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Transcript of OREGON MUSEUM OF SCIENCE AND INDUSTRY - omsi.edu FS - OMSI FY19.pdf¢  Oregon Museum of...

  • REPORT OF INDEPENDENT AUDITORS AND FINANCIAL STATEMENTS

    OREGON MUSEUM OF SCIENCE AND INDUSTRY

    May 31, 2019 and 2018

  • Table of Contents

    PAGE

    Report of Independent Auditors 1–2

    Financial Statements

    Statement of financial position 3

    Statement of activities 4

    Statements of functional expenses 5–6

    Statements of cash flows 7

    Notes to financial statements 8–24

  • 1

    Report of Independent Auditors

    To the Board of Trustees

    Oregon Museum of Science and Industry

    Report on the Financial Statements

    We have audited the accompanying financial statements of Oregon Museum of Science and Industry

    (the Museum), which comprise the statement of financial position as of May 31, 2019, and the related

    statements of activities, functional expenses, and cash flows for the year then ended, and the related

    notes to the financial statements.

    Management’s Responsibility for the Financial Statements

    Management is responsible for the preparation and fair presentation of these financial statements in

    accordance with accounting principles generally accepted in the United States of America; this

    includes the design, implementation, and maintenance of internal control relevant to the preparation

    and fair presentation of financial statements that are free from material misstatement, whether due to

    fraud or error.

    Auditor’s Responsibility

    Our responsibility is to express an opinion on these financial statements based on our audit. We

    conducted our audit in accordance with auditing standards generally accepted in the United States of

    America. Those standards require that we plan and perform the audit to obtain reasonable assurance

    about whether the financial statements are free from material misstatement.

    An audit involves performing procedures to obtain audit evidence about the amounts and disclosures

    in the financial statements. The procedures selected depend on the auditor’s judgment, including the

    assessment of the risks of material misstatement of the financial statements, whether due to fraud or

    error. In making those risk assessments, the auditor considers internal control relevant to the entity’s

    preparation and fair presentation of the financial statements in order to design audit procedures that

    are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

    effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also

    includes evaluating the appropriateness of accounting policies used and the reasonableness of

    significant accounting estimates made by management, as well as evaluating the overall presentation

    of the financial statements.

    We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis

    for our audit opinion.

  • 2

    Opinion

    In our opinion, the financial statements referred to above present fairly, in all material respects, the

    financial position of Oregon Museum of Science and Industry, as of May 31, 2019, and the changes

    in its net assets and its cash flows for the year then ended in accordance with accounting principles

    generally accepted in the United States of America.

    Emphasis of Matter

    As discussed in Note 1, Oregon Museum of Science and Industry adopted Accounting Standards

    Update (ASU) No. 2016-14 Not-For-Profit Entities (Topic 958): Presentation of Financial Statements

    of Not-For-Profit Entities. Our opinion is not modified with respect to this matter.

    Other Matters

    Report on Summarized Comparative Information

    We have previously audited Oregon Museum of Science and Industry’s 2018 financial statements,

    and we expressed an unmodified audit opinion on those audited financial statements in our report

    dated October 4, 2018. In our opinion, the summarized comparative information presented herein as

    of and for the year ended May 31, 2018 is consistent, in all material respects, with the audited

    financial statements from which it has been derived.

    Portland, Oregon

    October 2, 2019

  • See accompanying notes. 3

    Oregon Museum of Science and Industry Statement of Financial Position

    (with Summarized Financial Information for May 31, 2018)

    May 31, 2018

    Without Donor With Donor

    Restrictions Restrictions Total Total

    CURRENT ASSETS

    Cash and cash equivalents 2,273,820$ 2,720,534$ 4,994,354$ 4,068,311$

    Accounts, pledges and contracts receivable,

    current portion, net of allowance 1,405,408 4,367,733 5,773,141 2,782,164

    Investments 6,664,817 1,119,012 7,783,829 2,647,153

    Inventories 23,909 - 23,909 22,655

    Prepaid expenses and other assets 415,086 - 415,086 669,948

    Due from other funds 871,982 - 871,982 543,909

    Total current assets 11,655,022 8,207,279 19,862,301 10,734,140

    LONG-TERM ASSETS

    Accounts, pledges and contracts

    receivable, net of current portion 44,393 810,170 854,563 710,226

    Beneficial interest in perpetual trust - 350,173 350,173 376,987

    Land, buildings, exhibits and equipment, net 40,172,572 - 40,172,572 40,674,132

    Total long-term assets 40,216,965 1,160,343 41,377,308 41,761,345

    TOTAL ASSETS 51,871,987$ 9,367,622$ 61,239,609$ 52,495,485$

    CURRENT LIABILITIES

    Accounts payable and accrued expenses 2,255,947$ -$ 2,255,947$ 1,879,372$

    Due to other funds - 871,982 871,982 543,909

    Deferred revenues, current portion 2,806,743 - 2,806,743 2,294,400

    Annuity agreement, current portion 7,400 - 7,400 9,250

    Capital lease obligations, current portion 34,656 - 34,656 288,355

    Bonds payable, current portion 300,417 - 300,417 290,443

    Total current liabilities 5,405,163 871,982 6,277,145 5,305,729

    LONG-TERM LIABILITIES

    Deferred revenues, net of current portion 289,036 - 289,036 382,500

    Annuity agreement, net of current portion 13,120 - 13,120 12,415

    Capital lease obligations, net of current

    portion - - - 5,615

    Bonds payable, net of current portion 3,554,527 - 3,554,527 3,854,944

    Total long-term liabilities 3,856,683 - 3,856,683 4,255,474

    Total liabilities 9,261,846 871,982 10,133,828 9,561,203

    NET ASSETS 42,610,141 8,495,640 51,105,781 42,934,282

    TOTAL LIABILITIES AND NET ASSETS 51,871,987$ 9,367,622$ 61,239,609$ 52,495,485$

    May 31, 2019

    ASSETS

    LIABILITIES AND NET ASSETS

  • 4 See accompanying notes.

    Oregon Museum of Science and Industry Statement of Activities

    (with Summarized Financial Information for the Year Ended May 31, 2018)

    May 31, 2018

    Without Donor With Donor

    Restrictions Restrictions Total Total

    Revenues

    Admissions 6,941,194$ -$ 6,941,194$ 6,183,441$

    Memberships 2,717,430 - 2,717,430 2,630,315

    Educational programs 3,331,636 - 3,331,636 2,814,928

    Auxiliary activities 1,231,703 - 1,231,703 1,301,167

    Exhibit fees 959,815 - 959,815 1,095,284

    Contributions and grants 7,186,074 7,080,784 14,266,858 4,999,789

    Change in value of perpetual trust - (26,814) (26,814) 18,652

    Contributed services of volunteers

    and in-kind donations 703,157 - 703,157 607,913

    Investment return, net 96,593 20,258 116,851 178,442

    Other income 953,540 - 953,540 1,005,371

    Gain on sale of land, buildings,

    exhibits and equipment 104,993 - 104,993 55,216

    Net assets released from

    restriction 3,880,638 (3,880,638) - -

    Total revenues 28,106,773 3,193,590 31,300,363 20,890,518