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Financial Statements
December 31, 2000
With Independent Auditor's Report
TABLE OF CONTENTS
Independent Auditors Report
Statement of Financial Posrtion ....................... 1
Statement of Activrties 2
Statement of Cash Flow ........................................................3
Notes to Financial Statements 4-6
CORPORATE OFFICE:
1200 Summit Avenue
Suite 410
Fort Worth, TX 76102
Tel 817-315-1448
}"ax 817315"1648
Email: mlmstevens@ibsp.com
Certified Public Accountant
Ret,oister Investment Advisor
Securities offered through:
Rushmor Securities Corp.
Member NASD and SIPe
Dallas, Texas
T
The Kev to your success
INDEPENDENT AUDITOR'S REPORT
To the Board of Trustees
of North Central Texas Regional Certification Agency, Inc.
We have audited the accompanying statement of financial position of North Central
Texas Regional Certification Agency, Inc. (a nonprofrt organization) as of
December 31, 2000, and the related statements of activities and cash flow for the
year 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 audit.
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 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 North Central Texas Regional
Certification Agency, Inc. as of December 31, 2000, and the changes in its net
assets for the year then ended in conformity with accounting principles generally
Fort Worth, Texas
August 21,2001
NORTH CENTRAL TEXAS REGIONAL CERTIFICATION AGENCY, INC.
STATEMENT OF FINANCIAL POSITION
December 31, 2000
ASSETS
Cash and cash equivalents
$ 266,806
Investment securities
209,916
Accounts Receivable - Dues
139,550
Other Receivables
150
Property and equipment, net
35,402
TOTAL ASSETS $ 651,824
LIABILITIES
Accounts payable
$ 633
Accrued expenses
24,469
Deferred revenue
388,610
TOTAL LIABILITIES 413,712
NET ASSETS
Unrestricted
238,112
TOTAL NET ASSETS 238,112
TOTAL LIABILITIES AND NET ASSETS $ 651,824
See accompanying notes and accountant's report.
1
NORTH CENTRAL TEXAS REGIONAL CERTlFICATION AGENCY, INC.
STATEMENT OF ACTIVITIES
For the twelve Months Ended December 31, 2000
UNRESTlRICTED NET ASSETS
Unrestricted revenues and gains
Membership
Investment return
other Income
TOTAL UNRESTlRICTEO REVENUES
Expenses
Program services
Certification Program
Total &penes
INCREASE IN UNRESTlRICTED NET ASSETS
NET ASSETS AT 8EGINNING OF YEAR
NET ASSETS AT END OF YEAR
See accompanying notes and accountant's report
S 378,550
14,642
2,693
395,885
3n,B67
3n,B67
18,018
220,094
S 238,112
2
NORTH CENTRAL TEXAS REGIONAL CERTIFICATION AGENCY, INC.
STATEMENT OF CASH FLOW
For the twelve Months Ended December 31, 2000
Cash Flows trom operating activities
Increase in net assets
$ 18,018
Adjustments to reconcile net assets
to net cash used by operating activities
Depreciation
10,635
Investments
147,382
Accounts Receivable
(139,550)
Other Receivables
(150)
Accounts Payable
633
Accrued Expenses
24,469
Deferred Revenue
97,895
Net Cash provided by Operations
159,332
Cash Flows from investing activities
Used For
Equipment
(5,214)
Net cash used in investing
(5,214)
Net increase (decrease) in cash
154,118
Cash, Beginning of Year
112,688
Cash, End of year
$ 266,806
See accompanying notes and accountant's report
3
NORm CENTRAL TEXAS REGIONAL CERTIFICATION AGENCY, INC.
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
NOTE A- NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Activities
The North Central Texas Regional Certification Agency, Inc. (NGmCA) is a nonprofit agency that
certifies finns as disadvantaged minority or woman-owned business enterprise to participate in the
disadvantaged, minority and woman-owned business contracting programs of its member governmental
entities. The certification standards used to evaluate fmns for certification are based on federal
regulations from the U.S. Department of Transportation, specifically 49 CFRPart 23.
The Agency began operations on April 22, 1992 and it has continued to perfonn the certification function
since then. The primary area of geographical coverage for the certification process provided by
NCTRCA includes the counties of Dallas, Tarrant, Denton, Collin, Rockwall, Kaufman, Johnson and
Packer.
The certification is provided free ofcharge to all vendors that apply fOT the certification. The Agency
provides a certified vendor pool to its member entities. It also participates in workshops and conferences
provided by its member entities.
The government entities that are members of the NCTRCA provide annual membership fees to operate
the Agency. The fees paid are based on a scale according to the population served by each entity and
according to the budget they approve for the Agency.
Recognition of Donor Restricted Contributions
Contributions received are recorded as unrestricted, temporarily restricted, or pennanently restricted
support depending on the existence and/or nature of any donor restrictions. When a restriction expires,
that is when a stipulated time restriction ends or when purpose of the restriction is accomplished,
temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of
Activities as net assets released from restrictions. All contributions to date have been unrestricted.
Estimates
The preparation offmancial statements in confonnity with generally accepted principles require
management to make estimates and assumptions that affect certain reported amounts and disclosures. -
Accordingly, actual results could differ from those estimates.
Property and Equipment
The Agency capitalized all property and equipment acquisitions in excess of $1,000. Purchased property
and equipment is capitalized at cost. Donations of property and equipment are recorded as support at
their estimated fair value at the date of donation. Such donations are reported as unrestricted support
unless the donor has restricted the donated asset to a specific purpose. Depreciation is provided
principally on the straight-line method, over the estimated useful lives of the assets, which is generally
from three to five years. Expenditures for maintenance and repairs are charged against operations.
Functional Expenses
Expenses are charged directly to program in general categories based on specific identification.
4
NORTH CENTRAL TEXAS REGIONAL CERTIFICATION AGENCY, INC.
NOTES TO FINANCIAL STATEMENTS
December 31, 2000
Income Tax Status
The Organization is a notfor-profit organization exempt from income taxes under Section SOl(cX3) of
the Internal Revenue Code. Therefore, no provision is made in the financial statements for income taxes.
Investments
Investments in marketable securities with readily; detenninable fair values and all investments in debt
securities are valued at their fair values in the statement of financial position. Unrealized gains and losses
are included in the change in net assets. '
Cash and Cash Equivalents
Cash and cash equivalents include all monies in banks and highly liquid investments with maturity dates
of less than three months.
NOTE B- CASH AND CASH EQUIVALENTS
At December 31, 2000, cash and cash equivalents consisted afthe following:
.'
,
Cash
Money Market Account
Total
NOTE C- PROPERTY AND EQUIPMENT
$234,798
32,008
$266806
At December 31, 2000, the Agency's assets consisted of the following:
Equipment
Less accwnulated depreciation
Total Property & Equipmeot
$70,023
(34,621)
$35,402
Depreciation expense for property & equipment was approximately $10,635.
5