SOUTH CAROLINA AQUARIUM CHARLESTON, SOUTH CAROLINA ?· CHARLESTON, SOUTH CAROLINA AUDITED FINANCIAL…

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  • SOUTH CAROLINA AQUARIUM CHARLESTON, SOUTH CAROLINA

    AUDITED FINANCIAL STATEMENTS

    FOR THE YEARS ENDED MARCH 31, 2015 AND 2014

  • ________________________________________________________________________________________

    American Institute of CPAs | www.glasercompany.com | SC Association of CPAs

    1040 Anna Knapp Boulevard, Mount Pleasant, SC 29464 | P 843+849+0655 | F 843+849+0612 |

    INDEPENDENT AUDITORS REPORT To the Board of Directors South Carolina Aquarium Charleston, South Carolina We have audited the accompanying financial statements of South Carolina Aquarium (a nonprofit organization), which comprise the statements of financial position as of March 31, 2015 and 2014, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements. Managements Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor consider internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of South Carolina Aquarium as of March 31, 2015 and 2014, and the changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

    Mount Pleasant, South Carolina November 2, 2015

  • SOUTH CAROLINA AQUARIUM STATEMENTS OF FINANCIAL POSITION

    MARCH 31, 2015 AND 2014

    See accompanying notes to the financial statements. 2

    2015 2014

    Current AssetsCash and cash equivalents 961,990$ 461,973$ Cash and cash equivalents, designated 1,097,303 - Accounts receivable 150,464 197,170Grants receivable 185,000 356,250Unconditional promises to give, current (Note 2) 1,384,883 507,583Prepaid expenses 220,342 163,772Investments, unrestricted (Note 4) 1,846,399 -

    Total current assets 5,846,381 1,686,748

    Long-term AssetsInvestments, restricted (Note 4) - 31,007Unconditional promises to give, net of current (Note 2) 2,254,990 51,400Property and equipment, net (Note 3) 7,745,743 4,227,014

    Total long-term assets 10,000,733 4,309,421

    Total assets 15,847,114$ 5,996,169$

    Current LiabilitiesAccrued interest - bonds payable (Note 7) 41,175$ -$ Accrued payroll and related expenses 216,827 173,423Accounts payable 1,167,374 364,373 Advanced deposits and deferred revenues 238,226 268,500Lease termination fee payable, current (Note 8) 39,195 36,989 Bonds payable, current portion (Note 7) 225,000 - Accrued wellness days 46,038 47,460Deferred membership fees 487,945 403,419Capital lease obligation (Note 15) 7,298 14,996 Promissory notes, current portion (Note 6) 32,764 31,173 Line of credit (Note 5) - 450,000

    Total current liabilities 2,501,842 1,790,333

    Long-term LiabilitiesPromissory notes, net of current portion (Note 6) 101,813 130,809 Lease termination fee payable, net of current (Note 8) 291,279 330,474 Bonds payable, net of current portion (Note 7) 2,475,000 - Capital lease obligation, net of current portion (Note 15) - 8,724

    Total long-term liabilities 2,868,092 470,007

    Total liabilities 5,369,934 2,260,340

    Net AssetsUnrestricted 3,713,101 2,351,470 Temporarily restricted (Note 9) 6,300,946 921,226 Permanently restricted (Note 10) 463,133 463,133

    Total net assets 10,477,180 3,735,829

    Total liabilities and net assets 15,847,114$ 5,996,169$

    LIABILITIES AND NET ASSETS

    ASSETS

  • SOUTH CAROLINA AQUARIUM STATEMENT OF ACTIVITIES

    FOR THE YEAR ENDED MARCH 31, 2015

    See accompanying notes to the financial statements. 3

    Temporarily PermanentlyUnrestricted Restricted Restricted Total

    Support and RevenuesAdmissions 5,384,734$ -$ -$ 5,384,734$ Memberships 1,061,121 - - 1,061,121 Annual campaign and contributions 1,187,719 2,976,366 - 4,164,085 Grants 652,150 3,007,295 - 3,659,445 Corporate sponsorships 883,194 143,722 - 1,026,916 Concessions 563,365 - - 563,365 Facility rentals 506,270 - - 506,270 Program revenues 195,099 - - 195,099 Fundraising events 234,932 - - 234,932 Investment income and losses, net 3,288 - - 3,288 Miscellaneous 66,085 - - 66,085

    Total support and revenues 10,737,957 6,127,383 - 16,865,340

    Net Assets Released from Restrictions 747,663 (747,663) - -

    Expenses from Operations (Note 11)Program services:

    Husbandry 1,414,292 - - 1,414,292 Facilities 1,142,899 - - 1,142,899 Education 740,128 - - 740,128 External affairs 1,754,055 - - 1,754,055 Guest programs 1,605,372 - - 1,605,372 Memberships 167,446 - - 167,446

    Total program services 6,824,192 - - 6,824,192

    Supporting services:Executive, finance, and administration 1,685,761 - - 1,685,761 Annual campaign and fundraising 967,453 - - 967,453 Membership development 50,285 - - 50,285

    Total supporting services 2,703,499 - - 2,703,499

    Total expenses from operations 9,527,691 - - 9,527,691

    Changes in net assets from operations (Note 13) 1,957,929 5,379,720 - 7,337,649

    Other ExpensesInterest expense (23,921) - - (23,921) Depreciation expense (572,377) - - (572,377)

    Total other expenses (596,298) - - (596,298)

    Increase in net assets 1,361,631 5,379,720 - 6,741,351

    Net assets, beginning of year 2,351,470 921,226 463,133 3,735,829

    Net assets, end of year 3,713,101$ 6,300,946$ 463,133$ 10,477,180$

  • SOUTH CAROLINA AQUARIUM STATEMENT OF ACTIVITIES

    FOR THE YEAR ENDED MARCH 31, 2014

    See accompanying notes to the financial statements.

    4

    Temporarily PermanentlyUnrestricted Restricted Restricted Total

    Support and RevenuesAdmissions 4,765,065$ -$ -$ 4,765,065$ Memberships 993,844 - - 993,844 Annual campaign and contributions 924,871 95,000 - 1,019,871 Grants 299,387 199,124 - 498,511 Corporate sponsorships