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PRUDENCE CONSERVANCY, INC. FINANCIAL STATEMENTS DECEMBER 31, 2005 and 2004 (WITH ACCOUNTANT’S
REPORT THEREON) (WITH ACCOUNTANT'S 11E PORT THEREON) |
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PRUDENCE CONSERVANCY, INC. TABLE
OF CONTENTS Page Independent Auditor's Report
1 Financial
Statements: Statements
of Financial Position 2 Statements
of Activities 3 Statements
of Cash Flows 4 Notes
to Financial Statements 5‑9 Supplemental
Information: Schedules of
Program and Supporting Services 10 |
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DUFOUR & SCHMITT, LTD 50
EXCHANGE TERRACE TEL
(401)751‑7154 SUITE
310 FAX
(401)421‑7806 PROVIDENCE, R.I. 02903 The Board of Directors Prudence Conservancy, Inc. We have audited the accompanying
statements of financial position of Prudence Conservancy, Inc, (a nonprofit
organization) as of December 31, 2005 and 2004, and the related statements of
activities and cash flows for the years 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 audits in accordance
with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of financial
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 Prudence Conservancy, Inc. as of December 31, 2005 and
2004, and the changes in net assets and cash flows for the years then ended
in conformity with generally accepted accounting principles. Our audit was conducted for the purpose
of forming an opinion on the basic financial statements taken as a
whole. The supplementary information
presented on page 9 is presented for the purpose of additional analysis and
is not a required part of the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole. June l, 2006 |
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PRUDENCE CONSERVANCY, INC. STATEMENTS OF FINANCIAL POSITION December 31, 2005 and 2004 ASSETS 2005 2004 Cash and cash equivalents $ 112,002 127,016 Unconditional promises to give: Temporarily restricted 15,300 28,724 Prepaid expense 6,299 7,423 Deposit on land 1,000 0 Property and equipment, net of accumulated depreciation of $51,656 in 2005; $39,970 in
2004 2,683,776 1,029,244 Total assets $ 2,818,377 1,192,407 LIABILITIES Accounts payable $ 0 100 Accrued expenses 2,500 2,500 Total liabilities 2,500 2,600 NET ASSETS Unrestricted 48,218 55,596 Temporarily restricted 90,468 111,552 Permanently restricted 2,677,191 1,022,659 Total net assets 2,815,877 1,189,807 Total liabilities and
net assets $ 2,818,377 1,192,407 The accompanying notes are an integral part of these financial
statements. |
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2 |
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PRUDENCE
CONSERVANCY, INC. STATEMENT
OF ACTIVITIES Year
ended December 21, 2005 and 2004 2005 2004 |