Audubon Commission
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AUDUBON COMMISSION (A Discretely Presented Component Unit of the City of New Orleans, Louisiana) Audit of Financial Statements Year Ended December 31, 2012 LAPORTE Contents Independent Auditor's Report 1 -3 Management's Discussion and Analysis 4-10 Financial Statements Statements of Net Position 11-12 Statements of Revenues, Expenses and Changes in Net Position 13 Statements of Cash Flows 14 Notes to Financial Statements 15-29 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Govemment Auditing Standards 30-31 Schedule of Findings and Responses 32 Summary Schedule of Prior Year Findings 33 Additional Information Combining Schedule of Net Position 35 - 36 Combining Schedule of Revenues, Expenses and Changes in Net Position 37 Combining Schedule of Cash Flows 38 - 39 •^ LaPorie. APAC ' LAPORTE 1 ] 1 Veterans Blvd. | Suite 600 CPA. t austNESs ADViso«6 MeCalric, LA 70005 504.835.5522 | Y^ 504.835.5535 La Porte, com Independent Auditor's Report To the Board of Directors of Audubon Commission Report on the Financial Statements We have audited the accompanying financial statements of the Audubon Commission (the Commission), a discretely presented component unit of the City of New Orleans, Louisiana, as of and for the year ended December 31, 2012, and the related notes to the financial statements, which collectively comprise the Commission's basic financial statements as listed in the table of contents. 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 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 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 ofthe financial statements. NEW ORLEANS HOUSTON BATON ROUGE COVINGTON An Independent!)' Owned Member, iMcGladrey Alliance TheKicG^rey Aliarv:e \s a premiff afliliaton ol irdapgniJant accounling and consulting firms. TlieMcGadrey/yiiarce member firms manlain Ihsir name, autonomy and irrJecenctencs and areiespon^bJefortfeir own dent fee arrarigements.ddive^dsew^esarKl tttai^enarce oi j r^Knt r^alianslipa. I We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairiy, in all material respects, the financial position of the Commission as of December 31, 2012, and the changes in its financial position and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis, on pages 4 through 10, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The additional combining information for 2012 is presented for purposes of additional analysis of the financial statements rather than to present the financial position and results of operations of the individual companies, and is not a required part of the financial statements. Such information is the responsibility of the Commission's management and was derived from and relates directly to the underiying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underiying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, when considered in relation to the financial statements as a whole. The financial statements of the Commission, as of and for the year ended December 31, 2011, were audited by other auditors whose report dated May 31, 2012 expressed an unmodified opinion on those statements. other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated June 3, 2013, on our consideration of the Commission's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and 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 or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Commission's internal control over financial reporting and compliance. A Professional Accounting Corporation Metairie, LA May 31, 2013 AUDUBON COMMISSION (A Discretely Presented Component Unit ofthe City of New Orleans, Louisiana) Management's Discussion and Analysis The discussion and analysis of the Audubon Commission's (the Commission) financial performance provides an overall review of the Commission's financial activities for the years ended December 31, 2012 and 2011. It should be read in conjunction with the financial statements in this report. Overview of Financial Statements This annual report consists of five components - Independent Auditor's Report, Management's Discussion and Analysis {this section), Financial Statements, Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters, and Additional Information. The Financial Statements of the Commission present the financial position of the Commission, the results of its operations and its cash flows. The Financial Statements are prepared on the accrual basis of accounting. The Statements of Net Position includes all of the Commission's assets and liabilities and provides information about the Commission's investments in resources (assets) and its obligations to creditors (liabilities). It also provides information on the capital structure, liquidity and financial flexibility of the Commission. The Statements of Revenues, Expenses and Changes in Net Position reports on the current year's performance of the Commission's operations. The Statements of Cash Flows provides information on the Commission's cash from operations and capital and related financing activities. The Notes to Financial Statements provide information that is essential in order to gain a full understanding ofthe data in the basic financial statements. The Additional