AMTA Summarized Financial Information

Independent Auditors' Report

To the Board of Directors
American Music Therapy Association
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, 2013, 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, 2013, 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 2012 combined financial statements, and we expressed an unmodified audit opinion on those audited combined financial statements in our report dated September 19, 2012. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2012, is consistent, in all material respects, with the audited combined financial statements from which it has been derived.

Other Matter

Out 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 (of the complete audit report) 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 related 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

Bethesda, Maryland

September 23, 2013

 

 


 

AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
 
COMBINED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2013
 

ASSETS

    Current Assets

2013

    Cash and cash equivalents
Investments
Accounts receivable
Prepaid expenses

$ 550,336
521,482
31,938
31,896

         
   

Total current assets

1,135,652

       
    Fixed Assets  
    Furniture
Equipment and website
Leasehold improvements

34,145
99,168
32,596

         
   
Less: Accumulated depreciation and amortization

165,909
(93,438)

         
   

Net fixed assets

72,471

         
    Other Assets    
   
Deposit
Deferred compensation
5,952
35,851
   
 Total other assets
 

 41,803

   

TOTAL ASSETS

$1,249,926

     
   

LIABILITIES AND NET ASSETS

       
    Current Liabilities

2013

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

$ 69,779
58,615

276,507
31,066
17,383
         5,957

 

459,307

   
Long-Term Liabilities
Deferred compensation payable
Deferred rent, net of current portion
 
Total long-term liabilities
 
Total Liabilities
 
 
35,851

51,160

87,011

546,318
    Net Assets    
    Unrestricted
Temporarily restricted

293,441
410,167

         
   

Total net assets

703,608

         
   

TOTAL LIABILITIES AND NET ASSETS

$1,249,926

         
 
 
 
AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
 
COMBINED STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS
FOR THE YEAR ENDED JUNE 30, 2013

For a functional analysis of revenue and expenses, please review the Annual Report

 
         
    Revenue

Total

   
Membership dues
Registration
Grants and donations
Special Projects
Sale of publications and CD-ROM
Conference
CMTE
Institutes
AMTA products
Video products
Subscriptions
Labels and lists
Advertising
Consulting Income
Royalties
Affinity royalties
Academic Program Approval
Miscellaneous
In-kind contributions
Realized gain
Interest/dividend income
Net assets released from donor restrictions
$644,388
43,740
97,219
  --  
245,098
439,602
35,501
100,375
4,355
240
91,292
7,400
7,569
  --  
9,513
6,008
2,200
10,267
29,049
3,328
11,227
  --  
         
   

Total revenue

1,788,371

         
         
    Expenses

Total

    Program Services:  
   
Public Affairs and Government Relations
Membership and Professional Development
Registry
Scholarship Funds
Wilson Trust Project

 

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
$848,229
363,199
23,525
23,859

30,560
 
1,289,372
 
427,741
11,797
 
1,728,910
 
59,461
 
 
 
25,098
 
84,559
 
619,049
 
703,608