HomeMy WebLinkAbout2013The Sebastian Clambake Foundation. Inc.
Compiled Financial Statements
(Unaudited)
April 30, 2013
,r
y 7
R :,
1623 US Hwy 1, Suite B-4 Telephone: (772) 388 -3301
Sebastian, FL 32958 Fax: (772) 388 -0810
ACCOUNTANT'S COMPILATION REPORT
To the Board of Directors,
Sebastian Clambake Foundation Inc.
PO Box 780436
Sebastian, FL 32978
I have compiled the accompanying statement of assets, liabilities and fund
balance - cash basis of Sebastian Clambake Foundation Inc. (a non profit
organization) as of April 30, 2013 and 2012, and the related statement of support
and expenses - cash basis for the twelve months then ended. I have not audited
or reviewed the accompanying financial statements and, accordingly, do not
express an opinion or provide any assurance about whether the financial
statements are in accordance with accounting principles generally accepted in
the United States of America.
Management is responsible for the preparation and fair presentation of the
financial statement in accordance with accounting principles generally accepted
in the United States of America and for designing, implementing, and maintaining
internal control relevant to the preparation and fair presentation of the financial
statements.
My responsibility is to conduct the compilation in accordance with Statements on
Standards for Accounting and Review Services issued by the American Institute
of Certified Public Accountants. The objective of a compilation is to assist
management in presenting financial information in the form of financial
statements without undertaking to obtain or provide any assurance that there are
no material modifications that should be made to the financial statements.
Management has elected to omit substantially all of the disclosures required by
accounting principles generally accepted in the United States of America. If the
omitted disclosures were included with the financial statements, they might
influence the user's conclusions about the Sebastian Clambake Foundation's
financial position, results of operations and cash flows. Accordingly, the financial
statements are not designed for those who are not informed about such matters.
am not independent with respect to Sebastian Clambake Foundation Inc. for the
fiscal years ended April 30, 2013 and 2012.
August 28, 2013
The Sebastian Clambake Foundation, Inc.
Statement of Assets, Liabilities
& Fund Balance - Cash Basis
As of April
30, 2013
Apr 30, 13
Apr 30, 12
ASSETS
Current Assets
Checking /Savings
Checking - Oculina Bank
11,131.91
8,784.20
Oculina Bank - Beneficiary acct.
6,090.00
6,062.66
Total Checking /Savings
17,221.91
14,846.86
Total Current Assets
17,221.91
14,846.86
Fixed Assets
Furniture and equipment
23,348.36
23,348.36
Accumulated depreciation
(20,514.00)
(18,384.00)
Total Fixed Assets
2,834.36
4,964.36
TOTAL ASSETS
20,056.27
19,811.22
LIABILITIES & EQUITY
Equity
Unrestricted Net Assets
19,811.22
37,468.30
Net Income
245.05
(17,657.08)
Total Equity
20,056.27
19,811.22
TOTAL LIABILITIES & EQUITY
20,056.27
19,811.22
See accountant's compilation report.
The Sebastian Clambake Foundation, Inc.
Statement of Support and Expenses - Cash Basis
May 2012 through April 2013
Page 1
See accountant's compilation report.
May'12 -Apr 13
May'11 - Apr 12
Ordinary Income /Expense
Income
Clambake Festival Income
Advertising
0.00
200.00
Ticket sales
147,618.40
155,067.72
Vendors
10,914.00
13,000.51
Sales tax
(9,722.13)
(10,886.06)
Clambake Festival Income - Other
166.81
0.00
Total Clambake Festival Income
148,977.08
157,382.17
Investments
Interest - Savings, Short-term CD
27.34
108.62
Total Investments
27.34
108.62
Sponsorships
11,321.25
11,390.00
Total Income
160,325.67
168,880.79
Cost of Goods Sold
Clambake Festival Expenses
Insurance
4,826.08
3,626.08
Depreciation
2,130.00
2,569.00
Advertising
5,674.00
5,576.25
Beer
7,636.75
7,606.50
Clams
10,804.01
10,081.00
Entertainment
16,557.87
12,732.50
Equipment rental & maintenance
1,046.87
1,010.00
Food
47,312.68
47,508.76
Fuel
2,395.18
2,405.74
Supplies
8,517.20
1,689.75
Prizes
490.00
400.00
Soda
3,263.50
1,996.80
Storage
2,151.50
2,151.50
T -Shirts
2,085.29
2,433.50
Total Clambake Festival Expenses
114,890.93
101,787.38
Total COGS
114,890.93
101,787.38
Gross Profit
45,434.74
67,093.41
Page 1
See accountant's compilation report.
The Sebastian Clambake Foundation, Inc.
d Statement of Support and
Expenses - Cash Basis
May 2012 through
April 2013
May'12 - Apr 13
May'11 - Apr 12
Expense
Administrative
Books, Subscriptions, Reference
170.00
0.00
Meetings
0.00
22.48
Postage
142.50
122.40
Printing and copying
547.34
0.00
Supplies
397.00
84.04
Taxes and licenses
(389.55)
116.25
Telephone, Telecommunications
107.40
0.00
Total Administrative
974.69
345.17
Professional fees
740.00
650.00
Total Expense
1,714.69
995.17
Net Ordinary Income
43,720.05
66,098.24
Other Income /Expense
Other Income
Sales tax collection allowance
0.00
50.38
Total Other Income
0.00
50.38
Other Expense
Grants and allocations
43,475.00
83,805.70
Total Other Expense
43,475.00
83,805.70
Net Other Income
(43,475.00)
(83,755.32)
Net Income
245.05
(17,657.08)
Page 2
See accountant's compilation report.