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BE T A 1O T A L A M BD A FO U N D A T IO N ,IN C
B A T O N R O U G E ,L O U ISIA N A
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FIN A N C IA L STA T EM E N T S
FO R T H E PE R IO D E N D E T) D E C E M BE R 31, 1999
Release Date
07_Z2~R)-(
~O
D E SIR E E '~V .H O N O R E '
C erlif
i ed Public A ccountant
A ProfessionalCorporation
BETA IO TA LA M BD A FO U N D A TIO N IN C
BA TO N R O U G E , LO U ISIA N A
FIN AN CIA L STA TEM EN TS
PER IO D EN D ED D ECEM BER 31 1999
C O N TEN T S
IN D EPEN D EN T A U D 1TO P.'S R EPO RT O N FIN A N CIA L STA TEM EN TS
FIN A N C IA L S'IA T EM EN T S
Statem entofFinancialPosition
2
Statem entofA ctivities and C hanges in N etA ssets
3
Statem entofC ash Flow s
4
Statem entofFunctionalExpenses
5
N O T E S T O FIN A N C IA L STA T EM EN T S
6 -7
REPO R T O N C O M PLIA N C E A N D IN TERN A L C O N TR O L O V ER FIN A N CIA L
R EPO R TIN G BA SED O N A N A U D IT O F FIN A N C IA L STA TEM EN TS PER FO RM ED
IN A C C O R D A N C E W IT It G O V ERN M EN T A U D ITIN G STA N D A R D S
SU M M A R Y O F FIN D IN G S C O N C LU SIO N S CA U SES
A N D R EC O M M EN I)A TIO N S A N D M A N A G EM EN T 'S RE SPO N SF,
9
D esiree'W .H onore'.C PA
433-H Longw ood C ourt
B aton R ouge,Louisiana 70806
Telephone:(225)344-7649
Em ail:DItONORE@ AOL.COM
IN I)EPEN I)EN T A U D ITO R 'S R EPO R T O N FIN A N CIA L STA TEM EN TS
To the Board ofD irectors
Beta Iota Larabda Foundation,Inc
(A N otforProf
itO rganziation
Baton R ouge,l,ouisiana
Ihave anditcd lhc accom panying statem entoff
inancialposition ofBeta lota Lam bda Foundation,
Inc.(a non prof
itorganization)asofD ecember31,1999,and therelated sta|em em sofactivities,
functionalexpenses,and cash f
low s forthe yearthen ended. These f
inancialstatem ents are the
responsibility ofO rganization's m anagem ent. M y responsibility is to express an opinion on these
inancialstalem ents based on m y audit.
f
Iconducted m y auditin accordance w ith generally accepted auditing standardsand the standards
applicable to f
inancialaudits contained in G overnm entA uditing Standards,issued by the
Com ptroller G eneralofthe U nited States. Those standardsrequire thatIplan and perform the
auditto obtain reasonable assurance aboutw hetherthe f
inancialstatem entsare free ofm aterial
m isstatem ent. A n auditincludes exam ining,on a testbasis,evidence suppor
t ing the am ountsand
disclosures in the f
inancialstatem ents. A n auditalso includesassessing the accounting principles
used and signif
icantestim ates m ade by the m anagem ent,as w ellas evaluating the overallf
inancial
statem entpresentation. Ibelieve thatm y auditprovides a reasonable basis for m y opinion.
In m y opinion,the f
inancialstatem entsreferred to above presentfairly,in allm aterialrespects,the
inancialposition ofBeta Iota Lam bda Foundation,Inc.asofD ecem ber31,1999,and the changes
f
in its netassets and its cash f
low s for the eighteen m onth period then ended in conform ity w ith
generally accepted accounting principles.
In accordance w ith G over
n m entA uditing Standards,Ihave also issued m y reported dated A ugust
10,2000,on m y consideration ofBeta Iota Lam bda Foundation,Inc.'sinternalcontrolover
inancialreporting and m y tests ofits com pliance w ith certain provisions oflaw s,regulations,
f
_
contracts,and grants.
A ugust 10,2000
E TA IO TA I,A M BD A FO U N D A T IO N .IN C
A N O N PR O F IT O R G A N IZ A T IO N
BA T O N R O U G E L O U ISIA N A
ST A T EM EN T O F FIN A N C IA L PO SIT IO N
P E R IO D E N D E 1-) D E C E M B E R 31 1999
A SSETS
C U R R EN T A SSET S
C ash and cash equivalents
Prepaid Expenses
Totalcurrentassets
$6,822
2.529
9.351
I'I~.OPERTY AN D EQ U II'M EN T
Building and Im provem ents
Furniture,f
ixtures and equipm ent
A utom obiles
l.ess accum ulated depreciation
Totalproperty and equipm ent
314,950
66,844
26,469
(144,493)
263.769
T otalassets
$273,120
A BII.IT IE S A N D N ET A SSET S
C U I{R EN T LIA BILITIES
A ccounts payable m xd accrued expenses
1.793
1,793
Totalcurrentliabilities
N I'
;T A SSET S -U N RE STR IC TE D
271.327
271.327
Totalliabilities and netassets
$273,120
The accom panying notesare an integralpartofthisstatem ent.
2
BETA IO TA LA M BD A FO IJN D A T IO N .IN ~
(A N O N PR O FIT O R G A N IZ A T IO N
BA T O N R O U G E L O U ISIA N A
STA TEM EN T O F A C T IV IT IES
PE R IO D E N D E D D E C E M B E R 31. 1999
Slit,PO R T A N D R EV I~N U E
G rantfrom G overnor's O ff
ice ofU rban
A fairs and D evelopm ent
G rantfrom l.ouisiana D epartm entofSocial
Services,O f'ice ofC om m unity Services
lnterestIncom e
Private funds
Totalsupportand revenue
50,000
663
43,806
231.719
EX PEN SE S
Program services
A lpha C enter
U rban A fairs
C om m unity Services
TotalE xpenses
53,340
150,285
28,750
232,375
C H A N G E IN N ET A SSETS
N etassets -beginning ofyear
N etassets -end ofyeal
137.250
(656)
271.983
$271,327
The accom panying notesare an integralpartofthisstatem ent.
BETA IO TA LA M BD A FO U N D A T IO N .IN C
A N O N PR f)F1T O R G A N IZ A T IO N
B A T O N R O U G E .L O U ISIA N A
ST A T EM EN T O F C A SH FL O W S
P E R IO D E N D E D D E C E M B E R 31 1999
C A SII FI,O W S FR O M O PER A TIN G A CTIVITIES
C ash received f
l or
a governm entgrants and
private sources
C ash paid to suppliers and em ployees
N etcash provided by operating activities
$231,719
(189,917)
41.802
C A SII FLO W S FR O M IN V ESTIN G A C TIV ITIE S
Purchase ofequipm ent
N etcash provided by operating activities
(30,887)
(30,887)
N ET (I)ECREA SI'
;)IN CICEA SE IN CA SH AN D
CA SH EQ U IVA LEN TS
10,915
CA SH AN D CA StlEQ U IVALEN TS -beginning ofyear
(4,093)
CA SIt AN D CA SItEQ U 1VA LEN TS -end ofyear
$6,822
Schedule reconcilinlgchanges in netassetsto net
cash provided hy operating activities:
C hange in netasset,
';
(656)
Adjustm entsto reconcilenetincom eto net
cash provided by operating activities
D epreciation
40,665
(D ecrease)increase in accountspayable and
accrued expenses
N etcash provided by operating activities
1,793
$41~8o2
The accom panying notesare an integralpartofthisstatem ent
4
ETA IO TA LA M BD A FO U N D A TIO N .IN (
A N O N PR O F IT O R G A N IZA T IO N
BA T O N R O U G E I,O U ISIA N A
ST A T E M E N T O F F U N C T IO N A I,E X PE N SE S
PE R IO D E N D E D D E C E M BE R 31 1999
A lpha
C enter
Salaries and w ages
]>logjam D irectol
EducationalD irector
A dm inistrative A ssistant
Em ployee Benef
its
T herapeutic and training
of
fice supplies
Bookkeeping/professionalservices
A uto Supplies
Insurance
T elephone
D epreciation
M aintenance/R epairs
Travel
U rban
A fairs
37,500
35,000
I9,375
7.078
255
2.750
2,952
2,140
TotalE xpenses
3,809
1.318
3,057
38,018
1.846
2.647
9,126
18,517
9,153
32,114
5.000
$53,340
$150,285
$28,750
The accom panying notesare an integralpartofthisstatem ent
5
Total
Expenses
37,500
35,000
19,375
7.078
721
Tutorial(O ther)A ssistance/Services
U tilities
C om m unity
Services
7,016
4,890
721
4,375
0
40,665
10,971
0
50,631
14,153
$232,375
B E T A IO TA L A M B D A FO U N D A T IO N IN C
(A N ON PROFIT ORG AN IZATION )
BA T O N R O U G E L O U ISIA N A
N O T E S T O FIN A N C IA L ST A T E M EN T S
D E C EM BE R 31 1999
SunLn!~JX ofSigrdf
icantA ccounting Policies
_
a.
O perations
Bc
t a Iota Lam bda Foundation,Inc.(BILF)providestutoriali
n struction in ACT
preparation,LouisianaIligh Schoolexitexam ination,and generalsubjectsto local
youths. BILF also sponsorssportsand recreation activitiesforstudentsthrough its
Sum m erA cadem y. The O rganization also conductsw orkshops on teen pregnancy
com m unity aw areness,and services to elderly citizens ofthe com m unity. The
organization is dedicated to providing educational,tutoring,arts,counseling,and
rclated services to "atrisk" youths.
b.
]~e~ve!u_e
_ __
Be
t a Iota Lam bda Foundation,Inc.receives substantially allofits grantand contract
revenue from the state agencies. R evenue is recognized w hen services are provided.
Expenses are recognized as incr
u sted.
A ny ofthe funding sources m ay,atits disc
r etion,requestreim bur,;em entfor
expenses or return offunds,orboth,as a resultofnon-com pliance hy Beta Iota
Lam bda Foundation,Inc.w ith the term softhe grants/contracts.
c.
C ontributions
Contributions received are recorded as unrestricted,tem porarily restricted,or
perm anently restricted supportdepending on the existence and /ornature ofany
donorrestrictions. BILF hasnotreceived any contributionsw ith donor-im posed
cstrictionsthatw ould resultin tem porarily orperm anently restricted netassets.
d.
]~ropert~ and Equipm en
_
Proper
t y and equipm entare recorded atcost. Expenditures for m aintenance,
repairs,and m inorrenewalsarecharged againstearningsasincurred.M ajor
expenditures forrenew als and betterm ents are capitalized. W hen item s are retired or
otherw ise disposed of,the costofthe assetand the related accum ulated depreciation
are rem oved from the books. A ny result
ing gain orloss iscredited to orcharged
againstincom e.
BETA IO TA LA M BD A FO U N D A TIO N ,{N_C
.
(A N ON PROFIT ORG AN IZATION )
B A T O N R O U G E .L O U ISIA N A
N O T E S T O FIN A N C IA L STA T E M EN T S
D E C E M BE R 31. 1999
Sum r4La!y_ofSignif
icantA ccountingPolicies
~ continued
_
.
t~opertv and Equipm ent_(continued) D epreciation isprovided in am ountssuff
icient
_
to relate the costofdepreciable assetsto operationsovertheirestim ated service lives
(25yearsforbuilding and improvem ents,5-7yearsforfurnit
u rearid equipm ent,and
5yearsforvehicles),using straight-linem ethod.
e.
lncom e Taxes
The O rganization is a nonprof
itorganization thatis exem ptfrom :Federalincom e
taxation underSection 501(c)(7)oftheInter
n alRevenueCode.
C ash and C ash Equivalents
C ash and cash Equivalents consistofitem s having m aturities ofthree m onths orless
from the date ofacquisition.
C oncentrations ofCreditR isk
The O rganization m aintains its cash balances in f
i nancialinstitutions located in
Baton R ouge,Louisiana. The balances are insured by the FederalD epositInsurance
Corporation up to $100,000.
R F.PO I-VI'O N C O M PLIA N C E A N D O N IN TERN A L C O N TR O L O V ER FIN A N CIA L
R EPO R TIN G BA SED O N A N A U D IT O F FIN A N C IA L STA TEM EN TS PERFO RM ED
IN A C C O R D A N C E W ITH G O V E R N M EN T A U D IT IN G STA N D A R D S
To the Board ofD irectors
Beta Iota I,am bda Foundation.lnc
haveaudited lhef
inancialstatem entsofBeta Iota LambdaFoundation,Inc.(anonprof
it
organization)asofand forthe 18 m onth period D ecem ber31,1999 and have issued m y report
thereon dated A ugust 10,2000. I have conducted m y auditin accordance w ith generally accepted
auditing standards and the standards applicable to f
inancialaudits contained in G overnn~ent
A uditing~qt~ glards,issued by the Com ptroller G eneralofthe U nited States.
__
C om pliance
A s partofobtaining reasonable assurance aboutw hetherBeta Iota Lam bda Foundation,Inc.'s
inancialslatem ents are free ofm aterialm isstatem ent,Iperform ed tests oflhe itscom pliance w ith
f
cer
t ain provisionsoflaw s,regulations,contracls,and grants,noncom pliance w ith w hich could have
a directand m aterialef
f ecton the determ ination off
i nancialstatem entam ounts, tlow ever,
providing an opinion on com pliancewith thoseprovisionswasnotan objectiveofm y audit,and
accordingly,1 do notexpress such an opinion. The results ourtests disclosed instances of
noncom pliance thatare required to be repor
t ed under G overnm entA nditil)g Standar'
ds and w hich
are bestdescribed in the accom panying schedule off
indings.
InternalC ontrolO verFinancialR enortin~
In planning and perform ing m y audit,I considered Beta Iota Lam bda Foundation,Inc.'s internal
controloverf
inancialreporting in orderto determ ine m y auditing proccdm es forthe purpose of
expressing nay opinion on the f
inancialstatem ents and notto provide an opinion on the internal
controlover f
i nancialreporting. M y consideration ofthe internalover f
inancialreporting w ould not
necessarily disclose allm atters in the inter
n alcontroloverf
inancialrepor
t ing thatm ightbe m aterial
w eaknesses. A m aterialw eaknessisa condition in w hich the design oroperation ofone orm ore of
the internalcontrolcom ponentsdoesnotreduce to a relatively low levelthe risk thatm isstatem ents
in am ounts thatw ould be m aterialin relation to the f
inancialstatem entsbeing audited m ay occur
and notbe detected w ithin a tim ely period by em ployees in the norm alcourse ofperform ing their
assigned f
im ctions. Inoted no m attersinvolving the internalcontroloverf
inancialrepor
t ing and its
operation that1considerto be m aterialw eaknesses.
This reportis intended solely forthe inform ation and use ofthe Board ofD irectors,M anagem ent,
O ff
ice ofthe:I.egislative A uditor,G overnor's O f
i ce on U rban A fairs,O ff
ice ofC om m unity
Services,and other oversightagencies. H ow ever,this reportis a m atter ofpublic record and its
distribution is notlim ited.
A ugust 10,2000
BETA IO TA LA M BD A FO U N D A TIO N IN C
(A N ON PROFIT O RG AN IZA TION I
BA TO N R O U G E LO U ISIA N A
SU M M A R Y O F FIN D IN G S C O N C LU SIO N S.CA U SES
A N D R EC O M M EN D A TIO N S A N D M A N A G EM EN T 'S RE SPO N SE
D elm l
1
D escription ofException
Form 990 R eturn ofO rganization Exem ptfrom Incom e Tax w as nottim ely
iled forf
f
iscalyearsended 1998 and 1999.
M anagem entintendsto f
ile thisreturn assoon aspossible and getcurrenton
allInternalR evenue Service incom e tax reporting requirem ents.
A uditisbeing subm itted af
terthe statutory and contractrequired date of
June 30,2000. O rganization did nothave allf
inancialtransactionsrecorded
in the generalledgerfor allprogram s.
M anagem enthasm oved to record alltransactionsin generalledger.Softw are
hasbeen purchased and utilized thatism ore in lines w ith tile needsofthe
organization.
N O TE
The above f
indingsand conclusions,asw ellasthe auditreportsand audited
inancialstatem ents,w ere discussed w ith D onald W ade,Executive D irector
f
and D om enic M cClinton,Treasurer,w ho concun'ed w ith nay f
indings,
conclusions,and recom m endations.