24 Financial Statements Independent Auditor’s Report To the Board of Directors of Metropolitan Economic Development Association: We have audited the accompanying statement of financial position of Metropolitan Economic Development Association (<strong>MEDA</strong>) (a nonprofit organization) as of December 31, <strong>2006</strong>, and the related statements of activities, functional expenses, and cash flows for the year then ended. These financial statements are the responsibility of <strong>MEDA</strong>’s management. Our responsibility is to express an opinion on these financial statements based on our audit. The prior year summarized comparative information has been derived from the Organization’s 2005 financial statements, and, in our report dated March 24, <strong>2006</strong>, we expressed an unqualified opinion on those financial statements. 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 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 that 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 Metropolitan Economic Development Association as of December 31, <strong>2006</strong>, and the changes in net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. Rogers and Company Certified Public Accountants March 28, 2007
ASSETS CURRENT ASSETS: Cash and cash equivalents Investments Investments held for loans and administration Contributions and grants receivable Accounts receivable, net of allowance of $300 in <strong>2006</strong> and $300 in 2005 Interest receivable Prepaid expenses Total current assets Loans and interest receivable, net of allowance of $289,939 in <strong>2006</strong> and $258,830 in 2005 Interfund receivable (payable) Property and equipment, net of accumulated depreciation of $363,721 in <strong>2006</strong> and $366,845 in 2005 Total assets LIABILITIES AND NET ASSETS CURRENT LIABILITIES: Accounts payable Accrued expenses Deferred revenue Current portion of bonds payable Total current liabilities Due to state of Minnesota Bonds Payable Total liabilities NET ASSETS: UNRESTRICTED: Undesignated Board designated Temporarily restricted Total net assets Total liabilities and net assets UNRESTRICTED SUPPORT AND REVENUES: Contributions In-Kind Contributions Special events support Less: Direct Benefit to Donors State and other grant revenue Federal reimbursements Registrations Investment income Service fees Other Total support and revenues EXPENSES: Program Services Client service Uncollectible loan loss Supporting Services General and administrative Fundraising Total expenses CHANGE IN UNRESTRICTED NET ASSETS TEMPORARILY RESTRICTED SUPPORT AND REVENUES: Special events support CHANGE IN TEMPORARILY RESTRICTED NET ASSETS CHANGE IN NET ASSETS NET ASSETS, beginning of year NET ASSETS, end of year METROPOLITAN ECONOMIC DEVELOPMENT ASSOCIATION STATEMENT OF FINANCIAL POSITION Operating Fund $ 491,999 710,855 - 107,764 10,300 6,685 17,028 1,344,631 - 95,891 397,218 $ 1,837,740 $ 1,965 29,687 2,500 24,000 58,152 - 354,000 412,152 1,417,338 - 8,250 1,425,588 $ 1,837,740 $ 769,902 133,682 419,749 (89,046) 155,000 30,000 55,533 26,667 73,262 1,236 1,575,985 904,271 - 412,028 225,536 1,541,835 34,150 8,250 8.250 $ 42,400 $ 1,383,188 $1,425,588 Financial Statements Loan Fund $ 121,128 - 811,329 - 12,689 - 945,146 759,290 (76,184) - $ 1,628,252 $ - - - - - 632,689 - 632,689 - 995,563 - 995,563 $ 1,628,252 DECEMBER 31, <strong>2006</strong> AND 2005 STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31, <strong>2006</strong> WITH COMPARATIVE TOTALS FOR DECEMBER 2005 $ - - - - - - - 154,752 3,709 - 158,461 80,294 36,000 - - 116,294 42,167 - - 42,167 953,396 995,563 PTAC $ 137,371 - - 71,121 2,445 - 10,259 221,196 - (19,707) - $ 201,489 $ - 8,475 40 - 8,515 - - 8,515 30,521 162,453 - 192,974 $ 201,489 $ - 91,101 - - - 469,866 14,549 - 46,846 2,143 624,505 607,794 - - - 607,794 16,711 - - - 16,711 176,263 192,974 Total <strong>2006</strong> $ 750,498 710,855 811,329 178,885 12,745 19,374 27,287 2,510,973 759,290 - 397,218 $ 3,667,481 $ 1,965 38,162 2,540 24,000 66,667 632,689 354,000 1,053,356 1,447,859 1,158,016 8,250 2,614,125 $ 3,667,481 $ 769,902 224,783 419,749 (89,046) 155,000 499,866 70,082 181,419 123,817 3,379 2,358,951 1,592,359 36,000 412,028 225,536 2,265,923 93,028 8,250 8,250 101,278 2,512,847 2,614,125 Total 2005 $ 701,730 683,285 868,395 108,044 6,759 15,223 28,703 2,412,139 808,339 - 395,916 $ 3,616,394 $ 6,363 31,197 362 23,000 60,922 664,625 378,000 1,103,547 1,413,709 1,099,138 - 2,512,847 $ 3,616,394 $ 740,260 179,339 410,622 (117,482) 127,500 535,054 69,199 126,451 107,422 2,639 2,181,004 1,617,159 30,000 318,677 199,708 2,165,544 15,460 - - - 15,460 2,497,387 2,512,847 25
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