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Home My WebLink About201206110/2012 20:44 7723880810 ANTHONY DONINI CPA P PAGE 02 The Sebastian Clambake Foundation Inc. Compiled Financial Statements (Unaudited) April 30, 2012 06/10/2012 20:44 7723880810 ANTHONY DONINI CPA P PAGE 03 1623 US Hwy 1, Suite B-4 Sebastian, FL 32958 Telephone: (772) 388-3301 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, 2012 and 2011, 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 a 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. I am not independent with respect to Sebastian Clambake Foundation Inc. for the fiscal years ended April 30, 2012 and 2011. June 7, 2012 06110/2012 20:44 7723880810 ANTHONY DONINI CPA P PAGE 04 The Sebastian Clambake Foundation, Inc. Statement of Assets, Liabilities & Fund Balance - Cash Basis As of April 30, 2412 ASSETS Current Assets Checking /Savings Checking - Oculina Bank Oculina Bank - Beneficiary acct. Total Checking /Savings Total Current Assets Fixed Assets Furniture and equipment Accumulated depreciation Total Fixed Assets TOTAL ASSETS LIABILITIES & EQUITY Equity Unrestricted Net Assets Net Income Total Equity TOTAL LIABILITIES & EQUITY Apr 30, 12 Apr 30, 11 8,784.20 9,405.55 6,062.66 22,443.74 14, 846.86 31, 849.29 14,846.86 31,849.29 23, 348.36 21, 434.01 (18,384.00) (15,815.00) 4,964.36 5,619.01 19,811.22 37,468.30 37,468.30 24,753.34 (17,657.08) 12,714.96 19,811.22 37,468.30 19,811.22 37,468.30 See accountant's compilation report. 0611012012 20:44 7723880810 ANTHONY DONINI CPA P PAGE 05 The Sebastian Clambake Foundation, Inc. Statement of Support and Expenses - Cash Basis May 2011 through April 2012 Page 1 See accountant's compilation report. May '11 - Apr 12 May'10 - Apr 11 Ordinary Income /Expense Income Clambake Festival Income Advertising 200.00 0.00 Boat show 0.00 250.00 Chowder contest 0.00 246.00 T-Shirt sales 0.00 76.00 Ticket sales 155,067.72 123,977.55 Vendors 13,000.51 15,320.00 Sales tax (10,886.06) (8,703.55) Total Clambake Festival Income 157,382.17 131,166.00 Investments Interest - Savings, Short-term CD 108.62 213.74 Total Investments 108.62 213.74 Sponsorships 11,390.00 8,087.25 Total Income 168,880.79 139,466.99 Cost of Goods Sold Clambake Festival Expenses Insurance 3,626.08 7,816.03 Depreciation 2,569.00 2,375.00 Advertising 5,576.25 9,042.00 Beer 7,606.50 6,339.80 Clams 10,081.00 9,585.95 Entertainment 12,732,50 5,672.00 Equipment rental & maintenance 1,010.00 1,318.98 Food 47,508.76 44,307.72 Fuel 2,405.74 1,421.62 Supplies 1,689.75 7,439.29 Prizes 400.00 400.00 Soda 1,996.80 334.80 Storage 2,151.50 2,142.05 T -Shirts 2,433.50 2,195.92 Total Clambake Festival Expenses 101,787.38 100,391.16 Total COGS 101,787.38 1.00,391.16 Gross Profit 67,093.41 39,075.83 Page 1 See accountant's compilation report. 06110/2012 20:44 7723880810 ANTHONY DONINI CPA P PAGE 06 The Sebastian Clambake Foundation, Inc. Statement of Support and Expenses - Cash Basis May 2011 through April 2012 May'11 - Apr 12 May'10 - Apr 11 Expense Administrative Meetings Postage Supplies Taxes and licenses Total Administrative Professional fees Accounting fees Total Professional fees Total Expense Net Ordinary Income Other Income /Expense Other Income Sales tax collection allowance Total Other Income Other Expense Grants and allocations Total Other Expense Net Other Income Net Income Page 2 See accountant's compilation report. 22.48 168.76 122.40 104.80 84.04 187.06 116.25 116.25 345.17 576.87 650.00 550.00 650.00 550.00 995.17 1,126.87 66,098.24 37,948.96 50.38 50.38 83,805.70 83,805.70 (83,755.32) (17,657.08) 0.00 0.00 25,234.00 25,234.00 (25,234.00) 12,714.96 Attached please find a preliminary financial statement for the November 2012 Clambake Festival. The Clambake Foundation's agreement with the City of Sebastian states that the Clambake Foundation will provide to the City an annual financial report, prepared and certified by a Certified Public Accountant, showing all Foundation revenue and expenses within 120 days of the last day of the Clambake. Unfortunately the Clambake Foundation's fiscal year runs from May 1 through April 30. Therefore, our Annual Report for 2012 will not be filed until after April 30, 2013. Since our books will not be closed until April 30, 2013, we respectfully ask for an extension until June 1, 2013 to furnish a copy of our 2012 Annual Report and audited Financial Statements. Our books are always open for your inspection by contacting Dot Judah (772) 589 -4873. Thank you for your consideration in this matter. SEBASTIAN CLAMBAKE REPORT — DEPOSITS AND CHECKS FROM AUGUST 1, 2012 TO DECEMBER 31, 2012 Check #1130 Affordable Water 247.50 1131 Rob Messersmith 107.40 1132 Total Print 547.34 1133 City of V. B. 710.00 1134 I.R. Cty Fire & Life 30.00 1135 SRA Chamber of Commerce 170.00 1136 Kim Arthlip Refund 187.25 1137 MN Worldwide 2085.29 1138 Randy's 90.00 1139 Alcoholic Bev. & Tobacco 25.00 1140 PBC 3263.50 1141 Parks Rental 125.43 1142 Schutt Ins Services 4826.08 1143 Sysco 300.00 1144 Nick DeRosa -Sound Man 2,500.00 1145 Honey Miller, LLC 400.00 1146 Williard Stevenback 600.00 1147 Adam Azar 450.00 1148 Bob Coleman 450.00 1149 Vintage The Band, Inc. 600.00 1150 Bruce Marion 400.00 1151 Void 1152 Doug Caple 200.00 1153 Vero Flash — AD 25.00 1154 PIP Printing 1,000.00 1155 Cash for Booths 2,000.00 1156 Alan Dobson (Face Paint) 30.47 1157 Void 1158 Julia Edwards (all about Noth.) 500.00 1159 Mary Swanson — clam contest 100.00 1160 Susan Crabtree clam contest 100.00 1161 Elizabeth Kabsch — clam contest 100.00 1162 Mary Swanson — overall winner 100.00 1163 Void 1164 CNL Entertainment 9,162.00 1165 J.J. Taylor 7,636.75 1166 Fireman's Express 715.40 1167 All Star Ice of Central Fl 6,600.00 1168 Brevard Equestrian Center 350.00 1169 AmeriGas Propane 2,395.18 1170 Aquagem Farms, Inc. Clams 10,804.01 1171 Sysco 44,605.18 1172 Wolf Creek — Pizza 2,160.00 1173 Doug Caple 200.00 1174 Acorn Storage 2,151.50 1175 Pat Riviezzo 66.08 Cash receipts for Annie 27.20 Bob 17.48 Sal 31.40 1176 Idea Garden Advertising 5,634.00 Beneficiaries 1177 By The River 9,400.00 1178 HALO 4,500.00 1179 Seb. Charter Jr. HS 16,400.00 1180 SRHS Crew 1,500.00 1181 American Legion 1,500.00 Members D.F. 1182 Seb. Soccer Assoc. 1,500.00 1183 Kashi 1,500.00 1184 SRHS Rowing Club 1,500.00 1185 SPOA 1,000.00 1186 GFWC 1,500.00 1187 SRHS Athletic 1,500.00 1188 Knights of Columbus 1,500.00 TOTAL CHECKS $158,264.36 DEBITS 1,804.31 TAXES 9,722.13 TOTAL EXPENSES $169,790.80 TOTAL DEPOSITS $172,547.71 Beg. Bal 8,195.45 Total deposits 172,547.71 Total expense 169,790.80 Bal in checking as of 12 -31 -12 10,952.36 Bal in beneficiary 6,078.67 Paid $288 in cash to Matthew Perry for hay not in totals Dot Judah Treasurer