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HomeMy WebLinkAbout2009-10 Mt Ashland Review Report I I I I I I I I I I I I I I I I I I I MT. ASHLAND ASSOCIATION REVIEW REPORT For The Years Ended June 30, 2010 and 2009 RICHARD W. BREWSTER, CPA, PC CERTIFIED PUBLIC ACCOUNTANT MEDFORD I I I I I I I I I I I I I I I I I I I MT. ASHLAND ASSOCIATION For the Years Ended June 30, 2010 and 2009 TABLE OF CONTENTS Paqe Accountants Review Report 1 Financial Statements: Statements of Financial Position 2 Statements of Activities 3 Statements of Cash Flows 4 Notes to Financial Statements 5-12 Supplementary Information Schedules of Functional Expenses 13-14 I I I I I I I I I I I I I I I I I I I ACCOUNTANT'S REVIEW REPORT I I I I I I I I I I I I I I I I I I I RICHARD W. BREWSTER, CPA, PC CERTIFIED PUBLIC ACCOUNTANT 670 SUPERIOR COURT, # 106 MEDFORD, OREGON 97504 (541) 773-1885. FAX (541) 770-1430 www.rwbrewstercpa.com ACCOUNTANT'S REVIEW REPORT To the Board of Directors of Mt. Ashland Association Ashland, Oregon 97520 I have reviewed the accompanying statements of financial position of Mt. Ashland Association, (a not-for-profit corporation), as of June 30, 2010, and 2009, and the related statements of activities and cash flows for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All infonnation included in these financial statements is the representation of the management of Mt. Ashland Association. A review consists principally of inquiries of Association personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, I do not express such an opinion. Based on my review, I am not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with generally accepted accounting principles. My review was made for the purpose of expressing limited assurance that there are no material modifications that should be made to the financial statements in order for them to be in conformity with generally accepted accounting principles. The infonnation included in the accompanying Schedule of Functional Expenses is presented only for supplementary analysis purposes. Such information has not been subjected to inquiry and analytical procedures applied in the review of the basic financial statements, but was compiled from infonnation that is the representation of . management, without audit or review. Accordingly, I do not express an opinion or any other form of assurance on the supplementary infonnation. This report is intended solely for the information and use of the Board of Directors, management, and others within the Association, and is not intended to be, and should not be, used by anyone other than these specified parties. ~ -' ,~ Rich'ard W. Brewster Certified Public Accountant August 30,2010 -1- I I I I I I I I I I I I I I I I I I I FINANCIAL STATEMENTS 1 MT. ASHLAND ASSOCIATION , Statements of Financial Position June 30, 2010 and 2009 2010 2009 ASSETS Current assets Cash and cash equivalents $ 124,797 $ 516 Investments 210,851 11,872 Accounts receivable 1,500 3,636 Prepaid rent and deposits 7,420 31,108 ' Inventory 11,627 17,466 Total current assets 356,195 64,598 Buildings and equipment 4,092,010 4,084,287 Less accumulated depreciation (2,439,157) (2,285,953) ' Net buildings and equipment 1,652,853 1,798,334 Contributed facilities lease-net 530,070 605,625 , TOTAL ASSETS $ 2,539,118 $ 2,468,557 ' LIABILITIES AND NET ASSETS Current liabilities ' Accounts payable-trade $ 3,424 $ 24,731 Accrued expenses 44,538 30,841 Line of credit - 29,000 Current portion long-term debt 34,446 31,292 , Deferred revenues 533,482 263,498 Total current liabilities 615,890 379,362 ' Long-term liabilities Note payable 79,655 114,100 ' Total long-term liabilities 79,655 114,100 TOTAL LIABILITIES 695,545 493,462 NET ASSETS Unrestricted 1,296,867 1,362,834 ' Temporarily restricted 546,706 612,261 TOTAL NET ASSETS 1,843,573 1,975,095 TOTAL LIABILITIES AND NET ASSETS $ 2,539,118 $ 2,468,557 ' See accompanying notes and accountant's review report. , -2- ' I I MT. ASHLAND ASSOCIATION Statements of Activities For the Years Ended June 30, 2010 and 2009 I 2010 2009 REVENUES AND SUPPORT Service fees I Sales $ 1,701,841 $ 1,642,850 Rental income 175,319 151,249 Other income 7,920 4,477 I Total service fees 1,885,080 1,798,576 Other support I Contributions 137,700 159,007 Investment income 626 1,710 Le9al reimbursement 32,910 I Total other support 138,326 193,627 Total revenue and support 2,023,406 1,992,203 I EXPENSES Program expenses Tickets 150,215 140,051 I Ski lifts 283,066 349,674 Ski patrol 67,482 79,796 Vehicles 173,606 188,146 I Groomin9 51,661 49,086 Buildings and 9rounds 151,434 157,943 Slopes 2,924 2,197 Lodge 32,546 29,052 I Cafe 162,030 167,143 Bar 39,349 39,697 Retail 47,002 52,438 I Rental shop 64,135 106,538 Ski school 116,752 99,407 Development 49,697 60,734 Youth and education 7,338 50,393 I General and administrative 590,337 599,754 Marketing 99,799 144,561 Total expenses 2,089,373 2,316,610 I Decrease in unrestricted net assets (65,967) (324,407) I Temporarily restricted net assets Contributions 214,288 211,082 Net assets released from restriction (279,843) (286,637) I Total decrease in temporarily restricted net assets (65,555) (75,555) Total decrease in net assets (131,522) (399,962) I NET ASSETS Be9innin9 of year 1,975,095 2,375,057 End of year $ 1,843,573 $ 1,975,095 I See accompanying notes and accountant's review report. I -3- I I MT. ASHLAND ASSOCIATION Statements of Cash Flows For the Years Ended June 30, 2010 and 2009 I 2010 2009 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets $ (131,522) $ (399,962) I Adjustments to reconcile change in net assets to net cash from operating activities Depreciation 153,204 225,480 I Amortization of contributed lease facility 75,555 75,555 Interest and dividends reinvested (30) (706) (Increase) decrease in accounts receivable 2,136 2,578 I (Increase) decrease in prepaid rent and deposits 23,688 (28,858) Increase (decrease) in inventory 5,839 (2,781) Increase (decrease) in accounts payable - trade (21,307) (2,008) I Increase (decrease) in accrued expenses 13,697 (3,667) Increase (decrease) in line of credit (29,000) 29,000 Increase (decrease) in deferred revenue 269,984 (39,727) I Total adjustments 493,766 254,866 NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 362,244 (145,096) I CASH FLOWS FROM INVESTING ACTIVITIES (Increase) decrease from investments (200,357) 102,899 I Cash payments for the purchase of buildings and equipment (6,315) (73,753) NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (206,672) 29,146 I CASH FLOWS FROM FINANCING ACTIVITIES Payment of long-term debt (31,291) (28,428) I NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES (31,291) (28,428) NET INCREASE (DECREASE) IN CASH 124,281 (144,378) I CASH AT BEGINNING OF YEAR 516 144,894 I CASH AT END OF YEAR $ 124,797 $ 516 Supplemental Disclosures I Interest paid $ 18,208 $ 19,338 I I I See accompanying notes and accountant's review report. I -4- I I I I I I I I I I I I I I I I I I I NOTES TO FINANCIAL STATEMENTS The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. I I I I I I I I I This summary of ~ignificant accounting policies of Mt. Ashland Association is presented to assist in understanding the Association's financial statements. The financial statements and notes are I representations of the Association's management who is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States, unless otherwise stated, and have been consistently applied in the preparation of the financial I statements. I I I , I I I I MT. ASHLAND ASSOCIATION Notes to Financial Statements For the Years Ended June 30, 2010 and 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PURPOSE OF THE ORGANIZATION Mt. Ashland Association (the Association) is a not-for-profit organization, established under the laws of the State of Oregon to provide educational and recreational opportunities to the members of the general public in Jackson County, Oregon. The Association offers comprehensive winter recreation services and educational programs to residents of Southern Oregon and Northern California through the operation of the Mt. Ashland Ski Area. Mt. Ashland prides itself on being affordable to families and youth and is host to an average of over 80,000 skier visits per season. Over 1,000 youths participate in Mt. Ashland's after-school programs. The Association provides and continues to develop new ways to contribute to our youth and many educational programs and related benefits to the communities of Southern Oregon and Northern California. The Association expects to continue the following programs and expand on the educational awareness programs of after school youth ski and snowboard, ski/snowboard school, kids club, mountain geology/snow science and environmental/youth summer service. The approximate costs of providing these programs were $254,910 and $307,806 for the years ended June 30, 2010, and 2009, respectively. BASIS OF ACCOUNTING AND PRESENTATION The accompanying financial statements have been prepared in accordance with FASB Accounting Standards Codification (ASC) 958-205 and its subsections. ASC 958-205 establishes standards for external financial reporting for not-for-profit organizations, and requires the Association to report information regarding its financial position and activities into three classes of net assets according to externally (donor) imposed restrictions. In addition, it requires that unconditional promises to give (pledges) be recorded as receivables and revenues, and requires the organization to distinguish between contributions for each net asset category in accordance with donor imposed restrictions. Descriptions of the three net asset categories, as presented on the Statement of Activities, are as follows: 1) Unrestricted net assets have no donor imposed restrictions. 2) Temporarily restricted net assets have donor-imposed restrictions that will expire in the future. 3) Permanently restricted net assets have donor-imposed restrictions, which do not expire. -5- I I I I I I I I I I I I I I I I I I I MT. ASHLAND ASSOCIATION Notes to Financial Statements (Continued) For the Years Ended June 30, 2010 and 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Unrestricted net assets consist of the general operating fund of the Association and are available for use at the discretion of the Board of Directors. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. INCOME TAXES The Association is a Not-For-Profit Organization that is exempt from federal income taxes under Section 501 (c)(3) of the U.S. Internal Revenue Code. The Association has also been classified as an entity that is not a private foundation within the meaning of Section 509(a), and qualifies for deductible contributions as provided in Section 170 (b)(1 )(A)(iii). There was no unrelated business income for the years ended June 30, 2010, and 2009. BUILDINGS AND EQUIPMENT The Association capitalizes all expenditures for buildings and equipment if they are considered to benefit future periods. Purchased buildings and equipment are carried at cost and are considered to be owned by the Association. Donated buildings and equipment are carried at the approximate fair value at the date of donation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. CASH AND CASH EQUIVALENTS For purposes of the statement of cash flows, the Association considers all unrestricted highly liquid investments, with an initial maturity of three months or less, to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value. INVESTMENTS Investments consist primarily of a money market account. The Association accounts for investments in accordance with FASB ASC 958-320 and subsections. This standard requires that investments in be measured at fair value in the statement of financial position. Fair value for the Association's investments is based on quoted market prices. Investments are exposed to various risks such as significant world events, interest rate, credit, and overall market volatility risks. Due to the level of risk associated with certain investments securities, it is reasonably possible that changes in the fair value of investments will occur in the near term and that such changes could materially affect the amounts reported in the statement of financial position. -6- Accounts Receivables are stated at the amount management expect to collect from outstanding balances at year end. Receivables are written off when they are determined to be uncollectible. I I I I I I I Inventory consists of food, beverages and ski area related retail merchandise. Inventory is valued at I cost. Cost is determined using a first-in, first-out method of inventory valuation. I MT. ASHLAND ASSOCIATION Notes to Financial Statements (Continued) For the Years Ended June 30, 2010 and 2009 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The Association has invested funds with Umpqua Investments, Inc. The funds are managed by Steven Nelson, the assigned financial advisor by Umpqua Investments, Inc. The portfolio assets consist of a bank deposit sweep account. The monies are held in an interest-bearing deposit account at one or more banks. The investment income includes interest income resulting from the investment fund. The cost and the income generated as a result of the investment are reported in the Statement of Activities. ACCOUNTS RECEIVABLE INVENTORY ADVERTISING Advertising costs are expensed as incurred. Advertising expense for the years ended June 30, 2010, I and 2009 totaled $42,174 and $42,461, respectively. REVENUE All contributions are considered to be available for unrestricted use unless specifically restricted by the donor. Amounts received that are designated for future periods or restricted by the donor for specific purposes are reported as temporarily restricted or permanently restricted support that increases those net asset classes. When a temporary restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. I The Association's revenue is derived primarily from ski operations including season pass sales, lift ticket sales, lodge sales, bar sales, cafe sales, equipment rentals and ski school income. Sales I revenue is recognized when purchases are made, with the exception of season pass sales. Season passes sold during the "Spring Pass" promotion cover the entire following ski season. Management defers this revenue, relating to the following season, into the following fiscal year or until earned. I Deferred revenue for the years ended June 30, 2010, and 2009 was $533,482 and $263,498, respectively. I I I I I I -7- CONTRIBUTIONS The accompanying financial statements have been prepared in accordance with FASB Accounting Standards Codification (ASC) 958-205 and subsections formerly Statement of Financial Accounting Standards (SFAS) No. 117, Financial Statements of Not-far-Profit Organizations. ASC 958-205 requires the Association to present net assets, revenue and gains based upon the existence or absence of donor imposed restrictions into these classes: unrestricted, temporarily restricted, and permanently restricted. I I I I I I I I I I I I I I I I I I I MT. ASHLAND ASSOCIATION Notes to Financial Statements (Continued) For the Years Ended June 30, 2010 and 2009 2. BUilDINGS AND EQUIPMENT The following is a summary of equipment, ski rental equipment, furniture and fixtures, and leasehold improvements, which comprise the buildings and equipment account, stated at cost less accumulated depreciation. Renewals and betterments are charged to the asset accounts, while maintenance and repairs, which do not improve or extend the lives of the respective assets, are expensed in the current period. Depreciation of property and equipment is provided on the straight- line basis over the assets estimated useful life as follows: equipm'ent - 5 to 15 years; buildings - 25 years; leasehold improvements - 5 to 30 years. 2010 2009 Equipment $ 1,583,081 $ 1,580,403 Buildings 42,000 42,000 leasehold improvements 435,636 435,636 Expansion project - construction in progress 2,031,293 2,026,248 Total buildings and equipment 4,092,010 4,084,287 Less accumulated depreciation (2,439,157) (2,285,953) Net buildings and equipment $ 1,652,853 $1,798,334 Depreciation expense for the years ended June 30, 2010, and 2009 was $153,204 and $225,480, respectively. 3. OPERATING lEASES The Association leases space for its business office, which expires on September 1, 2010, with options to renew for two one-year extensions, for $1,500 per month. For the year ended June 30, 2010, the lease commitment is $18,000 for the Association's business office. The Association also leases certain ski area assets that were purchased from donated funds to the City of Ashland. This lease term expires on June 30,2017. Future minimum lease payments as of June 30,2010, are $1 per year through 2017, for a total lease commitment of $7. A mobile unit is leased by the Association for the amount of $171.25 per month. This lease expires on April 3, 2011. For the year ended June 30, 2010, the lease commitment is $2,055 for the Associations mobile unit. The City of Ashland received donations from the general public to purchase certain ski area assets on Mt. Ashland which are located on land leased from the U.S. Department of Agriculture/U.S. Forest Service. These ski area assets are leased by the City to the Association for $1 per year. Upon the lease expiration date, June 30, 2017, the Association has the option to extend the lease term for an additional 25 years ending June 30, 2042. This lease requires the Association to maintain the leased ski area assets at an agreed "Minimum Liquidation Value," which was stated at $200,000 in 1992. The "Minimum Liquidation Value" is subject to an escalation provision tied to the Consumer Price Index (CPI). If the Association fails to maintain the leased ski area assets at the "Minimum Liquidation Value" the Association is required to pay the deficiency into a trust fund maintained by the City of Ashland. As of June 30, 2010, no funds have been required to be transferred into this trust fund. -8- The Association assumed the underlying obligation of the City of Ashland's special use permit with the U.S. Department of Agriculture, Forest Service, for the use of the ski area land for the construction, operation and maintenance of a winter sports area. This use permit provides for termination upon breach of any permit condition, or termination at the discretion of the Regional Forester of the Chief of the U.S. Forest Service. The permit expires July 4, 2017, with an annual fee based upon a weighted formula applied to various revenue classifications. The adjusted fees for the years ended June 30,2010, and 2009 were $33,569 and $25,699, respectively. I I In 1994, the Association recorded the lease as a contribution, stated at the ski area assets fair value, I for the 25-year term of the lease. This fair value was estimated at $2,833,300 and capitalized. The lease is amortized as Facility Lease Expense over the assets economic life to reflect the relative I value of the lease. Amortization expense for the years ended June 30, 2010, and 2009 were $75,555 and $75,555 respectively. The following summarizes the remaining asset value related to the contributed facility lease: I I I I I I I I I I I I I I I MT. ASHLAND ASSOCIATION Notes to Financial Statements (Continued) For the Years Ended June 30, 2010 and 2009 Contributed facility lease 2010 $ 2,833,300 2009 $ 2,833,300 Less accumulated amortization (2,303,230) (2,227,675) Net contributed lease value $ 530,070 $ 605,625 The Association also records the approximate yearly value of the lease as temporarily restricted revenue and facility lease expense. The estimated yearly value of facility lease expenses for 2010 and 2009 was $178,920 and $178,920, respectively. -9- I I I I I I I I I I I I I I I I I I I MT. ASHLAND ASSOCIATION Notes to Financial Statements (Continued) For the Years Ended June 30, 2010 and 2009 4. TEMPORARILY RESTRICTED NET ASSETS As described in Note 1, the Association reports financial information regarding its financial position and activities into three classes of net assets according to externally (donor) imposed restrictions. These classes consist of unrestricted net assets, temporarily restricted net assets and permanently restricted net assets. Temporarily restricted net assets have donor-imposed restrictions that will expire in the future. Upon expiration of the donor-imposed restrictions, funds are released from restriction and expensed categorically to align with their functional category. The activity of these funds is represented on the Statement of Activities. Temporarily restricted net assets consisted of the following at June 30, 2010, and 2009: 2010 2009 Contributions Cash contributions Contributed facilities lease $ 35,368 178,920 $ 32,162 178,920 Temporarily restricted contributions 214,288 211,082 Net assets released from restriction Cash released from restriction Contributed facilities lease Contributed facilities lease amortization 25,368 32,162 178,920 178,920 75,555 75,555 279,843 286,637 $ (65,555) $ (75,555) Net assets released from restriction Total decrease in temporarily restricted net assets 5. SUMMARY OF FAIR VALUE The Council has adopted SFAS 157 - now referred to as ASC 820-10 which establishes a framework for measuring fair value, and requires additional disclosure about the use of fair value measurements in an effort to make the measurement of fair value more consistent and comparable. SFAS 157 defines fair value as the amount that would be received from the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants, i.e. an exit price. To estimate an exit price, a three-tier hierarchy is used to prioritize the inputs: Level 1 : Quoted prices in active markets for identical securities. level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.). level 3: Significant unobservable inputs (including the Council's own assumptions in determining the fair value of investments). All of the Council's investments is based upon quoted market prices and was considered level 1 as of December 31,2010. -10- 6. I I I The costs of providing various program and supporting services have been summarized on a I functional basis in the statement of activities. Accordingly, certain costs have been allocated among the program and supporting services benefited. I I MT. ASHLAND ASSOCIATION Notes to Financial Statements (Continued) For the Years Ended June 30, 2010 and 2009 FUNCTIONAL ALLOCATION OF EXPENSES 7. CONCENTRATION OF RISK Mt. Ashland Association holds all of its cash deposits at PremierWest Bank. The total bank balance at June 30,2010 was $144,855. All of these deposits were covered by federal depositary insurance. Mt. Ashland Association provides educational recreation opportunities to the members of the general I public in Jackson County, Oregon. The Association relies heavily on public support and patronage of outdoor winter recreation, which in turn is dependent upon the overall weather conditions of the Southern Oregon region. 8. I Mt. Ashland Association provides a 401 (k) retirement plan for its employees. Employees in Job I Classifications 1 and 2 are eligible to participate upon the completion of 30 days of service. Employees may defer a percentage of their compensation, up to the Code 402(g) deferral limit, as I described in the company's basic plan document. The Association may make an additional matching contribution at the discretion of the Board of Directors. The contributions for the plan years ended June 30, 2010, and 2009 were $0 and $10,616, respectively. I I I I I I I I I PENSION PLAN 9. LONG-TERM DEBT lender Key Equipment Finance Description Note Payable Interest Rate MOnthly Payments (November through April) Secured by Maturity Date Balance 6/30/10 $ 114,101 114,101 (34,446) $ 79,655 9.64% $ 7,386 Equipment April, 2013 Total Less current portion Net lon9-term debt Note Payable Future principal requirements for years ending June 30, 2011 2012 2013 34,446 37,917 41,738 Total $ 114,101 -11- I I I I I I I I I I I I I I I I I I I 10. 11. 12. MT. ASHLAND ASSOCIATION Notes to Financial Statements (Continued) For the Years Ended June 30, 2010 and 2009 PURCHASE COMMITMENTS Mt. Ashland Association entered into a purchase commitment of Green Tags with the Bonneville Environmental Foundation (BEF) on August 10, 2009. This commitment is for the period of September 1, 2009, through August 31,2012. Each Green Tag represents the environmental attributes associated with the generation of one megawatt-hour of electricity from electrical generating facilities that rely exclusively on wind, solar, geothermal, hydro, and biomass renewable energy sources. Mt. Ashland Association is committed to purchase 1,380 Green Tags at eight dollars each per year over the lease term. For the year ended June 30, 2010, the Association purchased $4,320 in Green Tags. CONTINGENCIES Mt. Ashland Association is currently involved in one legal dispute centered on the proposed Area Improvement Project. This is as an intervening party with the U.S. Department of Agriculture (USFS) over the legality of their Record of Decision issued in September of 2004 on the project. The case was heard by and ruled on by the U.S. Ninth Circuit Court of Appeals in September of 2007. They identified three points that they felt needed additional review and remanded the case on those three entities back to the USFS. The USFS issued a Draft Supplemental Environmental Impact Statement on the three issues in March of 2010. The Final Supplemental Environmental Impact Statement should be forthcoming by October 2010. If all of this is approved, which we feel it strongly will be, construction on the Improvement Project could begin by early April, 2011. Mt. Ashland Association believes there is a very remote chance of loss in the above dispute. Total expenditures to date that might be affected by these cases are estimated at $1,450,000. These funds have already been expended by Mt. Ashland Association for research, studies, planning and legal costs associated with the Improvement Project. Mt. Ashland Association is not named, or has not been put on notice of any other legal disputes, claims or actions. SUBSEQUENT EVENTS Mt. Ashland has evaluated subsequent events through August 30,2010. August 30,2010, is the date Management last reviewed the financial statements. The report was available to be issued one day after Management's final review on August 31,2010. -12- I I I I I I I I I I I I I I I I I I I SUPPLEMENTARY INFORMATION I MT. ASHLAND ASSOCIATION Schedule of Functional Expenses For the Year Ended June 30, 2010 Ski Ski Buildings Tickets lifts Patrol Vehicles Grooming & Grounds Slopes Lodge REVENUES Sales $ 1,106,900 $ 96 $ 30,939 Rental income 13,781 Contributions Investment income Other income 1,810 Total revenues 1,120,681 1,906 30,939 EXPENSES Advertising Automobile and charter bus 50,550 Bank and merchant fees Cost of goods sold 47,194 Amortization and depreclatior 6,260 $ 54,957 29,963 $ 2,527 $ 1,877 12,898 Dues & sUbscriptions $ 220 75 Employee benefits .4,814 12,268 2,200 6.278 $ 2,999 5,054 Licenses, permits & fees 466 1,209 Interest expense Insurance 182 18,096 5,608 5,428 4,251 2,916 1,794 Miscellaneous 93 Occupancy 2,055 Salaries & wages 69,822 165,279 SO,970 49,637 39,844 27,183 16,001 Payroll tax 7,772 18,343 5,827 4,976 4,537 2,990 1,853 Postage Professional fees Repair-& maintenance 886 13,428 35 26,288 6,517 459 Supplies 6,315 195 567 30 6,800 588 Travel & lodging 500 125 Utilities 6,970 91,372 Waste products Water testing 4,573 Total expenses 150,215 283,066 67,482 173,606 51,661 151,434 2,924 32,546 INCREASE (DECREASE) IN NET ASSETS $ 970,466 $ (283,066) $ (67,482) $ (171,700) $ (51,661) $ (151,434) $ (2,924) $ (1,607) I I I I I I I I I I I I I I I I See accountant's review report -13- I I 1 ' Rental Ski Youth& Caf6 Bar Retail Shop School Development Education Admin Marketing TOTAL $ 195,234 $ 106,191 $ 78,760 $ 143,275 $ - $ 30,807 $ 9,639 $ 1,701,841 $ 161,538 175,319 $ 63,850 8,295 72,145 626 626 6,110 7,920 ' 195,234 106,191 78,760 161,538 143,275 63,850 - 45,838 9,639 1,957,851 - 17 42,157 42,174 - 50,550 34,973 34,973 83,686 27,329 45,175 203,384 8,294 66 378 25,403 249 693 84,309 885 228,759 - - 665 - - 6,422 - 7,382 2,196 - (603) 2,995 5,775 (122) 10,577 725 55,156 ' 725 564 - 480 - - - 378 - 3,842 18,208 18,208 1,078 177 669 9,534 154 647 93,861 203 144,598 - 3,789 3,882 - - 57,598 59,653 ' 52,103 8,275 - 31,511 86,934 37,598 5,818 176,965 48,567 866,507 5,986 958 3,631 9,941 3,720 676 17,576 4,839 93,625 438 1,809 2,247 389 979 48,290 49,658 ' 2,351 822 69 349 - - 620 - 51,824 4,152 686 1,050 2,975 615 105 319 10,871 295 35,563 311 5,470 235 5,890 196 12,727 18,184 1,932 118,458 1,459 83 88 1,630 4,573 182,030 39,349 47,002 64,135 116,752 49,fi97 7,338 590,337 99,799 2,089,373 $ 33,204 $ 66,842 $ 31,756 $ 97,403 $ 26,523 $ 14,153 $ (7,338) $ (544,499) $ (90,160) $ (131,522) 1 1 1 I MT. ASHLAND ASSOCIATION I Schedule of Functional Expenses For the Year Ended June 30, 2009 Ski Ski Buildings I Tickets Lifts Patrol Vehicles Grooming & Grounds Slopes lodge REVENUES Sales $ 1,112,414 $ 394 $ 22,623 Rental income 14,223 I Contributions Investment income legal reimbursement Other income Total revenues 1,126,637 394 22,623 I EXPENSES Advertising Automobile and charter bus 32,223 Bank and merchant fees I Cost of goods sold 44,420 Amortization and depreciatior 6,997 $ 111,082 32,421 $ 2,477 $ 1,877 16,039 Donations and contributions Dues & subscriptions $ 220 77 I Employee benefits 4,586 14,151 4,201 7,407 $ 3,579 4,744 Licenses, permits & fees 700 50 173 1,099 Interest expense Insurance 335 20,496 6,716 7,190 4,457 4,351 1,270 Miscellaneous 49 631 I Occupancy 2,055 Salaries & wages 57,697 168,980 57,472 61,015 37,116 34,937 10,446 Payroll tax 5,962 17,761 6,217 6,129 3,934 3,250 1,137 Postage 21 Professional fees I Repair & maintenance 35 17,084 41,248 11,780 Supplies 11,145 100 2,616 185 5,567 320 160 Travel & lodging 1,376 200 155 Utilities 6,757 79,425 I Waste products Water testing 9,605 Total expenses 140,051 349,674 79,796 188,146 49,086 157,943 2,197 29,052 INCREASE (DECREASE) I IN NET ASSETS $ 986,586 $ (349,674) $ (79,796) $ (187,752) $ (49,086) $ (157.943) $ (2,197) $ (6,429) I I I I I I See accountant's review report. I -14- I 1 Rental Ski Youth& CafE Bar Retail Shop School Development Education Admin Marketing TOTAL $ 183,426 $ 95,341 $ 75,032 $ 120,060 $ 11,636 $ 8,562 $ 13,362 $ 1,642,850 ' $ 137,026 151,249 $ 80,035 3,417 83,452 1,710 1,710 32,910 32,910 1 4,477 4,477 783,426 95,341 75,032 137,026 120,060 60,035 11,636 51,076 13,362 1,976,648 - - 42,461 42,461 ' 32,223 24,271 24,271 74,541 23,179 46,236 188,376 12,576 28 378 30,091 1,129 693 84,069 1,178 301,035 600 600 - - 355 - - 6,897 295 7,844 (15) 4,131 1,924 3,969 4,121 5,255 58,053 703 428 438 449 2,342 6,382 19,338 19,338 1,442 273 92 1,465 9,397 213 4,012 131,310 1,238 194,257 - 3,406 4,086 329 100 50,205 52,689 59,957 11,016 3,494 60,082 77,480 44,675 32,362 169,588 82,757 969,074 6,501 1,200 380 6,486 8,392 4,548 3,458 14,191 7,979 97,565 ' 1,807 696 2,223 4,747 347 60,716 61,063 3,430 2,042 971 290 76,880 5,639 983 1,425 1,709 730 4,272 632 6,606 255 42,344 35 - 324 - - 519 5,808 3,438 369 12,224 ' 20,183 2,484 108,649 2,319 201 124 2,644 9,605 167,143 39,697 52,438 106,538 99,407 60,734 50,393 599,754 144,561 2,316,610 ' $ 16,283 $ 55,644 $ 22,594 $ 30,488 $ 20,653 $ 19,301 S (38,757) $ (548,678) $ (131,199) $ (399,962) 1