Tiger Athletic Foundation, Inc
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TIGCR ATUM-TIC FOUNDATION FINANCIAL STATI-WENTS. OTHJ-R FINANCIAL INI-ORMA i ION, AND Suppi.f-jMKNi'Ai. INFORMATION AS Ol: AND FOR THE VI:AR ENDED Dl-:CEMUEK 3 1, 2005 WITH REPORT oi-1 INDEPENDENT AUDITOKS Under provisions of state law, this report is a public document. A copy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clerk of court. Release Date Tiger Athletic Foundation Financial Statements, Other Financial Information, and Supplemental Information As of and for the year ended December 31, 2005 Contents Report of Independent Auditors I -2 Audited Financial Statements Statement of Financial Position ...3 Statement of Activities 4 -5 Statement of Functional Expenses 6 Statement of Cash Flows 7 Notes to Financial Statements 8 - 18 Other Financial Information Report of Independent Auditors on Other Financial Information 20 Statement of Nei Assets 21 -22 Statement of Revenues, Expenses, and Changes in Net Assets 23 - 24 Component Unit Description 25 Schedule of Capital Assets 26 Schedule of Bonds and Notes Payable and Capital Leases 27 Schedule of Bonds Payable 28 Schedule of Notes Payable 29 Schedule of Bonds Payable Amortization 30 Schedule of Notes Payable Amortization 31 Other Supplementary Information Statement of Activities 33 Statement of Expenses- Legislative Auditor 34 CERTIFIED PUBLIC ACCOUNTANTS The Executive Committee of the Board of Directors Tiger Athletic Foundation Independent Auditor's Report We have audited the accompanying statement of financial position of Tiger Athletic Foundation (a nonprofit organization) as of December 31, 2005, and the related statements of activities, functional expenses, and cash flows for the year then ended. These financial statements are the responsibility of Tiger Athletic Foundation's management. 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 and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tiger Athletic Foundation as of December 31, 2005, and the changes in its net assets and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated February 24, 2006, on our consideration of Tiger Athletic Foundation's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting and compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. 110 VETERANS MEMORIAL BOULEVARD, SUITE 2OO, METAIRIE. LA 70005-4958 • 504.835.5522 • FAX 504.835.5535 51OO VILLAGE WALK, SUITE 202, COVINGTON, LA 7O433-40L2 • 985.892.5850 • FAX 985.892.5956 WWW.LAI'OIITE.COM RSMMcGladrey Network Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The other supplementary information on pages 33 and 34 is presented for purposes of additional analysis and is not a required part of the basic Financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic Financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. A Professional Accounting Corporation February 24, 2006 Tiger Athletic Foundation Statement of Financial Position December 3 1, 2005 Assets Current Assets: Cash and cash equivalents $ 1,588,890 Restricted cash 38,268,081 Accrued interest receivable Investments Accounts receivable, net 703,651 Unconditional promises to give, net 2,574,604 Inventories Deferred charges and prepaid expenses 533,664 Notes receivable Other current assets 9,628,965 Total current assets 53,297,855 Noncurrenl Assets Restricted assets: Cash and cash equivalents 860,262 Investments Accounts receivable, net Notes receivable Other Investments Unconditional promises to give 5,721,360 Notes receivable Property and equipment, net 149,981,065 Assets under capital leases, net Other noncurrent assets 26,849,850 Total noncurrent assets 183,412,537 Total assets See accompanying notes. Liabilities Current Liabilities: Accounts payable 140,141 Accounts payable - construction in progress 3,194,184 Deferred revenues Amounts held in custody for others 1,039,963 Compensated absences payable Capital lease obligations Line-of-Credit 2,927,707 Note payable 1,239,000 Contracts payable Bonds payable 2,665,000 Other current liabilities 415,895 Total current liabilities 23,020,836 Noncurrent Liabilities Amounts held in custody for others Compensated absences payable Capital lease obligations Note payable 1,736,336 Contracts payable Bonds payable 132,245,000 Other noncurrent liabilities 27,143,621 Total noncurrent liabilities 161,124.957 Total iiabilities 184,145,793 Net Assets Unrestricted Undcsignated 26,191,037 Designated 8,638,010 Temporarily restricted 16,875,290 Permanently restricted 860,262 Total net assets 52,564,599 Total liabilities and net assets 236,710^92 Tiger Athletic Foundation Statement of Activities Year ended December 31, 2005 Change in unrestricted net assets Revenues: Contributions 16,282,182 Investment earnings 407,412 Service fees Other revenues 6,836,627 Total unrestricted revenues 23,526^21 Nel assets released from restrictions: Satisfaction of program expenses 2,644,703 Total net assets released from restrictions 2,644,703 Total unrestricted revenues and other support 26,170,924 Program expenses; Amounts paid to benefit Louisiana State University for: Projects specified by donors Projects specified by the Board of Directors 3,603,983 Other 6,380,504 Total program expenses 10,484,487 Supporting services: Salaries and benefits 1,253,933 Occupancy 138,283 Office operations 106,457 Travel Professional services 85,154 Dues and subscriptions 21,579 Meetings and development Depreciation 35,129 Provision for uncollectible accounts Loss on sale of assets Other 602,158 Total supporting services 2,242,693 Fund-raising expenses 882,900 Total expenses 13,610,080 Change in unrestricted net assets 12,560,844 Change in temporarily restricted net assets: Revenues: Contributions, net of provision for uncollectible accounts 2,722,219 Investment earnings Total temporarily restricted revenues 2,722,219 See accompanying notes. Tiger Athletic Foundation Statement of Activities (continued) Year ended December 31, 2005 Net assets released from restrictions; Satisfaction of program expenses _S (2,644,703) Total net assets released from restrictions (2,644,703) Total temporarily restricted revenues and other support 77,516 Change in temporarily restricted net assets 5 77,516 Change in permanently restricted net assets: Revenues: Contributions S 10,855 Investment earnings, net 18,531 Total permanently restricted revenue 29,386 Transfers to LSU Foundation - Change in permanently restricted net assets S 29,386 Change in net assets $ 12,667,746 Net assets at beginning of year 39,689,260 Change in fair value of Interest Rate Swap Agreement 207,593 Net assets at end of year $ 52,564,599 See accompanying notes. Tiger Athletic Foundation Statement of Functional Expenses Year ended December 3 t. 2005 Program Services Contributions Contributions toLSU toLSU Tiger Den Stadium Athletic Nonathlettc Suites Club Salaries ond \vages Payroll taxes Employee benefits Conlribulions to LSU ,466,544 49,852 2,000,000 Coaches' supplement 560,000 Scoreboard expenses 108,184 Marketing and publicity 15,300 Dues and subscriptions Professional Tecs 181,822 17,488 14,477 Academic awards 95,000 LSU Campus Transportation and Development Fund 79,524 LSU System Transportation Fund 26,723 Tickets purchased Letter of credit and remarkcting fees 389,897 76,914 Interest expense 1,961,398 917.249 Catering and other expenses 490,001 595,229 Managemcnl fee 109,950 40333 Occupancy 25,000 Parking 45,600 Repairs and maintenance 27,210 983 Travel iind enlcrtninmenl Membership Meeting expense Basketball Baseball Supplies and office cquipmenl Printing Compuier Bunk charges Special events and other Insurance 144,733 8,242 Bad debts and other allowances Promotional expense Depreciation 1,036,334 Total