTION PLAN 20
Reginald A. Bresette, IIILimited Liability company
Reginald A. Bresette, III, CPAMember
American Institute of Certified Public AccountantsSociety of Louisiana Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Board of Governors ofLe Petit Theatre du Vieux CarreNew Orleans, Louisiana
We have audited the accompanying statement of financial position of Le Petit Theatre du VieuxCarre, (a non-profit organization) (the Theatre) as of June 30, 2007, and the related statements ofactivities, functional expenses and changes in net assets, and cash flows for the year then ended.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 UnitedStates of America and the standards applicable to financial audits contained in GovernmentAuditing Standards issued by the Comptroller General of the United States. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includes examining, on a testbasis, evidence supporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe thatour audit provides 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 the Theatre as of June 30, 2007, and the changes in its net assets andcash flows for the year then ended in conformity with accounting principles generally acceptedin the United States of America.
In accordance with Government Auditing Standards, we have also issued a report datedSeptember 19, 2008, on our consideration of The Theatre's internal control over financialreporting and our tests of its compliance with certain provisions of laws, regulations, contractsand grant agreements and other matters. The purpose of that report is to describe the scope ofout testing of internal control over financial reporting and compliance and the results of thattesting, and not to provide an opinion on the internal control over financial reporting or oncompliance. That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards and should be read in conjunction with this report in considering the resultsof our audit.
September 19, 2008
4408 Yale street, Suite A • Metairie, Louisiana 70006(504) 885-9990 • FAX (504) 885-9959 • CELL (504) 874-2438 • E-MAIL reggie@bresetteco.com
LE PETIT THEATRE DUE VIEUX CARRE
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2007
ASSETS
Current AssetsCash and cash equivalentsAccounts receivable
Total Current Assets
Property and Equipment, Net (Note 3)
Other AssetsInvestments, restricted (Note 2)
Total Other Assets
Total Assets
2007
$ 210,237
203,721
413,958
1,785,279
238,793238,793
$ 2,438,030
LIABILITIES AND NET ASSETSCurrent Liabilities
Accounts payableAccrued expensesCurrent portion of long-term debt
Total Current Liabilities
Long-Term LiabilitiesNote payable (Note 5)
Total Long-Term Liabilities
Total Liabilities
UnrestrictedPermanently restricted by donors (Note 4)
Totai Net Assets
Total Liabilities and Net Assets
$ 178,55998
33,099211,756
749,901749,901
961,657
1,237,580238,793
1,476,373
$ 2,438,030
(See Accompanying notes to financial statements)2
LE PETIT THEATRE DU VIEUX CARRE
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS
FOR THE YEAR ENDED JUNE 30, 2007
Public Support, Revenues andReclassifications
Public support:ContributionsGrants
Total Public Support
Revenues:Program service revenueInvestment income (Note2)Unrealized gain (Note 2)Miscellaneous
Total revenue
Reclassifications:Net assets released from
restrictions
Expiration of time restrictions
Total Reclassifications
Total Public Support,Revenues andReclassifications
Unrestricted
2007
Temporarily PermanentlyRestricted Restricted Total
$ 120,637 $63,196
183,833
409,0914,114
-27,176
440,381
7,760
7,760
$ 631,974 $
- $ 2,000 $ 122,63763,196
2,000 185,833
409,09111,110 15,22421,371 21,371
27,176
32,481 472,862
(7,760)
(7,760)
- $ 26,721 $ 658,695
(See accompanying notes to financial statements)3
LE PETIT THEATRE DU VIEUX CARRE
STATEMENT OF ACTIVITIES AND CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2007
Expenses
Program Services
Total Program Services
Supporting Services:Management and generalFund Raising
Total Supporting Services
Total Expenses
Increase (Decrease) in Net Assets
Net assets at beginning of year
Net assets at end of year
2007
Temporarily PermanentlyUnrestricted Restricted Restricted Total
$ 720,609 $
720,609
116,23511,118
127,353
847,962
(215,988)
1,453,568
$ 1,237,580 $
- $ - $ 720,609
720,609
1,103 117,33811,118
1,103 128,456
1,103 849,065
25,618 (190,370)
213,175 1,666,743
$ 238,793 $ 1,476,373
(See accompanying notes to financial statements)4
LE PETIT THEATRE DU VIEUX CARRE
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2007
2007
Reconciliation of change in net assets to net cashprovided (used) by operating activities:
Change in net assetsAdjustments to reconcile change in
net assets to net cash provided byoperating activities:
Depreciation and amortizationDecrease (increase) in receivablesDecrease (increase) in investmentsIncrease (decrease) in accounts payableIncrease (decrease) in accrued expensesUnrealized gains on investments in endowmentIncome earned by endowmentAdministration fees in endowmentPermantly restricted contributions
Net cash provided (used) by operating activities
Cash flows from investing activities:Acquisition of fixed assets
Net cash provided (used) by investing activities
Cash flows from financing activities:
Proceeds from contributions, permanently restrictedPayments on line of creditProceeds from long-term debtPayments on bond payablePayment on capital lease obligation
Net cash provided (used) by financing activities
$ (190,370)
69,684392,349163,908
7,507(7,292)
(21,370)(11,110)
1,103(2,000)
402,409
(191,878)
(191,878)
7,760(150,000)783,000
(666,375)(1.876)
$ (27,491)
(See accompanying financial statements)5
LE PETIT THEATRE DU VIEUX CARRE
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2007
Net increase (decrease) in cash $ 183,040
Cash - beginning of year 27,197
Cash - end of year 210,237
Supplemental data:Interest paid $ 47,739
(See accompanying financial statements)6
LE PETIT THEATRE DU VIEUX CARRE
STATEMENT OF FUNCTIONAL EXPENSES
FOR THE YEAR ENDED JUNE 30, 2007
2007
SalariesEmployee benefits and payroll taxes
Total salaries and related expenses
Director
Stage managerSetLighting and soundCostumesMusic and choreography
PropsHair and makeupProduction royaltiesProduction licenses
AdvertisingContract laborPension expenseMiscellaneous production expenseFundraisingInsuranceOffice expenseBank chargesInterest expenseMiscellaneous expenseRepairs and maintenanceRentTelephoneUtilitiesTaxes and licensesParkingDepreciation and amortization
PROGRAM MANAGEMENT FUNDSERVICES
$ 103,6009,771
113,371
5,000
4,150101,75051,01944,47752,5992,2251,654
37,110195
9,85423,915
50257,359
29,135
35,78633,417
9,50221,570
8,250718
19,3864,4464,440
48,779
$ 720,609
& GENERAL RAISING$ 22,225 $ 8,890
2,096 839
24,321 9,729
-
--
-------
1,38912,4875,719
15,33714,322
4,0719,244
7188,3081,906
20,905
$ 117,338 $ 11,118
TOTAL$ 134,715
12,706
147,421
5,0004,150
101,75051,01944,47752,5992,2251,654
37,110195
9,854
23,915502
57,3591,389
41,6225,719
51,12347,73913,57330,814
8,2501,436
27,6946,3524,440
69,684
$ 849,065
(See accompanying notes to financial statements)7
Le Petit Theatre du Vieux CarreNotes To Financial Statements
For the Year Ended June 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization
Le Petit Theatre du Vieux Carre (the Theatre) was organized in 1922 to present theatricalperformances for the community. The mission of the Theatre is to present quality theatre ataffordable prices, to promote cultural activities, and to provide cultural outreach opportunities tothe Greater New Orleans community.
Basis of Accounting and Presentation
The financial statements of the Theatre are presented on the accrual basis of accounting and inaccordance with the recommendations of the American Institute of Certified Public Accountantsin its Industry Audit Guide, "Audits of Certain Nonprofit Organizations". Basis of Accountingrefers to when revenues and expenses are recognized in the accounts and reported in the financialstatements, and relates to the timing of the measurements made.
Cash and Cash Equivalents
For purposes of the statements of cash flows, the Theatre considers all highly liquid debtinstruments purchased with a maturity of three months or less to be cash equivalents.
Investments
The Theatre carries investments in debt securities with readily determinable fair values in thestatement of financial position. Unrealized gains and losses are included in the change in netassets in the accompanying statement of activities.
Property and Equipment
The Theatre has adopted a practice of capitalizing all expenditures for depreciable assets wherethe unit cost exceeds $500. Property and equipment consists of Land, building andimprovements, furniture and fixtures, and stage equipment, and is carried at cost, except for landwhich is carried at its 1929 appraised value. Depreciation of these assets is provided on astraight-line basis over their estimated useful lives as follows:
Building and improvements 30 - 39 yearsFurniture and fixtures 5 - 7 yearsEquipment 5 - 1 0 years
Depreciation expense For the Year Ended June 30, 2007 was $ 61,288.
Le Petit Theatre du Vieux CarreNotes To Financial Statements (Continued)
For the Year Ended June 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Contributions
All contributions are considered to be available for unrestricted use unless specifically restrictedby the donor. Support that is restricted by the donor is reported as an increase in unrestricted netassets if the restriction expires in the reporting period in which the support is recognized. Allother donor-restricted support is reported as an increase in temporarily or permanently restrictednet assets depending on the nature of the restriction. When a restriction expires, temporarilyrestricted net assets are reclassified to unrestricted net assets and are reported in the statements ofactivities as net assets released from restriction.
Gifts of long-lived operating assets such as land, buildings, or equipment are reported asunrestricted support, unless explicit donor stipulations specify how the donated assets must beused. Gifts of long-lived assets with explicit restrictions that specify how the assets are to beused and gifts of cash or other assets that must be used to acquire long-lived assets are reportedas restricted support. Absent explicit donor stipulations about how long these long-lived assetsmust be maintained, expirations of donor restrictions are reported when the donated or acquiredlong-lived assets are placed in service.
Contributions of donated non-cash assets (such as materials and equipment) are recorded at theirfair or estimated values in the period received.
Financial Statement Presentation
Financial statement presentation follows the recommendations of the Financial AccountingStandards Board in its Statement of Financial Accounting Standards (SFAS) No. 117, FinancialStatements of Not-for-Profit Organizations. Net assets, support and revenues, and expenses areclassified based on the existence or absence of donor-imposed restrictions. Accordingly, the netassets of the Theatre and changes therein are classified and reported as follows:
• Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations.• Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that
will be met either by actions of the Theatre and/or the passage of time. The Theatre doesnot have any temporarily restricted net assets.
• Permanently restricted net assets - Net assets subject to donor-imposed stipulations thatneither expire by the passage of time nor can be fulfilled and removed by actions of theTheatre pursuant to those stipulations.
Le Petit Theatre du Vieux CarreNotes To Financial Statements (Continued)
For the Year Ended June 30, 2007
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Use of Estimates
The preparation of financial statements in conformity with accounting principles generallyaccepted in the United States of America requires management to make estimates andassumptions that affect certain reported amounts and disclosures. Accordingly, actual resultscould differ from these estimates.
Advertising
The Theatre expenses all non-direct response advertising and costs as incurred. Advertisingexpense For the Year Ended June 30, 2007 was $ 9,854.
Income taxes
The Theatre is exempt from Federal income taxes under Section (c)(3) of the Internal RevenueCode and from State income taxes under Section 121 (5) of Title 47 of the Louisiana RevisedStatutes of 1950.
Allocation of Functional Expenses
Expenses are summarized on a functional basis. Salaries and related payroll expenses aredistributed based upon the time spent for each function. Distribution of all other shared expensesis based upon management's estimates of the usage applicable to conducting various program orsupport activities.
NOTE 2 - INVESTMENTSFair Value
Permanently restricted for endowments:Investments in mutual funds $ 238,793
Investment return is summarized as follows For the Year Ended June 30, 2007:
Investment income $ 15,224Unrealized gains $21,371
10
Le Petit Theatre du Vieux CarreNotes To Financial Statements (Continued)
For the Year Ended June 30, 2007
NOTE 3 - PROPERTY AND EQUIPMENT
Property and equipment consists of the following as of June 30, 2007:
Land $ 20,000Building and improvements 2,041,276Furniture and fixtures 113,471Equipment 410,214
2,584,961
Less accumulated depreciation ( 799,682)
Construction in progress - -
Included in the accompanying balance sheet under the following captions:
NOTE 4 - PERMANENTLY RESTRICTED ASSETS
Permanently restricted assets consist of endowment funds. The income of each is dedicated tospecific purposes. The Rhea Loeb Deutsch Memorial Fund is administered by the Board ofGovernors of the Theatre. The Le Petit Theatre Fund and The Harold Newman Fund areadministered by the Greater New Orleans Foundation. As of June 30, 2007, these restrictedassets were as follows:
Rhea Loeb Deutsch Memorial Fund $ 6,026Harold Newman Endowment Fund • 185,457Le Petit Theatre Endowment Fund 47,310
$ 238.793
11
Le Petit Theatre du Vieux CarreNotes to Financial Statements (Continued)
For the Year Ended June 30, 2007
NOTE 5 - LONG-TERM DEBT
Long-term debt at June 30, 2007 consists of the following:
Note payable to Capital One Bank, secured by thebuilding and improvements at 616 St. Peters.Payable as follows: 6 monthly payments of interestonly at 1.5% + LIBOR. Starting August 27, 2007 17monthly payments of $ 3,009 principal plus interest;the final payment for the remaining balance plusdue January 23, 2009. $ 783,000
Total long-term debt 783,000Less: current maturities of long-term debt 33,099
Non-current long-term debt $ 749.901
Maturities of long-term debt are as follows:
2008 $ 33,0992009 749,901
S 783.000
NOTE 6 - RELATED PARTY TRANSACTIONS
The Theatre has conducted business with various entities and persons who are related to boardmembers or employees either as officers of those entities or have familial relationships. Theapplicable officers or board members are in a position to, and in the future may, influence thevolume of activity, price or other factors, which may benefit the persons or entities to which theyare related. The transactions are immaterial in amount.
NOTE 7 - CONCENTRATIONS
The Company's financial instruments that are exposed to concentration of credit risk consistprimarily of cash and cash equivalents. The Company places its cash and temporary cashinvestments with high quality credit institutions. At times such investments may be in excess ofthe FDIC insurance limit.
12
Le Petit Theatre du Vieux CarreNotes To Financial Statements (Continued)
For the Year Ended June 30, 2007
NOTE 8 - BOARD OF DIRECTORS' COMPENSATION
The Board of Directors is a voluntary board; therefore, no compensation has been paid to amember.
13
Reginald A. Bresette, illLimited Liability Company
Reginald A. Bresette, III, CPA
MemberAmerican Institute of Certified Public AccountantsSociety of Louisiana Certified Public Accountants
REPORT ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMEDIN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Directors,Le Petit Theatre du Vieux Carre
We have audited the financial statements of Le Petit Theatre du Vieux Carre (theTheatre) (a nonprofit organization) as of and for the year ended June 30, 2007, andhave issued our report thereon dated September 19, 2008. We conducted our audit inaccordance with auditing standards generally accepted in the United States of Americaand the standards applicable to financial audits contained in Government AuditingStandards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the Theatre's internal controlover financial reporting as a basis for designing our auditing procedures for thepurpose of expressing our opinion on the financial statements, but not for the purposeof expressing an opinion on the effectiveness of the Theatre's internal control overfinancial reporting. Accordingly, we do not express an opinion on the effectiveness ofthe Theatre's internal control over financial reporting.
A control deficiency exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assignedfunctions, to prevent or detect misstatements on a timely basis. A significantdeficiency is a control deficiency, or combination of control deficiencies, that adverselyaffects the entity's ability to initiate, authorize, record, process, or report financial datareliably in accordance with generally accepted accounting principles such that there ismore than a remote likelihood that a misstatement of the entity's financial statementsthat is more than inconsequential will not be prevented or detected by the entity'sinternal control.
A material weakness is a significant deficiency, or combination of significantdeficiencies, that results in more than a remote likelihood that a materialmisstatement of the financial statements will not be prevented or detected by theentity's internal control.
Our consideration of internal control over financial reporting was for the limitedpurpose described in the first paragraph of this section and would not necessarilyidentify all deficiencies in internal control that might be significant deficiencies ormaterial weaknesses. We did not identify any deficiencies in internal control overfinancial reporting that we consider to be material weaknesses, as defined above.
(504) 885-9990
144408 Yale Street, Suite A • Metairie, Louisiana 70006
FAX (504) 885-9959 • CELL (504) 874-2438 • E-MAIL reggie@bresetteco.com
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Theatre's financialstatements are free of material mis statement, we performed tests of its compliancewith certain provisions of laws, regulations, contracts, and grant agreements,noncompliance with which could have a direct and material effect on thedetermination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit, and accordingly,we do not express such an opinion. The results of our tests disclosed instances ofnoncompliance or other matters that are required to be reported under GovernmentAuditing Standards and which, are described in the accompanying schedule of findingsand responses as items 2007-1 through 2007-4.
The Theatre's responses to the findings identified in our audit are described in theaccompanying schedule of findings and responses. We did not audit the Theatre'sresponse and, accordingly, we express no opinion on it.
This report is intended solely for the information and use of the Theatre's board ofdirectors, others within the entity, and the Legislative Audit Advisory Committee, andis not intended to be and should not be used by anyone other than these specifiedparties.
Regjji&la A. Bresette, III LLCCertified Public Accountants
September 19, 2008
15
SCHEDULE OF FINDINGS AND RESPONSES
For the Year Ended June 30, 2007
We have audited the financial statements of Le Petit Theatre du Vieux Carre (the Theatre) as ofand For the Year Ended June 30, 2007, and have issued our report thereon dated September 19,2008. We conducted our audit in accordance with generally accepted auditing standards and thestandards applicable to financial audits contained in Government Auditing Standards, issued byComptroller General of the United States. Our audit of the financial statements as of June 30,2007, resulted in an unqualified opinion.
Section I Summary of Auditor's Reports
a. Report on Internal Control and Compliance Material to the FinancialStatements
Internal ControlMaterial Weaknesses - None Significant Deficiencies - Yes
ComplianceCompliance Material to Financial Statements - No
Compliance Immaterial to Financial Statements - Yes
2007-1 Findings - The audited financial statements are required to be filed withthe State of Louisiana Legislative Auditor within six months of the end of thefiscal year or December 31, 2007. The report was filed after that date.
Cause - Extenuating circumstances as a result of Hurricane Katrina resulted ina delay of the completion and submission of the report in a timely manner.
2007-2 Findings: As is common in small organizations, management haschosen to engage the auditor to propose certain year-end adjusting journalentries and to prepare their annual financial statements. This condition isintentional by management based upon the Agency's financial complexity,along with the cost effectiveness of acquiring the ability to prepare financialstatements in accordance with generally accepted accounting principles.Consistent with this decision, internal controls over the preparation of year-endadjusting entries and annual financial statements, complete with notes, in accordancewith generally accepted accounting principles, have not been established.Under generally accepted auditing standards, this condition represents asignificant deficiency in internal controls.
16
SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)
For the Year Ended June 30, 2007
Recently issued Statement on Auditing Standards (SAS) 112 requires that wereport the above condition as a control deficiency. The SAS does not provideexceptions to reporting deficiencies that are adequately mitigated with nonauditservices rendered by the auditor or deficiencies for which the remedy would becost prohibitive or otherwise impractical.
Recommendation: As mentioned above, whether or not it would be costeffective to cure a control deficiency is not a factor in applying SAS 112'sreporting requirements. Because prudent management requires that thepotential benefit from an internal control must exceed its cost, it may not bepractical to correct all the deficiencies an auditor reports under SAS 112. Inthis case we do not believe that curing the significant deficiency describedabove would be cost effective or practical and accordingly do not believe anycorrective is necessary.
Management's Response: We concur with the audit finding.
2007-3 Findings: We noted that the Theatre did not file its prior year's Form990 IRS tax return in a timely manner.
Recommendation: We recommend the Theatre file its Form 990 IRS tax returnon a timely basis.
Management's Response: Management has engaged an accountant whoproperly filed all past due tax forms and timely filed all current tax forms.
2007-4 Findings: Our examination disclosed there is lack of segregation ofduties within the organization (especially in the areas of cash receipts andticket sales). This weakness is due to the fact that the organization has a verysmall staff and only one person is primarily responsible for ticket sales anddeposits. Due to the lack of segregation of duties, possible errors orirregularities could occur in the accounting records and not be detected.Understandably, since the organization has such a small staff, the most idealsystem of internal control or the most desirable accounting system may not bepracticable. Also the cost of hiring additional employees to handle separateaspects of the accounting function might exceed any benefits gained.
17
SCHEDULE OF FINDINGS AND RESPONSES (CONTINUED)
For the Year Ended June 30, 2007
Recommendation: Based upon the cost-benefit of hiring additional accountingpersonnel, it may not be feasible to achieve complete segregation of duties.We recommend that the organization finance committee and executive directorcontinue to closely monitor all records and transactions.
Response: The organization's executive director and board concur with therecommendation.
b. Federal Awards
The Theatre did not receive federal awards during the year ended June 30,2007.
Section II Financial Statement Findings
There were no financial statement findings during the fiscal year ended June 30, 2007.
Section III Federal Award Findings and Responses
The Theatre did not receive federal awards during the year ended June 30, 2007.
18
SCHEDULE OF PRIOR YEAR FINDINGS
For the Year Ended June 30, 2007
SECTION I INTERNAL CONTROL AND COMPLIANCE MATERIAL TO THEFINANCIAL STATEMENTS
Internal Control
Material Weaknesses - None Significant Deficiencies - None
Compliance
Compliance Material to Financial Statements - No
Compliance Immaterial to Financial Statements - Yes
Findings - (2006-1) The audited financial statements are required to be filed with theState of Louisiana Legislative Auditor within six months of the end of the fiscalyear or December 31, 2006. The report was filed after that date.
Cause - Extenuating circumstances as a result of Hurricane Katrina resulted in a delayof the completion and submission of the report in a timely manner.
SECTION II INTERNAL CONTROL AND COMPLIANCE MATERIAL TO FEDERALAWARDS
The Theatre did not receive federal awards during the year ended June 30, 2006.
SECTION III MANAGEMENT LETTER
There was no management letter issued for the audit year ended June 30, 2006
19
MANAGEMENT CORRECTIVE ACTION PLAN
For the year ended June 30, 2007
SECTION I INTERNAL CONTROL AND COMPLIANCE MATERIAL TO THEFINANCIAL STATEMENTS
The Theatre had no material weaknesses or reportable conditions in internal control. Also, therewere no compliance issues material to the financial statements.
SECTION II INTERNAL CONTROL AND COMPLIANCE MATERIAL TO FEDERALAWARDS
The Theatre did not receive federal awards during the year ended June 30, 2006.
SECTION III MANAGEMENT LETTER
There was no management letter issued for the audit year ended June 30,2006.
20
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