|
FINANCIALS
Reviewed Financial
Statements
Years Ended June 30,
2004
and
2003
As
prepared by BDO Siedman, LLC
Report
on Reviewed Financial Statements
Statements of Financial
Position
Statements of Activities
Statements of Cash Flows
Notes to Financial Statements
Report
on Reviewed Financial Statements
Board of Trustees
Forest Hills Educational Foundation
Grand Rapids, Michigan
We have reviewed the
accompanying statements of financial position of Forest Hills Educational
Foundation (a nonprofit organization) as of June 30, 2004 and 2003, and the
related statements of activities and cash flows for the years then ended, in
accordance with Statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the
representation of the management of Forest Hills Educational Foundation.
A review consists principally of
inquiries of Forest Hills Educational Foundation personnel and analytical
procedures applied to financial data. It
is substantially less in scope than an audit in accordance with auditing
standards generally accepted in the United States of America, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, we do not
express such an opinion.
Based on our reviews, we
are not aware of any material modifications that should be made to the
accompanying financial statements in order for them to be in conformity with
accounting principles generally accepted in the United States of America.
Grand Rapids, Michigan
September 10, 2003
Statements
of
 Financial Position
|
June
30,
|
|
2003
|
|
2004
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
$
|
|
$
|
63,392
|
|
|
Investments (Note 2)
|
|
527,561
|
|
542,811
|
|
|
Prepaid expenses
|
|
1,000
|
|
2,506
|
|
|
Accounts Receivable
|
|
----
|
|
1,599
|
|
Total Current Assets
|
|
674,705
|
|
610,308
|
|
|
|
|
|
|
|
|
|
Computer equipment, net of
accumulated depreciation of $10,226 and $8,106
|
|
2,120
|
|
----
|
|
|
|
|
|
|
|
|
|
Total Assets
|
$
|
676,825
|
$
|
610,308
|
|
|
|
|
|
|
|
|
|
Liabilities and Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Accounts payable
|
$
|
--
|
$
|
240
|
|
|
Grants payable
|
|
1,500
|
|
28,473
|
|
|
Accrued expenses
|
|
----
|
|
4,000
|
|
|
Accrued payroll
|
|
6,017
|
|
803
|
|
|
Unearned Income
|
|
----
|
|
13,500
|
|
|
Total Liabilities
|
|
7,517
|
|
47,016
|
|
|
|
|
|
|
|
|
|
Net Assets (Note 1)
|
|
|
|
|
|
|
Unrestricted
|
|
334,188
|
|
358,063
|
|
|
Temporarily restricted
|
|
335,120
|
|
205,229
|
|
|
|
|
|
|
|
|
|
Total Net Assets
|
|
669,308
|
|
563,292
|
|
|
|
|
|
|
|
|
|
|
$
|
676,825
|
$
|
610,308
|
|
Statements
of Activities
|
|
|
|
|
______________2004_______________
|
|
|
|
|
Year ended June 30,
|
Unrestricted
|
Temporarily
Restricted
|
|
Total
|
|
2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Support and Revenue
|
|
|
|
|
|
|
|
|
|
|
Contributions
|
$
|
44,216
|
$
|
4,600
|
$
|
|
$
|
|
|
|
Investment income (Note 2)
|
|
39,538
|
|
30,058
|
|
69,596
|
|
31,224
|
|
|
Fund raisers
|
|
37,379
|
|
-
|
|
37,379
|
|
46,488
|
|
|
Miscellaneous revenues
|
|
680
|
|
-
|
|
680
|
|
1,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total support
and revenue
|
|
121,813
|
|
34,658
|
|
156,471
|
|
113,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
released from restrictions
|
|
164,549
|
|
(164,549)
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Scholarships and awards
|
|
164,550
|
|
-
|
|
164,550
|
|
17,894
|
|
|
Grants
|
|
58,794
|
|
-
|
|
58,794
|
|
24,522
|
|
|
General and administrative
|
|
39,143
|
|
-
|
|
39,143
|
|
44,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
262,487
|
|
-
|
|
262,487
|
|
87,188
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net
assets
|
|
23,875
|
|
(129,891)
|
(
|
106,016)
|
|
26,629
|
|
|
|
|
|
|
|
-
|
|
|
|
|
Net Assets, beginning of year
|
|
334,188
|
|
335,120
|
|
669,308
|
|
642,679
|
|
|
|
|
|
|
| |
