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Audited Financial Statement GOAL

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Audited Financial Statement GOAL Powered By Docstoc
					KATZ, STEINMAN CPA’S P.C.
Certified Public Accountants                                 33 GREENWICH AVE. #7A NY, NY 10014
                                                             (212) 807-1162 FAX (212) 675-4153




To The Board of Directors
GOAL-Giving Open Access to Learning, Inc.
Lynbrook, NY 11563



We have audited the accompanying statements of financial position of GOAL-Giving Open
Access to Learning, Inc. (a nonprofit organization) as of December 31, 2008 and
December 31, 2007, and the related statements of activities and cash flows for the years
then ended. These financial statements are the responsibility of GOAL-Giving Open
Access to Learning, Inc.’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
attain 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 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 GOAL-Giving Open Access to Learning, Inc. as of
December 31, 2008 and December 31, 2007, and the changes in its net assets and its
cash flows for the years then ended in conformity with principals generally accepted within
the United States of America.




 Katz, Steinman CPA’s, PC

October 28, 2009
GOAL-GIVING OPEN ACCESS TO LEARNING, INC.

         FINANCIAL STATEMENTS

        DECEMBER 31, 2008 and 2007
GOAL-GIVING OPEN ACCESS TO LEARNING, INC.

Statements of Financial Position
As At December 31, 2008 and 2007


                                                      2008       2007

ASSETS

Cash in Banks                                     $ 410,358   $ 421,768
Loans & Exchanges                                     1,837           0
Prepaid Expenses                                     55,707      30,732


      TOTAL ASSETS                                $ 467,902   $ 452,500




LIABILITIES

Accrued Expenses                                  $ 33,250    $ 17,000
Payroll taxes payable                                4,512       1,261


      TOTAL LIABILITIES                             37,762      18,261


NET ASSETS

Unrestricted                                       430,140     434,239


TOTAL NET ASSETS                                   430,140     434,239


      TOTAL LIABILITIES AND NET ASSETS            $ 467,902   $ 452,500




See accountants’ letter and accompanying notes.
GOAL-GIVING OPEN ACCESS TO LEARNING, INC.

Statements of Activity
For the Year ended December 31, 2008 and 2007



                                                     2008       2007


UNRESTRICTED NET ASSETS

Unrestricted revenues
      Contributed Support                         $386,527   $679,648
      Special event income                          11,165     12,675
      Interest income                               14,032     12,734

            TOTAL UNRESTRICTED REVENUES            411,724    705,057

Expenses
     Program expenses                              222,656    225,454
     Management and general expenses                35,706     26,229
     Fundraising expenses                          157,461    144,405

            TOTAL EXPENSES                         415,823    396,088

      INCREASE (DECREASE)
           IN UNRESTRICTED NET ASSETS             ( 4,099)    308,969


NET ASSETS AT BEGINNING OF YEAR                    434,239    125,270

            NET ASSETS AT END OF YEAR             $430,140   $434,239




See accountants’ letter and accompanying notes.
GOAL-GIVING OPEN ACCESS TO LEARNING, INC.

Statement of Functional Expenses
For the Year ended December 31, 2007



                                 Program     Management       Fundraising       Total

Accounting                   $                    $   7,250   $               $ 7,250
Bank charges                                            529                        529
Books and subscriptions            1,259                                         1,259
Conferences and meetings             456              2,312                      2,768
Credit card fees                                      4,459                      4,459
Educational consultant           48,333                                         48,333
Fees                                105                750                         855
Field Trip Expense                4,344                                          4,344
Food                              5,759                                          5,759
Insurance                         2,088               3,589                      5,677
Office supplies                                       1,945                      1,945
Parking                                                 144                        144
Postage and messenger                                   120                        120
Professional fees                  6,954              2,843                      9,797
Promotional                                             114                        114
Salaries                         124,179                                       124,179
Payroll taxes                      9,728                                         9,728
Special event expenses                                              144,405    144,405
Stipend                           8,473                                          8,473
Student materials                13,776                                         13,776
Telephone                                             1,986                      1,986
Website development                                     188                        188


      TOTAL EXPENSES         $225,454             $26,229         $ 144,405   $396,088




See accountants’ letter and accompanying notes.
GOAL-GIVING OPEN ACCESS TO LEARNING, INC.

Statement of Functional Expenses
For the Year ended December 31, 2008



                                  Program    Management      Fundraising       Total

Accounting                    $                   $ 21,275   $              $ 21,275
Advertising                                            159                       159
Bank charges                                           374                       374
Books and subscriptions              402                                         402
Conferences and meetings                             2,134                     2,134
Credit card fees                                     4,593                     4,593
Educational consultant            40,000                                      40,000
Employee Benefits                  3,695                                       3,695
Fees                                                  475                        475
Field Trip Expense                  9,090                                      9.090
Food                                3.502                                      3,502
Insurance                           2,429            3,543                     5,972
Office supplies and Expense                          1,834                     1,834
Postage and messenger                                  112                       112
Professional fees                                                                  0
Salaries                          120,814                                    120,814
Payroll taxes                      12,164                                     12,164
Printing and publications                                                          0
Special event expenses                                            157,461    157,461
Stipend                           20,264                                      20,264
Student materials                  6,399                                       6,399
Telephone                                            1,119                     1,119
Transportation                      3,897                                      3,897
Website development                                    88                         88


      TOTAL EXPENSES          $222,656            $35,706        $157,461   $415,823




See accountants’ letter and accompanying notes.
GOAL-GIVING OPEN ACCESS TO LEARNING, INC.

Statements of Cash Flows
As At December 31, 2008 and 2007


                                                              2008        2007


CASH FLOWS FROM OPERATING ACTIVITIES
  Increase (decrease) in Net Assets                     $( 4,099)      $308,969

   Adjustments to reconcile increase in net assets to
   net cash provided by operating activities

      (Increase) decrease in operating assets
         Prepaid expenses                               (    24,975)      2,100
         Loans and exchanges                            (     1,837)

      Increase (decrease) in operating liabilities
         Accrued expenses                                    16,250     ( 2,104)
         Loans and exchanges                                            (   238)
         Payroll taxes payable                                3,251       1,261

NET CASH PROVIDED BY OPERATING ACTIVITIES               ( 11,410)       309,988

BEGINNING CASH BALANCE                                      421,768     111,780

             ENDING CASH BALANCE                        $ 410,358      $ 421,768




See accountants’ letter and accompanying notes.
GOAL-GIVING OPEN ACCESS TO LEARNING, INC.

NOTES TO FINANCIAL STATEMENTS

NOTE A – ORGANIZATIONAL STRUCTURE

GOAL-Giving Open Access to Learning, Inc. is a not for profit organization,
incorporated under the laws in the State of New York on January 22, 2004.
On April 22, 2004 GOAL-Giving Open Access to Learning, Inc. received notice from the
Internal Revenue Service of its status as a 501(c)(3) organization.

NOTE B – NATURE OF ACTIVITES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities

GOAL-Giving Open Access to Learning, Inc. provides structured educational and
motivational programs to under-served youth. Its vision is to help under-served children
succeed in school so that they have more opportunities to determine the quality of their
lives and to make meaningful contributions to the communities in which they live.

Method of Accounting

GOAL-Giving Open Access to Learning, Inc. uses the accrual method of accounting.

Contributed Services and Facilities

During the year ended December 31, 2008, the value of contributed services and
facilities meeting the requirements for recognition in the financial statements was not
material and has not been recorded.

Reporting to Governmental Agencies

On April 22, 2004 GOAL-Giving Open Access to Learning, Inc. received notice from the
Internal Revenue Service of its status as a 501(c)(3) organization and is exempt from
Federal Income Tax. The organization files a Form 990 – Return of Organization
Exempt from Income Tax with the Internal Revenue Service.
The organization also files a Form CHAR500 – Annual Filing for Charitable
Organizations with New York State Department of Law – Charities Bureau, which
requires audited financial statements to be attached.


NOTE C – CONTRIBUTED SUPPORT

Included in contributed support for 2007 is $150,000 from BTIG, LLC which is
designated as being for the 2008 tax year, even though the contribution was made in
2007.