2006 NBAA Annual Report
2006 NBAA Annual Report 2006 NBAA Annual Report
INDEPENDENT AUDITOR’S REPORTTo the Audit Committee of the National Business Aviation Association, Inc.We have audited the accompanying consolidated statements of financial position of the NationalBusiness Aviation Association, Inc. and affiliate (collectively, the Association), as of June 30, 2006and 2005, and the related consolidated statements of activities and cash flows for the years thenended. These consolidated financial statements are the responsibility of the Association’s management.Our responsibility is to express an opinion on these consolidated financial statements basedon our audits.We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates of America. Those standards require that we plan and perform the audits to obtain reasonableassurance about whether the consolidated financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the consolidated financial statements. An audit also includes assessing theaccounting principles used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. We believe that our audits provide a reasonable basisfor our opinion.In our opinion, the consolidated financial statements referred to above present fairly, in all materialrespects, the financial position of the Association as of June 30, 2006 and 2005, and thechanges in its net assets and its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.RAFFA, P.C.Washington, DCSeptember 8, 200612 2006 NBAA ANNUAL REPORT
CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONFor the Years Ended June 30, 2006 and 2005ASSETS 2006 2005Current AssetsCash and cash equivalents $ 11,368,373 $ 10,186,518Accounts receivable 465,814 466,110Prepaid expenses and other assets 1,979,285 1,272,959Total Current Assets 13,813,472 11,925,587Investments in Marketable Securities 16,342,186 15,175,887Furniture and Equipment, net of accumulated depreciation of $1,137,058 and $874,400, respectively 559,092 643,759Leasehold Improvements, net of accumulated amortization of $362,869 and $353,106, respectively 24,538 15,558TOTAL ASSETS $ 30,739,288 $ 27,760,791LIABILITIES AND NET ASSETSCurrent LiabilitiesAccounts payable and accrued expenses $ 3,783,255 $ 2,462,643Amounts held for Scholarship Fund 119,071 105,242Deferred revenueMembership dues 1,473,380 1,441,061Annual meeting and conventions 10,485,604 9,602,673Seminars and business forums 102,853 255,661Total Current Liabilities 15,964,163 13,867,280Accrued Postretirement Benefits Obligation 3,118,186 2,811,285TOTAL LIABILITIES 19,082,349 16,678,565Unrestricted Net Assets 11,656,939 11,082,226TOTAL NET ASSETS 11,656,939 11,082,226TOTAL LIABILITIES AND NET ASSETS $ 30,739,288 $ 27,760,791The accompanying notes are an integral part of these consolidated financial statements.2006 NBAA ANNUAL REPORT 13
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONFor the Years Ended June 30, <strong>2006</strong> and 2005ASSETS <strong>2006</strong> 2005Current AssetsCash and cash equivalents $ 11,368,373 $ 10,186,518Accounts receivable 465,814 466,110Prepaid expenses and other assets 1,979,285 1,272,959Total Current Assets 13,813,472 11,925,587Investments in Marketable Securities 16,342,186 15,175,887Furniture and Equipment, net of accumulated depreciation of $1,137,058 and $874,400, respectively 559,092 643,759Leasehold Improvements, net of accumulated amortization of $362,869 and $353,106, respectively 24,538 15,558TOTAL ASSETS $ 30,739,288 $ 27,760,791LIABILITIES AND NET ASSETSCurrent LiabilitiesAccounts payable and accrued expenses $ 3,783,255 $ 2,462,643Amounts held for Scholarship Fund 119,071 105,242Deferred revenueMembership dues 1,473,380 1,441,061<strong>Annual</strong> meeting and conventions 10,485,604 9,602,673Seminars and business forums 102,853 255,661Total Current Liabilities 15,964,163 13,867,280Accrued Postretirement Benefits Obligation 3,118,186 2,811,285TOTAL LIABILITIES 19,082,349 16,678,565Unrestricted Net Assets 11,656,939 11,082,226TOTAL NET ASSETS 11,656,939 11,082,226TOTAL LIABILITIES AND NET ASSETS $ 30,739,288 $ 27,760,791The accompanying notes are an integral part of these consolidated financial statements.<strong>2006</strong> <strong>NBAA</strong> ANNUAL REPORT 13
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