APB agenda 082003 - Laserfiche WebLink

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Report of Independent Auditors COMPLIANCE "As part of obtaining reasonable assurance about whether the Foundation's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial amounts.... The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards." From Ernst & Young LLP's Report on Compliance, Financial Statements and Other Reports, issued to Golden LEAF (August 7, 2002) 12 Ernst & Young conducted an independent audit of Golden LEAF (Long -term Economic Advancement Foundation), Inc. in accordance with auditing standards generally accepted in the United States and the standards applicable to financial audits con- tained in the Government Auditing Standards issued by the Comptroller General of the United States. The audit reported an opinion from Ernst & Young that the Golden LEAF financial statements present fairly, in all material respects, the financial position of th'e Foundation as of June 30, 2002, and the results of its operations for the year then' „ended, in conformity with accounting principles generally accepted in the United States. Balance Sheet (As of June 30, 2002) Statement of Revenues, Expenses and Changes in Net Assets (Year Ended June 30, 2002) Ei1�S, t Proceeds from state settlement $87 917 940 ,. 3, ' Investment income (losses) (13,000,472).' ' Other rjcome 8 615 a t Total revenues : 74,923,626 3" FA EXPENS1r5 Grant distnbutions 10,439,432 3 rs Administrative costs 907,856 r , - Depreciation expense 18,933 - 11,366,221 Excess of revenues over expenses ' 63,557,405 Net assets at beginning of year 167,133,894 Net assets at end of.year $230,691,299 Measuring Up