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MSSM FOUNDATION FINANCIAL STATEMENTS JUNE 30, 2012

                     

Chad Bartley, CPA – Certified Public Accountant


TABLE OF CONTENTS PAGE ACCOUNTANTS’ REVIEW REPORT

1

STATEMENT OF FINANCIAL POSITION

2

STATEMENT OF ACTIVITIES

3

STATEMENT OF FUNCTIONAL EXPENSES

4

STATEMENT OF CASH FLOWS

5

NOTES TO FINANCIAL STATEMENTS

Chad Bartley, CPA – Certified Public Accountant

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MSSM FOUNDATION STATEMENT OF FINANCIAL POSITION JUNE 30, 2012

ASSETS Cash Beneficial interests in assets held by others

104,315 291,157

TOTAL ASSETS

395,472

LIABILITIES Accounts payable

3,091

TOTAL LIABILITIES

3,091

NET ASSETS Unrestricted Temporarily restricted

101,224 291,157

TOTAL NET ASSETS

392,381

TOTAL LIABILITIES AND NET ASSETS

395,472

See notes to financial statements See accountants' review report

‐2‐ Chad Bartley, CPA - Certified Public Accountant


MSSM FOUNDATION STATEMENT OF ACTIVITIES FOR THE YEAR ENDED JUNE 30, 2012 UNRESTRICTED NET ASSETS UNRESTRICTED REVENUES AND GAINS Contributions Endowment income Grant income Other income TOTAL UNRESTRICTED REVENUES AND GAINS NET ASSETS RELEASED FROM RESTRICTIONS Duncan Innes Fund Faculty Profesional Development MP Cesare Memorial Fund Allen B. Downey Fund Stanley Marshall Fund P & J Haddow Fund Geo. Fullenkamp Fund Friends Endowment Fund The Bergen Fund General Endowment Fund TOTAL UNRESTRICTED REVENUES AND GAINS AND OTHER SUPPORT EXPENSES Management and general Program services TOTAL EXPENSES INCREASE IN UNRESTRICTED NET ASSETS

60,181 7,390 6,500 17,446 91,517

2,420 507 361 1,227 527 507 549 693 493 1,804 100,605

13,772 77,757 91,529 9,076

TEMPORARILY RESTRICTED NET ASSETS MP Cesare Memorial Fund David & Alice Haines Fund Geo. Fullenkamp Fund General Endowment Fund Interest and dividend income Realized and unrealized gain on investments Net assets released from restrictions INCREASE IN TEMPORARILY RESTRICTED NET ASSETS

955 5,000 250 32,251 2,123 1,433 (9,088) 32,924

INCREASE IN NET ASSETS

42,000

NET ASSETS, BEGINNING OF YEAR

350,381

NET ASSETS, END OF YEAR

392,381

See notes to financial statements See accountants' review report

‐3‐ Chad Bartley, CPA - Certified Public Accountant


MSSM FOUNDATION STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED JUNE 30, 2012

MANAGEMENT AND GENERAL Student assistance Purchased services Program enhancements Accounting Advertising Professional development Bank and investment fees Insurance expense Office expenses Venture Fund Grant expenses Alumni and parent expenses Travel Dues Duncan Innes Fund Faculty Profesional Development MP Cesare Memorial Fund Allen B. Downey Fund Stanley Marshall Fund P & J Haddow Fund Geo. Fullenkamp Fund Friends Endowment Fund The Bergen Fund General Endowment Fund

PROGRAM SERVICES 30,569 12,000 1,976

2,471 1,635 2,124 728 1,052 4,648 11,435 7,855 4,834 663 451 2,420 507 361 1,227 527 507 549 693 493 1,804 13,772

See notes to financial statements See accountants' review report

‐4‐ Chad Bartley, CPA - Certified Public Accountant

77,757


MSSM FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED JUNE 30, 2012

CASH FLOWS FROM OPERATING ACTIVITIES Increase in net assets Adjustments to increase in net assets Change in beneficial interests in assets held by others Change in accounts payable Total adjustments Net cash provided by operating activities NET INCREASE IN CASH

42,000 (32,924) (4,140) (37,064) 4,936 4,936

CASH AT BEGINNING OF YEAR

99,379

CASH AT END OF YEAR

104,315

See notes to financial statements See accountants' review report

‐5‐ Chad Bartley, CPA - Certified Public Accountant


MSSM FOUNDATION NOTES TO FINANCIAL STATEMENTS (1)

SIGNIFICANT ACCOUNTING POLICIES MSSM Foundation’s policy is to prepare its financial statements in conformity with generally accepted accounting principles as applied to non-profit organizations. Accordingly, the Foundation is required to report information regarding its financial position, activities, functional expenses and cash flows according to three classes of net assets: unrestricted net assets, temporarily restricted net assets and permanently restricted net assets. MSSM Foundation is a not-for-profit organization that was founded to enhance and support the Maine School of Science and Mathematics through student scholarships, technology support and enhancement of instructors and staff. The Foundation was founded in 1994 and is governed by a volunteer board of directors. For purposes of the statement of cash flows, the Foundation includes all highly liquid debt instruments purchased with a maturity of 3 months or less as part of cash. The preparation of financial statements requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates. The Foundation’s financial instruments consist of cash, cash equivalents and accounts payable. The fair values for the financial instruments that are current liabilities or current assets approximate their carrying amounts. Contributions and gifts in a form other than cash are recorded at fair market value at the date such assets are received. However, donated services are only recognized if they require specialized skills, are provided by those individuals or companies that possess those skills and would need to be purchased if they were not donated. It is the Foundation’s policy to expense advertising costs as incurred. The Foundation had advertising costs of $1,635 for the year ended June 30, 2012. The Foundation has considered and disclosed all subsequent events occurring through September 4, 2012.

(2)

INCOME TAXES The Foundation has been granted tax exempt status under Section 501(c)(3) of the Internal Revenue Code and classified by the Internal Revenue Service as other than a private foundation.

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Chad Bartley, CPA – Certified Public Accountant


MSSM FOUNDATION NOTES TO FINANCIAL STATEMENTS (cont’d.) (3)

BENEFICIAL INTERESTS IN ASSETS HELD BY OTHERS The Foundation is an income beneficiary of assets held by the Maine Community Foundation (MCF) as a result of making nonreciprocal transfers of assets to the MCF and specifying itself as the beneficiary. As such, the Foundation receives distributions based on the fair market values of these assets each year. However, the Board of Trustees of the MSSM Foundation has the power to modify, consistent with State law including seeking approval of the appropriate court or Attorney General, where applicable, any restriction or condition on the distribution of funds for any specified organization if, in the sole judgment of the Board (without the necessity of the approval of any participating trustee, custodian or agent), such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community. Annual distributions from these assets have been reported as assets released from temporary restrictions. The estimated fair market value of the beneficial interests in the assets, which approximate the present values, are recognized in the statement of financial position as beneficial interests in assets held by others as follows: Duncan Innes Fund Faculty Professional Development MP Cesare Memorial Fund Allen B. Downey Fund Stanley Marshall Fund P & J Haddow Fund Geo. Fullenkamp Fund Friends Endowment Fund The Bergen Fund David & Alice Haines Fund General Endowment Fund

$ 64,698 11,411 12,936 29,217 11,470 11,287 13,099 16,921 11,034 4,951 104,133 $291,157

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Chad Bartley, CPA – Certified Public Accountant

MSSM 2012 Financial Review  

MSSM 2012 Financial Review