Associated Students, Inc.
of
California State University, Fresno
2011-12
Annual Report
ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, FRESNO
TABLE OF CONTENTS
2011 and 2012
PAGE
Independent Auditor's Report
1
Financial Statements:
Statements of Finan cial Position
2
Statements of Activities
3
Statements of Cash Flows
4
Notes to the Financial Statements
Additional Information for California State University, Fresno:
5-9
10
Schedule of Net Assets
11
Schedule of Revenues , Expenses and Changes in Net Assets
12
Other Informatio n
13 - 15
PRICE
PAIGE~
COMPANY
ACCOUNTANCY CORPORATION
INDEPENDENT AUDITOR'S REPORT
To the Student Senate of the
Associated Students, Inc. of
California State University, Fresno
Fresno, California
We have audited the accompanying statement of financial position of Associated Students , Inc. of
California State University, Fresno (Associated Students), a nonprofit organization as of June 30, 2011
and 2012, and the related statements of activities and cash flows for the years then ended . These
financial statements are the responsibility of the Organization's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
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 of material misstatement. An audit includes consideration
of internal control over financial reporting as a basis for designing audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Organization's internal control over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis , evidence supporting the amounts and disclosures in the
financial statements, 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 Associated Students as of June 30, 2011 and 2012, and the changes in its net assets
and its cash fiows for the year then ended in conformity with accounting principles generally accepted in
the United States of America.
Ou r audit was conducted for the purpose of forming an opinion on the financial statements as a whole.
The Additional Information for California State University, Fresno which is the responsibility of
management, is presented for purposes of additional analysis and is not a required part of the basic
financial statements. The Additional Information was derived from and relates directly to the underlying
accounting and other records used to prepare the financial statements and 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 underlying 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 Additional Information is fai rl y stated in all material respects in relation to the
financial statements as a whole
Clovis, California
September 6,2012
677 Scott Avenue, Clovis, California 93612
Telephone (559) 299-9540 • Fax (559) 299-2344 • E-mail ppc@ppcpas.com • www.ppcpas.com
ASSOCIATED STUDENTS, INC, OF CALIFORNIA STATE UNIVERSITY, FRESNO
STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2011 AND 2012
20 11
ASSETS
2012
Current Assets:
Cash and Cash Equivalents (Note 3)
Accounts Rece ivable
Prepaid Deposits (Note 4)
$
895 ,785
857
3,713
$ 969 ,715
2,600
929
900 ,355
973 ,244
133,530
(74 ,439)
112,559
(66 ,082)
59,09 1
46,477
$
959 ,446
$1,019,721
$
38 ,361
159,696
$
Tota l Current Assets
Fi xed Assets
Less Accumu lated Depreciation
Total Fixed Assets
TOTAL ASSETS
LIABILIT IES AND NET ASSETS
Cu rrent Li ab ilities:
Accounts Payable and Accrued Expenses
Agency Fund Deposits (Note 6)
Total Current Li ab iliti es
37 ,671
176,232
198,057
213,903
76 1,389
622 ,496
0
0
0
86 ,107
97 ,215
183,322
761 ,389
805 ,818
959 ,446
$1 ,019,721
Net Assets:
Unrestricted:
Undesignated
Designated:
Capita l Rep lacement Reserve
Planned Futu re Operat ions Reserve
Total Designated Net Assets
Total Unrestricted Net Assets
TOTAL LIABILITIES AND NET ASSETS
$
The accom panyin g notes are an integral part of the financial statements
2
AS SOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERS ITY, FRESNO
STATEMENTS OF ACTIVITIES
YEARS ENDED JUNE 30 , 2011 AND 2012
2011
201 2
CHANGES IN UNRESTRICTED NET ASSETS :
Revenues :
Student Body Fees
Interest Income
Insurance Refund
Other Income
$ 612 ,042
Total Revenues
Expe nses:
Sala ries/Wages .
Employee Benefits
Advertising/Publicity
Audit Fees
Corpo rate Servi ces Fee
Depreciation
Dues/Subscriptions
Insurance
Legal Fees
Miscellaneous
Office Supplies/Postage
Office/Equipment Rental
Repairs/Maintenance
Student Programs
Supplies
Telepho ne
Travel
University Donations
T ota l Expenses
Increase (Decrease) in Net Assets
Net Assets at Beg inning of Year
634,133
3,359
1,698
5,623
618,524
644,81 3
125,742
21,942
12,007
15,727
53,600
16,171
52,058
17,662
18,093
23,586
6,427
19,872
28
59 ,637
22,396
1, 136
7,489
56 ,317
135,059
37,241
12,084
11 ,524
57,500
16,797
55 ,583
16,658
2,237
14,727
5,021
36,784
1,015
100,669
16,905
1,086
13,053
66,44 1
529 ,890
600 ,384
88 ,634
44,429
672 ,755
76 1,389
$ 761,389
Net Assets at End of Year
The accompanying notes are an integral part of the fina ncia l statements
3
$
3,110
1,314
2,058
$
805,8 18
ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, FRESNO
STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2011 AND 2012
2011
2012
CASH FLOWS FROM OPERATING ACTIVITIES
Increase (Decrease) in Net Assets
Adjustments to Reconcile Increase (Decrease) in Net Assets
to Net Cash Provided from (used by) Operating Activities:
Depreciation
Loss on Disposal of Fixed Assets
Changes in:
Accounts Receivable
Prepaid Deposits
Accounts Payable and Accrued Expenses
Agency Fund Deposits
Net Cash Provided from (Used by) Operating Activities
Cash Flows From Investing Activities
Acquisition of Fixed Assets
Net Cash Provided from (Used by) Investing Activities
$
88,634
$
44,429
16,171
0
16,797
792
59,701
(3,629)
9,746
(4,491 )
(1 ,742)
2,784
(690)
16,535
166,132
78 ,905
(7 ,852)
(4,975)
(7,852)
(4 ,975)
Cash Flows From Financing Activities
Net Increase (Decrease) in Cash
158,280
73 ,930
Cash at Beginning of Year
737 ,505
895 ,785
$ 895,785
$ 969 ,715
Cash at End of Year
The accompanyi ng notes are an integ ral part of the fina ncia l stateme nts
4
ASSOCIATED STUDENTS , INC, OF CALIFORNIA STATE UNIVERSITY, FRESNO
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2011 AND 2012
Note 1 - General Information
The Associated Students, Inc, of California State University, Fresno (Associated Students) , is a not-forprofit organ ization whose specific purpose is to provide students of California State University, Fresno with
a means of responsible and effective participation in the governance of the campus, The programs
included in the Associated Students' budget are campus programs and student government.
Note 2 - Summary of Significant Accounting Policies
A.
Accou nting Policies - The accounting policies of the Associated Students conform to general ly
accepted accounting principles (GAAP) ,
B.
Organization - The Associa ted Students incorporated as a nonprofit public benefit corporation on
December 22 , 1986. It is a ta x-exempt corporation under section 50 1(c)(3) of the Internal
Revenue Code.
C.
Basis of Accounting - Basis of accounting refers to when revenue s and expenses are recognized
in the accounts and reported in the financial statements . The accounting records of the
Associated Students are maintained using the accrual basis of accounting . Revenues are
recognized when earned and expenses are recognized when goods or services are received.
D.
Fixed Assets - Equipment is recorded at cost and depreciation is computed using straight-lin e
rates based upon estimated useful lives . The organization capitalizes all expenditures for
equipment in excess of $750 in fiscal year 2011 and $5 ,000 in fiscal year 2012 . Estimated useful
lives for assets range from three to ten years. Fully depreciated assets , which have economic
val ue, are retained on the books although fully depreciated.
E.
Cash and Cash Equivalents - Cash and cash eq uivalents consist of demand deposit accounts
and money market funds with financial institutions. The Associated Students considers all highly
liq uid investments with matu rities of three months or less, when purchased , to be cash
equivalents. At Ju ne 30 , 2012, cash and equivalents included $58 5,052 held in a commercial
bank. Of that amount, $441 ,691 was in an interest-bearing account that was subject to the
Federal Deposit Insurance Corporation (FDI C) regulations of which $250 ,000 was insured. The
remaining $143,361 was held in a non interest-bearing account that was fully insured by the FDIC
at June 30, 2012 .
F.
Estimates - The preparation of financia l statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the
reporting period . Actua l results could differ from those estimates.
G.
Accounts Receivable - Accounts receivable are stated at the amount management expects to
collect from outstand ing balances . Management provides for probable uncollectible amounts
through a provision for bad debt expense and an adjustment to a valuation allowance based on its
assessment of the current status of individual accounts. Balances that are sti ll outstanding after
management has used reasonable collection efforts are written off through a charge to the
valuatio n allowance and a credit to accounts receivable. At June 30 , 201 1 and 2012 , the
organization considers all amounts to be fully collectible; therefore , no allowance for doubtfu l
accounts is reflected .
5
Note 2 - Summary of Significant Accounting Policies, continued
H.
Contributions - All contributions are considered to be available for unrestricted use unless
specifi ca lly restricted by the donor. Amounts received that are designated for future periods or
restricted by the donor for specific purposes are reported as temporarily restricted or permanently
restricted support that increases those net asset classes. When a temporary restriction expires,
tempora ril y re stri cted net assets are reclassified to unrestricted net assets and reported in the
statement of activities as net assets release d from restri ctions. The Associated Students had no
temporarily or permanen tly restricted net assets in 2011 or 2012 .
I.
General Net Assets (or Fund) - This category is maintained to account for those transactions
related to all activities not covered in a specific fund and which relate in general to the full scope of
operations of the auxiliary organization. These funds are appropriated in acco rdan ce with the
policies established by the Trustees ofThe California State University (Trustees) , the campus, and
the auxiliary organization.
J.
Designated Net Assets - When appropriations from the General Fund are made by the Board of
Directors for a specific pu rpose, they are classified as designated net assets.
K.
Expense Allocation - The costs of providing various programs and other activities have been
summarized on a functional basis in Note 8 - Expe nses by Natura l Classification. Accord ingly,
certain costs have been allocated among programs and supporting services.
Note 3 - Cash and Cash Eguivalents
Cash and cash equivalents at June 30
consisted of the following :
2011
Deposits:
Cash in Bank
Money Market
Pooled Funds :
Cash in State of Californ ia Local Agency
Investment Fund
Total
2012
$176,525
314 ,851
$121 ,977
441 ,691
404,408
406,047
$895 Z85
$969Z15
The Associated Students maintains most of its cash in the State of California Local Agency Investment
Fund . The State pools these funds with those of other organizations and invests the cash. These pooled
funds are carried at cos t which approximates market value. Interest ea rned is rem itted quarterly to the
Associated Students. Any investment losses are proportionately shared by all funds in the pool.
Cash and cash eq uivalents include agency fun ds of $159,696 and $176,232 at June 30 , 20 11 and 2012,
respectively. (See Note 6)
Note 4 - Prepaid Deposits
Prepaid deposits are comprised of the amount on deposit wi th the State Compensation Insurance Fund .
6
Note 5 - Fair Value Measurem ents
Effective May 1, 2008, The Associated Students adopted Statement No. 157, Fair Value Measurements,
Statement of Financial Accounting Standards No. 157 (FAS 157), subsequently included in the
Codification as ASC 820. ASC 820 applies to all financial statements that are being measured and
reported on a fair value basis.
ASC 820 defines fa ir value as the price that wou ld be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. ASC 820 establishes a
fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or
liabilities (Level 1 measurements) and the lowest priority to measurements involving significant observable
inputs (Level 3 measurements). The three levels of the fair value hierarchy are as fo llows :
Level 1 - Inputs are quoted market prices (unadjusted) in active markets for identical assets or
liabilities. Valuations for assets and liabilities traded in active exchange markets. Valuations are
obtained from readily available pricing sources for market transactions involving identical assets or
liabilities.
Level 2 - Inputs other than quoted prices within Level 1 that are observable , either directly or
indirectly. Valuations for assets and liabilities traded in less active dealer or broker markets.
Valuations are obtained from third party pricing services for identical or similar assets or liabilities.
Level 3 - Inpu ts are unobservable. Valuations for assets and liabi lities that are derived from other
valuation methodologies, including option pricing models, discounts cash flow models and simi lar
techniques, and not based on market exchange, dealer, or broker traded transactions. Level 3
valuations incorporate certain assumptions and projections in determin ing the fair value assigned
to such assets or liabilities.
The table below presents the balance of assets measured at fair value (Level 1 Inputs) on a recu rring
basis at June 30 :
20 11
Cash and Cash Equivalents
Totals
Fair
Value
$895785
$895785
Level 1
$895785
$895785
2012
Cash and Cash Equiva lents
Totals
$969,715
$969715
$969,715
$969715
Note 6 - Agency Fund Deposits
This liability account was established to reflect funds held in trust for various sponsored programs on
campus . T hese consist of student clubs for which the Associated Students processes transactions only
and does not monitor the use of funds.
7
Note 7 - Related Parties
The Associated Students have transactions with California State University, Fresno during the years
ended June 30 as follows:
Donation of laptops to the Hen ry Madden Library valued at $31 ,126 and $31 ,64 1 for the years ended June
30, 2011 and 2012 , respectively .
Donation to the Henry Madden Library for extended library hours of $0 and $15,000 for the years ended
June 30 , 2011 and 20 12, respectively.
Donation to Facilities Management for the Memorial Fountain renovation of $0 and $20 ,000 for the years
ended June 30 , 20 11 and 2012 , respectively.
Donation to Student Involvement for Vintage Days program support of $0 and $2 ,000 for the years ended
June 30, 2011 and 2012 , respectively.
Donation to Student Affa irs Career Services for Americorps Volunteer Infrastructure Program of $0 and
$10,000 for the years ended June 30 , 20 11 and 20 12, respectively.
The Associated Students have transactions with the California State University, Fresno Association, Inc.
(the Association) during the yea rs ended June 30 as follows:
Donation to Intramural Sports (student officials) of $5,000 per year for the years ended June 30, 2011 and
2012 , respectively.
Administrative fees paid to the Association for management services were $53,600 and $57,500 for the
years ending June 30 , 2011 and 2012, respectively, based on a flat fee arrangement.
Annual rent of the Associated Students office space of $0 and $16,450 for the years ended June 30 , 2011
and 2012 , respectively.
Donation to University Student Union for the laptop program of $17 ,88 1 and $7,800 for the years ended
June 30,2011 and 2012, respective ly.
The amounts due the Association from the Associated Students were $2 ,574 and $2 ,044 at June 30 , 2011
and 2012 , respectively.
The Associated Students have transactions with Californ ia State Un iversity, Fresno Foundation during the
years ended June 30 as follows:
The amounts due the CSU , Fresno Foundation from the Associated Students were $1,550 and $0 at June
30 , 2011 and 20 12, respectively .
8
Note 8 - Expenses by Natural Classification
The following is a detailed list of expenses by natura l classifi cation for the years ended June 30:
2011
2012
General &
SalarieslWages
Employee Benefits
Advertising/Publicity
Audit Fees
Corporate Services Fee
Depreciation
Dues/Subscriptions
Insurance
Legal Fees
Miscellaneous
Office Supplies/Posta ge
Office/Equipment Rental
Repairs/Maintenance
Student Programs
Supplies
Telephone
Travel
University Donations
Totals
General &
Total
Program
$0
0
8,137
0
0
0
38 ,752
12,474
0
13,656
0
13,329
0
56,852
19,565
0
0
56317
Administrative
$125,742
21,942
3,870
15,727
53,600
16,1 71
13,306
5,188
18,093
9,930
6,427
6,543
28
2,785
2,831
1,136
7,489
0
$125,742
21,942
12,007
15,727
53,600
16,171
52,058
17,662
18,093
23,586
6,427
19,872
28
59,637
22,396
1,136
7,489
56,317
Program
$0
0
8,456
0
0
0
42,524
11,610
0
6,546
0
13,326
0
99,137
15,661
0
0
66441
$21.9. 082
$310808
$529890
$26;>,101
Administrative
$135,059
37,241
3,628
11 ,524
57,500
16,797
13,059
5,048
2,237
8,181
5,021
23,458
1,015
1,532
1,244
1,086
13,053
0
$33668.3
Total
$135,059
37,241
12,084
11 ,524
57,500
16,797
55,583
16,658
2,237
14,727
5,021
36,784
1,015
100,669
16,905
1,086
13,053
66441
$600384
Note 9 - Leases
Office space lease agreement was renewed July 1, 2012 in the amount of $11 ,177 per year expiring June 30,
2015 . Rent expense for the years ended June 30 , 2011 and 2012 was $0 and $16,450 per year See Note 7.
Associated Students has a 5 year, non-cance lable operating lease agreement with Caltronics Business
Systems for office equipment that expires May 23 , 2017 . The future minimum lease payments are as follows :
Year Ended June 30 :
2013
20 14
2015
2016
2017
Total
$4,171
4,171
4,171
4,171
3,823
$2.Q,.5.lll
Note 10 - Subsequent Eve nts
Subsequent events have been evaluated through September 6, 2012 , (date financial statements available to
be issued) noting no matters requiring disclosure in the financial statements for the year ended June 30 , 2012 .
9
ADDITIONAL INFORMATION
FOR CALIFORNIA STATE UNIVERSITY, FRESNO
10
ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, FRESNO
SCHEDULE OF NET ASSETS
JUNE 30, 2012
(for inclusion in the California State University)
ASSETS
Current Assets:
Cash and Cash Equivalents
Short-Term Investments
Accounts Receivable, Net
Prepaid Expenses and Other Assets
Total Current Assets
$
Noncurrent Assets :
Capital Assets , Net
Total Noncurrent Assets
563,668
406 ,047
2,600
929
973,244
46,477
46,477
TOTAL ASSETS
$ 1,019,721
LIABILITIES
Current Liabilities:
Accounts Payable
Accrued Salaries and Benefits Payable
Accrued Compensated Absences-Current Portion
Depository Accounts
Total Current Liabilities
Noncurrent Liabilities :
Accrued Compensated Absences , Net of Current Portion
Total Noncurrent Liabilities
Total Liabilities
$
33 ,710
1.589
250
176,232
211,781
2,122
2,122
213,903
NET ASSETS
Invested in Capital Assets , Net of Related Debt
Unrestricted
Total Net Assets
TOTAL LIABILITIES AND NET ASSETS
See Accompa nying Independe nt Audi tor's Report
11
46 ,477
759,341
805 ,818
$ 1,019 ,721
ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, FRESNO
SCHEDULE OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
YEAR ENDED JUNE 30, 2012
(for inclusion in the California State University)
Revenues:
Operating Revenues:
Student Tuition and Fees (Net of Scholarship Allowance of $0)
Olher Operating Revenues
Total Operating Revenues
$
Expenses:
Operating Expenses :
Academic Support
Student Services
Auxiliary Enterprises Expenses
Depreciation
Total Operating Expenses
634,133
7,321
641 ,454
66,441
197.260
319,886
16,797
600,384
Operating Income (Loss)
41,070
Nonoperating Revenues (Expenses):
Investment Income, Net
3,359
Increase in Net Assets
44,429
Net Assets:
Net Assets at Beginning of Year
761 ,389
Net Assets at End of Year
$
See Accompanying Independent Auditor's Report
12
805,818
ASSOCIATED STUDENTS , INC. OF CALIFORN IA STATE UNIVERSITY, FRESNO
OTHER INFORMATION
JUNE 30, 2012
(for inclusion in the Ca lifornia State University)
1.
Restricted Ca sh and Cash Equivalents atJune 30, 2012 :
Not applicable
2.1
Compos ition of Investments at June 30, 2012:
Current
Current
Tota l
Noncurrent
Noncurrent
Total
Unrestricted
Restricted
Current
Unrestricted
Restricted
Noncurrent
Total
State of California local Agency
Investment Fund (LAIF)
Equity Securities
Totattnvestments
w
406,047
0
406,047
0
0
0
406,047
o
0
0
0
0
0
0
406,047
0
""06 ,047
0
0
0
406,047
2.3
Restricted Current Investments at June 30, 2012 related to:
Not Applicable
2.4
Restricted Noncurrent Investments at June 30, 2012 related to:
Not applicable
3.1
Composition of Ca pita l Ass ets at June 30, 2012:
Depreciable Capital Assets
Balance
Prior Period
June 30, 2011
Adjustments
Reclassifications
Balance
Transfers
June 30, 2011
Completed
Balance
CWIP
June 30, 2012
(restated)
Additions
Reductions
Personal Property:
Equipment
Total Depreciable Capita l Assets
133,530
0
0
133,530
4,976
(25,947)
0
112 ,559
133,530
0
0
133,530
4,976
(25,947)
0
112.559
(74,439)
o
o
(74 ,439)
(16 ,797)
25 ,154
o
(66 ,082)
(74 ,439)
o
o
(74,439)
(16,797)
25,154
o
(66,082)
59 ,091
o
o
59,09 1
(11,821)
o
46,477
Less Accumulated Depreciation:
Personal Property:
Equipment
Total Accumulated Depreciation
Tota l Ca pital Assets, Net
See Accompanying Independent Auditor's Report.
(793)
ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, FRESNO
OTHER INFORMATION
JUNE 30, 2012
(for inclusion in the California State University)
3.2
Detail of Depreciati on and Amortization Expense at June 30,2012:
16,797
Depreciation and Amortization Expense Related to Capital Assets
o
Amortiza tion Related to Other Assets
16,797
Tota l Depreciati on and Amortization
4.
Long·Term Liabilities Activity Schedule:
Accrued Compensated Absences
5.
Balance
Prior Period
June 30, 2011
Adjustments
B~lance
o
2,085
Reclassifications
0
June 30, 2011
2,085
Additions
Reductions
o
287
Future Minimum Lease Payments:
Not Applicable
.to.
6.
Long Term Debt Obligation Schedule:
Not Applicable
7.
Ca lculation of Net Assets:
7.1
Calculation of Net Assets -Invested in Capital Assets, Net of Related Debt:
Auxiliary Organizations
Capital Assets, Net of Accumulated Depreciation
7.2
GASB
FASB
o
46,477
Ca lculation of Net Assets - Restricted for Nonexpendable Endowments:
Not Applicable
8.
Amount
Transactions with Related Entities :
o
Payments to University for other than salaries of University personnel
Gifts (cash or assets) to the University from recognized Auxiliary Organizations
See Accompanying Independent Auditor's Report.
66,641
Balance
Current
Long Term
June 30, 2012
2,372
Portion
Portion
250
2,122
ASSOCIATED STUDENTS, INC. OF CALIFORNIA STATE UNIVERSITY, FRESNO
OTHER INFORMATION
JUNE 30, 2012
(for inclusion in the California State University)
9.
Othe r Postemployment Benefits Obligation (OPEB) :
Not Applicable
10.
Pollution Remediation Liabilities under GASB Statement No. 49:
Not Applicable
11. The Nature and Amount of the Prior Period Adjustment(s) Recorded to Beginning Net Assets:
Not Applicable
en
See Accompanying Independent Auditor's Report.