MATT TALBOT RETREAT MOVEMENT, INC.
FINANCIAL STATEMENT
AUGUST 31, 2007
107 MEMORIAL PARKWAY, ROUTE
36 EAST
ATLANTIC HIGHLANDS, NJ 07716
PHONE 732-291-1800
FAX 732-291-5760
To the Board of Trustees of the
Matt Talbot Retreat Movement, Inc.
I have compiled the accompanying statement of assets, liabilities, and fund balance – income tax basis of the Matt Talbot Retreat Movement, Inc. (a non-profit corporation) as of August 31, 2007 and the related statements of revenues, expenses and fund balance – income tax basis for the fiscal year then ended, in accordance with standards established by the American Institute of Certified Public Accountants.
A compilation is limited to presenting in the form of financial statements information that is the representation of management. I have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.
November 9, 2007
MATT TALBOT RETREAT MOVEMENT, INC.
STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE
INCOME TAX BASIS
AUGUST 31, 2007
Cash in Banks (Note 1) $ 47,520
Inventory – Literature (Note 1) 11,355
Inventory – Medallion (Note 1) 7,933
Prepaid Brunch Expense 1,500
Prepaid Insurance Expense 231
Total Assets 68,539
Accounts Payable 2,065
Accrued Professional Fees (Note 1) 1,600
Future Brunch Deposits 7,075
Total Liabilities 10,740
Fund Balance 57,799
Total Liabilities and Fund Balance $ 68,539
SEE ACCOMPANYING NOTES AND ACCOUNTANT’S REPORT
MATT TALBOT RETREAT MOVEMENT, INC.
STATEMENT OF REVENUES, EXPENSES, AND FUND BALANCE
INCOME TAX BASIS
FOR THE YEAR ENDED AUGUST 31, 2007
Contributions $ 10,938
Interest 112
Brunch 5,900
Medallions 18,738
Literature 7,834
Total Gross Revenues 43,522
Less: Cost of Goods Sold
Beginning Inventory $ 19,186
Cost of Medallions 20,425
Cost of Literature 7,763
Cost of Brunch 7,062
Ending Inventory ( 19,288) 35,148
Net Revenues 8,374
Meetings and Dinners 4,124
Professional Fees 1,970
Credit Card Fees 943
Postage and Telephone 488
PO Box Rental 56
State Fees 25
Insurance 1,646 9,252
Excess Expenses over Revenues ( 878)
Fund Balance – August 31, 2006 58,677
Ending Fund Balance – August 31, 2007 $ 57,799
SEE ACCOMPANYING NOTES AND ACCOUNTANT’S REPORT
MATT TALBOT RETREAT MOVEMENT, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2007
NOTE 1 SIGNIFICANT ACCOUNTING POLICIES
A. Matt Talbot Retreat Movement, Inc. (the Corporation) was founded in 1943 and incorporated in the State of New Jersey on September 8, 1948 “to promote amongst alcoholics the Layman’s Retreat Movement, to assist said alcoholics in their spiritual rehabilitation, to aid and encourage the formation of groups for the same purpose in this State and in other States under the name The Matt Talbot Retreat Group, to promote the fame and good works of our patron Matt Talbot and in every manner permissible to further his beatification and eventual canonization in the Holy Roman Catholic Church and to provide financial assistance to worthy alcoholics for the purpose of defraying incidental expenses in connection with making a retreat.”
The Corporation was granted exemption from Federal Income Tax under section 501(c)(3) of the Internal Revenue Code in June 1957. Donations to the Corporation are exempt from Federal Income Tax under Section 170 of the Internal Revenue Code.
In addition, the Corporation is exempt from New Jersey Income Tax and
from New Jersey Sales Tax.
B. The Corporation prepares its financial statements on the accrual basis of accounting in accordance with the method used to file its Federal income tax return, which is an other comprehensive basis of accounting. To ensure observance of limitations and restrictions placed on the use of resources, the accounts of the Corporation are maintained in accordance with the principles of fund accounting. Resources for various uses are classified for accounting and reporting purposes into funds established according to their nature and purpose. At the present time, there are no designated funds other than the General Fund.
C. Cash on hand and in bank accounts consists of the following:
Cash in checking account with Commerce Bank $ 15,410
Cash in Commerce Bank Money Market 32,110
$ 47,520
D. Inventory consists of medallions and literature held for resale to member groups. The medallion and literature inventory is valued on a first in first out cost basis.
MATT TALBOT RETREAT MOVEMENT, INC.
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 2007
CONTINUED
E. Accrued professional fees consist of accounting fees for compiling the annual financial report, preparation of the Short Form Return of Organizations Exempt from Income Tax (Form 990-EZ) and the yearly recording of all financial transactions in the Corporation’s general ledger for the year ended August 31, 2007, and various administrative and operational expenses incurred but unpaid through August 2007.
F. Use of Estimates
The preparation of financial statements in conformity with an income tax basis of accounting requires management to make estimates and assumption that affect certain reported amount and disclosures. Accordingly, actual results could differ from those estimates.