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Audit report

Dear President B.O. Wilkins

I have made an audit of the fiscal records of the 99th Infantry Division Association Inc., for the period from July 1, 2007 to June 30, 2008. This examination was made in accordance with generally accepted auditing standards and included tests and any other procedures deemed necessary under the circumstances.

The following statements are presented:

EXHIBIT A: Statement of Income and Expenses

EXHIBIT B: Balance Sheet

We present the attached statements in accordance with records provided to us for examination, review and audit for the fiscal year ended June 30, 2008.

During the period under review income amounted to $22,524.09, whereas expenditures amounted to $28,228.89. Since expenditures exceeded income in the amount of $5,704.80, the net worth of the Association was decreased to $103,051.72 as of June 30, 2008.

Every consideration was extended to me during the course of the review.

Harry Clifton, Auditor

EXHIBIT A
Statement of Income and Expenses
July 1, 2007 to June 30, 2008
 
INCOME
Membership Dues $15,230.00
Membership Donations 4,392.00
Checking Account Interest 43.74
Certificate of Deposit #6550846 Interest 1,353.72
Certificate of Deposit 36732820 Interest 1,504.63
Total Income $22,524.09
 
EXPENSES
Association Checkerboard 11,380.40
Insurance (Bond Premium) 114.00
Postage 242.63
PO Box Rent 104.00
Dues Notices 301.00
Office Supplies 259.00
AT&T Services 1,502.51
Flowers in Memory of Bob Hogan 95.50
Executive Director 12,000.00
Choral Director 1,000.00
Choral Manager 1,000.00
Choral Group 229.85
Total Expenses $28,228.89
Expenses in Excess of Income $5,704.80
 
EXHIBIT B
Balance Sheet
June 30, 2008
 
ASSETS
Central National Bank Account $14,487.99
Certificate of Deposit #6550846 39,718.91
Certificate of Deposit #6732820 48,844.82
Total Assets $103,051.72
 
NET WORTH
Surplus - June 30, 2007 $108,756.52
Net Loss (Exhibit A) (5,704.80)
Total Net Worth $103,051.72

Last modified May 19, 2009

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