HomeMy WebLinkAbout2011The Sebastian Clambake Foundation, Inc.
a Florida not- for -profit cogsoration
Organizers of the World Famous
SEBASTIAN CLAMBAKE LAGOON FESTIVAL
TO: Sebastian City Council Members Fj
FROM: Dorri Bosworth, Secretary
Sebastian Clambake Foundation �?
DATE: February 1, 2012 c %�,eba ��l
SUBJECT: 2011 Sebastian Clambake Foundation Financials SOa�
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Attached please find a preliminary financial statement for the November 2011 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 2011 will not be filed until after
April 30, 2012. Since our books will not be closed until April 30, 2011, we respectfully ask for
an extension until June 2012 to furnish a copy of our 2011 Annual Report and Financial
Statements. If you have any questions, please contact me. Our books are always open for your
inspection by contacting Dot Judah. Thank you for your consideration in this matter.
1225 Main Street n Sebastian, Florida, 32958 a sebastianclambake @hotmaii.com
SEBASTIAN CLAMBAKE FOUNDATION
PRELIINARY FINANCIAL STATEMENT (UNAUDITED)
FEBRUARY 1, 2012
Beginnng Balance 6/1/11 $21,973.37
REVENUES
Donations
$6,390.00
Exhbitor/Vendor
$13,000.51
City of Sebastian Advertising
$5,000.00
Ticket Sales
$146,871.72
Kids Zone - Wrist Bands
$8,610.00
Interest
$79.24
Total Revenues
$179,951.47
EXPENSES
Administrative Charges
$7,617.30
Equipment
$2,004.15
Advertising
$5,406.25
Sales Tax
$10,859.57
Entertainment
$12,732.50
Festival Expenses
$74,581.57
Total Expenses
$113,201.34
2011 Beneficiary Payments
By the River $12,980.00
EOC $8,420.00
HALO $17,416.00
Sebastian Soccer Assn $19,000.00
2011 Membership Grants $9,500.00
To Be Distributed
2010 Rowing Team $12,230.00
BALANCE $9,177.50
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The Sebastian Clambake Foundation Inc.
Compiled Financial Statements
(Unaudited)
April 30, 2011
The Sebastian Clambake Foundation, Inc.
Statement of Assets, Liabilities & Fund Balance - Cash Basis
As of April 30, 2011
See accountant's compilation report.
Apr 30, 11
Apr 30, 10
ASSETS
Current Assets
Checking /Savings
Checking - RBC Bank
0.00
17,707.68
Checking - Oculina Bank
9,405.55
0.00
Money Market - Occulina Bank
22,443.74
0.00
Total Checking /Savings
31,849.29
17,707.68
Total Current Assets
31,849.29
17,707.68
Fixed Assets
Furniture and equipment
21,434.01
20,485.66
Accumulated depreciation
(15,815.00)
(13,440.00)
Total Fixed Assets
5,619.01
7,045.66
TOTAL ASSETS
37,468.30
24,753.34
LIABILITIES & EQUITY
Equity
Unrestricted Net Assets
24,753.34
23,671.62
Net Income
12,714.96
1,081.72
Total Equity
37,468.30
24,753.34
TOTAL LIABILITIES & EQUITY
37,468.30
24,753.34
See accountant's compilation report.
The Sebastian Clambake Foundation, Inc.
Statement of Support and Expenses - Cash Basis
May 2010 through April 2011
Ordinary Income /Expense
Income
Clambake Festival Income
Boatshow
Chowder contest
T -Shirt sales
Ticket sales
Vendors
Total Clambake Festival Income
Investments
Interest- Savings, Short-term CD
Total Investments
Sponsorships
Total Income
Cost of Goods Sold
Clambake Festival Expenses
Beer
Clams
Entertainment
Equipment rental & maintenance
Food
Fuel
Supplies
Prizes
Sales tax
Soda
Storage
T -Shirts
Total Clambake Festival Expenses
Total COGS
Gross Profit
May'10 - Apr 11 May'09 -Apr 10
250.00
650.00
246.00
419.00
76.00
1,245.00
123,977.55
153,738.00
15,320.00
14,950.00
139, 869.55
171, 002.00
213.74 _ 0.00
213.74 0.00
8,087.25 9,600.00
148,170.54 180,602.00
6,339.80
9,585.95
5,672.00
1,318.98
44,307.72
1,421.62
7,439.29
400.00
8,703.55
334.80
2,142.05
2,195.92_
-- 89,861.68
9,157.95
11,465.50
3,500.00
2,003.50
43,737.63
1,615.61
2,096.79
425.00
9,93Z61
5,645.52
2,135.30
1,952.30
93,667.71
89,861.68 93,667.71
58,308.86 86,934.29
Page 1
See accountant's compilation report.
The Sebastian Clambake Foundation, Inc.
Statement of Support and Expenses - Cash Basis
May 2010 through April 2011
Expense
Administrative
Meetings
Postage
Printing and copying
Supplies
Taxes and licenses
Total Administrative
Advertising
Depreciation
Insurance
Professional fees
Accounting fees
Total Professional fees
Total Expense
Net Ordinary Income
Other Income /Expense
Other Expense
Grants and allocations
Total Other Expense
Net Other Income
Net Income
May'10 -Apr 11
May'09 -Apr 10 \
25,234.00
67,000.00
168.76
249.13
104.80
143.71
0.00
5.00
187.06
196.35
116.25
___ 11_6.25
576.87
710.44
9,042.00
9,078.85
2,375.00
2,871.00
7,816.03
5,642.28
550.00
550.00
550.00
550.00
20,359.90 18,852.57
37,948.96 68,081.72
25,234.00
67,000.00
25,234.00
67,000.00
(25,234.00)
(67,000.00)
_
12,714.96
1,081.72
Page 2
See accountant's compilation report.
CLIENT CLAMBAKE
ANTHONY M. DONINI, CPA, PA
1623 US HWY 1 SUITE B -4
SEBASTIAN, FL 32958
(772) 388 -3301
July 8, 2011
SEBASTIAN CLAMBAKE FOUNDATION, INC
PO BOX 780436
SEBASTIAN, FL 32978
i
Dear Client:
sr.
Your 2010 Federal Return of Organization Exempt from Income Tax will be electronically filed
t
with the Internal Revenue Service upon receipt of a signed Form 8879 -EO - IRS e -file Signature
Authorization. No tax is payable with the filing of this return.
a` N
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Please be sure to call us if you have any questions.
Sincerely,
Anthony M. Denim CPA
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2010 FEDERAL EXEMPT ORGANIZATION TAX SUMMARY (EZ) PAGE 1I
SEBASTIAN CLAMBAKE FOUNDATION, INC 81- 0556556
2010
2009
DIFF
FORM 990 -EZ REVENUE
CONTRIBUTIONS, GIFTS, AND GRANTS............
8,087
9,600
-1,513
INVESTMENT INCOME ................. .............__.
214
0
214
NET INCOME (LOSS) - SPECIAL EVENTS.........
33,150
62,612
- 29,462
TOTAL REVENUE.._ ... .. .... .....:......_ .......... ....
41,451
72,212
- 30,761
EXPENSES
GRANTS AND SIMILAR AMOUNTS PAID....... ..
25,234
67,000
- 41,766
PROFESSIONAL FEES /PYMT TO CONTRACTORS.....
550
550
0
PRINTING, PUBLICATIONS, AND POSTAGE.._...
0
144
-144
OTHER EXPENSES..._ ........... ...... _.. _. ...... ...
2,952
3,437
-485
TOTAL EXPENSES .................. _........ _.........
28, 736
71,131
-42r395
NET ASSETS OR FUND BALANCES
EXCESS OR (DEFICIT) FOR THE YEAR............
12,715
1,081
11,634
NET ASSETS /FUND HAL. AT BEG. OF YEAR......
24,753
23,672
1,081
NET ASSETS /FUND HAL. AT END OF YEAR .... .
37,468
24,753
12,715