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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, 2017, 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, 2017, 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 2016 combined financial statements, and we expressed an unmodified audit opinion on those audited combined financial statements in our report dated November 8, 2016. In our opinion, the summarized comparative information presented herein as of and for the year ended June 30, 2016, 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 18 - 19 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

October 17, 2017

 

 


 

AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
 
COMBINED STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2017
 

ASSETS

    Current Assets

2017

    Cash and cash equivalents
Investments
Accounts receivable
Prepaid expenses

$ 518,145
637,144
94,526
50,416

         
   

Total current assets

1,300,231

       
    Fixed Assets  
    Furniture
Equipment and website
Leasehold improvements

34,145
107,789
32,596

         
   
Less: Accumulated depreciation and amortization

174,530
(157,603)

         
   

Net fixed assets

16,927

         
    Other Assets    
   
Deposits
Deferred compensation
5,952
107,531
   
 Total other assets
 

 113,483

   

TOTAL ASSETS

$1,430,641

     
   

LIABILITIES AND NET ASSETS

       
    Current Liabilities

2017

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

$ 69,784
60,677

328,781
12,393
45,565
         15,669

 

532,869

   
Long-Term Liabilities
Deferred compensation payable
Deferred rent, net of current portion
 
Total long-term liabilities
 
Total Liabilities
 
 
 
107,531

8,614

116,145

649,014
    Net Assets    
   

Unrestricted
Board designated

     Total unrestricted

Temporarily restricted

377,657
50,000

427,657

353,970

         
   

Total net assets

781,627

         
   

TOTAL LIABILITIES AND NET ASSETS

$1,460,641

         
 
 
 
AMERICAN MUSIC THERAPY ASSOCIATION, INC.
NATIONAL MUSIC THERAPY REGISTRY
 
COMBINED STATEMENT OF ACTIVITIES AND CHANGE IN NET ASSETS
FOR THE YEAR ENDED JUNE 30, 2017

 

 
         
    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
$738,002
31,460
119,724
35
136,443
584,147
41,890
25,069
3,328
115
69,017
4,196
6,645
100
5,223
84,100
3,640
11,169
30,001
10,431
  --  
         
   

Total revenue

1,904,735

         
         
    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 supporting services
 
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
$884,132
409,458
25,417
18,312
-
46,886
4,478
 
1,388,683
 
443,974
13,037
 
 
457,011
 
1,845,694
 
59,041
 
 
 
28,603
 
87,644
 
693,983
 
781,627
         
 
AMTA is a 501(c)3 non-profit organization and accepts contributions which support its mission. Contributions are tax deductible as allowed by law.
8455 Colesville Road, Suite 1000 | Silver Springs MD 20910 | Phone: 301.589.3300 | Fax: 301.589.5175