HomeMy WebLinkAbout2021 - 2022Sebastian Riverfront Fine Arts & Music Festival, Inc.
Compiled Financial Statements (Unaudited)
September 30, 2022
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 for the accompanying financial statements of Sebastian Riverfront
Fine Arts & Music Festival, Inc. (a non-profit organization), which comprise the statement of
financial position — cash basis as of September 30, 2022, and 2021 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.1 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
November 9, 2022
Sebastian Riverfront Fine Arts & Music Festival, Inc.
Statement of Activities - Cash Basis
September 30, 2022 and 2021
2022
Changes in net assets without donor
restrictions
Revenues
Direct public support
Sponsorship 3,250
Total direct public support 3,250
Rentals
Artist booth
13,825
Food booth
650
Administrative fee
2,013
Total rentals
16,488
T-shirts and posters 2,925
Total revenues 22,663
Expenses
Festival site operating expense
Artist breakfast
374
Artist goody bags
883
Awards/Judging
1,140
Entertainment
3,400
NO)PAI
118
Equipment rental
1,128
Insurance
740
On -site supplies
872
Permits
60
T-shirts
1,974
Total festival site operating expense
10,571 118
Operating expenses
Advertising
299
Bank charges
188
-
Dues
435
660
Postage and delivery
204
168
Printing and copying
314
-
Office supplies
249
100
Website
750
26
Total operating expenses
2,439
954
Other expenses
Charitable contributions
8,670
500
Accounting fees
300
411
State of Florida fees
71
10
Other costs
463
109
Total other expenses
9,504
1,030
Totalexpenses
22,514
2,102
Increase (decrease)in total net assets
149
(2,102)
Net assets at beginning of year
52,988
55,090
Net assets at end of year
53,136
52,988
Sebastian Riverfront Fine Arts & Music Festival, Inc.
Statement of Financial Position - Cash Basis
September 30, 2022 and 2021
2022 2021
Assets
Current assets
Checking/Savings 53,136 52,988
Total current assets 53,136 52,988
Total assets 53,136 52,988
Liabilities and net assets
Net assets
Without donor restrictions 53,136 52,988
Total net assets 53,136 52,988
Total liabilities and net assets 53,136 52,988