Team Sanfilippo Foundation, Inc.
TSF Inc. is a registered 501(c)3 Tax ID # 46-4027239
Financial Statements and Supplementary Information
With Independent Accountants’ Review Report
For the Year Ended December 31, 2012
2012 Financial statement < click here to load pdf.
Team Sanfilippo Foundation, Inc.
Financial Statements
and Supplementary Information
With
Independent Accountants’ Audit Report
For the Year Ended December 31, 2011
DECEMBER 31, 2011TABLE OF CONTENTS
To the Board of Directors of
Team Sanfilippo Foundation, Inc.
Saratoga Springs, New York
We have audited the accompanying statement of financial position of Team Sanfilippo Foundation, Inc (a nonprofit organization) as of December 31, 2011, and the related statements of activities, functional expenses, and cash flows for the year then ended. These financial statements are the responsibility of the Organization’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 State 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 Team Sanfilippo Foundation, Inc as of December 31, 2011, and the changes in its net assets and its cash flows for the year then ended in conformity with accounting principles generally accepted in the united States of America.
Steven Ellwanger, CPA, PLLC
Saratoga Springs, New York
August 10, 2012
STATEMENT OF FINANCIAL POSITION
DECEMBER 31, 2011
| CURRENT ASSETS | |
| Cash | $ 261,826 |
| TOTAL ASSETS | $ 261,826 |
| CURRENT LIABILITES | |
| Grants Payable | $ 185,000 |
| NET ASSETS | |
| Unrestricted | $ 76,826 |
| TOTAL LIABILITIES AND NET ASSETS | $ 261,826 |
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED DECEMBER 31, 2011
| PUBLIC SUPPORT & REVENUES | |
| Donation Income | $493,982 |
| Total Public Support & Revenues | $ 493,982 |
| EXPENSES | |
| Program Services | $ 559, 416 |
| General and Administrative | $ 1,873 |
| Fundraising Expenses | $ 669 |
| Total Expenses | $ 561, 958 |
| (DECREASE) IN NET ASSETS | ($ 67,976) |
| OTHER INCOME | |
| Interest Income | $ 741 |
| NET ASSETS, BEGINNING OF YEAR | $ 144, 061 |
| NET ASSETS, END OF YEAR | $ 76, 826 |
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2011
| CASH FLOWS FROM OPERATING ACTIVITIES | |
| Change in Assets | $ (676,976) |
| Increase in Grants Payable | $ 185,000 |
| Net Cash Provided by Operating Activities | $ 117,024 |
| CASH FLOWS FROM FINANCING ACTIVITIES | |
| Interest Income | $ 741 |
| Net Cash Provided by Operating Activities | $ 741 |
| NET INCREASE IN CASH | $ 117,765 |
| CASH, BEGINNING OF YEAR | $ 144,061 |
| CASH, END OF YEAR | $ 261,826 |
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2011
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Nature of Activities
Team Sanfilippo Foundation, Inc. (“the Foundation”) is a not-for-profit organization formed in the State of New York on June 13, 2011 for the purpose of conducting research to find a treatment for Sanfilippo Syndrome.
The Foundation is exempt from Federal income tax under section 501(c)(3) of the Internal Revenue Code.
Support and Revenue
The main source of funding is from public donations. Donations and grants of cash and other assets are reportable as temporarily restricted support if they are received with donor stipulations that limit the use of the donated assets.
Contributed Services
During the year ended December 31, 2011, the value of contributed services meeting the requirements for recognition in the financial statements was not material and has not been recorded. Many individuals volunteer their time and perform a variety of tasks that assist the Foundation in performing its functions.
Financial Statement Presentation
The financial statements of Team Sanfilippo Foundation, Inc. are presented using the accrual basis of accounting. Financial statement presentation follows the recommendation of the Financial Accounting standards Board (FASB) in its Accounting standards Codification (ASC) Topic 958, Not-for-Profit Entities. Team Sanfilippo Foundation, Inc is required to report information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets. As of December 31, 2011, there were no permanently or temporarily restricted net assets.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported and disclosed amounts of assets, liabilities, revenues and expenses incurred in the reporting period. Actual results could differ from those estimates.
Functional Allocation of Expenses
The cost of providing the various programs and other activities has been summarized on a functional basis in the statement of activities. Accordingly, certain costs have been allocated among the program, general administrative, and fundraising expenses.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2011
Events Occurring After Reporting Date
The Foundation has adopted FAS No. 165 during the year ended December 31, 2011. FAS No. 165 establishes the accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. It requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date, that is, whether that date represents the date the financial statements were issued or were available to be issued. The adoption of FAS No. 165 did not have a material impact on our financial statements.
Contractual Grant Agreements
The Foundation has entered into grant agreements with research labs during the year with
approval of the board of directors and review from the scientific advisory board. These agreements require payments to be made in future years based on predefined milestones
expected to be attained. The contracts are defined below with total grants contracted during the year and monies paid as of December 31, 2011. The grants payable are due to be completed in the next fiscal year 2012.
| Total Grant | Grants Paid | Grants Payable | |
|---|---|---|---|
| Texas Children’s Hospital | $ 100,000 | $ 70,000 | $ 30,000 |
| Women’s and Children’s Hospital Adelaide | $ 100,000 | $ 100,000 | |
| Nationwide Children’s Hospital, Columbus, Ohio | $ 250,000 | $ 250,000 | |
| Telethon Institute of Genetics and Medicine, Naples, Italy | $ 550,000 | $ 25,000 | $ 30,000 |
| Dr. Elsa Shapiro | $ 9,000 | $ 9,000 | |
| MPS Society Challenge Grant | $ 25,000 | $ 25,000 | |
| Total | $ 539,000 | $ 354,000 | $ 185,000 |
NOTE 2- SUBSEQUENT EVENTS:
Management has evaluated events and transactions for subsequent events that would impact the
financial statements for the year ended December 31, 2011 to August 10, 2012, the date the
financial statements were available to be issued. There were no subsequent events that require
recognition or disclosure in the financial statements.
SUPPLEMENTAL INFORMATION
To the Board of Directors
Team Sanfilippo Foundation, Inc.
Our report on the audit of the financial statements of Team Sanfilippo Foundation, Inc. for the year ended December 31, 2011 appears on page one. The information included in the accompanying schedule of functional expenses for the years ended December 31, 2011 is presented for purpose of additional analysis and is not a required part of the financial statements. Such information has been subjected to the audit procedures applied in the audit of the financial statements, and in our opinion, such information is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
Steven Ellwanger, CPA, PLLC
Saratoga Springs, New York
August 10, 2012
SCHEDULE OF FUNCTIONAL EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2011
| Program Services | General and Admin | Fundraising Expenses | Total Expenses | |
|---|---|---|---|---|
| Bank Charges | – | $ 53 | – | $ 53 |
| Conferences | $ 406 | – | – | $ 406 |
| Consulting Fees | $ 17, 879 | – | – | $ 17, 879 |
| Credit Card Processing Fees | – | $ 298 | – | $ 298 |
| Fees and Permits | – | $ 110 | – | $ 110 |
| Research Grants | $ 539,000 | – | – | $ 539,000 |
| Postage and Delivery | $ 389 | – | – | $ 389 |
| Professional Fees | – | $ 1,000 | – | $ 1,000 |
| Supplies | – | – | $ 669 | $ 669 |
| Travel | $ 1,742 | – | – | $ 1,742 |
| Internet and Website | – | $ 412 | – | $ 412 |
| TOTAL EXPENSES | $ 559,416 | $ 1,873 | $ 669 | $ 561,958 |