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Financial Statements
December 31, 2013
(With Independent Auditors Report thereon)
Member
www.cdgiedtcpa.com
FAX: 760.747.0588
Board of Directors
Space Frontier Foundation, Inc.
Nyack, New York
We have audited the accompanying statement of financial position of the Space Frontier Foundation, Inc. (a non-profit
corporation) as of December 31, 2013 and the related statements of activities, changes in net assets and cash flows for the year
then ended.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these 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 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 financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards in the United States of America and the standards
applicable to financial audits. 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to
preparation and fair presentation of the 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 internal control. Accordingly, we express no
such opinion. And 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 financial statements.
We conducted our audit in accordance with generally accepted auditing standards 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. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Space
Frontier Foundation, Inc. as of December 31, 2013 and the results of its operations and activities for the year then ended, in
conformity with generally accepted accounting principles in the United States of America.
Other Reporting
Information for the year ended December 31, 2012 is presented for comparative purposes only and was extracted from the
financial statements presented by fund for the year, in which an unqualified opinion dated November 19, 2013 was expressed.
CDGiedt,CPA
Escondido, California
December 9, 2014
Unrestricted
Temporarily
Restricted
Permanently
Restricted
2013
Total
2012
Total
Assets
Current assets
Cash and
equivalents
62,246
6,630
68,876
Total assets
68,876
$62,246 $101,502
6,630
68,876
101,502
$68,876
101,502
Liabilities
Current liabilities
Accounts payable
Accrued liabilities
Total current
liabilities
Total liabilities
68,876
68,876
101,502
68,876
$68,876 $101,502
Unrestricted
Temporarily
Restricted
2013
Total
2012
Total
Income
Direct Support
Communications
General Operations
$6,563
Space Ventures
Teachers in Space
58,111
$103
103
1,230
8,573
8,573
28,878
1,400
685
685
2,980
2,980
61
12,341
50,690
$96,243
235,960
235,960
355,986
67,265
67,265
139,882
303,225
303,225
495,868
38,349
315,566
353,915
592,111
FlamingMir
Direct Support - Other
Total Direct Support
$38,349
$38,349
38,349
Donations/Grants
Program Service Revenue
NewSpace Conferences/BPC
Total Program Service Revenue
Total Income
Expense by Programs
42,257
42,607
Communications
1,424
1,424
7,262
Overview Institute
2,753
2,753
100,196
100,196
206,329
86,966
86,966
135,111
318
148,321
148,321
161,000
2,085
Program support
46,257
Teachers in Space
NewSpace conferences/BPC
Vision Project
Business Plan Competition
FlamingMir
300
300
IASE
324
324
299
7,232
2,000
564,243
$ 27,868
340,284
386,541
$(7,908)
$(24,718)
$(32,626)
The Watch
Total Expense
Increase (decrease) in net assets
Unrestricted
Temporarily
Restricted
Permanently
Restricted
Release restriction
(17,971)
17,971
(7,908)
(24,718)
60,344
($24,718)
2012
Total
$ 86,223
$ 53,634
(17,971)
(17,971)
Permanently restricted
2013
Total
33,250
33,250
20,000
-
Increase(decrease)
in net assets
Net assets, end of year
(32,626)
27,868
33,250
$ 68,876
$ 101,502
Increase(decrease)net assets
Adjustments to reconcile
increase (decrease) in net assets
to net cash provided by
operating activities
Changes in:
Other assets
2013
Total
2012
Total
$(32,626)
27,868
none
(6,630)
(39,256)
27,868
(39,256)
27,868
Beginning of year
101,502
73,634
End of year
$62,246
$101,502
K:\CDGESC2014\SPACEFRONTIER2013AUDITREPORT.docx
2013
2012
$ 62,246 $ 101,502
$ 62,246 $ 101,502