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HomeMy Public PortalAboutMarine Science Center Cf LLy GT Tybee Ilsiland Community Services Contract Award IFEscall Year 201[3 -114 fr APPLBC 7ECCar F sEZ CQSH nWG MD This form is to be completed and submitted to Finance with your budget request. Date: March 25, 2013 Organization requesting City of Tybee Island Community Services Contract Award: Tybee Island Marine Science Center Maria Procopio, executive director PO Box 1879, 1510 Strand Avenue, Tybee Island, GA 31328 Maria @TybeeMarineScience.org, 912 - 786 -5917 Is this organization an IRS approved 501(c)3 Non - Profit? _X_Yes No If "yes ", please attach your most recent audited financial statement, a copy of your IRS determination letter and a copy of your current budget detailing the planned use for the awarded funds. Please note that our most recent audited financial statement is for 2011, the 2012 annual audit is in process. Q o rat of funds requested: $33,000.00 DDesacobe how these funds will be used and how the City and citizens of Tybee Island will rspeneffRo The City of Tybee Island's grant will be support the delivery of our educational programming and go toward recovering the $33,000 we paid to replace the building's HVAC system. Our mission is to cultivate responsible stewardship of coastal Georgia's natural resources through education, conservation, and research. We offer year -round programming for island visitors, school and scout groups - -on the beach, in the marsh, on the water, in the classroom, and the Coastal Georgia Gallery. The funds and services the city provides the center, support the delivery of marine science -based education programs to a range of audiences coming to Tybee Island from across the country. 1 PROGRAMS OFFERED Following is an overview of the marine science -based programs we offer to the public and groups. Island Visitor Programs: • Coastal Georgia Gallery — The gallery is open daily from 10 a.m. to 5 p.m. to the general public. Throughout the day, educators are stationed in the gallery to interpret exhibits and deliver cart- programs. • Beach Walks, Turtle Talks, Whale Tales, Shark Jaws, Marsh Treks, and Jelly Jive — scheduled throughout the week during season (the public may request a program outside of a regularly scheduled time -slot and we will comply based on educator availability) and by request off - season. • Sea Camp: Coastal Kids Ocean Adventure — during the summer, we offer eight sessions of week -long children's sea camps based on age groupings. Group Programs: • Coastal Classroom — for school groups from Pre -K to college • Island Ecology Experience — for non - school groups • Barrier Island Patch Program — for Boy and Cub Scouts • Coastal Georgia Badge Program — for Girl Scouts • Oceanography Merit Badge Program — for Boy Scouts • Floating Classrooms — for all group audiences • Sidewalk to the Sea — for Title I elementary school students, K -6 • Coastal Scientist Levels I , II, I l l —for 21st Century students. • Group Gallery Admissions - for groups that elect to visit the gallery rather than participate in a program. Sponsored Programs: Groups financially unable to access our programs, such as the Fresh Air Home, girls and boys clubs, and disabled children and adult care centers, participate in "Sponsored" programs for a reduced or waived fee. Sidewalk to the Sea: Connecting City Kids with Coastal and Offshore Environments: The City of Tybee Island is a partner in our Sidewalk to the Sea, which gives students Savannah's Title I elementary schools an opportunity to participate in marine science -based field activities and provides students with access and exposure to their coastal and offshore environments. Each year, students participate in a three -hour program of coastal science fun and learning on Tybee Island at the science center, creating a connection to the coast throughout their childhood that will predispose them toward an informed and active stewardship as an adult. In 2012, the Sidewalk program brought 6,317 students and teachers to Tybee Island. Lastly, we provide community outreach programs to the public at a variety of events on and off - island. 2 How the city and citizens of Tybee Island directly or indirectly benefit: In 2012, the science center had almost exactly 49,000 program participants. Economic impact: - The island's tourism efforts benefit. The science center is both a draw to the island, and a significant enhancement to the visitor experience. - In 2012, we held our 7th annual Tybee Turtle Trot -5k Beach Run and Sea Turtle Release, a fundraiser that supports our sea turtle conservation work, which drew over 700 participants and their families. Additionally, people visited the island to just to wow at the after -event sea turtle release. - Participants trade with island businesses. - Participants are significant contributors to the city's parking revenue. Envh•oG man2al Impact: - In 2012, we incorporated stewardship strands throughout all of our educational programming on the marine ecosystems of coastal Georgia. Strand content includes; • Pollution Pick -Ups • Storm Drains and Fish, • Water Quality: Pollution in Storm Drains • Stewardship: Fishing Gear • Stewardship: Pollution Timeline • Water Quality: Litter • Stewardship: Plastic Pollution Fostering an understanding and appreciation of the impact humans have on the barrier islands benefits Tybee and all of Georgia's barrier Islands. - Through our Lights Out! program, the center develops and distributes educational materials on the problem with artificial light on the beach during sea turtle nesting season that supports the city ordinance section 3 -230. - The center manages the Tybee Island Sea Turtle Project, an island conservation program that protects nesting sea turtles and their hatchlings. In 2012, volunteers donated 709 hours to the project. Community Pride: Since 1987, the science center has served citizens throughout Georgia through our conservation efforts, exhibits, classroom, and field -based educational programs. Our work is recognized as an effective and important educational resource for all of coastal Georgia's natural resources and issues, 3 Organizational history of City Grant funds: 2001 $31,406.33 2002 $29,423.97 2003 $56,600.00 2004 $56,250.00 2005 $47,762.00 2006 $56,842.00 2007 $45,000.00 2008 $43,500.00 2009 $41,500.00 2010 $37,350.00 2011 $33,615.00 2012 $25,212.00 What percentage of this grant will be matched by your organization: 1,427 % 4 Will this event OT prognor tcjng dnsoCors to Tybee Island ©ff=peak season ©[P Monts? Yes, the science center's "season" has expanded over the last three years and we have high participation from February to November. Our program participant numbers grow each year: PROGRAM PARTICIPATION NUMBERS BY PARTICIPANT TYPE TYPE PARTICIPANTS Schools 4,658 Religious Schools 644 Home Schoolers 45 Girl Scouts 8,618 Boy Scouts 104 Other 230 Gallery Admissions 23,756 Beach Walks 833 Marsh Treks 190 Turtle Talks 133 Sea Oa-p 52 Sidewalk 9,189 Sponsored 515 TOTAL 48,967 Outreach 2,030 TOTAL 50,476 M©cumafts IncLucled oith this request ▪ Application for Waivers • Affidavit ▪ IRS Determination Letter • 2013 Budget Projection • 2012 Statement of Financial Position • 2012 Profit & Loss Statement (unedited) • 2011 Annual Audit ▪ Sample promotional materials > >P]ease attach a detailed budget to this request outlining how the money ug i[ 5 City of Tybee Island Community Services Contract Award e ` Fiscal Year 2013 -14 APPLICATION FOR WAIVERS Tybee Island Marine Science Center Date: March 25, 2013 Provide detail on any waivers (i.e. free or reduced parking, rent or utilities) or City services (i.e. number of hours of security, city worker clean -up, trash and /or recycle bins, building maintenance and upkeep, etc.) that you plan to request for your event(s): ITEM /SERVICE AMOUNT NOTES In 2001, Canady, Richbourg & Company, the centers Building Rent $33,840.00 auditors, booked an estimated in -kind rental at 2,820 square feet x $12.00 per square foot. This amount is noted in subsequent audits to date. Parking Spaces My understanding is parking spaces in the south end lots 9 p aces (3 ) $24,000 are estimated to generate an average of $8,000 per year. Parking Decals - Seasonal (5) $1,000 Five decals at $200 each Parking Decals - Annual (5) $1,000 Five decals at $200 each Parking Placards (7) I don't know how to account for the cost of a parking placard. Please advise. Building Maintenance 0 Joe Wilson keeps records on DWP's maintenance of the building. Value of the waivers requested: $ 5 b -. P.O. Box 2749 — 403 .Butler Avenue, Tybee Island, Georgia 31328 -2749 (912) 786 -4573 — FAX (912) 786 -9465 www.eityoftybee.org F , Affidavit Verifying Status , � . for City Public Be refit Application By executing this affidavit under oath, as an applicant for a City of Tybee Island, Georgia, Business License or Occupation Tax Certificate, Alcohol License, Taxi Permit, Contract, or other public benefit as referenced in O.C.G.A. Section 50 -36 -1, I am stating the following with respect to my application of a City of Tybee Island: • Business License or Occupational Tax Certificate, • Alcohol License, (circle all that apply) • Taxi Permit, • Contract • Community Services Contract Award for (printed name of natural person applying on behalf of individual, business, corporation, partnership, or other private entity). 1) I am a United States citizen. OR 2) I am a legal permanent resident 18 years of age or older or I am an otherwise qualified alien or non - immigrant under the Federal Immigration and Nationality Act, 18 years of age or older and lawfully present in the United States. * In making the above representation under oath, I understand that any pison who knowingly and willfully makes a false, fictitious, or fraudulent statement or representation in an affidavit shall be guilty o a violation of Code Section 16 -10 -20 of the Official Code of Georgia. e )( ....".... "" -- ' - l k Signature of Applicant 3 ^ zs — 11 Date 1 Gi12 Prince Name * Alien Registration Number for Non- citizens SUB Ir,.: ,/ r SW ii EFORE ON T THE DAY • _ Z A , 21 , i Notary Fu A /� PI ' `' SHARON S. Si� iS7rGa75,115 � Publlc, c, � My Commission Expires: My Comol�P� '�tisgion E Esms Note: U. C. G.A. 5C 50- 36- 1(e)(2) requires that aliens under the federal Immigration and Nationality Act, Title 8 U.S.C., as amended, provide their alien registration number. Because legal permanent residents are included in the federal definition of "alien", legal permanent residents must also provide their alien registration number. Qualified aliens that do not have an alien registration number may supply another identing number below: 2013 TYBEE ISLAND MARINE SCIENCE FOUNDATION - BUDGET PROJECTION Income Expense 4000 • Income - Individuals 7200 • Expense - Salaries & Related 4010 - Individual Contributions 2,000.00 7210 •Officers & Directors Insurance 660.00 4060 - Donation Box 1500.00 7220 • Salaries & Wages 254,610.45 Total 4000 • Income - Individuals 3,500.00 7240 • Employee Insurance Benefits 19,477.70 4200 - Income - Private Sector 7250 • Payroll taxes 17,515.48 4210 • Corporate /Business Grant -Gifts 10,000.00 7255 • Unemployment Insurance Bond 0.00 4230 • Foundation/Trust Grants -Gifts 10,000.00 7260 • Workers Comp Insurance 2,500.00 4250 • NPO Grants -Gifts 8,000.00 7270 • Professional Development 200.00 Total 4200 . Income - Private Sector 28,000.00 7280 • Staff Appreciation 500.00 4500 • Income - Government 7290 - Recruitment 200.00 4510 -Agency 0.00 Total 7200 - Expense - Salaries & Related 295,663.63 4550 • City of Tybee Island 28,000.00 7300 • Expense - Volunteer Total 4500 • Income - Government 28,000.00 7320 • Vol- Appreciation 300.00 5100 • Income - Program Fees Total 7300 • Expense - Volunteer 300.00 5110 • Public - Beach Discovery Walk -S 11,000.00 7500 • Expense - Contract Services 5112 • Public - Marsh Trek 2,000.00 7520 Accounting fees 7,245.00 5113 • Public - Turtle Talks 3,000.00 7540 • Professional fees - other 0.00 5114 - Sea Camp 8,000.00 Total 7500 • Expense - Contract Services 7,245.00 5120 • Group - Schools 40,000.00 8100 • Expense - Operations 5130 • Group - Scouts 45,000.00 8110 - Supplies 15,000.00 5140 • Group - Other 2,000.00 8130 • Telephone, Cell & Internet 3,420.00 5150 •Offsite 500.00 8140 • Postage & Shipping 700.00 5160 • Floating Classroom 7,000.00 8170 - Printing & Copying 2,000.00 5190 • Gallery Admissions 75,000.00 8171 - Membership Dues 380.00 Total 5100 • Income - Program Fees 193,500.00 8572 • Promotion 6,073.00 5200 • Income - Membership 8180 - Books, subscriptions, reference 150.00 5210 - Member -New 10,000.00 8181 • Program Evaluation 664.4 5211 • Member - Renewal 0.00 Total 8100 • Expense - Non - Personnel 28,387.40 Total 5200 • Income - Membership 10,000.00 8200 • Expense - Facility & Equipment 5300 • Income - Investments 8210 - Rents 416.00 5310 • Interest - Savings & STI 50.00 8220 • Utilities & Security & Pest Control 16,503.00 Total 5300 • Income - Investments 50.00 8223 • Building Repairs & Maintenance 1,000.00 5400 • Income - Discovery Shop 8260 • Equipment Rental & Maintenance 1,136.40 5440 - Sales of Retail Merchandise 130,000.00 8290 • Minor Equipment Purchases 1,000.00 5450 • Sales Tax Vendors Comp 300.00 8291 • Fixed Asset Purchases 1,500.00 Total 5400 • Income - Discovery Shop 130,300.00 Total 8200 • Expense - Facility & Equipment 21,555.40 5500 • Income - Other Sources 8300 • Expense - Travel & Meetings 5590 • Miscellaneous Revenue 0.00 8320 • Conferences, Seminars, Meetings 500.00 Total 5500 • Income - Other Sources 0.00 8330 • Mileage Reimbursements 1,000.00 5800 -Income - Fund Raising Activity Total 8300 • Expense - Travel & Meetings 1,500.00 5810 • Turtle Trot 20,000.00 8400 • Expense - Fundraising 5820 • TI Sea Kayak Races 15,000.00 8410 • Sea Kayak Race 1,600.00 Total 5800 - Income - Fund Raising Activity 35,000.00 8411 • Turtle Trot 11,000.00 Total Income 428,350.00 Total 8400 • Expense - Fundraising 12,600.00 8600 • Expense - Business 8666 • Penalties & Interest 0.00 8667 - Insurance (non - employee) 5,929.32 5455 • Cost of Goods Sold - 60,000.00 8670 - Credit Card Usage 6,000.00 8680 . Bank Charges 1,200.00 Total 8600 • Expense - Business 13,129.32 380,380.75 Total Expense CANADY, RICHBOURG & WOODWARD, LLP CERT WIED PUBLIC ACCOUNTANTS SAVANNAH. G E.OR,G I A November 15, 2012 To the Board of Directors Tybee Island Marine Science Foundation, Inc. We have audited the financial statements of Tybee Island Marine Science Foundation. Inc. for the year ended December 31, 2011 and have issued our report thereon dated November 15, 2012. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated March 30, 2012. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Findines Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by Tybee Island Marine Science Foundation. Inc. are described in Note 2 to the financial statements. No new accounting policies were adopted and the application of existing policies was not changed during the year. We noted no transactions entered into by the Organization during the year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management's knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. In our opinion, your financial statements do not contain any sensitive estimates. Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management in performing and completing our audit. Corrected and Uncorrected Misstatements Professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that are trivial, and communicate them to the appropriate level of management. Some of the misstatements detected as a result of audit procedures and corrected by management were material to the financial statements taken as a whole. Disagreements with Management For purpose of this letter, professional standards define a disagreement with management as a financial accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial statements or the auditor's report. We are pleased to report that no such disagreements arose during the course of our audit. Management Representations We have requested certain representations from management that are included in the management representation letter dated November 15, 2012. Management Consultations with Other Independent Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application of an accounting principle to the Organization's financial statements or a determination of the type of auditor's opinion that may be expressed on those statements, our professional standards require the consulting accountant to check with us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations with other accountants. Other Audit Findings or Issues We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the Organization's auditors. However, these discussions occurred in the normal course of our professional relationship and our responses were not a condition to our retention. This information is intended solely for the use of the Board of Trustees and management of Tybee Island Marine Science Foundation, Inc. and is not intended to be and should not be used by anyone other than these specified parties. Very truly yours, juLtotei.cial. ,LLP CANADY, RICHBOURG & WOODWARD. LI, CANADY. RICHBOURG & WOODWARD, LLP cERTIFIED PUBLIC ACCOUNTANTS SAVANNAH. GEORGIA To the Board of Directors Tybee Island Marine Science Foundation, Inc. In planning and performing our audit of the financial statements of Tybee Island Marine Science Foundation, Inc. for the year ended December 31, 2011. we considered the organization's internal control in order to determine our audif.ng procedures for the purpose of expressing an opinion on the financial statements and not to provide assurance on internal control. However, during our audit, we became aware of matters regarding the organization's activities that we feel should be communicated to management. This letter does not affect our report dated November 15, 2012, on the financial statements of Tybee Island Marine Science Foundation, Inc. We will review the status of these comments during our next audit engagement. We have already discussed these comments with various organization personnel, and we will be pleased to discuss these comments in further detail at your convenience, to perform any additional study of these matters, or to assist you in any way. Our comments are summarized as follows: 1. Annual updating of conflict of interest policy Although the Foundation has a conflict of interest policy, board members are not updating the conflict of interest questionnaire on an annual basis as required. In addition to notifying the Organization as conflicts arise, board members must complete the questionnaire annually. 2. Approval of financial policies and 'procedures manual The Foundation currently has a policies and procedures manual that has not been approved by the board. Board approval of the Foundation financial policies and procedures manual furthers the board's goal of protecting assets and providing proper financial oversight as well as provides staff with clear direction from the board. As old policies are u. :ted and new policies are implemented the policies should be approved and incorporated into the policies and procedures manual. * • * * * * * * * * • * • • This report is intended solely for the information and use of the Board of Trustees. management, and others within the Center and is not intended to be and should not be used by anyone other than these specified parties. (Lb0 4„ ()Doc _LP U.A. November 15. 2012 CANAIJY, RICHBOURG & WOODWARD, LLP CERTIFIED PURL.IC ACCOUNTANTS SAVANNAH. GEORGIA Ms. Maria Procopio, Executive Director The Board of Directors Tybee Island Marine Science Foundation, Inc. Tybee Island. Georgia In planning and performing our audit of the financial statements of Tybee Island Marine Science Foundation„ Inc. for the year ended December 31, 2011, in accordance with auditing standards generally accepted in the United States of America, we considered the Organization's internal control over financial reporting (internal control) as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Organization's internal control. Accordingly, we do not express an opinion on the effectiveness of your Organization's internal control. Our consideration of internal control was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in internal control that might be significant deficiencies or material weaknesses. However, as discussed below, we identified a deficiency in internal control that we considered to be a material weakness. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions. to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or a combination of control deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the entity's financial statements that is more than inconsequential will not be prevented or detected by the entity's internal control. A material weakness is a significant deficiency, or a combination of significant deficiencies, that result in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected by the entity's internal control. We believe the following deficiency constitutes both a significant deficiency and material weakness. Recording of accounts receivable As of December 31, 2011 the Foundation had an account receivable for grant expenditure reimbursements that was not reflected on the financial statements. We recommend establishing procedures that utilize the Organization's accountant to assist the Executive Director in determining which transactions require recording. Once the appropriate receivables are determined, the Organization's accountant should record the receivables in the financial statements. * * This communication is intended solely for the information and use of management, the Board of Directors, and others within the organization, and is not intended to be and should not be used by anyone other than these specified parties. i'l,12014A LADDCIL.-NtAt (—LP Canady, Richbourg & Woodward, LLP Savannah, Georgia November 15, 2012 TYBEE ISLAND MARINE SCIENCE FOUNDATION, INC, TYBEE ISLAND, GEORGIA Financial Statements for the Years Ending December 31, 2011 AUDIT REPORT * NOVEMBER 15, 2012 TYBEE ISLAND MARINE SCIENCE FOUNDATION, INC. TABLE OF CONTENTS DECEMBER 3L 2011 . IndependentAuditor's Report ...........m_,,,.......r...._ .K,..�F , .. ..aa.._.o,. o.W.b...� ..............�....�n....1 Statement of Financial Position ......... ................. w... _...,,,........,_..,,.... x,......�_�.....,....,......... , �czz c t € f tai ...a .............. >... ,,.,. o. .,.....a..FF...... a_.,� ......�_ .e.,......a,......a.... tact ofas1ZfPrs .............. .. . ........r ,.,....�< ......�< a ...,......., �..._... Notes to Financial Statements ._.. ..�.... � CANADY, RICHBOURG & WOODWARD, LLP CE.K1 Fl E D P 11 LI C ACCOUNTANTS SAVA NN A H. GEORGIA INDEPENDENT AUDITOR'S REPORT To the Board of Directors Tybee Island Marine Science Foundation, Inc. Tybee Island, Georgia We have audited the accompanying statement of financial position of Tybee Island Marine Science Foundation, Inc. as of December 31, 2011, and the related statements of activities 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 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 man: tement, 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 Tybee Island Marine Science 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. jA 4ILIA ;b (....0cottwom3,-,u_f) 4 AO November 15, 2012 (1) TYI3EE ISLAND MARINE SCIENCE FOUNDATION, INC. STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31. 201 1 ASSETS Current Assets Cash and cash equivalents 100,117 Accounts receivable 42,417 Inventory 9,258 151,792 Property and Equipment. Building and improvements 64,818 Furniture. fixtures and equipment 91,870 Facility design costs 30,361 187,049 Less - accumulated depreciation 61,754 125,295 Other Assets Cash restricted forneu facility costs 21,973 Total Assets 299,060 LIABILITIES AND NET ASSETS Liabilities Accounts payable 7,931 Payroll taxes payable 4,968 Saks tax payable 1.273 Deferred revenue 9,901 24,073 iNet Assets Unrestricted Undesignated 222,757 Board designated 16,756 Total unrestricted 239,513 Temporarily restricted 35.474 Permanently restricted 274,987 Total Liabilities and Net Assets 299.060 The accompanying notes arc an integral pan of thcse financial statements (2} TYBEE ISLAND MARINE SCIENCE FOUNDATION, INC STATEMENT OF ACTIVITIES FOR THE YEAR ENDED DECEMBER 31,201j Temporarily Unrestricted Restricted Total Support and Other Revenue 1 Grants 122,351 122,351 Contributions 3,868 5,000 8.868 Contributions in-kind 2.885 2, : :5 Usc of contributed facilities 33,840 33.840 Admissions and programs 175.476 175,476 Special events 11,179 18,165 29,344 Less: direct expenses (1,529) (10,930) (12,459) Membership dues 7,793 7.793 Gill shop sales 121,672 121,672 Interest income 36 50 86 Miscellaneous income 835 835 Total Support and Revenue 478.406 12,285 490.691 Assets released from restriction 48.402 (48,402) Expenses Accounting 9.323 - 9.323 Advertising and publicity 9,653 - 9,653 Consultants arid contmets 4,755 . 4,755 Credit card fees 5,217 - 5.217 Depreciation 13,446 - 13,446 Dues and subscriptions 559 . 559 Equipment rent 1,136 - 1,136 Gin shop merchandise 64,405 . 64,405 Insurance-gencral 10,804 - 10,804 Insurance-health 16,387 - 16.387 Minor equipment pwcbasc 4,928 - 4,928 Miscellaneous expense 5,820 .. 5,820 Payroll taxes 18,122 - 18,122 Postage and shipping 904 - 904 Printing 5,908 - 5,908 Professional development 182 - 182 Supplies 19,917 - 19,917 Rent expense 33,840 - 33.840 Repairs and maintenance 1,117 - 1,117 Salaries and wages 236,829 . 236,829 Telephone 4,825 - 4.825 Travel and seminars 1,551 - 1,551 Utilities 16.156 . 16,156 Total Expenses 485,784 - 485.784 Excess revenue over (tinder) expenses 41,024 (36,117) 4,907 Net Assets at Beginning of Year 198,489 71.59) 270,080 Net Assets at End of Year 239.513, &Ili 274.987 The accompanying stoics are an integral part of these financial statements (3) 1 TYBEE ISLAND MARINE SCIENCE FOUNDATION, INC. STATEMENT OF CASH FLOWS YEARS ENDED DECEMBER 31, 2011 Cash flows from (for) operating activities Change in net assets 4,907 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation 13,446 Changes in operating assets and liabilities: Accounts receivable (39,027) Inventory (592) Prepaid expenses 1,280 Accounts payable 2,889 Payroll taxes payable 687 Sales tax payable 234 Deferred revenue 4,375 Net cash used for operating activities (11,801) Cash flows provided by (used for) investing activities Purchase of property and equipment (48,470) Increase in cash restricted for capital projects 32,951 Net cash used for investing activities (15,519) Net decrease in cash and cash equivalents (27,320) Beginning cash and cash equivalents 127.437 Ending cash and cash equivalents 100,117 Supplemental cash flow information interest paid Income taxes paid The accompanying notes are an integral part of these financial statements ( 4 ) 5 TYBEE ISLAND MARINE SCIENCE FOUNDATION, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31. 2011 Note 1. Nature of Activities Tybee Island Marine Science Foundation, Inc. (a non-profit organization) was incorporated in the state of Georgia on November 30, 1990. The purpose of the Foundation is to promote appreciation, conservation, and understanding of the marine ecosystem of coastal Georgia through programming, services and exhibits. Sources of revenue and support include grants, admissions, program fees and gift shop sales. Note 2. Significant Accounting Policies Basis of Accounting - The Foundation prepares its financial statements on the accrual basis of accounting. Consistent with this basis, revenues are recognized when earned and expenses are recognized when incurred. Basis of Presentation - The Foundation 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. Cash Equivalents - The Foundation considers all highly liquid investments with a maturity of three months or less at date of acquisition as "cash equivalents" for financial statement disclosure. Estimates - The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Contributions - Contributions received that are restricted by the donor are reported as increases in unrestricted net assets if the restrictions expire in the fiscal year in which the contributions are received. All other donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets. Deferred Revenue - Deferred revenue consists of program booking fees received for programs to be provided in the subsequent year. Inventory - The inventory is stated at cost. Cost is determined by the first-in, first-out method, Accounts Receivable — Accounts receivable consist of amounts due to the Foundation for grant expense reimbursements. Management considers all receivables to be collectible. (5) TYBEE ISLAND MARINE SCIENCE FOUNDATION, INC NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 Note 2. Significant Accounting Policies (Continued) Donated Materials, Property and Equipment - Non-cash donations and donations of property and equipment are recorded as contributions at their fair market value at the date of the donation. Property and Equipment - All expenditures for property and equipment in excess of $500 are capitalized at cost. Depreciation is computed on the straight-line method based on cost of the depreciable assets and their related estimated useful lives. Income Tax - Tybee Island Marine Science Foundation, Inc. is exempt from income tax under Section 501(c)(3) of the U.S. Internal Revenue Code and has been determined by the Internal Revenue Service not to be a private foundation under Section 509(a) of the Code, Subsequent Events - Management has evaluated subsequent events through November 15. 2012. the date the financial statement were available to be issued. Management was not aware of any subsequent events through this date that would have a material effect on these financial statements. Note 3. Expenses by Function are as Follows: Exhibit and program expenses 432,263 Management and general expenses 51,395 Fundraising 2.126 Note 4. Restrictions on Net Assets Board designated funds are available for the following: Capital expenditures 1.625fi Temporarily restricted net assets are available for the following: New facility costs 23,492 Oyster restoration and water quality improvement 2,292 Sea turtle conservation 9,690 Total (6) TYREE ISLAND MARINE SCIENCE FOUNDATION, INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2011 Note 5, Special Purpose Local Option Sales Tax Funds(SPLOST) Funds carried forward from prior year 54,924 Funds received during current year - Interest earned in the current year 50 Funds expended during current year (33,000) Total funds remaining 21,924 These funds are required to be accounted for in a separate fund and not commingled with other funds. In a prior year the City of Tybee Island allocated $600,000 of SPLOST funds to the Foundation to be used to build a new facility. The City is holding the funds and will distribute funds as qualifying expenditures are made. As of December 31, 2011 none of the funds had been expended. Note 6. Building Lease The Foundation has a 15 year lease dated October 23, 2003 allowing them to occupy the building for an annual rental fee consisting of the services provided by the Foundation to the citizens of the City of Tybee Island in the nature of educational and recreational programs. Note 7, Land Lease On December 11, 2008 the Foundation entered into an agreement with the City of Tybee to lease property located at or near the North Beach parking lot in the City of Tybee. The lease authorizes the Foundation to investigate the feasibility of construction of a new marine science center on the property. The lease is for a period of one year and will be considered renewed annually for three subsequent annual calendar years unless notice of non-renewal is provided by either party at least 45 days in advance of a calendar year. The annual lease fee is $1 per year. Note 8„ Commitments On February 1, 2012 the Foundation entered into an agreement with Sottile & Sottile to provide site analysis and architectural design services on the new facility. The agreement outlines three phases. The fee for each phase is as follows: Phase I - $15,600 Phase II - S32,250 Final Phase and Construction Services — To be determined (7) Tybee Island Marine Science Foundation 2012 Statement of Financial Position (Balance Sheet) Dec 31, 12 Dec 31, 11 $ Change % Change ASSETS Current Assets Checking /Savings 1000 - Cash 1010 - Checking - SunTrust 1011 • Operations 127,885.97 65,458.17 62,427.80 95.4% 1012 - Sea Turtle Conservation Fund 7,760.65 9,690.29 (1,929.64) (19.9)% 1013 • Oyster Restoration Project 0.00 2,291.71 (2.291.71) (100.0)% Total 1010 • Checking - SunTrust 135,646.62 77,440.17 58,206.45 75.2% 1030 • Change Bank 430.00 430.00 0.00 0.0% 1050 • Cash Register Drawer 215.00 215.00 0.00 0.0% 1060 • SPLOST -Wells Fargo MM 21,299.24 21,290.13 9.11 0.0% 1080 - NBF Donor Restricted Fund -SB-CK 2,169.25 1,169.25 1,000.00 85.5% 1081 • Board - Restricted Fund -SB -MM 18,207.81 21,080.34 "3.6)% Total 1000 - Cash 177,967.92 121,624.89 56,343.03 46.3% Total Checking /Savings 177,967.92 121,624.89 56,343.03 46.3% Other Current Assets 1400. Other Assets 1410 • Inventories for sale 12,711.08 13,483.40 (772.32) (5.7)% Total 1400 • Other Assets 12,711.08 13,483.40 (772.32) (5.7)% Total Other Current Assets 12,711.08 13,483.40 (772.32) (5.7)% Total Current Assets 190,679.00 135,108.29 55,570.71 41.1% Fixed Assets 1600 - Fixed Operating Assets 1620 • Buildings - operating 29,756.32 29,756.32 0.00 0.0% 1640 • Furniture, fixtures, & equip 122,654.59 122,654.59 0.00 0.0% 1660 • Constuction in progress 35,489.30 30,361.06 5,128.24 16.9% Total 1600 • Fixed Operating Assets 187,900.21 182,771.97 5,128.24 2.8% 1700 - Accum Deprec -Fixed Operating 1701 - Accum Depreciation (59,501.72) (59,501.72) 0.00 0.0% Total 1700 - Accum Deprec -Fixed Operating (59,501.72) (59,501.72) 0.00 0.0% Total Fixed Assets 128,398.49 123,270.25 5,128.24 4.2% TOTAL ASSETS 319,077.49 258,378.54 60,698.95 23.5% LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 2000 - Accounts Payable 2010 - Accounts payables 246.15 6,164.97 (5,918.82) (96.0)% Total 2000 • Accounts Payable 246.15 6,164.97 (5,918.82) (96.0)% Total Accounts Payable 246.15 6,164.97 (5,918.82) (96.0)% Credit Cards 2031 • Discover 2,252.79 719.97 1,532.82 212.9% Total Credit Cards 2,252.79 719.97 1,532.82 212.9% Other Current Liabilities 2100 • Accrued Liabilities 2110 • Accrued payroll 1,498.29 0.00 1,498.29 100.0% 2130 - Accrued payroll taxes 4,100.83 4,967.79 (8h _ 96) 2140 - Accrued sales taxes 184.64 217.88 (33.24) (15.3) Total 2100 - Accrued Liabilities 5,783.76 5,185.67 598.09 11.5% 2300 • Unearned- Deferred Revenue 2350 • Deferred Program Deposits 2351 • School Program Deposits 200.00 650.00 (450.00) (69.2)% 2352 • Girl Scout Program Deposits 400.00 1,389.00 (989.00) (71.2)% Total 2350 - Deferred Program Deposits 600.00 2,039.00 (1,439.00) (70.6)% Total 2300 - Unearned - Deferred Revenue 600.00 2,039.00 (1,439.00) (70.6)% I Total Other Current Liabilities 6,383.76 7,224.67 (840.91) (11.6)% Total Current Liabilities 8,882.70 14,109.61 (5,226.91) (37.1)% Tybee Island Marine Science Foundation Profit & Loss - YTD - Previous Year Comparison January through December 2012 Jan - Dec 12 Jan - Dec 11 $ Change Income 4000 • Income - Individuals 4010 • Individual Contributions 3,793.46 1,349.50 2,443.96 4060 • Donation Box 1,454.54 1,155.63 298.91 Total 4000 • Income - Individuals 5,248.00 2,505.13 2,742.87 4100 • Contibuted support 4130 • Donated use of facilities 0.00 33,840.00 (33,840.00) Total 4100 - Contibuted support 0.00 33,840.00 (33,840.00) 4200 • Income - Private Sector 4210 • Corporate /Business Grant -Gifts 10,006.00 300.00 9,706.00 4230 • Foundation/Trust Grants -Gifts 500.00 5,000.00 (4,500.00) 4250 • NPO Grants -Gifts 750.00 1,000.00 (250.00) Total 4200 • Income - Private Sector 11,256.00 6,300.00 4,956.00 4500 • Income - Govemment 4510 • Agency 42,417.08 46,319.21 (3,902.13) 4550 • City 25,212.00 33,615.00 (8,403.00) Total 4500 • Income - Government 67,629.08 79,934.21 (12,305.13) 5100 - Income - Program Fees 5110 • Public - Beach Discovery Walk -S 9,710.00 9,281.00 429.00 5111 • Public - Beach Discovery Waik -N 0.00 439.00 (439.00) 5112 - Public - Marsh Trek 1,635.00 1,759.00 (124.00) 5113 • Public - Turtle Talks 1,328.00 2,297.00 (969.00) 5114 • Sea Camp 6,388.20 6,070.00 318.20 5120 - Group - Schools 40,070.00 38,807.63 1,262.37 5130 - Group - Scouts 75,383.10 53,601.53 21,781.57 5140 • Group - Other 6,497.00 1,475.00 5,022.00 5150. Outreach 0.00 89.53 (89.53) 5160 - Floating Classroom (1,610.00) 3,007.00 (4,617.00) 5190 - Gallery Admissions 87,495.00 66,327.40 21,167.60 Total 5100 • Income - Program Fees 226,896.30 183,154.09 43,742.21 5200 • Income - Membership 5210 - Member -New 4,620.00 3,242.50 1,377.50 5211 - Member - Renewal 4,323.75 4,550.00 (226.25) Total 5200- Income - Membership 8,943.75 7,792.50 1,151.25 5300 • Income - Investments 5310 - Interest - Savings & STI 31.81 85.85 (54.04) Total 5300 • Income - Investments 31.81 85.85 (54.04) 5400 • Income - Discovery Shop 5440 - Sales of Retail Merchandise 129,582.06 121,672.23 7,909.83 5450 • Sales Tax Vendors Comp 292.23 286.33 5.90 Total 5400 • income - Discovery Shop 129,874.29 121,958.56 7,915.73 5500 - Income - Other Sources 5590 - Miscellaneous Revenue 1,162.38 336.92 825.46 Total 5500 • Income - Other Sources 1,162.38 336.92 825.46 5800 • Income - Fundraising Activity 5810 - Turtle Trot 19,865.03 18,165.00 1,700.03 5820 • T1 Sea Kayak Races 14,398.00 11,178.50 3,219.50 Total 5800 - Income - Fundraising Activity 34,263.03 29,343.50 4,919.53 Total income 485,304.64 465,250.76 20,053.88 Jan - Dec 12 Jan - Dec 11 $ Change Cost of Goods Sold 5455 - Cost of Goods Sold 58,918.30 60,180.10 (1,261.80) Total COGS 58,918.30 60,180.10 (1,261.80) Gross Profit 426,386.34 405,070.66 21,315.68 Expense 7200 • Expense - Salaries & Related 7210. Officers & Directors Insurance 660.00 776.00 (116.00) 7220 - Salaries & Wages 215,965.72 236,828.65 (20,862.93) 7240 • Employee Insurance Benefits 18,385.92 16,386.90 1,999.02 7250 • Payroll taxes 16,520.89 18,121.96 (1,601.07) 7255 - Unemployment Insurance Bond 0.00 535.00 (535.00) 7260 • Workers Comp Insurance 1,828.00 2,871.36 (1,043.36) 7270 • Professional Development 2,150.00 182.00 1,968.00 7280 • Staff Appreciation 881.69 1,133.33 (251.64) 7290 • Recruitment 130.00 200.00 (70.00) Total 7200 - Expense - Salaries & Related 256,522.22 277,035.20 (20,512.98) 7300 • Expense - Volunteer 7320 • Vol- Appreciation 145.10 320.00 (174.90) Total 7300 • Expense - Volunteer 145.10 320.00 (174.90) 7500 • Expense - Contract Services 7520 - Accounting fees 7,385.00 9,323.00 (1,938.00) 7540 • Professional fees - other 2,976.64 2,047.00 929.64 Total 7500 • Expense - Contract Services 10,361.64 11,370.00 (1,008.36) 8100 • Expense - Operations 8110 • Supplies 15,795.45 18,901.13 (3,105.68) 8130 • Telephone, CeII & Internet 3,645.97 4,824.92 (1,178.95) 8140 - Postage & Shipping 903.22 959.92 (56.70) 8170 • Printing & Copying 4,257.34 5,908.18 (1,650.84) 8171 • Membership Dues 85.00 405.00 (320.00) 8172 • Promotion 7,324.32 9,275.96 (1,951.64) 8173 • TybeeMarineScience.org 0.00 412.40 (412.40) 8180 • Books, subscriptions, reference 348.35 153.93 194.42 Total 8100 • Expense - Operations 32,359.65 40,841.44 (8,481.79) 8200 • Expense - Facility & Equipment 8210 - Rents 2,291.50 775.00 1,516.50 8220 • Utilities 14,193.37 16,238.83 (2,045.46) 8222 • Pest Control 0.00 153.90 (153.90) 8223 - Building Repairs & Maintenance 1,352.60 3,089.45 (1,736.85) 8260 - Equipment Rental & Maintenance 2,390.20 1,136.40 1,253.80 8290 • Minor Equipment Purchases 4,657.61 5,471.00 (813.39) 8291 • Fixed Asset Purchases 1,872.73 10,408.28 (8,535.55) Total 8200 • Expense - Facility & Equipment 26,758.01 37,272.86 (10,514.85) 8300 • Expense - Travel & Meetings 8320 • Conferences, Seminars, Meetings 1,644.94 86.00 1,558.94 8330- Mileage Reimbursements 829.70 1,499.63 (669.93) Total 8300 • Expense - Travel & Meetings 2,474.64 1,585.63 889.01 8400 • Fundraising 8410 • Sea Kayak Race 1,086.06 1,528.52 (442.46) 8411 - Turtle Trot 9,614.11 10,730.91 (1,116.80) Total 8400 • Fundraising 10,700.17 12,259.43 (1,559.26) 8500 • Expense - Other 8515. Oyster Restoration Project 0.00 2,708.29 (2,708.29) Total 8500 - Expense - Other 0.00 2,708.29 (2,708.29) 8600 • Expense - Business 8665 - Penalties & Interest 0.00 254.53 (254.53) 8666 • Permits & Fees 79.00 313.41 (234.41) 8667 • Insurance (non - employee) 6,617.80 6,621.96 (4.16) 8670 - Credit Card Usage 6,252.63 5,216.70 1,035.93 8680 • Bank Charges 1,223.36 1,304.97 (81.61) Total 8600 • Expense - Business 14,172.79 13,711.57 461.22 Total Expense 353,49422 397,104.42 (43,610.20) Net Income 72,892.12 7,966.24 64,925.88