HomeMy WebLinkAbout2024Sebastian Riverfront Fine Arts & Music Festival, Inc.
Compiled Financial Statements (Unaudited)
September 30, 2024
ACCOUNTANT'S COMPILATION REPORT
To the Board of Directors,
Sebastian Riverfront Fine Arts & Music Festival, Inc.
PO Box 780086
Sebastian, Florida 32978
Management is responsible fort he accompanying financial statements of Sebastian Rive rfront
Fine Arts & Music Festival, Inc. (a non-profit organization), which comprise the statement of
financial position — cash basis as of September 30, 2024, and 2023 and the related statement
of activities — cash basis for the years then ended in accordance with the cash basis of
accounting, and for determining that the cash basis of accounting is an acceptable financial
reporting framework. I have performed compilation engagements in accordance with
Statements on Standards for Accounting and Review Services promulgated by the Accounting
and Review Services Committee of the AICPA. I did not audit or review the financial statements
nor was I required to perform any procedures to verify the accuracy or completeness of the
information provided by management. I do not express an opinion, a conclusion, nor provide
any assurance on these financial statements.
The financial statements are prepared in accordance with the cash basis of accounting, which is
a basis of accounting other than accounting principles generally accepted in the United States
of America.
Management has elected to omit substantially all the disclosures ordinarily included in financial
statements prepared in accordance with the cash basis of accounting. If the omitted disclosures
were included in the financial statements, they might influence the user's conclusions about
the organization's assets, liabilities, equity, revenue, and expenses. Accordingly, the financial
statements are not designed for those who are not informed about such matters.
Jenna Evans, MBA, CPA
October 26, 2024
Sebastian Riverfront Fine Arts & Music Festival, Inc.
Statement of Financial Position - Cash Basis
September 30, 2024 and 2023
2024 2023
Assets
Current assets
Checking/Savings 44,932 47,354
Total current assets 44,932 47,354
Total assets 44,932 47,354
Liabilities and net assets
Net assets
Without donor restrictions 44,932 47,354
Total net assets 44,932 47,354
Total liabilities and net assets 44,932 47,354
Sebastian Riverfront Fine Arts & Music Festival, Inc.
Statement of Activities - Cash Basis
September 30, 2024 and 2023
2024 2023
Changes in net assets without donor
restrictions
Revenues
Direct public support
Sponsorship 7,300 6,500
Donations - 67
Total direct public support 7,300 6,567
Rentals
Artist booth
19,905
19,500
Food booth
1,200
1,650
Administrative fee
2,486
21196
Total rentals
23,591
23,346
T-shirts and posters
1,819
4,114
Total revenues
32,710
34,027
Expenses
Festival site operating expense
Artist breakfast
409
800
Artist goody bags
696
1,223
Awards/Judging
1,000
1,100
Entertainment
4,699
4,300
Equipment rental
11286
1,286
Insurance
11571
740
On -site supplies
58
204
Parking
-
250
Permits
60
60
T-shirts
2,210
2,601
Total festival site operating expense
11,989
12,564
Operating expenses
Advertising
4,997
5,861
Bank charges
436
279
Dues
445
435
Postage and delivery
262
255
Printing and copying
460
476
Office supplies
953
69
Website
516
515
Total operating expenses
8,069
7,890
Other expenses
Charitable contributions
14,144
17,586
Accounting fees
300
300
State of Florida fees
61
61
Meeting costs
320
643
Other costs
249
765
Total other expenses
15,074
19,355
Total expenses
35,132
39,809
Increase (decrease) in total net assets
(21422)
(5,782)
Net assets at beginning of year
47,354
53,136
Net assets at end of year
44,932
47,354