Louisiana Center for the Blind, Inc. · Louisiana Center for the Blind, Inc. taken as a whole. The...

LOUISIANA CENTER FOR THE BLIND. INC.

Ruston, Louisiana

Financial StatementsAnd Independent Auditor's Report

June 30, 2008

Under provisions of state law, this report is a publicdocument. Acopy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for public inspection at the BatonRouge office of the Legislative Auditor and, whereappropriate, at the office of }he parish clerk of court.

Release Date

CAMERON, MINES & HARTT, (A Professional Accounting Corporation) West Monroe, LouisianaCertified Public Accountants

LOUISIANA CENTER FOR THE BUND, INC.RUSTON, LOUISIANA

TABLE OF CONTENTSJUNE 30, 2008

Independent Auditors' Report

Financial Statements:

Statement of financial position 3Statement of activities 4Statement of functional expenses 5Statement of cash flows 6Notes to financial statements 7-13

Other Information:

Report on internal control over financial reportingand on compliance based on an audit offinancial statements performed in accordancewith Government Auditing Standards 14-15

Schedule of expenditures of federal awards 16Notes to schedule of expenditures of federal awards 17Schedule of findings and questioned costs 18Summary schedule of prior audit findings 19

CAMERON, HINES & HARTT(A Professional Accounting Corporation)

Certified Public Accountants104 RegCHCV Place Phone (318) 323-1717

w °; 2" M7*i , 7HKU.WL7* West Monwe, Ixmisiana 71291 _, M „ '« ^S,8^?181West Monroe, LA 712tH-.2*H E-Mail; [email protected]

INDEPENDENT AUDITORS1 REPORT

Board of Directors ofLouisiana Center for the Blind, Inc.

Ruston, Louisiana

We have audited the accompanying statement of financial position of Louisiana Center forthe Blind, Inc. (a non-profit organization) as of June 30, 2008, and the related statements ofactivities, functional expenses and cash flows for the year then ended. These financial statementsare the responsibility of the Center's management, Our responsibility is to express an opinion onthese financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in theUnited States of America and the standards applicable to financial audits contained inGovernment Auditing Standards issued by the Comptroller General of the United States. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement An audit includes examining, on atest basis, evidence supporting Ihe amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. We believe thatour audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all materialrespects, the financial position of Louisiana Center for the Blind, Inc. as of June 30, 2008, and thechanges in its net assets and its cash flows for the year then ended, in conformity with accountingprinciples generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report datedDecember 5, 2008, on our consideration of Louisiana Center for the Blind Inc.'s internal controlover financial reporting and our tests of its compliance with certain provisions of laws, regulations,contracts and grant agreements and other matters. The purpose of that report is to describe the scopeof our testing of internal control over financial reporting and compliance and the results of thattesting, and not to provide an opinion on the internal control over financial reporting or oncompliance. That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards and should be considered in assessing the results of our audit.

Board of Directors ofLouisiana Center for the Blind, Inc.

Ruston, LouisianaPage 2

Our audit was performed for the purpose of forming an opinion on the financial statements ofLouisiana Center for the Blind, Inc. taken as a whole. The accompanying schedule ofexpenditures of federal awards is presented for purposes of additional analysis as required by U.S.Office of Management and Budget Circular A-133, Audits of States, Local Governments, andNon-Profit Organizations, and is not a required part of the financial statements. Such informationhas been subjected to the auditing procedures applied in the audit of the financial statements and,in our opinion, is fairly stated in all material respects, in relation to the financial statements takeas a whole.

West Monroe, LouisianaDecember 5, 2008

LOUISIANA CENTER FOR THE BLIND, INC.

STATEMENT OF FINANCIAL POSITIONJune 30, 2008

ASSETS

Current AssetsCash and cash equivalents $ 2,521,238Accounts receivable 292,776Investments in annuities 617,298Investments 1,841,604Accrued interest receivable 14,937

Total current assets $ 5.287,853

Fixed AssetsLand $ 57,074Building and improvements 2,121,922Machinery and equipment 399,745Furniture 83,689Vehicles 64,468

$ 2,726,898Less accumulated depreciation and amortization (2,018.6091

$ 708.289

Other AssetsCash surrender value of life insurance $ 607,047

Total assets i 6.603,189

LIABILITIES AND NET ASSETS

Current LiabilitiesAccounts payable $ 45,906Payroll related payables 3,436Income taxes payable 726Compensating absences 139,399

Total current liabilities $ 179.467

Net AssetsUnrestricted $ 6,423,722Temporarily restrictedPermanently restricted

Total net assets $ 6.423.722

Total liabilities and net assets $ 6,6.03,189

The accompanying notes are an integral part of this financial statement.


STATEMENT OF ACTIVITIESFor the Year Ended June 30, 2008

Page 4

UNRESTRICTED NET ASSETSUnrestricted revenues and gains

ContributionsFederal financial assistanceLouisiana financial assistancePrivate grant revenueProgram service feesInvestment returnFundraising income-BingoOther

Total unrestricted revenues, gains, andother support

Net assets released from restrictionsRestrictions satisfied by payments

Total unrestricted revenues, gains, othersupport, and reciassifications

ExpensesProgram services

Training programBuddy programStep program

Supporting servicesManagement and generalFundraisingUnallocated payments to affiliated organizations

Total expenses

Increase in unrestricted net assets

TEMPORARILY RESTRICTED NET ASSETSContributionsNet assets released from restrictions

Increase in temporarily restricted net assets

Increase in net assets

NET ASSETS AT BEGINNING OF YEAR

NET ASSETS AT END OF YEAR

505,624214,221501,929

8,0001,270,484

42,9261,970,889

47,256

4,561,329

5,705

4,567,034

2,170,10821,90533,859

298,2001,727,260

15,000

4.266.332

300.702

5,705(5,7051

0

300,702

6,123.020

6.423.722


LOUISIANA CENTER FOR THE BUND, INC.

STATEMENT OF FUNCTIONAL EXPENSESFor the Year Ended June 30, 2008

Program Services

Compensation and related expenseCompensationPayroll taxesFringe Benefits

Total compensation and relatedexpense

Other ExpenseConference and trainingDepreciation and amortizationDues &. reference materialsInsurance

Property and casualtyVehiclesWorkers' compensationLife insurance

Income tax on unrelated business incomeOccupancy

Electricity, gas, water and sewerMaintenanceRent

Postage and shippingPrintingPrizesProfessional feesRecreational activitiesService charges & Investment feesSpecific assistanceSupplies

Fund-raising 8'mgoCleaningEducationOfficeOtherShop

TelephoneTransportation - fuel, repairs, & otherTravel - lodging & meatsWork experience allowance (stipends)Other

Total expenses

TrainingProgram

$ 651,01751,319

107,339

$ 809,675

$ 37,202113,396

80,91816,5664,309

52,31928,164

6,5872,321

9,23835,123

814,365

63,30638,828

12511,9578,735

13,02522,272

691

986

$2,170 108

BuddyProgram

$

$

$ 5801,530

1,30527

397

3781,375

3,034

28

12,0001,251

$ 21|905 .

STEPProgram

$

$

8,5012,088

1,76260

12332

1,1132,282

3,385

3,540

10,500284

E 33,859

Supporting Services

Management Bingo-& General Fund-raising

$ 64,9524,955

13,585

$ 83,492

4,517

3,733

20,230

47910,506

2,27737,519

1,6518,031

65,380

12,172

3,194

5,3264,892

1,2669,465

19,149

4,921

$ 298,200

$ 68,1055,266

$ 73,371

$

32,909

82,800

1,433,656

63

99,950

682

3.829

$1.727.260

Total

784,07451,540

120.924

$ 966,538

50,800117,014

3,733

101,14816,5664,788

10,50632,909

57,66365,77082,8008,250

11,0811,433,656

76,10938,78012,235

814,365

99,95066,50045,247

5,45117,5318,735

14,29135,30519,84022,50011.271



STATEMENT OF CASH FLOWSFor the Year Ended June 30, 2008

Page 6

CASH FLOWS FROM OPERATING ACTIVITIESIncrease in net assetsAdjustments to reconcile increase in net assets

to cash provided by operating activities:Depreciation and amortizationUnrealized (gains) losses on investments(Increase) Decrease in operating assets

Accounts receivableAccrued interest receivable

Increase (Decrease) in operating liabilitiesAccounts payablePayroll related payablesIncome taxes payableCompensating absences payable

Net cash provided by operating activities

CASH FLOWS FROM INVESTING ACTIVITIESShort-term investments, netPurchase of annuities investmentProceeds of annuities investmentPurchase of cash surrender value policiesPayments for property and equipment

Net cash used by investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash provided by financing activities

NET INCREASE (DECREASE) IN CASH ANDCASH EQUIVALENTS

BEGINNING CASH AND CASH EQUIVALENTS

ENDING CASH AND CASH EQUIVALENTS

SUPPLEMENTAL INFORMATIONInterest paidIncome taxes paid

300,702

117,014161,804

(76,589)(12,630)

19,9231,541

(9,792)(3.409)

498,564

(1,007,268)(49,552)

1,607,047(607,047)(67.530)

(124,350)

0

374,214

2.147,024

2.521,238

042,701


LOUISIANA CENTER FOR THE BLIND, INC. Page 7RUSTON, LOUISIANA

NOTES TO FINANCIAL STATEMENTSFOR THE YEAR ENDED JUNE 30, 2008

NOTE 1 - NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Activities

Louisiana Center For The Blind, Inc. (Organization) in Ruston, Louisiana operates a training facility for blindadults. The Organization works towards integrating the blind into the social and economic life of theircommunity through training in the skills of blindness and by encouraging the development of positive attitudesabout blindness. The Organization receives a fixed monthly fee for each student in the program from thestudent's home state,

The Organization is supported primarily through legislative state and federal grant programs, "bingo" fund-raising, and contributions by affiliate organizations, private companies, and individuals.

Contributed Services

During the year ended June 30, 2008, the value of contributed services meeting the requirements forrecognition in the financial statements was not material and has not been recorded. In addition, manyindividuals volunteer their time and may perform a variety of tasks that assist the Organization at theresidents' facilities, but these services do not meet the criteria for recognition as contributed services.

Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumptions that affect certain reported amounts and disclosures.Accordingly, actual results could differ from those estimates.

Property and Equipment

It is the Organization's policy to capitalize property and equipment over $500. Lesser amounts are expensed.Purchased property and equipment are capitalized at cost. Donations of property and equipment are recordedas contributions at their estimated fair value. Such donations are reported as unrestricted contributions unlessthe donor has restricted the donated asset to a specific purpose. Assets donated with explicit restrictionsregarding their use and contributions of cash that must be used to acquire property and equipment arereported as restricted contributions. Absent donor stipulations regarding how long those donated assets mustbe maintained, the Organization reports expirations of donor restrictions when the donated or acquired assetsare placed in service as instructed by the donor. The Organization reclassifies temporarily restricted net assetsto unrestricted net assets at that time. Property and equipment are depreciated using the straight-linemethod.

Financial Statement Presentation

The Organization has adopted the Statement of Financial Accounting Standards (SFAS) No. 117, FinancialStatements for Not-For-Profit Organizations. The Organization is required to report information regarding itsfinancial position and activities according to three classes of net assets: unrestricted net assets, temporarilyrestricted net assets, and permanently restricted net assets. As permitted by the statement, the Organizationdoes not use fund accounting.

LOUISIANA CENTER FOR THE BUND, INC. Page 8RUSTON, LOUISIANA


NOTE 1 - NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

Support and Revenues

Certain revenues received under government grant programs are subject to audit by the providing agency.Contributions are considered to be available for unrestricted use unless specifically restricted by the grantoror the Board of Directors.

Accounts Receivable

The Organization has not recognized an allowance for uncollectible accounts for the current period. Allaccounts receivable are estimated to be collectible for the current period.

Functional Allocation of Expenses

The costs of providing the various programs and other activities have been summarized on a functional basisin the statement of activities. Accordingly, certain costs have been allocated among the programs andsupporting services benefitted.

Contributions

Under SFAS No. 116, Accounting for Contributions Received and Contributions Made, contributions receivedare recorded as unrestricted, temporarily restricted; or permanently restricted support depending on theexistence or nature of any donor restrictions.

Incomg Taxes

The Organization is a not-for-profit organization that is exempt from income taxes under Section 501 (c)(3)of the Internal Revenue Code and classified by the Internal Revenue Service as other than a privatefoundation. However, the Organization realized $127,579 In unrelated business taxable income related tofundraising activity for the current year, The unrelated business income tax reported on IRS Form 990-T forthe year ended June 30, 2008 was $33,006. The tax years ending June 30, 2006, 2007, and 2008 are subjectto examination by the Internal Revenue Service. The Organization is not currently under examination by theInternal Revenue Service.

Investments

Under SFAS No. 124 Accounting for Certain Investments Held by Not-For-Profit Organizations, investmentsin marketable securities with readily determJnabie fair values and all investments in debt securities arereported at their fair values in the statement of financial position. Unrealized gains and losses are Includedin the change tn net assets. Investment income and gains restricted by a donor are reported as increases inunrestricted net assets if the restrictions are met (either by passage of time or by use) in the reporting periodin which the income and gains are recognized.

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Organization considers all highly liquid investments availablefor current use with an initial maturity of three months or less to be cash equivalents.



Page 9

NOTE 1 - NATURE OF ACTIVITIES AND SIGNIFICANT ACCOUNTING POLICIES (Cont'd)

Compensated Absences

Employees of the Organization are entitled to paid vacations and sick days depending on the length of serviceto the Organization. Permanent full-time employees earn sick leave at the rate of one day per month ofemployment, given on the last day of the first full month of employment. Sick leave can be accrued up to onemonth or a total of 480 hours. Sick leave in excess of 480 hours will be lost. No pay is granted at terminationfor any earned sick leave.

Permanent full-time employees may earn up to 10 days per year of annual leave at the rate of one day (8hours) per month of employment. Five (5) of the 10 annual leave days must be taken during a period specifiedby the Executive Director and the remaining 5 annual leave days may be taken with the approval of theDirector, Employees terminating their employment, whether voluntarily or involuntarily, will not be paid foraccrued annual leave.

The Organization accrued compensated absences in the amount of $129,399 for the year ended June 30,2008.

NOTE 2 - CASH AND CASH EQUIVALENTS

At year end, the book balance of the Organization's deposits was $2,521,238, The following is a summary ofspecific account information by custodial Institution.

Credit Risk

Cash on handFirst National Bank, Ruston, LA

Operating account"Contribution" money market"Buddy" operating account"Step" operating accountCertificates of deposits

August 6, 2007, Due August 6, 2008November 5, 2007, Due November 5, 2008May 12, 2008, Due May 12, 2009February 11, 2008, Due February 11, 2009

Subtotal

Community Trust Bank, Ruston, LA"Bingo" operating account

Charles Schwab InstitutionalSchwab One Account

Total cash and cashequivalent

BookBalance

AccountBalance

1,000

187,338589,188166,261170,012

300,000303,740311,246307,479

245,726589,188173,164170,360

300,000303,740311,246307.479

AverageInterest Rate

.98%

.99%

.99%

.99%

,00%.50%,25%

3.00%

$ 2.335.264 $ 2,400,903

35,086 $ 42.313

149.888 $ 149.888 1.24%

$ 2,521,238

LOUISIANA CENTER FOR THE BLIND, INC. Page 10RUSTON, LOUISIANA


NOTE 2 - CASH AND CASH EQUIVALENTS (Cont'd)

The Organization has secured its deposits with FDIC insurance and pledged securities, when applicable, ateach financial Institution.

NOTE 3 - ACCOUNTS RECEIVABLE

Accounts receivable as of June 30, 2008 consists of the following:

Various state agencies for tuition $ 195,017Louisiana Rehabilitation Services 92,459Other 5,300

& 292,776

The receivables represent tuition, grant and support revenues related to services provided before June 30,2008.

NOTE 4 - INVESTMENT AND ANNUITIES

The Organization has short-term investments in a number of annuity contracts with (AIG) Annuity InsuranceCompany. As of June 30, 2008 the amount of the investments and related Information follows:

Cost

$ 198,904198,917219,477

StatedInterest

Rate

2.90%2.90%2.65%

MaturityDate

09/10/0809/11/0809/13/08

InterestPaid

AnnuallyAnnuallyAnnually

Won Qualified AnnuityNon Qualified AnnuityNon Qualified Annuity

The cost of the annuities plus accrued interest as of June 30, 2008 approximates the fair market value of thesecurities. Total interest earned for the current fiscal year ended June 30, 2008 was $63,434.


Page 11


NOTE 5 - SHORT TERM INVESTMENTS

The Organization has short term investments in equities, mutual funds, fixed income funds, and bond funds.Investments are summarized as follows;

Charles Schwab InvestmentsMutual FundsFixed Income Funds

U.S. Treasury NotesUnit Trust Funds

Cost

$ 415,839

114,000309,619

Fair MarketValue

$ 457,372

119,984317,296

UnrealizedAppreciation

(Depreciation.)

$ 41,533

5,9847,677

WeightedRate ofReturn

(7.61%)

6.48%(2.57%)

839,458 $ 894,652 * 55.194

Chase Investment ServicesCorp.

Fixed Income $ 1,004,883American Funds Service Co.

Mutual Funds 11.860

$ 934,336

12.616

$ 1.841,604

(70,547 )

756

(7.00%)

Investments in U.S. Treasury notes (7%) and Franklin Income Class A (50.7%) exceeded (5%) five percentof the investment portfolio.

Short-term investments are stated at fair value as of June 30, 2008 in the amount of $1,841,604.

All short term investments were unrestricted. Investment costs for the fiscal year ended June 30, 2008 were$9,752.

The following schedule summarizes the unrestricted investment return and its classification in the statementof activities for the current fiscal year:

Dividend incomeInterest incomeNet realized and unrealized gains (losses)Capita! gain distributions

26,012112,100(120,909)25.723

Total investment return 42,926

LOUISIANA CENTER FOR THE BLIND, INC.RUSTON, LOUISIANA


Page 12

NOTE 6 - CASH SURRENDER VALUE OF LIFE INSURANCE

The Organization has purchased two (2) life insurance policies on May 16, 2008 with Transamerica LifeInsurance Company. Investments are summarized as follows:

Annuitant

Pamela D. AllenPamela D. Allen

Premium

$ 300,000 :307,047

<

Cost

$ 300,000307,047

& 607,047

Cash SurrenderValue

$ 300,000307,047

$ 607,047

GuaranteedInterest

Rate

4.00%4.00%

The Organization is the owner and beneficiary of these policies. The fair market value approximates the cashsurrender value of the policies.

NOTE 7 - PROPERTY AND EQUIPMENT

All expenditures for land, buildings and equipment in excess of $500 are capitalized. Certain assets, such 33computer software are amortized for three years. Depreciation is computed by the straight-line method,beginning in the month of acquisition, based on the following estimated useful lives;

Instructional buildings and apt. complexStudent activity centerLeasehold improvementsFurniture and fixturesOffice equipmentTransportation equipment

20 years15 years10 years7 years5 years5 years

Depreciation and amortization expense for the year ended June 30, 2008 was $117,014. Depreciation expenseis reported as program and supporting services and unrestricted net assets in the statement of activities.

Property and equipment stated at cost consists of the following at June 30, 2008:

LandVehiclesBuildings and improvementsMachinery and equipmentFurniture and fixtures

Accumulated depreciation andamortization

$

$

Cost

57,07464,468

2,121,922399,74583,689

2,726,898

2,018,609

AccumulatedDeoreciation

$53,472

1,593,678301,12570,334

$ 2,018,609

Total 708,289

LOUISIANA CENTER FOR THE BUND, INC. Page 13RUSTON, LOUISIANA


NOTE 8 - FEDERAL FINANCIAL ASSISTANCE

The Organization has been awarded various grants from the federal government to provide education servicesto residents. The grant is considered to be an exchange transaction. Accordingly, revenue is recognized whenearned and expenses are recognized as incurred. Grant activity for the years ended June 30, 2008 was asfollows:

State of Louisiana, Department of Social ServicesLouisiana Rehabilitation Services

Purpose: To provide independent livingservices, training, and support to olderblind individuals. $ 214,221

Total federal grants $ 214.221

Any of the funding sources may, at its discretion, request reimbursement for expenses or return of funds, orboth, as a result of non-compliance by the Louisiana Center for the Blind, with the terms of the grants.

NOTE 9 - CONCENTRATION OF CREDIT RISK

Financial instruments, which potentially subject the Organization to concentrations of credit risk, consist ofmoney market accounts, The Organization places its temporary cash and money market accounts withcreditworthy, high-quality financial institutions and brokerage firms. The Organization's cash managementpolicies limit its exposure to concentrations of credit risk by maintaining primary cash accounts at financialinstitutions whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC).

NOTE 10 - EMPLOYEE BENEFIT PLAN

The Organization maintains a defined contribution salary deferral plan, qualified under Internal Revenue Code403(b), for the benefit of its eligible employees. Under the plan, the Organization contributes one and one-halfpercent of each eligible employee's salary and also matches dollar for dollar up to another one and one-halfpercent of each eligible employee's salary. Retirement contributions by the Organization during the periodJune 30, 2008 was $15,899.

NOTE 11 - SUBSEQUENT EVENTS

The Organization's Investment portfolio has declined significantly in fair market values since year endJune 30, 2008. The Chase Investment Services Corporation investment In Franklin Income Class A had a fairmarket value of $789,976 as of September 30, 2008 which represents a fifteen (15%) decline in value fromJune 30, 2008.

CAMERON, HINES & HARTT(A Professional Accounting Corporation)

Certified Public AccountantsAddress; X04 Regency Place Phone (318) 323-1717

£ °; 5* M7*i A 7i*u_P47* West Monroe, Louisiana 71291 _ „ n *« ̂ S,88west Monroe, LA 71£94-2474 ' E-Mail; chhcpaB@beIlBou ,net

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGAND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITHGO VERNMENTA UDITING STANDARDS

Louisiana Center for the Blind, Inc.Ruston, Louisiana

We have audited the financial statements of Louisiana Center for the Blind, Inc. as of and for the yearended June 30, 2008, and have issued our report thereon dated December 5. 2008. We conducted ouraudit in accordance with auditing standards generally accepted in the United States of America and thestandards applicable to financial audits contained in Government Auditing Standards, issued by theComptroller General of the United States

Internal Control Over Financial Reporting

In planning and performing our audit, we considered Louisiana Center for the Blind, Inc.'s internalcontrol over financial reporting as a basts for designing our auditing procedures for the purpose ofexpressing our opinion on the financial statements, but not for the purpose of expressing an opinion onthe effectiveness of Louisiana Center for the Blind, Inc.'s internal control over financial reporting. Ourconsideration of internal control included procedures to evaluate the design of controls relevant to anaudit of financial statements and to determine whether they have been implemented, but it did notinclude procedures to test the operating effectiveness of controls, and accordingly, was not directed todiscovering significant deficiencies in internal control. Accordingly, we do not express an opinion onthe effectiveness of Louisiana Center for the Blind, Inc.'s internal control over financial reporting.

A control deficiency exists when the design or operation of a control does not allow management oremployees, in the normal course of performing their assigned functions, to prevent or detectmisstatements on a timely basis. A significant deficiency is a control deficiency, or a combination ofcontrol deficiencies, that adversely affects the entity's ability to initiate, authorize, record, process, orreport financial data reliably in accordance with generally accepted accounting principles such thatthere is more than a remote likelihood that a misstatement of the entity's financial statements that ismore than inconsequential will not be prevented or detected by the entity's internal control.

A material weakness is a significant deficiency, or combination of significant deficiencies, that resultsin more than a remote likelihood that a material misstatement of the financial statements wi l l not beprevented or delected by the entity's internal control.

Our consideration of internal control over financial reporting was for the limited purpose described Inthe first paragraph of this section and would not necessarily identify all deficiencies in internal controlthat mighf be significant deficiencies or material weaknesses. We did not identify any deficiencies ininternal control over financial reporting that we consider to be material weaknesses, as defined above.

Louisiana Center for the Blind, Inc.Ruston, LouisianaPage 2

Compliance and Other Matters

As part of obtaining reasonable assurance about whether Louisiana Center for the Blind, Inc.'s financialstatements are free of material misstatement, we performed tests of its compliance with certainprovisions of laws, regulations, contracts, and grant agreements, noncompliance with which could havea direct and material effect on the determination of financial statement amounts. However, providingan opinion on compliance with those provisions was not an objective of our audit, and accordingly, wedo not express such an opinion. The results of our tests disclosed no instances of noncompliance orother matters that are required to be reported under Government Audit ing Standards.

This report is intended solely for the information and use of management, the Legislative Auditor,Louisiana Center for the Blind, Inc. and federal awarding agencies and is not intended to be and shouldnot be used by anyone other than these specified parties. Under Louisiana Revised Statute 24:513, thisreport is distributed by the Legislative Auditor as a public document.

West Monroe, LouisianaDecember 5, 2008

LOUISIANA CENTER FOR THE BLIND, INC.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

FOR THE YEAR ENDED JUNE 30, 2008

Pass ThroughLouisiana Rehabilitation Services:

Independent Living Services for OlderIndividuals Who are Blind

FederalCFDA

Number

84,1 77B

Agencyor Pass Through

Number

649504

FiscalPeriod

3/1/07to 6/30/09

Program orAward

Amount

478,869

FederalExpenditures

214,221

TOTAL FEDERAL AWARDS $ 478,869 $ 214,221

LOUISIANA CENTER FOR THE BLIND, INC.NOTES TO SCHEDULE OF EXPENDITURES

OF FEDERAL AWARDSFOR THE YEAR ENDED JUNE 30, 2008

t. General

The Schedule of Expenditures of Federal Awards presents the activity of all federalaward programs of the Louisiana Center for the Blind, Inc. All federal awardprograms received directly from federal agencies, as wel! as federal awards passedthrough other government agencies, is included on the schedule.

2. Basis of Accounting

The Schedule of Expenditures of Federal Awards is presented using the accrualbasis of accounting. The information in this schedule is presented in accordance withthe requirements of OMB Circular A-133, Audits of States, Local Governments, andNon-Profit Organizations. Therefore, some amounts presented in this schedule maydiffer from amounts presented in, or used in the preparation of, the financialstatements.

LOUISIANA CENTER FOR THE BLIND. INC.RUSTON. LOUISIANA

SCHEDULE OF FINDINGS AND QUESTIONED COSTSFOR THE YEAR ENDED JUNE 30. 2008

To The Board of DirectorsLouisiana Center for the Blind, Inc.Ruston, Louisiana

We have audited the financial statements of Louisiana Center for the Blind, Inc. as of and for the yearended June 30, 2008, and have issued our report thereon dated December 5, 2008. We conductedour audit in accordance with auditing standards generally accepted in the United States of America andthe standards applicable to financial audits contained in Government Auditing Standards, issued by theComptroller Genera/ of the United States. Our audit of the financial statements as of June 30, 2008,resulted in an unqualified opinion.

Section I- Summary of Auditors' Results

A. Report on Internal Control and Compliance Material to the Financial Statements

Internal ControlMaterial Weakness yes X noSignificant Deficiencies not considered to be

Material Weaknesses yes X no

ComplianceCompliance Material to Financial Statements yes X no

B. Federal Awards

Material Weakness Identified yes X noSignificant Deficiencies not considered to be

Material Weaknesses yes X no

Type of Opinion on Compliance For Major Programs (No Major Programs)Unqualified QualifiedDisclaimer Adverse

Are their findings required to be reported in accordance with Circular A-133,Section .510 (a)? N/A

C. Identification of Major Programs: N/A

Name of Federal Program (or cluster)CFDA Number(s)

Dollar threshold used to distinguish between Type A and Type B Programs. N/A

Is the auditee a "low-risk" auditee, as defined by OMB Circular A-133? N/A

LOUISIANA CENTER FOR THE BUND. INC.RUSTON. LOUISIANA

SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGSFOR THE YEAR ENDED JUNE 30. 2008

Internal Control and Compliance Material to the Financial Statements

This section not applicable.

Internal Control and Compliance Material to Federal Awards


Management Letter


Louisiana Center for the Blind, Inc. · Louisiana Center for the Blind, Inc. taken as a whole. The...

Documents

Transcript of Louisiana Center for the Blind, Inc. · Louisiana Center for the Blind, Inc. taken as a whole. The...