GCAA Financial Summary Statement, 2012
Grand Center Arts Academy LEA recently received an unqualified opinion on an audit of the district’s Financial Statements for the fiscal year that ended June 30, 2012. The areas covered under the audits, were accounting of financial statements, compliance with state law and compliance with laws governing federal programs.
An unqualified opinion is the best opinion any organization can receive. RubinBrown, LLP performed the audit.
The report states, in part “in our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the LEA as of June 30, 2012, and the respective changes in financial position for the year then ended, in conformity with generally accepted accounting principles generally accepted in the United States of America.”
Grand Center Arts Academy LEA uses two major funds to account for its financial activity — the general fund and teachers’ fund.
Among both funds, the report states that Grand Center Arts Academy LEA had total revenue of $3,267,457 for the 2012 fiscal year compared to $2,104,006 in fiscal year 2011. 2012 revenues by fund were $1,597,659 for the general fund and $1,669,798 for the teachers’ fund.
The report shows that general revenues accounted for $2,650,764 in revenue or 81% of all revenues. Program specific revenues in the form of operating grants and contributions accounted for $616,693 or 19% of total revenues.
The Academy had $4,836,194 of expenditures in fiscal 2012 compared with $4,671,678 in fiscal year 2011. The auditors report showed in total, net assets have decreased by $1,568,737 for total net assets of $(4,136,409) at fiscal year end 2012. The report shows balances for the general and teachers’ funds totaled $1,143,400 at fiscal year end 2012.