Eastern New Orleans Neighborhood Advisory Commission - …€¦ · EASTERN NEW ORLEANS NEIGHBORHOOD...
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BRENDEL W . DEEMER, CPA [email protected] CRAcf CONSULTING SERVICES. LLC EASTERN NEW ORLEANS NEIGHBORHOOD ADVISORY COMMISSION (ENONAC) Accountant's Compilation Report With General Purpose Financial Statements For The Year Ended December 31, 2011 Deemer CPA and Consulting Services, LLC F.O, Box 8T0647 * New Orleans, Louisiana 70187 ' 50^.40L958l - Fax .50^.245.5886
Transcript of Eastern New Orleans Neighborhood Advisory Commission - …€¦ · EASTERN NEW ORLEANS NEIGHBORHOOD...
BRENDEL W. DEEMER, CPA
CRAcf CONSULTING SERVICES. LLC
EASTERN NEW ORLEANS NEIGHBORHOOD ADVISORY COMMISSION (ENONAC)
Accountant's Compilation Report With General Purpose Financial Statements
For The Year Ended December 31, 2011
Deemer CPA and Consulting Services, LLC
F.O, Box 8T0647 * New Orleans, Louisiana 70187 ' 50^.40L958l - Fax .50^.245.5886
EASTERN NEW ORLEANS NEIGHBORHOOD ADVISORY COMMISSION (ENONAC)
Table of Contents
Page
Accountant's Compilation Report 1
Balance Sheet Governmental Fund Type-General Fund 2
Statement of Revenues, Expenditures and Changes in Fund Balance Govemmental Fund Type-General Fund 3
Statement of Revenue, Expenditures and Changes in Fund Balance Budget and Actual Govemmental Fund Type-General Fund 4
Selected Information-Substantially All Disclosures Required By
Generally Accepted Accounting Principles -Are Not Included 5-6
Report Observations 7
Update of Prior Year Report Observations 8 '
BRENDEL W. DEEMER, CPA
CmfifCONSiJLLING SERVICES, LLC
Accountant's Compilation Report
To the Board of Director's of Eastern New Orleans Neighborhood Advisory Commission (ENONAC)
I have compiled the balance sheet of Eastern New Orleans Neighborhood Advisory Commission (ENONAC) as of December 31, 2011, and the related statement of revenues, expenditures and changes in fund balance and statement of revenues, expenditures and changes in fund balance-budget to actual for the year then ended. I have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other conclusion about whether the financial statements are in accordance with accounting principles generally accepted in the United States of America.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for developing, implementing, and maintaining intemal control relevant to the preparation and fair presentation ofthe financial statements.
My responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The objective of a compilation is to assist management in presenting fmancial information in the form of financial statements without undertaking to obtain any assurance that there are no material modifications that should be made to the financial statements.
Management has elected to omit substantially all ofthe disclosures required by generally accepted accounting principles. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the organization's fmancial position and results of operations. Furthermore, ENONAC did not adopt the provisions of Governmental Accounting Standards Board Statement No. 34 for the year ended December 31, 2011. The effects ofthis departure from generally accepted accounting principles has not been determined. Accordingly, these fmancial statements are not designed for those who are not informed about such matters.
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Deemer CPA and Consulting Services, LLC New Orleans, Louisiana August 14, 2012
P.O-Box 870347 • New Orleans, Louisiana 70187 * 504.401.9.581 * Fax 504.245,5886
Eastern New Orleans Neighborhood Advisory Commission Balance Sheet
Governmental Fund Type General Fund
As of December 31, 2011
Assets
Cash
Total Assets
Liabilities and Fund Balance
Accounts Payable
Total Current Liabilities
Fund Balance
Unreserved-undesignated
Total Liabilities and Fund Balance
$ 38,649
3 38,649
38,649
$ 38,649
See Accompanying Notes and Independent Accountants' Compilation Report.
Eastern New Orleans Neighborhood Advisory Commission Statement of Revenues, Expenditures and
Changes in Fund Balance-Governmental Fund Type General Fund
For the Year Ended December 31, 2011
Revenue
State Grant Miscellaneous Income Contributions Fundraiser Collections
Total Revenue
Expenditures
Advertising Printing Rent Dues & Subscriptions Telephone/Internet Postage Software Licensing Office Supplies Insurance Professional Fees Legal Fees Fundraiser Expenses
Miscellaneous
Total Expenses
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
70,000 2,140 1,125
41,449
114,714
170 502
5,200 0
3,545 0 0
10,029 1,285
29,376 14.800 22,323
4,653
91.883
22,831
15,818
$ 38,649
See Accompanying Notes and Independent Accountants' Compilation Report.
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Eastern New Orleans Neighborhood Advisory Commission Statement of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual Governmental Fund Type-General Fund For the Year Ended December 31, 2011
Revenue
State Grant Miscellaneous Income Contributions Fundraiser Collections
Total Revenue
Expenditures
Advertising
Printing Rent Dues & Subscriptions Telephone/Internet Postage Software Licensing Office Supplies Insurance Professional Fees Legal Fees Fundraiser Expenses Miscellaneous
Total Expenses
Excess of revenues over expenditures
Fund balance at beginning of year
Fund balance at end of year
Budget
$ 70,000 0 0
41,450
Actual
$ 70,000 2,140 1,125
41,449
Variance Fav(Unfav)
$
2.140
1,125
(1)
111,450 114,714 3,264
2,000 1,000 5,000 150
3,000 300 500
17,852
41,800 14,800 22.322 2,726
111,450
0
15,818
$ 15,818
170 502
5,200 0
3,545 0 0
10,029 1,285
29,376 14,800 22,323 4,653
91,883
22,831
15,818
$ 38,649
1,830 498 (200) 150 (545) 300 500
7.823 (1,285) 12,424
0 (1)
(1,927)
19,567
22,831
0
$ 22,831
See Accompanying Notes and Independent Accountants' Compilation Report.
Eastern New Orleans Neighborhood Advisory Commission (ENONAC) Selected Information-Substantially All Disclosures Required by
Generally Accepted Accoimting Principles Are Not hicluded For the Year Ended December 3 L 2011
Note 1 - Nature of Activities and Summarv of Significant Accounting Policies
General
"The Legislature of Louisiana adopted Act 394 during the Regular Session of 2009; and Act 394 (R-S. 33:9100) created the Eastern New Orleans Neighborhood Advisory Commission, Section 1 of Act 1236 created the EASTERN NEW ORLEANS NEIGHBORHOOD ADVISORY COMMISSION, hereinafter referred to as the "ENONAC". The boundaries of ENONAC are the Industrial Canal to the west, the Intracoastal Canal to the south, the St. Tammany Parish Line to the east, and Lake Pontchartrain to the north. Act 394 mandates that ENONAC may advise the New Orleans City Council, the Mayor and all agencies imder the purview of the aforementioned offices, and all independent agencies, boards and commissions of the govemment of the City of New Orleans and State of Louisiana, with respect to all proposed matters including, but not limited to, decision regarding neighborhood planning, housing density, economic development, traffic, parking , recreation, street improvements, liquor licenses, zoning, police protection, sanitation and trash collection, social service programs, education, health, safety, and budget which affect the ENONAC area."
"The Eastern New Orleans Neighborhood Advisory Commission (ENONAC) seeks to aid the community in managing the inevitable growth of New Orleans East, promoting homeownership as well as attracting a state of the art hospital and healthcare, quality retail and amenities, while serving the goal of sustaining an increase of property values and preserving the quality of life and the natural resources of the New Orleans East Community." (quotes from ENONAC website, www.enonac.org)
Basis of Accounting
ENONAC prepares its financial statements on the modified accrual basis of accounting, whereby revenues are recognized when they become measurable and available. Expenses are recognized when incurred.
Fund Accounting
ENONAC uses a govemmental fimd through which most govemmental functions are typically fmanced. ENONAC utilizes a general fund as hs operating fiind, and accounts for all financial resources except those required to be accounted for in the General Fixed Asset Accotmt Group.
Budgetarv Data
The ENONAC board of commissioners are required to adopt an annual budget in accordance with the Local Govemment Budget Act, R.S. 39:1301.
Cash and Cash Equivalents
Cash includes amoimts on hand and in demand deposhs held by banks.
2. State Grant Revenue
ENONAC received a $70,000 grant from the State of Louisiana under Act 41 of 2010. The grant's goal was to improve neighborhoods in East New Orleans.
Eastern New Orleans Neighborhood Advisory Commission (ENONAC) Report Observations-Current Year
For the Year Ended December 31, 2011
11-01 Late Reporting Criteria: The State of Louisiana audit law requires that the agency complete its reporting requirements within six months following their fiscal year end.
Condition: The agency did not provide the financial information needed to fulfill their reporting requirements in a timely manner.
Cause: The agency did not perform its yearly close-out in a timely manner.
Effect: The agency's financial report was not submitted timely to the State of Louisiana Legislative Auditor's office.
Recommendation: It is recommended that the agency maintain monthly financial statements to ensure completion of year- end financial statements in a timely manner.
Management's Response; ENONAC is committed to ensuring that our accountant will provide monthly fmancial data as needed and timely.
Eastern New Orleans Neighborhood Advisory Commission (ENONAC) Report Observations-Update Prior Year For the Year Ended December 31, 2011
There were no prior year report observations.
