The Balance Sheet shows $200,441.79 in the bank checking account, $1,632,000 of other current assets, and no other assets. It shows no liabilities.
Other Cash Assets:
City of Pensacola
$82,000
State of Florida
$675,000
* Sen. Doug Broxson 2013 $700,000
Escambia County
$875,000
Still in dispute
$1,632,000
What’s even stranger is that the Form 990 for the year ending 12/31/2023 lists contributions and grants totaling $909,001 and a $100,000 loan from Chairman Cris Dosev under liabilities. The organization had $154,015 in the bank.
The contributions include $700,000 from the state, $65,037 from fundraising, and $143,964 from other contributions. David Bear has reported that Florida Power & Light donated $50,000 in March 2023. The PNJ reported in February 2023 that Montway Auto Transport donated $50,000 to erect the 50-foot flag at the memorial plaza. Where are those cash donations being reported on the 2023 Form 990?
Expenses:
Expenses
Fundraising
$ 44,022
Flagpole
$ 24,624
Printing
$ 1,577
Tree Survey
$ 1,470
Other
$ 1,160
$ 72,853
If these numbers are accurate, the Foundation spent $44,022 to raise $65,037.
What happened to Dosev’s loan? The city contributed $250,000 in 2021. If $82,000 is still outstanding, how was the $168,000 spent?
I have been told the City has requested the full annual report from the Foundation that was due March 2.
A full set of year-end financial statements typically includes the following components:
1. Balance Sheet
•Also known as the statement of financial position, this provides a snapshot of a company’s assets, liabilities, and shareholders’ equity at a specific point in time. It helps assess the company’s liquidity and solvency by showing what it owns (assets) and owes (liabilities), as well as the equity held by shareholders.
2. Income Statement
•Often referred to as the profit and loss statement, this summarizes the company’s revenues, expenses, and net income (or loss) over a specific period, such as a fiscal year. It highlights profitability by detailing how much money was earned versus spent.
3. Cash Flow Statement
•This outlines cash inflows and outflows during the period across three activities: operating, investing, and financing. It provides insights into the company’s liquidity and its ability to generate cash to fund operations and investments.
4. Statement of Retained Earnings (or Statement of Changes in Equity)
•This shows changes in retained earnings over the period, including net income or loss and dividends paid. It reflects how profits are reinvested in the business or distributed to shareholders.
5.Notes to the Financial Statements
•These provide detailed explanations of the figures presented in the financial statements. They include accounting policies, methodologies, and additional disclosures necessary for understanding the financial data.
6. Management Discussion and Analysis (MD&A) (optional but common for larger companies)
•This section offers management’s perspective on financial results, operational performance, risks, and future strategies.
