AMTA Summarized Financial Information

Independent Auditors' Report

To the Board of Directors
American Music Therapy Association, Inc.
National Music Therapy Registry
Silver Spring, MD

We have audited the accompanying combined financial statements of the American Music Therapy Association, Inc. (AMTA) and the National Music Therapy Registry (NMTR), which comprise the combined statement of financial position as of June 30, 2016, and the related combined statements of activities and change in net assets, functional expenses and cash flows for the year then ended, and the related notes to the combined financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these combined 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 combined 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 combined 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 combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the combined 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 combined 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 of the combined financial statements.

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 combined financial statements referred to above present fairly, in all material respects, the combined financial position of AMTA and NMTR as of June 30, 2016, and the combined change in their net assets and their combined cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. 

Report on Summarized Comparative Information

We have previously audited AMTA's and NMTR's 2015 combined financial statements, and we expressed an unmodified audit opinion on those audited combined financial statements in our report dated October 21, 2015. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2015, is consistent, in all material respects, with the audited combined financial statements from which it has been derived.

Other Matter

Our audit was conducted for the purpose of forming an opinion on the combined financial statements as a whole. The Combined Comparison of Actual to Budget on pages 16 - 17 is presented for purposes of additional analysis and is not a required part of the combined financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. The information has been subjected to the auditing procedures applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined 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 in relation to the combined financial statements as a whole.

 

Gelman Rosenberg & Freedman

November 8, 2016

 

 


 

AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
 
COMBINED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2016
 

ASSETS

    Current Assets

2016

    Cash and cash equivalents
Investments
Accounts receivable
Prepaid expenses

$ 441,010
574,922
65,442
48,456

         
   

Total current assets

1,129,830

       
    Fixed Assets  
    Furniture
Equipment and website
Leasehold improvements

34,145
107,618
32,596

         
   
Less: Accumulated depreciation and amortization

174,359
(145,970)

         
   

Net fixed assets

23,389

         
    Other Assets    
   
Deposits
Deferred compensation
5,952
88,898
   
 Total other assets
 

 94,850

   

TOTAL ASSETS

$1,253,069

     
   

LIABILITIES AND NET ASSETS

       
    Current Liabilities

2016

   
Accounts payable
Accrued payroll and employee benefits
Deferred revenue:
  Membership dues
  Subscriptions
  Conference revenue
  Deferred rent, current portion
 
 
Total Current Liabilities
 

$ 34,224
56,905

312,966
10,379
18,834
         12,597

 

445,905

   
Long-Term Liabilities
Deferred compensation payable
Deferred rent, net of current portion
 
Total long-term liabilities
 
Total Liabilities
 
 
 
88,898

24,283

113,181

559,086
    Net Assets    
    Unrestricted
Temporarily restricted

303,817
390,166

         
   

Total net assets

693,983

         
   

TOTAL LIABILITIES AND NET ASSETS

$1,253,069

         
 
 
 
AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
 
COMBINED STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS
FOR THE YEAR ENDED JUNE 30, 2016

 

 
         
    Revenue

Total

   
Membership dues
Registration
Grants and donations
Special projects
Sale of publications
Conference
CMTEs/ECourses
Institutes
AMTA products
Video products
Subscriptions
Labels and lists
Advertising
Royalties
Affinity royalties
Academic Program Approval
Miscellaneous
In-kind contributions
Realized gain
Interest/dividend income
Net assets released from donor restrictions
$742,640
34,795
81,508
400
186,672
531,762
43,965
32,740
7,223
100
51,432
2,690
6,334
381
1,701
79,100
3,681
28,442
26,887
10,799
  --  
         
   

Total revenue

1,873,252

         
         
    Expenses

Total

    Program Services:  
   
Public Affairs and Government Relations
Membership and Professional Development
Registry
Scholarship Funds
Special Project
Wilson Trust Project
Music Therapy Research 2025

 

Total Program Services

Management and General
Fundraising
 
Total Expenses
 
Changes in net assets before other item
 
Other Item
Unrealized (loss) gain
 
Change in net assets
 
Net assets at beginning of year
 
NET ASSETS AT END OF YEAR
$828,752
376,074
23,921
4,070
4,836
19,861
83,648
 
1,341,1626
 
415,242
13,207
 
1,769,611
 
103,641
 
 
 
(35,359)
 
68,282
 
625,701
 
693,983