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The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
The Midwest Sociological Society
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The Midwest Sociological Society

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  • 1. La Crosse, Wisconsin Financial Statements — Cash Basis Years Ended August 31, 2009 and 2008
  • 2. The Midwest Sociological Society Financial Statements – Cash Basis Years Ended August 31, 2009 and 2008 Table of Contents Independent Auditor’s Report.................................................................................1 Financial Statements – Cash Basis........................................................................2 Statements of Revenues, Expenses, and Changes in Net Assets..........................................3 Notes to Financial Statements..................................................................................................4
  • 3. Independent Auditor’s Report Board of Directors The Midwest Sociological Society La Crosse, Wisconsin We have audited the accompanying statements of assets, liabilities, and net assets arising from cash transactions of The Midwest Sociological Society as of August 31, 2009 and 2008, and the related statements of revenues, expenses, and changes in net assets – cash basis for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As described in Note 1, these financial statements were prepared on the basis of cash receipts and disbursements, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets and liabilities arising from cash transactions of The Midwest Sociological Society as 1
  • 4. of August 31, 2009 and 2008, and its revenue collected and expenses paid during the years then ended, on the basis of accounting described in Note 1. Wipfli LLP December 15, 2009 La Crosse, Wisconsin See accompanying notes to financial statements 2
  • 5. The Midwest Sociological Society Statements of Assets, Liabilities, and Net Assets August 31, 2009 and 2008 . 2
  • 6. The Midwest Sociological Society Statements of Revenues, Expenses, and Changes in Net Assets Years Ended August 31, 2009 and 2008 See accompanying notes to financial statements. 3
  • 7. Note 1 Summary of Significant Accounting Policies The Entity The Midwest Sociological Society (the “Organization”) is a not-for-profit corporation organized under the laws of the state of Missouri. The executive office is located in La Crosse, Wisconsin. Members of the Organization operate a professional society for the advancement of sociology in the Midwest region of the United States, including the states of North Dakota, South Dakota, Nebraska, Kansas, Missouri, Iowa, Minnesota, Wisconsin, and Illinois. The Organization publishes a newsletter, The Midwest Sociologist , and a scholarly journal, The Sociological Quarterly . The Organization also provides a forum for the discussion and presentation of sociological matter by providing an annual conference for members and others interested in sociology. The Organization supports professional and scholarly development by providing scholarships for undergraduate and advanced studies in the field of sociology. Basis of Accounting The accompanying financial statements have been prepared on the cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States. The cash basis of accounting differs from accounting principles generally accepted in the United States in that revenues are recognized when received rather than when earned and expenses are recognized when paid rather than when the obligation is incurred. Net Assets All assets have been recorded and reported as unrestricted net assets because all are available for use in carrying out the mission of the Organization and are
  • 8. not subject to either temporary or permanent donor restrictions.
  • 9. Note 1 Summary of Significant Accounting Policies (Continued) Income Taxes The Organization is a not-for-profit corporation as described in Code Section 501(c)(3) of the Internal Revenue Code and is exempt from federal and state income taxes on related income pursuant to Section 501(a) of the Code. The Organization has been classified as a publicly supported organization which is not a private foundation under Section 509(a) of the code. Use of Estimates The preparation of financial statements in conformity with the cash basis of accounting requires management to make estimates and assumptions that affect certain reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Cash and Cash Equivalents The Organization considers all unrestricted highly liquid investments with initial maturity of three months or less to be cash and cash equivalents. Investments Investments in mutual funds, including money market mutual funds, are stated at their fair value based on the market value of the underlying securities. Realized and unrealized gains and losses on investments are included in the change in net assets. The cost of investments sold is determined by the average cost method. Funds Held for Others
  • 10. maintains the accounts of The Midwest Council for Social Research in Aging The and in return, receives investment income on the funds. Organization
  • 11. Note 2 Fair Value Measurements The Organization has adopted FASB Statement No. 157, Fair Value Measurements . This statement describes three levels of inputs that may be used to measure fair value (the fair value hierarchy). The level of an asset or liability within the fair value hierarchy is based on the lowest level of input significant to the fair value measurement of that asset or liability. Following is a brief description of each level of the fair value hierarchy: Level 1 - Fair value measurement is based on quoted prices for identical assets or liabilities in active markets. Level 2 - Fair value measurement is based on (1) quoted prices for similar assets or liabilities in active markets, (2) quoted prices for identical or similar assets or liabilities in markets that are not active, or (3) valuation models and methodologies for which all significant assumptions are or can be corroborated by observable market data. Level 3 - Fair value measurement is based on valuation models and methodologies that incorporate at least one significant assumption that cannot be corroborated by observable market data. Level 3 measurements reflect the Organization's estimates about assumptions market participants would use in measuring fair value of the asset or liability. Some assets and liabilities, such as securities available for sale, are measured at fair value on a recurring basis under accounting principles generally accepted in the United States. Other assets and liabilities, such as impaired loans, are measured at fair value on a nonrecurring basis.
  • 12. Note 2 Fair Value Measurements (Continued) Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at August 31, 2009. Mutual funds : Valued at the net asset value (NAV) of shares held by the Organization at year-end. The preceding method described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Organization believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. Note 3 Investments The historical cost and fair value of investments, including cash and cash equivalents held within the investment accounts, at August 31, 2009 and 2008, is as follows:
  • 13. Note 3 Investments (Continued) The following summarizes investment activity for the years ended August 31, 2009 and 2008: The following summarizes investment return for the years ended August 31, 2009 and 2008: Note 4 Unrestricted Net Assets Periodically the Board of Directors designates the segregation of net assets for specific purposes or projects. The designations are entirely voluntary and may be reversed, modified, or rescinded by the Board at any time. The Board of Directors has designated funds for the following purposes: The Harry Crocket Jr. Endowment Fund was established to provide operational support for The Midwest Sociological Society.
  • 14. Note 4 Unrestricted Net Assets (Continued) The Sociological Quarterly Fund represents a portion of net income from publications and is maintained to defray editorial office expenses. The William Exum Minority Scholarship Fund was established to provide support to minority graduate students enrolled at universities in the Midwest. The Executive Committee Fund is to maintain a minimum balance of $5,000 to be spent at the discretion of the Executive Committee. At August 31, 2009 and 2008, net assets were designated by the Board of Directors as follows:

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