Opportunities Industrialization Center of Ouachita, Inc. · Opportunities Industrialization Center of Ouachita, Incorporated I have audited the accompanying statement of financial

OPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA,INCORPORATEDMONROE, LOUISIANA

O F F I C I A L

OU(Xerox necessarycopies from thiscopy and PLACE

BACK in FILE)

FINANCIAL STATEMENTSAND INDEPENDENT AUDITOR'S REPORTWITH SUPPLEMENTAL INFORMATIONAs of and for the Year Ended 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 the parish clerk of court.

I, In

Release Date LL

BY

ROSIE D. HARPERCERTIFIED PUBLIC ACCOUNTANT, LLP

604 NORTH THIRD STREETOFFICE (318)-387-8008

MONROE, LOUISIANA 71201FAX (318)-387-0806

OPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA,INCORPORATEDMONROE, LOUISIANA

FINANCIAL STATEMENTSAND INDEPENDENT AUDITOR'S REPORTWITH SUPPLEMENTAL INFORMATIONAs of and for the Year Ended June 30, 2008

OPPORTUNITIES INDUSTRIALIZATION CENTER OFOUACHITA, INCORPORATED

Monroe, Louisiana

Financial Statementsand Independent Auditor's Report

with Supplemental InformationAs of and for the Year Ended June 30, 2008

CONTENTS

STATEMENTS PAGE NO.

Independent Auditor's Report 1-2

Financial StatementsStatement of Financial Position A 4

Statement of Activities B 5

Statement of Cash Flows C 6

Statement of Functional Expenses D 7

Notes to the Financial Statements 8-14

Independent Auditor's Report On Internal Control Over FinancialReporting and on Compliance and Other Matters Based On AnAudit Of Financial Statements Performed In Accordance WithGovernment Auditing Standards 15-16

Supplemental Information:Schedule of Assets, Liabilities, and Net Assets 18Schedule of Support, Revenue, Expenses, and Changes In Net Assets 19Schedule of Cash Flows 20Schedule of Expenses 21Schedule of Activities-Budget to Actual (General) 22Schedule of Activities-Budget to Actual (CDBG) ' 23Schedule of Activities-Budget to Actual (EITC) 24Schedule of Activities-Budget to Actual (MHA) 25Schedule of Activities-Budget to Actual (JP Morgan Chase) 26Schedule of Activities Budget to Actual (United Way) 27Schedule of Activities Budget to Actual (NTC) 28Schedule of Activities Budget to Actual (WIB) 29Schedule of Activities Budget to Actual (Vocational) 30Schedule of Expenditures of Federal Awards 31

ROSIE D. HARPERCertified Public Accountant, LLP

604 North Third Street • Monroe, Louisiana 71201Phone: (318) 387-8008 • Fax: (318) 387-0806

Independent Auditor's Report

To the Board of Directors ofOpportunities Industrialization Center of Ouachita, Incorporated

I have audited the accompanying statement of financial position of Opportunities Industrialization Centerof Ouachita, Incorporated as of June 30, 2008, and the related statements of activities, cash flows andfunctional expenses for the year then ended. These financial statements are the responsibility ofOpportunities Industrialization Center of Ouachita, Incorporated's management. My responsibility is toexpress an opinion on these financial statements based on my audit.

I conducted my audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that I plan and performthe audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit also includes assessing the accounting principles usedand the significant estimates made by management, as well as evaluating the overall financial statementpresentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of Opportunities Industrialization Center of Ouachita, Incorporated as of June 30, 2008,and the changes 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, I have also issued my report dated September 19,2008 on my consideration of Opportunities Industrialization Center of Ouachita, Incorporated's internalcontrol over financial reporting and on my tests of its compliance with certain provisions of laws,regulations, contracts and grant agreements and other matters. The purpose of that report is to describethe scope of my testing of internal control over financial reporting and compliance and the results of thattesting, and not provide an opinion on the internal control over financial reporting or on compliance. Thatreport is an integral part of an audit performed in accordance with Government Auditing Standards andshould be considered in assessing the results of my audit.

Opportunities Industrialization Center of Ouachita, IncorporatedIndependent Auditor's Report (Continued)

My audit was conducted for the purpose of forming an opinion on the basic financial statements ofOpportunities Industrialization Center of Ouachita, Incorporated taken as a whole. The accompanyingschedule of expenditures of federal awards is presented for purposes of additional analysis as required byU. S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is not a required part of the basic financial statements. Such information hasbeen subjected to the auditing procedures applied in the audit of the basic financial statements and, in myopinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as awhole.

v_Rosie D. HarperCertified Public Accountant

Monroe, LouisianaSeptember 19, 2008

FINANCIAL STATEMENTS

Statement A

OPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA, INCORPORATEDStatement of Financial Position

For the Year EndedJune 30, 2008

Assets

Cash and Cash Equivalents $ 45,771Grant Receivable 23,509Other Receivable 1,500Security Deposit 580Property, Plant & Equipment (Net, Note H) 88,806

Total Assets 160,166

Liabilities and Net Assets

Liabilities:Deferred Revenue 18,902Accrued Liabilities 47,546

Total Liabilities 66,448

Net Assets:Unrestricted:

Operating 93,718Total Unrestricted 93,718

Temporarily Restricted:

Total Net Assets 93,718

Total Liabilities and Net Assets $ 160,166

See Accompanying Auditor's Report and Notes to Financial Statements.

Statement BOPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA, INCORPORATED

Statement of ActivitiesFor the Year Ended

June 30, 2008

UNRESTRICTED NET ASSETSSupport

Fundraising RevenueBanquet Revenue _$ 9,400

Total Fundraising Revenue 9,400

Other SupportUnited Way Donor Designated Contributions 1,306Other Revenues 16,727

Total Other Support 18,033

TOTAL UNRESTRICTED SUPPORT 27,433

Net Assets Released from RestrictionsRestrictions Satisfied by Payments 449,514

TOTAL UNRESTRICTED SUPPORT ANDRECLASSIFICATION 476,947

ExpensesProgram Expenses 232,62 JFundraising Expenses 5,404General and Administrative Expenses 236,172

Total Expenses - 474,197Change in Unrestricted Net Assets 2,750

TEMPORARILY RESTRICTED NET ASSETS

GrantsLocal 15,105Federal 132,460State 313,815Other Grants 6,103

Net Assets Released from RestrictionsRestrictions Satisfied by Payments (449,514)

Change in Temporarily Restricted Net Assets 17,969

Change in Net Assets 20,719

Net Assets as of Beginning of Year 84,919

Other Changes in Net AssetsPrior Period Adjustment (11,920)

Total Other Changes in Net Assets (11,920)

Net Assets as of End of Yeai $ 93,718


5

Statement C

OPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA, INCORPORATEDStatement of Cash Flows

For the Year EndedJune 30,2008

Operating Activities All FundsChange in Net Assets $ 20,719Adjustments to Reconcile Change in Net Assets to NetCash Provided by Operating Activities:

Provision for Depreciation 11,187Decrease in Grants Receivable 23,758Increase in Accounts Payable/Accrued Liabilities 841Decrease in Deferred Revenue (2,044)

Total Adjustments 33,742

Net Cash Provided by Operating Activities 54,461

Investing ActivitiesCash Paid for Furniture & Equipment (7,960)Cash Paid for Pre-Construction Cost (13,815)

Total Investing Activities (21,775)

Financing ActivitiesNet Loan Proceeds . (10,197)

Total Financing Activities (10,197)

Cash and Cash Equivalents as of Beginning of Year 35,202Prior Period Adjustment (11,920)Cash and Cash Equivalents as of The End of Year $ 45,771

Supplemental Information:Interest Paid $ 1,392


Statement D

OPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA, INCORPORATEDStatement of Functional Expenses


Support Services

Personnel CostsSalaries and WagesPayroll Taxes and Other Fringe Benefits

Total Personnel Costs

Other Expenses

AdvertisingBank Service ChargesBanquet ExpenseCustodialDepreciation ExpenseDonationsDues and SubscriptionsEquipment PurchasesEquipment RentalGraduation CostsInsuranceInterest ExpenseOffice SuppliesOther Program ExpensesPostagePrintingProfessional FeesRepairs and MaintenanceTelephone/InternetTraining

TravelUtilities

Total Other Expenses

Total Functional Expenses

ProgramServices

$ 181,19922,271

203,470

----138-

4,7813,700

997--481

5,759- '----

12,1431,152

-

29,151

$ 232,621

Generaland

Administrative Fundraising

$ 133,234 $18,497

151,731

2,325158

5,4041,619

11,187-

1,932---

5,4871,3926,849

-658661

11,2729,743

12,347

--

18,811

84,441 5,404

$ 236,172 $ 5,404

TotalSupportServices

$ 133,23418,497

151,731

2,325158

5,4041,619

11,187-

1,932---

5,4871,3926,849

-658661

11,2729,743

12,347

--

18,811

89,845

$ 241,576

TotalExpenses

$ 314,43340,768

355,201

2,325158

5,4041,619

11,187138

1,9324,7813,700

9975,4871,3927,3305,759

658661

11,2729,743

12,34712,143

1,15218,811

118,996

$ 474,197


Opportunities Industrialization Center of Ouachita, IncorporatedMonroe, Louisiana

Notes to the Financial StatementsAs of and For the Year Ended June 30, 2008

NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

The Opportunities Industrialization Center of Ouachita, Incorporated is a private non-profit organizationdomiciled in the State of Louisiana at Monroe, Louisiana. The Organization was chartered by the State ofLouisiana on February 10, 1975. The Organization is recognized as a tax exempt (non-profit)organization under section 501 (c) (3) of the internal Revenue Service Code. The Organization issupported primarily through state and private grants, contributions and donations from the public, andfundraisers. The objective of the Organization is primarily to provide services to train the unemployedfor jobs in the industries of Northeast Louisiana. The Organization is governed by a Board of Directorsconsisting of fifteen (15) members. The Board Members receive no compensation.

Basis of Presentation

For the period ending June 30, 2008, the Organization followed provisions of Statement of FinancialAccounting Standards No. 117, Financial Statements of Not-for-Profit Organizations. Statement No. 117requires the Organization to distinguish between contributions that increase permanently restricted netassets, temporarily restricted net assets, and unrestricted net assets. It also requires recognition ofcontributions, including contributed services meeting certain criteria, at fair values. Statement No. 117establishes standards for general-purpose external financial statements of not-for-profit organizations andrequires a statement of financial position, a statement of activities, and a statement of cash flows.

Public Support and Revenue

In order to comply with restrictions, which donors place on grants and other gifts as well as designationsmade by its governing board, the principles of reporting net assets are used. Revenue and public supportconsists mainly of state and private grants, fundraising, and contributions. Grants and other contributionsof cash and other assets are reported as permanently restricted or temporarily restricted if they arereceived with donor restrictions or restrictions designated by the governing board. Contributions areconsidered to be unrestricted unless restricted by the donor. All assets over which the Board of Directorshas discretionary control have been included in the General Fund.

Depreciation

The Organization follows the practice of capitalizing, at cost, all expenditures for fixed assets in excess of$5,000. Depreciation is computed on a straight-line basis over the useful lives of the assets generally asfollows:

Building and improvements 30 yearsFurniture and equipment 7 years

Opportunities Industrialization Center of Ouachita, IncorporatedNotes to Financial Statements (Continued)

NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Estimates

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

Cash and Cash Equivalents

The Organization considers all highly liquid investments with maturity of three months or less whenpurchased to be cash equivalents. Cash and cash equivalents for purposes of the statement of cash flowsexclude permanently restricted cash and cash equivalents. Under state law, the agency may deposit fundsin demand accounts, interest bearing accounts, money market accounts, or time deposits with state banksorganized under Louisiana law and national banks having their principal offices in Louisiana. TheOrganization had no cash equivalents during the. audit period. On June 30, 2008, the Organization hadcash totaling $45,771 as follows:

Unrestricted $ 31,920Temporarily Restricted 13,851

Total Cash $ 45,771

Total Columns

Total columns are presented to facilitate financial analysis. Data in these columns do not present financialposition results of operations and changes in net assets in conformity with generally accepted accountingprinciples. Neither is such data comparable to a consolidation.

NOTE B. PENSION PLAN

The Organization does not have a retirement program for its employees and the employees are notmembers of the State of Louisiana Retirement System. All employees of the Organization are membersof the Social Security System. In addition to the employees' contribution of 7.65 percent, the agencycontributes an equal amount to the Social Security System. Contributions to the Social Security Systemfor the year ended June 30, 2008 was $24,054. The Organization does not guarantee the benefits grantedby the Social Security System.

NOTE C. OPERATING LEASE

The Organization has an operating lease as follows:

Education & OfficePeriod Facilities Location

1995-2020 0 Richwood, Louisiana


NOTE C. OPERATING LEASE (Continued)

The leased building and office facility in Richwood, Louisiana are located at the former Richwood HighSchool. The land and building are owned by the Ouachita Parish School Board and subleased to theTown of Richwood. The Organization entered into a twenty two (22) year lease for zero ($0.00) dollarsper month with an option to renew for an additional twenty-five (25) years at zero ($0.00) dollars permonth. At the end of the lease, the facility in Richwood will revert back to the owners.

NOTE D. GRANT RECEIVABLES

At June 30, 2008, the Organization had grant receivables as follows:

Community Development Block Grant (CDBG) $The Housing Authority of the City of Monroe (MHA)Facility Planing and Control (NTC)

Total $ 23,509

NOTE E. FUNCTIONAL ALLOCATION OF EXPENSES

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

NOTE F. COMPENSATED ABSENCES

Compensated absences are absences for which employees will be paid, such as vacation, and or sickleave. The Organization has a formal policy for accumulation and vesting of vacation, annual leave, andsick leave which is based on the length of service. The days that are granted are included in annualsalaries. Vacation days not taken during the current year are carried forward, however, should anemployee leave or be terminated from the Organization they will be paid for up to ten (10) days only ofaccumulated annual leave days. For the year ended June 30, 2008, the total amount for accumulated daysfor compensated absences was $4,658.

NOTE G. DEFERRED REVENUE

At June 30, 2008, the Organization had deferred revenue totaling $18,902 consisting of the following:

JP Morgan Chase $ 5,451United Way 13,451

Total $ 18,902

10


NOTE H. PROPERTY, PLANT AND EQUIPMENT

For the period ended June 30, 2008, the Organization had net property equipment totalingfollowing schedule reflects the balances in property, plant, and equipment at June 30, 2008:

,806. The

7/1/2007 Additions Deletions 6/30/2008Depreciable Assets

Building IFurniture & EquipmentLeasehold Improvement in Progress

Total Depreciable AssetsLess Accumulated Depreciation

DepreciationTotal Accumuated Depreciation

Net Depreciable AssetsOther Property & Equipment

LandNet Property, Plant, & Equipment 3

£ 65,000 $102,740

167,740

(94,522)(94,522)

73,218

5,000G 78,218 $

$7,960

13,815

21,775

(11,187)(11,187)

10,588

.10,588 $

$ 65,000110,700

13,815

189,515

(105,709)(105,709)

83 ,806

5,000$ 88,806

For the year ended June 30, 2008, the Organization began to depreciate fixed assets which cost fivethousand dollars or greater in accordance with state guidelines. A correction was made to net assets toreflect accumulated depreciation from prior periods of $94,522. The line item "Investment in FixedAssets" in the equity section of the statement of financial position will no longer appear.

NOTE I. ACCRUED LIABILITIES

At June 30, 2008, the Organization had accrued liabilities totaling $47,546 consisting of the following:

Accounts PayableRefund Payable (City of Monroe)Line of CreditPayroll Liabilities

Total

20,8304,6909,885

12,141$ 47,546

The Organization maintains a line of credit with Hibernia Bank for the purpose of meeting short-termcash flow needs. The loans are short-term with an average interest rate of 8.75 %. As of June 30, 2008,the outstanding balance owed on the line of credit was $9,885 and available balance of $25,115.

NOTE J. PRIOR PERIOD ADJUSTMENT

For the period ending June 30, 2008, the Organization had the following prior period adjustment:

Understatement of Expenses(Payroll Taxes & Fringes) $ 2,356

Overstatement of Income (EITC) 9,564Total $ 11,920

l l


NOTE J. PRIOR PERIOD ADJUSTMENT (Continued)

At June 30, 2007, the Organization had a reimbursement receivable due from the state of Louisiana fortheir Earned Income Tax Credit (EITC) program in the amount of $9,564. The state did not pay thereceivable. To help compensate for these funds, the Organization received contributions in the currentfiscal year of $7,833.

NOTE K. INTERFUND RECEIVABLES AND PAYABLES

Following SFAS No. 117, the statement of Financial Position focuses on the Organization as a whole.Therefore, interfund receivables ("Due From") and interfund liabilities ("Due To") are eliminated fromthe financial statements because they are not assets or liabilities of the Organization as a whole.However, the Organization maintained separate funds to account for activities within those funds;interfund liabilities and receivables are recognized at the fund level. The Organizations maintained thefollowing funds for the period ending June 30, 2008:

General Fund

AM assets over which the Board of Directors has discretionary control have been included in the GeneralFund.

CDBG Fund

The CDBG Fund is used to account for a Community Development Block Grant from the United StatesDepartment of Housing and Urban Development. The grant provides funding used for a Drop OutPrevention Program and Skills Training Program.

EITC Fund

The EITC Fund is an Earned Income Tax Credit Program from the State of Louisiana Department ofSocial Services. The program is to raise awareness of available tax credits among eligible taxpayers andto provide quality income tax preparation services at no cost to low income clients.

MHA Fund

The MHA Fund is used to account for a grant from United States Department of Housing and UrbanDevelopment. The MHA Fund is for the administration of an interactive Career Training Program. Theprogram targets participants who reside in low-income public housing developments.

JP Morgan Chase

The JP Morgan Chase Fund is used for the development and implementation of a grant/loan pool for theuse of graduates of Opportunities Industrialization Center of Ouachita, Incorporated's employmentprograms.

12


United Way Fund

The United Way Fund is used to account for a grant from United Way of Northeast Louisiana. The grantprovides funding for training in the areas of Certified Nursing Assistant, Ward Clerk/Secretary orTelemetry, Computer Skills Training, Job Finding and Pre-Entry/Pre-Employability Training from UnitedWay.

Vocational Fund

The Vocational Fund is used to account for a state grant from Louisiana Technical College, DeltaOuachita Campus. It provides funding for the provision of services in Pre-Entry Training. LiteracyElevation, Job Skills Training, Life Skills, Counseling, Job Search and Placement Assistance for low tomoderate-income clients, who are disadvantaged, unemployed and /or underemployed.

W1B Fund

The WIB Fund is to account for a grant from United States Department of Labor under the WorkforceInvestment Act Passed through the Ouachita Parish Police Jury. The funds are used for the purpose ofproviding job training to welfare recipients to facilitate the transition into the workforce.

New Technical Center (NTO

The New Technical Center Fund (NTC)) is used to account for funds received from the State of LouisianaOffice of Facility Planning and Control of the Division of Administration for the construction of a newtechnical center, which will be located on the campus of the current Richwood site. The new technicalcenter will be utilized to expand educational and vocational training opportunities benefiting individualswith low to no income levels. The total project is estimated to cost $4,285,000 over a five year period.For the current fiscal year, $13,815 has been expended.

13


NOTE K. INTERFUND RECEIVABLES AND PAYABLES-fContinued)

The Organization had the following balances in its interfund accounts for the period ended June 30, 2008:

General FundJP Morgan ChaseCDBGWIB FundMHA 'United Way FundVOCFund

Total General FundWIB

General FundTotal WIB Fund

MHAGeneral Fund

Total MHA FundJP Morgan Chase Fund

General FundTotal JP Morgan Chase Fund

CDBGGeneral Fund

Total United Way FundUnited Way Fund

General FundTotal United Way Fund

VOC FundGeneral Fund

Total VOC Fund

Total Interfund Transactions

NOTEL. BUDGET PRACTICES

Due From

$

7,589

7,589

283283

-

6666

293293

13,48713,487

16,12716,127

$ 37,845

Due To

$ 66293283

13,48716,12730.256

-

7,5897,589

-

-

-

-

$ 37,845

The Organization prepares an annual budget that is approved by the Board of Directors. As a result,"budget to actual" comparative statements are presented as supplemental information.

NOTE M. COMMITMENTS

On March 20, 2008, the Organization entered into a cooperative endeavor with the State of LouisianaOffice of Facility Planning and Control of the Division of Administration for the construction of a newtechnical center, which will be located on the campus of the current Richwood site. The new technicalcenter will be utilized to expand educational and vocational training opportunities benefiting individualswith low to no income levels. The total project is estimated to cost $4,285,000 over a five year period.For the current fiscal year, $13,815 has been expended.

14

ROSIE D. HARPERCertified Public Accountant, LLP

604 North Third Street • Monroe, Louisiana 71201Phone: (318) 387-8008 • Fax: (318) 387-0806

Independent Auditor's Report On Internal Control Over Financial Reporting and on Complianceand Other Matters Based On An Audit Of Financial Statements Performed In Accordance With

Government Auditing Standards

To: The Board of DirectorsOpportunities Industrialization Center of Ouachlta, Incorporated

I have audited the financial statements of Opportunities Industrialization Center of Ouachita, Incorporated(a nonprofit organization) for the year ended June 30, 2008, and have issued my report thereon datedSeptember 19, 2008. I conducted my audit in accordance with auditing standards generally accepted inthe United States of America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States.

Internal Control Over Financial ReportingIn planning and performing my audit, I considered Opportunities Industrialization Center of Ouachita,Incorporated's internal control over financial reporting as a basis for designing my auditing procedures forthe purpose of expressing an opinion on the effectiveness of Opportunities Industrialization Center ofOuachita, Incorporated's internal control over financial reporting. Accordingly, I do not express anopinion on the effectiveness of the Opportunities Industrialization Center of Ouachita, Incorporated'sinternal 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 combination ofcontrol deficiencies, that adversely affects Opportunities Industrialization Center of Ouachita,Incorporated's ability to initiate, authorize, record, process, or report financial data reliably in accordancewith generally accepted accounting principles such that there is more than a remote likelihood that amisstatement of the Opportunities Industrialization Center of Ouachita, Incorporated's financialstatements that is more than inconsequential will not be prevented or detected by the OpportunitiesIndustrialization Center of Ouachita, Incorporated's internal control.

A material weakness is a significant deficiency, or combination of significant deficiencies, that results inmore than a remote likelihood that a material misstatement of the financial statements will not beprevented or detected by the Opportunities Industrialization Center of Ouachita, Incorporated's internalcontrol.

My consideration of internal control over financial reporting was for the limited purpose described in thefirst paragraph of this section and would not necessarily identify all deficiencies in internal control that

15

Independent Auditor's Report On Internal Control Over Financial Reporting and on Compliance andOther Matters Based On An Audit Of Financial Statements Performed In Accordance WithGovernment Auditing Standards (Continued)

might be significant deficiencies or material weaknesses. I did not identify any deficiencies in internalcontrol over financial reporting that I consider to be material weaknesses, as defined above.

Compliance and Other MattersAs part of obtaining reasonable assurance about whether Opportunities Industrialization Center ofOuachita, Incorporated's financial statements are free of material misstatement, I performed tests of itscompliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliancewith which could have a direct and material effect on the determination of financial statement amounts.However, providing an opinion on compliance with those provisions was not an objective of my audit,and accordingly, I do not express such an opinion. The results of my tests disclosed no instances ofnoncompliance or other matters that are required to be reported under Government Auditing Standards.

This report is intended solely for the information and use of the audit committee, management, Board ofDirectors, and federal awarding agencies and pass-through entities and is not intended to be and shouldnot be used by anyone other than these specified parties. However, this report is a matter of public recordand its distribution is not limited.

Rosie D. HarperCertified Public Accountant

Monroe, LouisianaSeptember 19, 2008

16

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Schedule 5

OPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA, INCORPORATEDStatement of Activities-Budget to Actual

General Fund


Budgeted Actual Variance

RevenueOther Income $ 15,220 S 15,198 $ 22

Total Revenue 15,220 15,198 22

Expenses

Personnel CostsSalaries and WagesPayroll Taxes and Other Fringe Benefits - - -

Total Personnel Costs - - -

Other Expenses 14,220 24,683 (10,463)Total Expenses 14,220 24,683 (10,463)

Other Changes in Net AssetsTransfer In (Fixed Assets) - 21,775 (21,775)Transfer Out (EITC) - (1,135) 1,135

Total Other Changes in Net Assets - 20,640 (20,640)

Change in Net Assets $ 1,000 $ 11,155 $(10,155)

See Accompanying Auditors' Report and Notes to Financial Statements.

22

Schedule 6


CDBG Fund


Expenses



Other ExpensesTotal Expenses

Change in Net Assets

Budgeted

17,724

13,5661,455

15,021

2,70317,724

Actual

$ 17,724 $ 17,72417,724

13,5661,455

15,021

2,70317,724

Variance


23

Schedule 7


EITC Fund


RevenueGrantsOther Revenue

Total Revenue

Expenses




Other Changes in Net AssetsTransfer In (Cash from General Fund)

Total Other Changes in Net Assets

Budgeted

$ 19,889

19,889

Actual Variance

15,7561,307

17,063

2,82619,889

$ 19,8898,429

28,318

15,756

1,307

17,063

2,82619S889

1,135

(8.429)(8,429)

(1,135)1,135 (1,135)

Change in Net Assets $ 9,564 $ (9,564)


24

Schedule 8


MHA Fund


RevenueGrants

Total Revenue

Expenses





Budgeted

110,606

76,97812,99589,973

20,633110,606

Actual

93,738

57,8727,154

65,026

28,71293,738

Variance

$ 110,606 $ 93,738 $ 16,86816,868

19,1065,841

24,947

(8,079)16,868


25

Schedule 9


J P Morgan Chase Fund



RevenueGrants $ 6,103 $ 6,103 $

Total Revenue 6,103 6,103

Expenses

Personnel CostsSalaries and Wages 5,145 5,145Payroll Taxes and Other Fringe Benefits 537 537

Total Personnel Costs 5,682 5,682

Other Expenses 421 421Total Expenses 6,103 6,103

Change in Net Assets $ - $


26

Schedule 10


United Way Fund


RevenueGrantsDonor Designated DonationsOther Income

Total Revenue

Expenses





Budgeted

26,7441,3062,500

30,550

$ 2,559

Actual

15,1051,3062,500

18,911

Variance

$ 11,639

11,639

21,2572,223

23,480

4,51127,991

14,0121,308

15,320

3,59118,911

7,245915

8,160

9209,080

$ 2,559


27

Schedule 11


NTC Fund



RevenueGrants

Total Revenue

Expenses




Other Changes in Net AssetsTransfer Out (Fixed Assets, Pre-Construction Costs)

Total Other Changes in Net Assets

$ 13,815 $ 13,81513,815

13,81513,815

13,815

13,81513,815

(13,815)(13,815)

13,81513,815



28

Schedule 12


WIB Fund



RevenueGrants $ 1,109 $ 1,109


Expenses

Personnel CostsSalaries and Wages 975 975Payroll Taxes and Other Fringe Benefits 134 134


Other Expenses . -Total Expenses 1,109 1,109

Change in Net Assets $ - $ -


29

Schedule 13


Vocational Fund



RevenueGrants $ 300,000 $ 300,000 $


Expenses


Personnel CostsSalaries and Wages 194,403 194,403Payroll Taxes and Other Fringe Benefits 27,303 27,303 -


Other Expenses 78,294 70,334 7,960Total Expenses 300,000 292,040 7,960

Other Changes in Net AssetsTransfer Out (Fixed Assets, Furniture & Equipment) - (7,960) 7,960

Total Other Changes in Net Assets - (7,960) 7,960

Change in Net Assets $ - $ $

30

Schedule 14

OPPORTUNITIES INDUSTRIALIZATION CENTER OF OUACHITA, INCORPORATEDSchedule of Expenditures of Federal Awards


SOURCE OF FEDERAL ASSISTANCE AGENCY

FEDERALCFDA FEDERAL

NUMBER EXPENDITURES

UNITED STATES DEPARTMENT OF HOUSINGAND URBAN DEVELOPMENT

Community DevelopmentBlock Grant-CDBG Pass-through City of Monroe (Non-major Program) 14.218 $ 17,724

TOTAL UNITED STATES DEPARTMENT OFHOUSING AND URBAN DEVELOPMENT 17,724

UNITED STATES DEPARTMENT OF SOCIAL SERVICESOFFICE OF FAMILY SUPPORT

Temporary Assistance for Needy Families (TANF)(Non-major Program) 93.558 $

TOTAL UNITED STATES DEPARTMENT OF SOCIAL SERVICESOFFICE OF FAMILY SUPPORT

UNITED STATES DEPARTMENT OF HOUSINGAND URBAN DEVELOPMENT

Resident Opportunities and Self-SufficiencyPass-through The Housing Authority of the City of Monroe (MHA)

(Non-major Program) 14.870

TOTAL UNITED STATES DEPARTMENT OFHOUSING AND URBAN DEVELOPMENT

UNITED STATES DEPARTMENT OF LABORPassed through the Louisiana Department of Labor

Workforce Investment Board (WIB)Pass-through Ouachita Parish Police Jury (Non-major Program) 17.255

TOTAL UNITED STATES DEPARTMENT OF LABOR

TOTAL EXPENDITURES OF FEDERAL AWARDS

19,889

19,889

93,738

93,738

1,109

1,109

132,460


31

Documents

Opportunities Industrialization Center of Ouachita, Inc. · Opportunities Industrialization Center of Ouachita, Incorporated I have audited the accompanying statement of financial