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LOUISIANA CHILDREN'S MUSEUM NEW ORLEANS, LOUISIANA
FINANCIAL STATEMENTS
DECEMBER 31, 2012 AND 2011
i i S A i Postlethwaite mSsMM &Netterville
A Professional Accounting Corporation
www.pncpa.com
LOUISIANA CHILDREN'S MUSEUM NEW ORLEANS, LOUISIANA
FINANCIAL STATEMENTS
DECEMBER 3L 2012 AND 2011
LOUISIANA CHILDREN'S MUSEUIVI
TABLE OF CONTENTS
Page
Independent Auditor's Report 1
Statements of Fmancial Position 3
Statements of Activities 4
Statements of Cash Flows 5
Notes to Financial Statements 6
Schedule of Comparison of Statements of Activities 16
hidependent Auditor's Report on hitemal Control Over Financial Reporting and on 17 Compliance and Other Matters Based on an Audit of Financial Statements Performed In Accordance With Government Auditing Standards
l U H C I I Postlethwaite taSi lM & Netterville
A Professional Accounting Corporahon Associated Offices in Principal Cities of the United States
www.pncpa.com
INDEPENDENT AUDITOR'S REPORT
The Board of Directors Louisiana Children's Museum
We have audited the accompanying statements of fmancial position of the Louisiana Children's Museum (the Museum) as of December 31, 2012 and 2011, and the related statements of activities and cash flows for the years then ended, and the related notes to the financial statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these fmancial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of intemal control relevant to the preparation and fair presentation of fmancial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these fmancial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to fmancial audits contained in Govermnent Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the fmancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the fmancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers intemal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's intemal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the fmancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, LA 70163-3000 • Tel: 504.569.2978
One Galleria Blvd., Suite 2100 • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609
Opinion
In our opinion, the fmancial statements referred to above present fairh', in all material respects, the financial position of Louisiana Children's Museum as of December 31, 2012 and 2011, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Other Matters
Other Information
Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The accompanying supplemental information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the fmancial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the fmancial statements. The information has been subjected to the auditing procedures applied in the audit of the fmancial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the fmancial statements or to the fmancial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the fmancial statements as a whole.
Other Reporting Required by Government Auditins Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 21, 2013 on our consideration of the Museum's intemal control over fmancial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements. The purpose of that report is to describe the scope of our testing of intemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the intemal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audits.
/
P(}dfdi^\'^^ Metairie, Louisiana June 21, 2013
P&N
LOUISLANA CHILDREN'S MUSEUM STATEMENTS OF FIN.4J^CL4L POSITION
DECEMBER 31, 2012 AND 2011
Current assets: Cash and cash equivalents, unrestricted Cash and cash equivalents, restricted (note 5) Grant receivables, restricted Investments (note 6) Promises to give, net, restricted (note 5) Inventory Prepaid expenses
Total current assets
Propert}' and equipment net (note 2) Collectibles Deposits
Total assets
A S S E T S 2012
$ 57,442 1,056,405
38,000 123,861 393,676
18,075 54,925
1,742,384
2,723,155 4,650 2,060
$ 4,472,249
2011
$ 86,425 1,288,977
21,000 112,017 460,648 22,571 42,083
2,033,721
2,789,987 4,650 2,060
$ 4,830,418
L I A B I L I T I E S AND N E T A S S E T S
Current liabilities: Accounts payable and other accmed expenses Line of credit (note 4) Notes payable, current portion (note 3)
Total current liabilities
Notes payable, long-term portion (note 3)
Total habilities
186,325 3 -
43,404
> 221,235 65,000 57,971
229,729
353,106
582.835
344,206
321,510
665,716
Net assets: Unrestricted Temporarily restricted (note 5) Permanently restricted (note 5)
2,446,958 1,370,661
71,795
2,343,282 1,749,625
71,795
Total net assets 3,889,414 4,164,702
Total liabilities and net assets $ 4,472,249 $ 4,830,418
See accompanying notes to fmancial statements.
-3
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L0UISL4NA CHILDREN'S MUSEUM STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31. 2012 AND 2011
2012 2011
Cash flovs's provided b}' (used in) operating activities: Cash received from contributors, gifts, members,
visitors and programs Cash received from museum store Salaries and benefits paid to employees Operating expenses Interest paid
Net cash provided by (used in) operating activities
Cash flows used in investing activities: Purchases of equipment and exhibit
Net cash used in investing activities
Cash flows used in financing activities: RepaNTment of note payable
Net cash used in financing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Reconciliation of change in net assets to net cash provided by operating activities: Change in net assets $ (275,288) $ (190,142) Change in unrealized gains on investments,
allowance and discount on promises to give (11,844) (2,642) Depreciation 172,265 165,293 Adjustments to reconcile change in net assets provided by
(used in) operating activities: Changes in:
Grant receivables Promises to give Inventory Prepaid expenses Accounts payable and other accrued expenses
Net cash provided by (used in) operating activities
As presented on the statements of financial position: Cash and cash equivalents, unrestricted Cash and cash equivalents, temporarily restricted
Total cash and cash equivalents
$ L618.219 108,689
(806,651) (1,011,186)
(17,222)
(108,151)
(105,433)
(105,433)
(47,971)
(47,971)
(261,555)
1,375,402
$ 1,113,847
$ 2,489,948 111,900
(796,556) (L03L431)
(20,749)
753J12
(352,119)
(352,119)
(90,424)
(90,424)
310,569
1,064,833
$ 1,375,402
(17,000) 66,972 4,496
(12,842) (34,910)
$ (108,151)
$ 57,442 1,056,405
$ 1,113,847
$
$
$
129,000 697,552
1,936 (12,579) (35,306)
753,112
86,425 1,288,977 1,375,402
See accompanying notes to financial statements.
- 5 -
LOUISL4JVA CHILDREN'S MUSEUM
NOTES TO FINANCLAL STATEMENTS
DECEMBER 31, 2012 AND 2011
Summari' of Significant Accounting Policies
History and Organization
The Louisiana Children's Museum (the Museum), which opened in October 1986, is an invaluable cultural, educational and recreational resource servhag the City of New Orleans with exhibits and programs focusing on health, fitness, art, local history, cultural heritage, local industry, geography, literacy, science, math, safety, and daily livmg skills.
The Museum is organized as a private, nonprofit corporation, chartered in the State of Louisiana and granted 501(c)(3) status by the Intemal Revenue Ser\ace. It is govemed by a 33-member Board of Directors. The Museum is heavily dependent on community support for contributions and memberships.
The Early Teaming Village (ELV) is a planned educational and cultural complex situated on an 8 acre site in New Orleans City Park to support and nurture the optimal development of children and families. The planned relocation of the Louisiana Children's Museum is the anchor of the Early Learning Village. Surrounding the Louisiana Children's Museum in the ELV are local organizations that help our families provide healthy and caring relationships, model lifestyles that promote physical, social, emotional and cognitive health, and engage in a successful start to lifelong learning. Daily programming on-site will be accompanied by trainiug throughout the State of Louisiana on child development and family well- being.
Financial Statement Presentation
The Museum's net assets, support and revenues, and expenses are classified based on the existence or absence of donor-imposed restrictions. Accordingly, the net assets of the Museum and changes therein are classified and reported as follows:
• Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. • Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that may
or will be met either by actions of the Museum and/or the passage of time. • Permanently restricted net assets - Net assets subject to donor-imposed stipulations that
neither expire by the passage of time nor can be fulfilled and removed by actions of the Museum pursuant to those stipulations.
Basis of Presentation
The Museum prepares its financial statements on the accrual basis of accounting.
LOUISIANA CHILDREN'S MUSEUM
NOTES TO FINANCLAL STATEMENTS
DECEMBER 31,2012 ANT) 2011
1. Summary of Significant Accounting Policies (continued)
Cash and cash equivalents
For purposes of the statements of cash flows, the Museum considers all highly liquid investments in mone}' market funds to be cash equivalents.
Promises to Give
Contributions are recognized when the donor makes a promise to give to the Museum that is, in substance, unconditional. Contributions 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 recognized. All other donor-restricted contributions are reported as increases in temporarily restricted net assets. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets.
Promises to give and grants receivable are stated at the amount management expects to collect from outstanding balances. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its assessment of the current status of individual accounts. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. Changes in the valuation allowance have not been material to the fmancial statements.
Inventory
The Museum's gift shop inventory is valued at cost on the first-in, first-out method.
Property and Equipment
Property and equipment of the Museum are recorded at cost. Depreciation is provided over the estimated useful lives of the respective assets on the straight-line method.
Income Taxes
The Museum is exempt fi-om federal income taxes under Section 501(c)(3) of the Intemal Revenue Code and from state income taxes under Section 121(5) of Title 47 of the Louisiana Revised Statutes of 1950.
-7
LOUISLANA CHILDREN'S MUSEUM
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,2012 AND 2011
Summary of Significant Accounting Policies (continued)
The accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax retum should be recorded in the financial statements. Under that guidance, the Museum may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Museum and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the fmancial statements ffom such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. There were no umecognized tax benefits identified or recorded as liabilities for fiscal year 2012 and 2011.
The Museum's tax returns for the years ended December 31, 2011, 2010, and 2009 remain open and subject to examination by taxing authorities.
Contributions and Memberships
Contributions and memberships represent cash donations to the Museum ffom private organizations and individuals and are recognized as support when received or pledged.
Restricted Net Assets
The Museum reports gifts of cash and other assets as restricted support if they are received with donor stipulations that limit the use of the donated assets. When a donor restriction expires, that is, when a stipulated time restriction ends or purpose restriction is accomplished, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions.
Gifts of long-lived operating assets such as land, buildings or equipment are reported as unrestricted support, unless explicit donor stipulations specify how the donated assets must be used. Gifts of long-lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long-lived assets are reported as restricted support. Absent explicit donor stipulations about how long those long-lived assets must be maintained, expirations of donor restrictions are reported when the donated or acquired long-lived assets are placed in service.
LOUISMJ^A CHILDREN'S MUSEUM
NOTES TO FINANCLAL STATEMENTS
DECEMBER 31. 2012 AND 2011
1. Summan^ of Significant Accounting Policies (continued)
Use of Estimates
The preparation of fmancial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that could affect reported amounts of assets at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results and the results of future periods could differ from those estimates.
Financial instmments with off-balance sheet risk
The Museum periodically has funds in excess of federally insured limits at its lender bank. At December 31, 2012 and 2011, $527,240 and $758,222, respectively, of the Museum's cash was over the FDIC limits.
2. Properly^ and Equipment
A summaty of property and equipment as of December 31 is as follows:
Land Buildings and improvements Exhibits Equipment Constmction in progress
2012 $ 381,000
2,920,926 1,102,649
180,172 613,816
2011 S 381,000
2,918,955 1,064,335
178,840 550,000
Estimated Useful Life
N/A 30 years 5 years 5 years N/A
Less accumulated depreciation
Property and equipment, net
5,198,563 (2,475,408)
5,093,130 (2,303,143)
2,723,155 $ 2,789,987
Included in construction in progress at December 31, 2012 and 2011 are payments for the design of the ELV facility. The land, building, and building improvements are pledged as collateral on the outstanding note payable.
LOLTSLANA CHILDREN'S MUSEUM
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31,2012 AND 2011
Notes Pavable
A summary of notes payable as of December 31, 2012 and 2011 is as follows:
Note payable, payable in 5 payments of principal plus interest in an annual amount of $50,000, with the entire unpaid balance of principal and interest due February' 28, 2013, secured by property. Interest rate of 4.5% at December 31, 2011. Note was paid in full during 2012.
2012 2011
355,000
Note payable, payable in 4 payments of principal plus interest in an annual amount of $35,000, with the entire unpaid balance of principal and interest due December 31, 2017, secured by property. Literest rate of 3.25% at December 3 L 2012. 380,000
4.
Note payable, unsecured, principal and interest are payable in one payment of $25,000 on November 31, 2011 and 36 monthly payments of $757 per month commencing December 31, 2011. Interest rate of 5.3% at December 31, 2012 and 2011.
Less current portion
Total long-term notes payable
16,510 396,510 (43,404)
353,106
24,481 379,481 (57,971)
321,510
The aggregate maturities of outstanding debt as of December 31, 2012 are as follows:
Line of Credit
2013 2014 2015 2016 2017
$
$
43,404 43,106 35,000 35,000
240,000 396,510
The Museum obtained a revolving line of credit in the amount of $100,000 with a financial institution. Interest on the line is at the Wall Street Journal prime rate which was 4.5%) at December 31, 2012 and 2011. At December 31, 2012 and 2011, the balance on the line of credit was $0 and $65,000, respectively. The line of credit is fully collateralized by the Julia Street property.
10
LOUISL4NA CHILDREN'S MUSEUM
NOTES TO FINANCLAL STATEMENTS
DECEMBER 31. 2012 AND 2011
Restricted Net Assets
Temporarily restricted net assets of $1,370,661 and $1,749,625 as of December 31, 2012 and 2011. respectively, are restricted for the following purpose:
2012 2011 Exhibits $ 35,478 $ 13,595 Programs 656,958 784,899 Early Learning Village 678,225 951,131
$ 1,370,661 $ 1.749-625
In December 2008, the State of Louisiana Office of Facility Planning and Control approved capital outlay funding of $500,000 to be used for the ELV Project. In May 2009, the cooperative endeavor agreement relating to this funding was signed by the Museum and the State of Louisiana. At December 31, 2012 and 2011, included in promises to give is $93,676 and $93,676, respectively. During the year ended December 31, 2010, the Museum received an additional commitment of $300,000 from the State of Louisiana for the ELV Project. At December 31, 2012 and 2011, included in promises to give is $300,000.
Cash, cash equivalents and investments include donor imposed temporarily restricted amounts of $1,056,405 and $1,288,977 as of December 31, 2012 and 2011, respectively.
The Museum also has permanently restricted net assets of $71,795 as of December 31, 2012 and 2011, of which the interest eamings on these funds are available for unrestricted operating purposes. For 2012 and 2011, the net assets released are comprised of previously recorded temporary restricted assets that have met either time or purpose restrictions primarily for educational purposes.
-11
L O I I S L ^ A CHILDREN'S MUSELlvl
NOTES TO FINANCL4L STATEMENTS
DECEMBER 31,2012 AND 2011
6. Fair Value of Financial Instruments
ASC Topic 820, "Fair Value Measurements and Disclosures," establishes a fair value hierarchy with three levels based on the reliability of the inputs used to determine fair value. These levels include: Level 1, defined as inputs such as unadjusted quoted prices in active markets for identical assets and liabilities; Level 2, defmed as inputs other than quoted prices in active markets that are either directly or indirectly obser\'able; and Level 3, defined as unobser\'able inputs for use when little or no market data exist, therefore requiring an entity to develop its own assumptions.
At December 31, 2012 and 2011, the Museum held certain fmancial assets and liabilities that are required to be measured at fair value on a recurring basis, primarily our investments held by Greater New Orleans Foundation. The following table presents financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012 and 2011 by Fair Value Measurement valuation hierarchy:
2012 Greater New Orleans Foundation Investments
Quoted Prices in Acti^'e Markets for
Identical Assets (Liabilities)
(Level n
SignificantOther Obsen'able Inputs
(Level 2)
Significant Unobservable
Inputs (Level 3)
40.353 1. 83.508 1
Total
123.861
2011 Greater New Orleans Foundation Investments 40.914 1 76.103 1 112.017
The fair value of cash and cash equivalents, accounts receivable, promises to give, inventory, and accounts payable approximates book value at December 31, 2012 and 2011 due to the short-term nature of these accounts.
12-
LOUISL^A CHELDREN'S MUSEUM
NOTES TO FEV.4NCIAL STATEMENTS
DECEMBER 31, 2012 AND 2011
7. Promise to Give
During the year ended December 31, 2010, the Museum received a verbal commitment from a Fortune 500 company of $1,000,000 to assist in funding the Early Teaming Village project. At December 31, 2012 and 2011, no amounts are recorded in promises to give receivables relating to this verbal commitment. During the years ended December 31, 2012 and 2011, the Museum has received $0 and $100,000, respectively, of the $1,000,000, and included the amounts in contribution revenue when received. The Museum has received $200,000 in prior years relating to the verbal commitment and at December 31, 2012 the verbal commitment has a balance of $800,000 remaining.
8. Subsequent Event
Management has evaluated subsequent events through the date that the financial statements were available to be issued, June 21, 2013, and noted no items requiring disclosure.
In 2013, the State of Louisiana Legislature passed HB 2 and included funding of $3.2 million (as Priority 1) and of $14.1 milhon (as Priority 5) for the Louisiana Children's Museum and the ELV project. Actual appropriation of these amounts is uncertain and is pending the issuance of bonds by the State of Louisiana and the approval of the State Bond Commission.
13-
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LOLIISL4NA CHILDREN'S MLISELM
SCHEDULE OF C0MP-4RIS0N OF STATEMENTS OF ACTI^TTDES
FOR IHE I'E.ARS ENT)ED DECEMBER 31. 2012 .AND 2011
Revenues and other support: General and administrative Marketine and sales Museum store Fund raising Development Education Early learning village Memberships
Expenses: General and administrative Marketine and sales Museum store Fund raising Development Education Early learning village Exhibit, maintenance and repairs
Total expenses
Change in net assets
Net assets at begiiming of year
Net assets at end of year
2012
$ 402.392 218.782 108.689 165,260 508,148
75,512 26,445
171.708
1,676,936
332.977 199.880 124.168 101,726 184,822 542,786 156.596 309,269
1.952.224
(275,288)
4.164.702
2011
i 383.892 231.320 111.900 208,481 441,768
79,129 143,000 175.806
1.775.296
350.683 206.329 119.957 96,359
153,925 538,707 185.765 313,713
1.965.438
(190,142)
4,354,844
$ 3,889,414 $ 4,164,702
Variance Favorable (Unfa>
Amount
$ 18.500 (12.538)
(3,211) (43,221) 66.380 (3,617)
(116,555) (4,098)
(98360)
17.706 6.449
(4,211) (5,367)
(30,897) (4,079) 29.169 4.444
13.214
(85,146)
(190,142)
$ (275,288)
orable) Percentage
4.8% (5.4)% (2.9)%
(20.7)% 15.0% (4.6)%
(81.5)% (2.3)%
(5.5)%
5.0% 3.1%
(3.5)% (5.6)%
(20.1)% (0.8)% 15.7% 1.4%
0.7%
(44.8)%
(4.4)%
(6.6)%
See accompanying independent auditors' report.
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i J R l l l i Postlethwaite t t S l M & Netterville
A Professional Accounting Corporation Associated Offices in Principal Cities of the United States
www.pncpa.com
INDEPENDENT AUDITOR^S REPORT ON INTERNAL CONTROL OVER FINANCLAL REPORTmC AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT A UDITING STANDARDS
To the Board of Directors Louisiana Children's Museum
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to fmancial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the fmancial statements of Louisiana Children's Museum (the Museum), vv hich comprise the statements of fmancial position as of December 31, 2012 and 2011, and the related statements of activities and changes in net assets and statements of cash flows for the years then ended, and the related notes to the fmancial statements, and have issued our report thereon dated June 21, 2013.
Intemal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Museum's internal control over fmancial reporting (intemal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the fmancial statements, but not for the purpose of expressing an opinion on the effectiveness of the Museum's intemal control. Accordingly, we do not express an opinion on the effectiveness of the Museum's intemal control.
A deficiency in internal control 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 and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in intemal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in intemal control that is less severe than a material weakness, yet important enough to merit attention by those charged with govemance.
Our consideration of intemal control over financial reporting was for the limited purpose described in.the first paragraph of this section and was not designed to identify all deficiencies in intemal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in intemal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
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30th Floor - Energy Centre • 1100 Poydras Street • New Orleans, LA 70163-3000 • Tel: 504.569.2978
One Galleria Blvd., Suite 2100 • Metairie, LA 70001 • Tel: 504.837.5990 • Fax: 504.834.3609
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Museum's fmancial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of fmancial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of intemal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the organization's intemal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the organization's intemal control and compliance. Accordingly, this communication is not suitable for any other purpose. However, under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.
F> Metairie, Louisiana June 21, 2013
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