June 30, 2016
Des Moines Youth Hockey Association, Inc. Urbandale, Iowa FINANCIAL REPORT (Compiled) June 30, 2016
CONTENTS
Page INDEPENDENT ACCOUNTANT'S COMPILATION REPORT ON THE FINANCIAL STATEMENTS
3
FINANCIAL STATEMENTS Statements of financial position Statements of activities Statements of cash flows Note to financial statements
4 5 6 7
Board of Directors Des Moines Youth Hockey Association, Inc. Urbandale, Iowa Management is responsible for the accompanying financial statements of Des Moines Youth Hockey Association, Inc., which comprise the statements of financial position as of June 30, 2016 and 2015, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.
DENMAN & COMPANY, LLP West Des Moines, Iowa November 18, 2016
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Des Moines Youth Hockey Association, Inc. STATEMENTS OF FINANCIAL POSITION See Independent Accountant's Compilation Report
June 30 ASSETS CASH
2016
2015
$ 145,279
$ 118,108
$ 145,279
$ 118,108
LIABILITIES AND NET ASSETS NET ASSETS, unrestricted
See Notes to Financial Statements. -4-
Des Moines Youth Hockey Association, Inc. STATEMENTS OF ACTIVITIES See Independent Accountant's Compilation Report
Year ended June 30 2016 2015 REVENUE Registration and other fees Contributions and grants Interest income Total revenue
$ 341,023 6,581 270 347,874
$ 325,391 65,718 256 391,365
43,042 3,293 8,145 54,480 177,328 36,726 14,040 – 17,811 5,885 306,270
40,111 3,180 11,275 54,566 171,995 19,853 18,625 61,850 18,921 5,668 351,478
4,455 9,295 13,750 683 14,433
3,819 5,058 8,877 17,112 25,989
Total expenses
320,703
377,467
CHANGE IN NET ASSETS
27,171
13,898
118,108
104,210
$ 145,279
$ 118,108
EXPENSES Program services–Youth Hockey Salaries Payroll taxes Employee benefits Ice rental Jerseys and equipment Referees and officials Repairs and maintenance Supplies Miscellaneous Total program services Supporting services Management and general Professional fees Miscellaneous Fundraising Total supporting services
NET ASSETS, beginning NET ASSETS, ending
See Notes to Financial Statements. -5-
Des Moines Youth Hockey Association, Inc. STATEMENTS OF CASH FLOWS See Independent Accountant's Compilation Report
Year ended June 30 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets
$
NET INCREASE IN CASH CASH Beginning Ending
See Notes to Financial Statements. -6-
27,171
$
13,898
27,171
13,898
118,108
104,210
$ 145,279
$ 118,108
Des Moines Youth Hockey Association, Inc. NOTE TO FINANCIAL STATEMENTS See Independent Accountant's Compilation Report NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Des Moines Youth Hockey Association, Inc. is a private nonprofit corporation organized under the laws of the state of Iowa for the purpose of establishing a youth hockey association. The Association operates a youth hockey program to promote national amateur youth hockey to provide pleasure and recreation for youth participants. Basis of Presentation Financial statement presentation follows the recommendations of the Not-for-Profit Entities Topic of the FASB Accounting Standards Codification. Accordingly, the Association is required to report information regarding its financial position and operations according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. The Association had only unrestricted net assets during the years ended June 30, 2016 and 2015. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Restricted and Unrestricted Revenue and Support Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor imposed restrictions. Donated Services No amounts have been reflected in the statements for donated services as no objective basis is available to measure the value of such services; however, a substantial number of volunteers have donated significant amounts of their time in the Association's program services and in its fundraising activities. Allocation of Functional Expenses Expenses are allocated to and reported as program services only to the extent they result in direct program benefits. Expenses not allocated to program services are reported as supporting services. Income Taxes The Association is exempt from federal income taxes under applicable provisions of the Internal Revenue Code. The Association follows the accounting for uncertainty in income tax requirements as required by the Income Tax Topic of the FASB Accounting Standards Codification. Management has evaluated their material tax positions and determined no income tax effects with respect to the financial statements. The Association has not been notified of any impending examinations by tax authorities, and no examinations are in process. NOTE 2 SUBSEQUENT EVENTS The Association has evaluated subsequent events through November 18, 2016, the date which the financial statements were available to be issued. There were no subsequent events required to be accrued or disclosed.
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CONTENTS
Page INDEPENDENT ACCOUNTANT'S COMPILATION REPORT ON THE FINANCIAL STATEMENTS
3
FINANCIAL STATEMENTS Statements of financial position Statements of activities Statements of cash flows Note to financial statements
4 5 6 7
Board of Directors Des Moines Youth Hockey Association, Inc. Urbandale, Iowa Management is responsible for the accompanying financial statements of Des Moines Youth Hockey Association, Inc., which comprise the statements of financial position as of June 30, 2016 and 2015, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements in accordance with accounting principles generally accepted in the United States of America. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.
DENMAN & COMPANY, LLP West Des Moines, Iowa November 18, 2016
-3-
Des Moines Youth Hockey Association, Inc. STATEMENTS OF FINANCIAL POSITION See Independent Accountant's Compilation Report
June 30 ASSETS CASH
2016
2015
$ 145,279
$ 118,108
$ 145,279
$ 118,108
LIABILITIES AND NET ASSETS NET ASSETS, unrestricted
See Notes to Financial Statements. -4-
Des Moines Youth Hockey Association, Inc. STATEMENTS OF ACTIVITIES See Independent Accountant's Compilation Report
Year ended June 30 2016 2015 REVENUE Registration and other fees Contributions and grants Interest income Total revenue
$ 341,023 6,581 270 347,874
$ 325,391 65,718 256 391,365
43,042 3,293 8,145 54,480 177,328 36,726 14,040 – 17,811 5,885 306,270
40,111 3,180 11,275 54,566 171,995 19,853 18,625 61,850 18,921 5,668 351,478
4,455 9,295 13,750 683 14,433
3,819 5,058 8,877 17,112 25,989
Total expenses
320,703
377,467
CHANGE IN NET ASSETS
27,171
13,898
118,108
104,210
$ 145,279
$ 118,108
EXPENSES Program services–Youth Hockey Salaries Payroll taxes Employee benefits Ice rental Jerseys and equipment Referees and officials Repairs and maintenance Supplies Miscellaneous Total program services Supporting services Management and general Professional fees Miscellaneous Fundraising Total supporting services
NET ASSETS, beginning NET ASSETS, ending
See Notes to Financial Statements. -5-
Des Moines Youth Hockey Association, Inc. STATEMENTS OF CASH FLOWS See Independent Accountant's Compilation Report
Year ended June 30 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES Change in net assets
$
NET INCREASE IN CASH CASH Beginning Ending
See Notes to Financial Statements. -6-
27,171
$
13,898
27,171
13,898
118,108
104,210
$ 145,279
$ 118,108
Des Moines Youth Hockey Association, Inc. NOTE TO FINANCIAL STATEMENTS See Independent Accountant's Compilation Report NOTE 1 NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES Nature of Activities Des Moines Youth Hockey Association, Inc. is a private nonprofit corporation organized under the laws of the state of Iowa for the purpose of establishing a youth hockey association. The Association operates a youth hockey program to promote national amateur youth hockey to provide pleasure and recreation for youth participants. Basis of Presentation Financial statement presentation follows the recommendations of the Not-for-Profit Entities Topic of the FASB Accounting Standards Codification. Accordingly, the Association is required to report information regarding its financial position and operations according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. The Association had only unrestricted net assets during the years ended June 30, 2016 and 2015. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Restricted and Unrestricted Revenue and Support Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor imposed restrictions. Donated Services No amounts have been reflected in the statements for donated services as no objective basis is available to measure the value of such services; however, a substantial number of volunteers have donated significant amounts of their time in the Association's program services and in its fundraising activities. Allocation of Functional Expenses Expenses are allocated to and reported as program services only to the extent they result in direct program benefits. Expenses not allocated to program services are reported as supporting services. Income Taxes The Association is exempt from federal income taxes under applicable provisions of the Internal Revenue Code. The Association follows the accounting for uncertainty in income tax requirements as required by the Income Tax Topic of the FASB Accounting Standards Codification. Management has evaluated their material tax positions and determined no income tax effects with respect to the financial statements. The Association has not been notified of any impending examinations by tax authorities, and no examinations are in process. NOTE 2 SUBSEQUENT EVENTS The Association has evaluated subsequent events through November 18, 2016, the date which the financial statements were available to be issued. There were no subsequent events required to be accrued or disclosed.
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