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, 2018, 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, 2018, 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.
Gelman Rosenberg & Freedman
October 31, 2019
AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
COMBINED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2019
|
ASSETS
|
| |
|
Current Assets |
|
| |
|
Cash and cash equivalents
Investments
Accounts receivable, less allowance for doubtful accounts in the amount of $31,981
Prepaid expenses |
$ 148,525
709,923
67,123
59,299
|
| |
|
|
|
|
| |
|
Total current assets
|
984,870
|
| |
|
|
|
| |
|
Fixed Assets |
|
| |
|
Furniture
Equipment and website
Leasehold improvements |
33,808
92,187
32,596
|
| |
|
|
|
|
| |
|
Less: Accumulated depreciation and amortization |
158,591
(154,347)
|
| |
|
|
|
|
| |
|
Net fixed assets
|
4,244
|
| |
|
|
|
|
| |
|
Other Assets |
|
|
| |
|
Deposits
|
|
| |
|
|
|
|
| |
|
TOTAL ASSETS
|
$995,066
|
| |
|
|
| |
|
LIABILITIES AND NET ASSETS
|
| |
|
|
|
| |
|
Current Liabilities |
|
| |
|
Accounts payable
Accrued payroll and employee benefits
Deferred revenue:
Membership dues
Subscriptions
Conference revenue
Deferred rent, current portion
Total Current Liabilities
|
$ 45,648
59,007
326,943
16,898
22,001
901
471,398
|
| |
|
Long-Term Liabilities
Deferred rent, net of current portion
Total Liabilities
|
|
|
| |
|
Net Assets |
|
|
| |
|
Without donor restrictions:
Undesignated
Board designated
Total without donor restrictions
With donor restrictions
|
144,981
50,000
194,981
296,675
|
| |
|
|
|
|
| |
|
Total net assets
|
491,656
|
| |
|
|
|
|
| |
|
TOTAL LIABILITIES AND NET ASSETS
|
$995,066
|
| |
|
|
|
|
| |
AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
COMBINED STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS
FOR THE YEAR ENDED JUNE 30, 2019
|
| |
|
|
|
|
| |
|
Revenue |
Total
|
| |
|
Membership dues
Registration
Grants and donations
Subscriptions, publications and other products
Conference and courses
Other revenue
In-kind contributions
Investment income, net
Net assets released from donor restrictions
|
$744,079
18,735
71,254
212,248
737,715
8,066
23,137
19,864
--
|
| |
|
|
|
|
| |
|
Total revenue and support
|
1,835,098
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
Expenses |
|
| |
|
Program Services: |
|
| |
|
Annual Conference
Government Relations
Regions
Publications
Public Affairs
Council on Education and Training
Grants and Trusts
Scholarship Program
Trade Show
Dallas Retreat (21st Century Commission)
Total Program Services
Supporting Services
Management and General
Member Services
Fundraising
National Music Therapy Registry
Total supporting services
Total Expenses
Changes in net assets before other item
Other Item
Unrealized gain
Change in net assets
Net assets at beginning of year
NET ASSETS AT END OF YEAR
|
$473,874
299,895
140,237
89,282
88,741
80,659
61,299
9,425
4,762
4,439
1,252,613
639,867
166,295
17,624
5,695
829,481
2,082,094
(246,996)
12,097
(234,899)
726,555
491,656
|
| |
|
|
|
|