Ocean Alliance, Inc. Financial Statements June 30, 2020
Ocean Alliance, Inc. Financial Statements June 30, 2020 Ocean Alliance, Inc. Contents June 30, 2020 Page Independent Auditor’s Report 1-2 Statement of Financial Position 3 Statement of Activities 4 Statement of Functional Expenses 5 Statement of Cash Flows 6 Notes to Financial Statements 7-16 Schedules of Program Support, Revenue and Expenses 17-18 Ocean Alliance, Inc. Statement of Financial Position June 30, 2020 (with summarized comparative information as of June 30, 2019) 2020 2019 ASSETS Cash and cash equivalents $ 620,521 $ 351,660 Accounts receivable - 785 Prepaid expenses 19,833 9,989 Merchandise inventory 2,831 4,942 Property and equipment, net 737,728 523,578 Non-depreciable assets 3,395,284 3,356,605 Other assets 460 460 Total Assets $ 4,776,657 $ 4,248,019 LIABILITIES AND NET ASSETS Accounts payable $ 44,528 $ 55,779 Payroll taxes payable 7,004 8,111 Accrued expenses 63,766 73,766 Loans payable, net of $12,534 and $0 of unamortized 301,631 51,729 debt issuance costs, respectively Total Liabilities 416,929 189,385 Net Assets Without donor restrictions 4,250,046 4,033,634 With donor restrictions 109,682 25,000 Total Net Assets 4,359,728 4,058,634 Total Liabilities and Net Assets $ 4,776,657 $ 4,248,019 See independent auditor's report and accompanying notes to financial statements 3 Ocean Alliance, Inc. Statement of Activities For the year ended June 30, 2020 (with summarized comparative information for the year ended June 30, 2019) Without Donor With Donor 2020 2019 Restrictions Restrictions Total Total Support and Revenue Foundations
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