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Home My WebLink AboutHISTORIC AUGUSTA 1/1/08 TO 12/31/08 / ,/ ., , / Agency: Historic Augusta Budget Time Frame: 1/1/08 to 12/31/08 Submitted bY:_S~v,tl.{l~ ~~ This AGREEMENT made and entered this 16h day of January, 2008, between Augusta, Georgia, acting by and through the Augusta-Richmond County Commission, a political subdivision of the State of Georgia (hereinafter referred to as "Augusta" or "County"), and the Historic Augusta., (hereinafter referred to as the "Organization" or "AGENCY"); WITNESSETH: WHEREAS, the Augusta-Richmond County Commission desires to contract with the above named Organization to PROVIDE FUNDS FOR THE OPERA nONS OF THE AGENCY Whereas the amount of$11,760.00 are now available for use by AGENCY., according to the GENERAL FUND BUDGET ADOPTED ON DECEMBER 6, 2007; NOW, THEREFORE, for and in consideration of the mutual covenants and agreements between the parties, it is agreed as follows: The County agrees to appropriate the following sums to the Organization for the purpose of: Operating Expenses $11,760.00 The Organization agrees to use such funds that it may receive, pursuant to this Agreement, solely and exclusively for the above described Project; said Project, including the Project Budget, is more specifically described at "Exhibits" attached hereto and incorporated herein. In consideration ofthe disbursement of said funds, AGENCY shall observe all conditions that the law imposes on the use of said funds, which shall include, but not be limited to, the following 1. The agency shall provide the county with a narrative description of the program and a detailed program budget. The budget should include all funding sources that the agency anticipates receiving. 2. The Agency shall provide the following information as part of the narrative: a. Mission Statement b. Performance Budget Overview c. Budget Request d. Summary 3. The Agency shall complete the following forms as part of the budgeting process: a. Budget Preparation Checklist b. Agency / Joint Funding Budget Request (Form AJ) c. Agency / Joint Funding Budget Request Payroll Costs (Form AJ-1) d. Copy of Agencies most recent financial statements. 4. The agency shall have an annual audit performed by an independent CPA Firm. The Agency should specify the County as a funding source. The agency shall provide the County a copy of the audited financial statements within 30 days of delivery of the audit by the contractor. Said reports shall be delivered to Augusta Finance Department, Municipal Building Augusta, GA 30911 to the attention of Ms. Donna Williams, Finance Director or her Designee. 5. The agency shall also submit a completed form W-9 to Augusta Finance Department. AUGUSTA-RICHMOND COUNTY COMMISSION By: c2 eM- v---- Mayor ~\\~~ By: ORGANIZATION: :;ENC~ A" - ,,;hrj- ATTEST: -e~ /Y. ~~ As its 1-;. t.{ - ()8' EteGv-~'\I{ b.'/\(( h--- BUDGET PREPARATION CHECKLIST The following checklist is provided to assist you in preparing the required budget documentation and must be included as part of your department's budget submittal. The Department Director must sign the "statement of compliance" at the end ofthis checklist prior to budget submission. I. You have received all information related to your entire department. If not contact your Budget Analyst immediately. 2. MISSION STATEMENT a. Departmental Goals and Objectives b. Performance Measures/Managing for Results c. Function Charts 3. ORGANIZATIONS CHART(s) 4. SUMMARY OF MAJOR ISSUES a. Major issues identified b. Brief description of each issue 5. PROGRAM AND SERVICE INVENTORY FORMS a. Program and Service Inventory forms are included for all current servIces b. Program and Service Inventory forms are included for each Request for Additional Funding 6. EXPENSES a. Expense Budget input (Budget Forms) b. Input Data has been checked for accuracy c. Supplementary Expense sheets included 7. POSITION CONTROL - review all position control information a. Verified position information b. Updated pay information as needed c. Included vacant positions projected to be filled in FY2007 d. Included budget for seasonal and temporary positions e. Positions Summaries have been completed according to instructions f. The Position Summary and the Personnel Report agree as to the number and classification of positions YES NO ~ v v"" '-""'" BUDGET PREPARATION CHECKLIST YES NO 8. CAPITAL BUDGET a. Capital Budget Request previously submitted b. Relationship to General Fund Highlighted STATEMENT OF COMPLIANCE The budget submittal for the DepartmeRt -efr-h oS --Jtl"'l (,... ~ ~ ~ '-II.S ~ ~ (; , is in compliance with the guidelines as set forth by the Finance Depart ent. Its contents have been checked and verified against the above checklist. t~ Ii.~ Director I - 21 ~Oo Date Fcm W.g Request for Taxpayer Identification Number and Certification GMt form to the requester. Do not SEnd to the IRS. ClIl1Clt ~pI1ll1a bo:x1: 0 h:l..k1RvedQ J:l'qlf\;tQr I)( CorpOnlllon 0 Prt1nQlltjp . o Ll'I1IGIl I.S)lly OillIIpony. ElrtW 1ha 1m; cl;1HII1::1Il1on [D-d~ Gnl:ly, c-.caporlllla\ P-pllrtnir.l1~ ... ._._._. o OI1I1'(SllI~l'" A4cml!rurt:l;r ~DlIt. and apt Of wlla n~} _ 4/1) 5'.ICo1\~ ~r. Ctty. ll'IDlg, m ZIP GQOQ ~-tPr 6tJr 30 Ull IIQ hin (ofX1:<1~ OJ Gl Ql '" a. c: o 4i~ fi;~ ...~ 6j !;c: llo".._ Ilou ii i $ III ~c. r IdMtitication Numb1M' O E'lIcrnpl poj"ioG ~lI"S lE'fI"o;<an:1 rd:I~ (ofX1:<1~ 81ter )UurllN In,1l:la Bpprop~ate 00Jc. TheliN pl'O\'~ must match 1I1el'l311'13 gren on Una 1 to if.-old ISocIlll!IG~:. 'Jrom~: r ba::kI.p ."tlt1ho~rg. F<< InClMCluala, 1111$ Is )'CUr aoolsl SBWrtt)' nllllbEf (S8N). H:iMn'er, tor a rEEloant , alien. !101e r-rol'f1etCf, er dbregarOad entll)'. 3&.3 1I1e Part Ihsfnx:Uonll on pags 9. F<<ethEf entItles,1l1s )U!J' empbyef~ntt!lcatK:o nllllbEf (EI~. 1f)'CU do not hli'>ll a. rumbar, saa Raw to gel s TIN on pags a. Noh!. If the eo::ount Is In momlhan one nama, S&.3 1l:la chai on page 4 1Cf IJll::lelln8S CfI 'Atlooe nuni::a" to entEr. CQrtifk;ation Un:ler penaltlEe of pe~ul'j, I certl1y 1l1at: 1. TIl'l nllllbEf ahC'",n Cfl1l11s fcrn1ls my cCfl'Eci taxpayer Identmcabon l'IJmber [Dr I iI'l1 wtng tcr a nun1:<< to 00 mued to me). al'K1 2. I iI'l1 mt Gl.J~e::t to backUp wrltnaCllng t:EcSI.I3I3: {S} I am alen-.:t from baclWp 'b1thtl:lICll1g. or 1b)ltm-.a not bEEfl naiJnE<l ~ 1I1elnlernal A!rI'enue S<lMce (IR.S) that I am aUb,tact1o ba::fa4l 'MlI1hOl::llo;;lllS a. resut 01!! 1an.Jm to repJrt aJlln1Er'est Cf ch1C1Efds. or (c) 1tl!lIRS has rdlll3C1 me inst I am no !orgEf SUbJect to ba::kI.p "'1lJ1ho~rg. EIlCl ' 9. I iI'l1 a U.s. ctuz:en or olher U.S. t=elBOn (CIEfI19C1 belJ'lt,!. Certnl:atlCfllnstrucllons. You must CrcGS out Item 2l1OOVe If )'Ou hlll'e been n01l1lE<! .I:ri 1I1e IR8111at r::u are current~ Gl.Jtjoot to backUp 'N1thoolCll1g becalJ"':6)Uu I\al'e fal€d to rep:rl allntemst lJIC ClIv~rtIs CfI r::urtaJ. retum. For real estate trlJlSacllCflS,1IEm 2 CIon not ~tt. Fer rn::rtg!!!3e Interest ~d. acqu~K:o or aoonClonmmt or S!!wrfd PrqJEfIy. caroallaJlonof debt, ~ntrt:utlCflS to an Irtlt\'i:iJa1 retirement alf'Bf9'fl1ent (IRA). anCl93f1era1lj, pa)'mel"i1ll aha' 111m InfEfes1 art! ClMdenos:. )'CU are not rtqJlrfd to 1llg11tl!l Certmca1b1. blrt )Uu must pra.111e your cooect llN. Beoe 1l:la lm1ructJons Cfl ~ 4, Sign HM9' General Instructions s€ctoo rafEfeooes aN ro!he Ilt€fneJReverue Code unleea otherttiae ooted. ' Purpose of Form A ,pere.;:n' w'hoie. req.Jirtd to flofllJl infonna1ioo rerum wilh the IHS muat abUlin )wr CCf'ffJ:rt tBxpI1yer i:ientificatoo numbEf (TIN) torep:lrt, fCf e:xsmpla,incoma paid to you, feal eetate trEllesctian9, m::rtgageinterestyou pald, acglieition Cf ebl'fldonrnent of ileC!J'ad PlOpEfl}'.clJICElIa1ian of debt, or con1ributiol'l3 yourna:ie to an 1M . l.lae Form \V-s only if 'fOO am sUB. p€f5iCfl 6rn:fuding a reeident slen). tl}prO'l', . 00e'fOO, ,r cm€ct TIN to the p6IeOO reque<stingit (the f€qll!lstEf) end, wh3n appicshle. ro: 1. Gortify !hat t/)g TIN 'f009'e9~, viI'(!! is corlect (Cf 'rat n waitiflll for a number to ba iset.Jild), 2. Gortify !hat )UU nnot eubject to l:eck~ wi1hhokJillll. Cf 3. CIai,'me.xell1Ptoo,. ,f.[OO1 baeloJpwitltiolding i.fyou Me a U.B.. aKBmpt pa-yea.lf ~iCftje.'fOO areB$:! e&rtJlyin.,t th5tes Ii UEt pere.;:n. )wrFnooalJla share of a~ partrl9rstllp i100me from s U,S. trada or buanes& is not stbject to !he wittTloldif'ld tax on HISTORIC AUGUSTA 1M e 0 lit ,. 0 " A T I! 0 OFFICERS Mr. Clayton P. Boardman III President Mr. W. Tennent Houston First Vice President Mrs. Raymond G. Chadwick Second Vice President Mrs. Stephanie Carr Woodward Secretary Mr. W. Cameron-Nixon Treasurer August 30, 2007 HONORARY TRUSTEES Mrs. Jacquelyn Murray Blanchard Mr. Patrick G. Blanchard Mrs. Ronald W. Bowers Mrs. William G. Bush Dr. Edward 1. Cashin, Jr. Mr. D. Hugh Connolly Mr. Charles A. DeVaney Mr. Bryan M. Haltennann - Mr. George S. Harrison Mr. W. Penland Mayson, Jr. Mr. Julian W Osbon Mr. H. M. Osteen. Jr. Mrs. Robert B. Pamplin Mr. Thomas H. Robertson Mrs. Paul S. Simon Ms. Donna Williams Interim Finance Director Augusta-Richmond County 530 Greene Street, Room 207 Augusta, Georgia 30911 Re: Historic Augusta 101-06-4111 Dear Ms. Williams, TRUSTEES Hon. H. Scott Allen Mrs. Wayne D. Beveridge Mrs. B. 1. Blackwood Mr. Thomas M. Blanchard !II Mr. R. Dan Blanton Mrs. Ann B. Boardman Mrs. Joseph W. Boyd Mr. George D. Bush Dr. A. Bleakley Chandler, Jr. Mrs. A. Bleakley Chandler. Jr. Mrs. W. Baxley Chew Mrs. Joe D. Christian Mrs. William L. Clark Mrs. Edythe G. Dimond Mrs. Edwin L. Douglass, Jr. Ms. Fredericka M. Flynt Mr. Isaac Johnson Mr. Paul G. King Mrs. Robert P. Kirby rvlrs. Lansing B. Lee, Jr. Mrs. Andrew M. Magruder Mr. Robert Moon Mrs. H. Victor Moore Mrs. William S. Morris m Mrs. Anne Catherine Murray Mrs. Shara B. Overstreet Dr. R. Oleri Owen Mrs. 1. Ned Pruitt Mrs. Rebecca B. Rogers Mrs. Conrad W. Sanders, Jr. Mr. R. Lee Smith, Jr. Mrs. Randolph R. Smith Mrs. Amy R. Snell Mr. Ross S. Snellings Mrs. D. Clay Ward Mr. C. Barry Whitney, Jr. I am submitting fomi (AJ) Agency/Joint Funding Budget Request, 2008 Budget Worksheet for Historic Augusta, Inc. This is for the city's 2008 budget. Weare requesting the same level of funding as in 2007 at $11,760. I am also enclosing our mission and budget goals for 2008 as . well as copies of our most recent financial statements. If you need further information, or if I can answer any questions, please let me know. Sincerely, t~~ Erick D. Montgomery Executive Director EX OFFICIO Mr. James E. Blanchard Mrs. Anne S. Floyd Mrs. Christine Miller-Betts Mr. Barry E. White STAFF Mr. Erick D. Montgomery Executive Director Ms. Julia N. Jackson Programs/Marketing Director Ms. Mary E. Bordeaux Administrative Assistant POST OFFICE BOX 37 AUGUSTA, GEORGIA 30903-0037 TEL 706.724.0436 FAX 706.724.3083 www.HistoricAugusta.org Augusta, Georgia Agency I Joint Funding Budget Request 2008 Budget Worksheet Fund No.: 101-06-4111 Department No.' & Name: Historic Augusta Inc. Account No.: I Expenditures I Salaries & Wages (Sch. B-2) _ . Personnel Services. Support Services Repairs & Maintenance Materials & Supplies Public Works Other Charges Capital Equipment Other: 2006 Actual $118,591 29,676 25,488 4,016 16,486 o 5,268 o 125,504 Form (AJ) GJ 3 3 3 3 3 o 3 o 3 Total Expenditures $322,827 $304,354 $313;483 $9,129 3 Source of Revenue Augusta $11,760 $11,760 $11,760 $0 0 United Way 0 0 O. 0 State of Georgia 0 0 0 0 U.S. Government I Agencies 0 0 0 0 Other 302,756 292,650 $301,429 8,779 3 Total Revenues $314,516 $304,410 $313,189 $9,132 3 Revenue Over Expenditures 0 $56 0 3 0 - AUGUSTA, GEORGIA FY 2008 BUDGET 1 FUND:. DEPARTMENT MISSION: 1101-06-4111 Historic Augusta, Inc. Historic Augusta, Inc. 's mission is to preserVe historically or architecturally significant sites in Augusta and Richmond County, Georgia. BUDGET GOALS FY 2008: ~ To continue to monitor the Augusta Historic Preservation Commission's monthly meeting. ~ To provide technical assistance regarding historic preservation to the city government and to citizens, businesses and individual citizens. ~ To provide technical assistance to Downtown Development Authority in regard to the preservation of the Broad Street Historic District and the Downtown Augusta Historic District. ~ To assist with heritage tourism for the City of Augusta. ~ To explore changes to the boundaries of the Summerville Historic District with the Summerville Neighborhood Association if requested. SUMMARY OF EXPENDITURES AND APPROPRIATIONS TOTAL AUTHORIZED POSITIONS 2006 ACTUAL 11,760 2007 BUDGET 11,760 2008 REQUEST 11,760 2008 BUDGET o o o ,>' 12:29 PM 08/22/07 Accrual Basis Historic Augusta, Inc. Balance Sheet As of July 31, 2007 ASSETS Current Assets Checking/Savings Operating Funds Designated Acct, First Bank Total Checking/Savings Total Current Assets Fixed Assets PF - Building - WW House PF - Equip., Furn., & Fixture PF - Buildings - Lamar House PF - Accumulated Depreciation Total Fixed Assets TOTAL ASSETS LIABILITIES & EQUITY Liabilities Current Liabilities . Other Current Liabilities HA - 941 Liability HA - Georgia Withholding HA - SUTA Liability 2200 . Sales Tax Payable Total Other Current Liabilities Total Current Liabilities Total Liabilities Equity Temp. Restricted Net Assets Unrestricted Net Assets Net Income Total Equity TOTAL LIABILITIES & EQUITY Jul31,07 21,174.41 272,720.95 293,895.36 293,895.36 1,187,850.61 212,318.80 859,752.68 -444,545.39 1,815,376.70 2,109,272.06 2,466.16 448.24 -170.13 26.81 2,771.08 2,771.08 2,771.08 163,487.00 1,962,743.65 -19,729.67 2,106,500.98 2,109,272.06 Page 1 of5 Historic Augusta, Inc. Income Statement Operating and Designated Accounts Designated Funds Operating Funds 7/31/07 YTD 7/31/07 YTD BUdget Income Antiques & Wine Auction Inc 13,930.00 25.250.00 100,000.00 Cotton Ball Income 0.00 12.267.00 12,000.00 Donations 160.00 1.180.15 3,500.00 Fee for Service Income 0.00 3.525.12 7.500.00 Grant Income, State Tourism 0.00 13.938.57 Grant Income, Mauldin Grant 0.00 4.000.00 Investment income 673.49 4.338.81 Georgia Humanities Grant 0.00 1.695.63 1.550.00 Georgia Heritage Celebration 0.00 0.00 0.00 Aug. Richmond Funding 0.00 11,760.00 11,760.00 Meetings 0.00 897.00 1.500.00 Membership dues 5,700.00 73.175.00 95.000.00 Miscellaneous sales 5.00 483.02 150.00 Miscellaneous sales, newsletter ads 0.00 360.00 Program Income 0.00 0.00 4.000.00 Loft Tour Income 0.00 10.850.00 12,000.00 Connoisseur's Tour Income 0.00 0.00 3.750.00 Union Baptist Church 100.00 45.150.00 Coleman-Leigh-Warren Cemetery 0.00 1.150.00 Wilson House campaign 2.100.00 6.740.00 Wilson Operations Admissions 409.50 5.572.05 8.000.00 Gift Shop Income 142.67 1.872.70 2.500.00 CVB Grant 0.00 21,500.00 21.500.00 special Event5/Fundralsing 2.500.00 Girl Scout Program 0.00 1.538.78 Georgia Humanities Lectures 0.00 323.00 Facility Rental 0.00 805.00 Candlelight Tour 0.00 0.00 1.200.00 Gala 150th Birthday Event 0.00 100.00 Lightfoot SocietylFriends 0.00 130.00 1.000.00 Guide Book Sales 134.70 3.777.56 Wilson Exhibit Event 0 0.00 15.000.00 Creel Foundation 4,000.00 4.000.00 Total Wilson Operations 552.17 31.841.53 51.700.00 Total Income 7.008.19 83.094.94 20,347.17 173.284.45 304.410.00 Expense Accounting 0.00 3.220.50 3.500.00 Antiques & Wine Auction Exp. 78.63 1,517.83 30.000.00 Awards 0.00 838.59 500.00 Bank charges & Investment fee 24.05 377.12 750.00 Conferences, meetings, travel 35.00 3.367.16 5.000.00 .cotton Ball expense 0.00 4,714.31 4.500.00 Fee for service expense 0.00 725 500.00 Georgia Heritage Celebration 0.00 33.42 100.00 Grant expense Georgia Humanities Grant 0.00 1.695.63 1,700.00 Porter Fleming 0.00 .17.616.47 State Tourism Grant -20.41 9.266.04 Creel Foundation 0.00 8.127.57 Insurance -Property Insurance 381.55 3,600.36 6.300.00 Insurance - 0&0 0.00 0.00 2.520.00 Insurance - Worker's Comp 0.00 0.00 750.00 Insurance -Health 878.38 6.075.57 10.000.00 Page 2 Historic Augusta, Inc. Income Statement Operating and Designated Accounts Designated Funds Operating Funds 7131/07 YTD 7/31/07 YTD Budget Library 0.00 1.119.89 1.800.00 Meetings -Board and Committee 105.15 2.179.30 3.000.00 Meetings - Heritage Party 0.00 884.90 750.00 Meetings - Annual 0.00 0.00 500.00 Office expense 531.22 6.511.50 7.500.00 Postage 380.12 2.135.76 3.000.00 Printing 0.00 1.497.63 2.750.00 Professional memberships 50.00 920.00 2,000.00 Program expenses 285.99 166.49 2.500.00 Loft Tour Expenses 0.00 2,737.49 1.750.00 Repairs and malntenenance 190.00 4.851.89 3.000.00 UBC Expenses 580.48 31,464.06 Coleman-Leigh-Warren Cemetery 0.00 4.054.14 Rotary club 195.00 610.50 950.00 Salaries - Executive Director 4,875.36 34,127.51 58.504.24 Salaries - Admin Assistant 2.340.00 16,380.00 28.080.00 Salaries-Program/Marketing Di 3.033.34 21.233.37 36.400.00 Security 0.00 0.00 625.00 Payroll taxes 857.59 6.112.90 10.900.00 Telephone expense 220.48 1,508.33 2,600.00 Utilities- Lamar House 843.06 4,571.75 8.000.00 Wilson House Expenses Property Insurance 201.95 1,413.65 2.900.00 Gift Shop Inventory 0.00 733.33 1.000.00 Grounds 4.446.31 4.446.31 2.400.00 Maintenance/Supplies 419.42 130.00 3,812.31 2.500.00 Printing 0.00 0.00 750.00 Promotion 0.00 1.385.87 4.500.00 eVB Grant 460.65 6.273.47 21.500.00 Postage 24.19 254.32 500.00 Telephone 47.22 329.63 575.00 utilities - WWH 669.21 3,928.95 6,250.00 Special Events 3.000.00 Girl Scout Program 0.00 363.89 Georgia Humanities Lectures 0.00 980.08 Facility Rental 0.00 187.00 Special Events - Other 0.00 6.73 Candlelight Tour 0.00 0.00 750.00 Wilson Exhibit Event Expense 0.00 0.00 5,000.00 Salarles-Museum Docent 1.046.50 6.591.03 12,000.00 Total Wilson House Expenses 7.026.03 30.706.57 63.625.00 NHL Application Expenses 85.84 3,685.84 Total Expense 645.91 74.633.54 22,330.95 163.703.52 304.354.24 - 6,362.28 8,461.40 -1,983.78 9,580.93 55.78 Net Income before depreciation 18,042.33 Depreciation 5,396.00 37,772.00 Net Income -19,729.67 Page 3 door-- c'OoQ) '"' C 0 ~ ~:JNQ) 00 LL Q) 0.. :J,o.....x OlQ)CI:lW :J.....O_ <(CI:loQ) uc.....E 'C .2' ~ 0 oOOCI:lU .....Q)Q)C 000>-- I .... 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S en l!! ~ = 2iljic UI tlj Q..! = B.~ ~ ; .'= a...... ~~ D """ E! .... ~ """ -D C l'lI :I: C o ell () C l'lI iij CO s o I- HISTORIC AUGUSTA, INC. Financial Statements For Years Ended December 31, 2006 and 2005 -. . . ~ . . I CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS Accountants' Review Report The Board of Trustees Historic Augusta, Inc. Augusta, Georgia We have reviewed the accompanying statements of assets, liabilities and net assets - modified cash basis of Historic Augusta, Inc. (the "Organization") as of December 31, 2006 and 2005, and the related statements of support, revenues, and expenses and change in net assets - modified cash basis, and the statements of cash flows - modified cash basis for the years then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. All information included in these financial statements is the representation of the management of Historic Augusta, Inc. A review consists principally of inquiries of Organization personnel and analytical procedures applied to financial data. It is substantially less in scope than an audit in accordance with auditing standards generally accepted in the United States of America, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. Based on our reviews, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with the modified cash basis of accounting as d6C'ibea;.NJ~if Augusta, Georgia May 3, 2007 HISTORIC AUGUSTA, INC. Statements of Assets, Liabilities, and Net Assets - Modified Cash Basis December 31, 2006 and 2005 (See Accountants' Review Report) Assets 2006 2005 Assets Cash and cash equivalents. $ 113,454 $ 131,706 Cash and cash equivalents - temporarily restricted 163,487 124,453 Land 165,000 165,000 Buildings and improvements 1,872,813 1,850,300 Equipment, furniture and fixtures 221,131 213,329 2;258,944 2,228,629 Less accumulated depreciation (406,773 ) (340,119) Total property and equipment, net 1,852,171 1,888,510 Total assets $ 2,1 29,112 $ 2,144,669 Liabilities and Net Assets Liabilities Accrued expenses and other liabilities $ 2,881 $ 3,108 Total liabilities 2,881 3,108 Net assets Temporarily restricted 163,487 124,453 Unrestricted 1,962,744 2,017,108 Total net assets 2,126,231 2,141,561 Total liabilities and net assets $ 2,129,112 $ . 2,144,669 See notes to financial statements. 3 HISTORIC AUGUSTA, INC. Statements of Support, Revenues, and Expenses and Change in Net Assets - Modified Cash Basis Years Ended December 31, 2006 and 2005 (See Accountants' Review Report) Increase in temporarily restricted net assets 2006 2005 $ 87,840 $ 92,760 3,155 2,996 15,500 181,950 124,253 6,554 4,519 19,167 26,195 298,666 266,223 114,702 104,965 413,368 371,188 277,004 234,195 124,532 118,241 66,196 41,094 467,732 393,530 . (54,364) (22,342) 89,937 112,550 63,799 153,736 112,550 (114,702) (104,965) 39,034 7,585 (15,330) (14,757) 2,141,561 2,156,318 $ 2,126,231 $ 2,141,561 Unrestricted net assets Support and revenues Membership dues Contributions Grants Special events and programs Investment income Other Total support and revenues Net assets released from restrictions: Transfer from temporarily restricted net assets Total unrestricted support and revenues Expenses Program services Supporting services: Management and general Fundraising Total expenses Decrease in unrestricted net assets Temporarily restricted net assets Contributions Grants Net assets released from restrictions: Transfer to unrestricted net assets Total decrease in net assets Net assets, beginning of year Net assets, end of year See notes to financial statements. 4 HISTORIC AUGUSTA, INC. Statements of Cash Flows - Modified Cash Basis Years Ended December 31, 2006 and 2005 See notes to financial statements. HISTORIC AUGUSTA, INC. Notes to Financial Statements Years Ended December 31,2006 and 2005 (See Accountants' Review Report) Note 1 - Summary of significant accounting policies Nature of operations Historic Augusta, Inc. (the "Organization") is a non-profit organization founded in 1965 and is chartered to preserve sites and structures of historical or architectural interest in the Greater Augusta area. The Organization is dedicated to protecting special historic districts and to maintaining neighborhood design in mass and proportion. By promoting preservation, the Organization hopes to develop within the community an appreciation of Augusta's unique qualities and cultural heritage. Basis of accounting The accompanying financial statements have been prepared on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America, that includes recording of depreciation and amortization on long-lived assets, and recording payroll withholdings and accruals of payroll taxes. Under this basis, revenues are recognized when collected rather than when earned, and expenses are generally recognized when paid rather than when the related liability is incurred. Consequently, accounts receivable, accounts payable and accrued expenses, other than those mentioned above are not included in the financial statements. If an expenditure results in the acquisition of an asset having an estimated useful life which extends substantially beyond the year of acquisition, the expenditure is capitalized and depreciated or amortized over the estimated useful life of the asset. Financial statement presentation In 1997, the Organization adopted Statement of Financial Accounting Standards (SF AS) No. 117, "Financial Statements of Not-for-Profit Organizations". Under SF AS No. 117, the Organization is required to report information regarding its financial position and activities according to three classes of net assets: umestricted, temporarily restricted, and permanently restricted. Functional allocation The costs of providing the Organization's programs and other activities have been reported on a functional basis in the Statements of Support, Revenues, and Expenses and Change in Net Assets - "Modified Cash Basis. Directly identifiable costs have been allocated to the program or supporting service benefited. Indirect costs have been allocated based on management's estimate of resources used on behalf of the program or supporting service. Cash and cash equivalents The Organization considers all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. Contributed services Many individuals volunteer their time to help the Organization's activities and events during the year; however, donated services are not reflected in the financial statements since they do not meet the criteria for recognition as contributed services. . 6 HISTORIC AUGUSTA, INC. Notes to Financial Statements - Continued Years Ended December 31,2006 and 2005 (See Accountants' Review Report) Note 1 - Summary of significant accounting policies (continued) Property and equipment Property and equipment are stated at cosL Depreciation is provided using the straight-line method over the estimated useful lives of the related assets. Donations of property and equipment are recorded as support at their estimated fair value. Such donations are reported as unrestricted support, unless the donor has restricted the donated asset to a specific purpose. Assets donated with explicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipment are reported as restricted support. The Organization reports expirations of donor restrictions when the donated or acquired assets are placed in service as instructed by the donor. At thattime, temporarily restricted net assets are reclassified to unrestricted net assets and are reported in the Statements of Support, Revenues, and Expenses and Change in Net Assets -'- Modified Cash Basis as net assets released from restrictions. Net assets Donations received without donor stipulations are presented as unrestricted support. The Organization reports donations as restricted support if they are received with donor stipulations that limit the use of the donation. 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 Statements of Support, Revenues, and Expenses and Change in Net Assets - Modified Cash Basis as net assets released from restrictions. . Income taxes The Organization has been determined to be exempt from income taxes under section 50 1( c)(3) as a non-profit organization by an Internal Revenue ruling dated November 24, 1965. The financial statements do not reflect a provision for income taxes. Concentrations of credit risk Financial instruments that potentially expose the Organization to concentrations of credit risk consist primarily of cash. and cash equivalents. The geographic concentration in the Greater Augusta area results in the Organization being susceptible to economic conditions in the area. At times, cash balances at financial institutions are in excess of FDIC insurance coverage. The cash balances are maintained at financial institutions with high credit - quality ratings and the Organization believes no significant risk of loss exists with respect to those balances. Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of any contingent assets and liabilities at the date of the financial statements and the reported amounts of support, revenues and expenses during the reporting period. Actual results could differ from those estimates. 7 . HISTORIC AUGUSTA, INC. Notes to Financial Statements - Continued Years Ended December 31,2006 and 2005 (See Accountants' Review Report) Note 1- Summary of significant accounting policies (continued) Reclassification Certain reclassifications have been made to the 2005 financial statements to conform to the current year presentation. Note 2 - Temporarily restricted net assets At December 31,2006 and 2005, temporarily restricted net assets are available for the followin purpose: Woodrow Wilson and Lamar House renovations Union Baptist Church renovations Coleman-Leigh- Warren Cemetery renovations Porter Fleming Foundation grant Convention and Visitors Bureau grant 2006 $ 25,483 $ 111,724 4,745 18,954 2,581 2005 24,815 99,638 Total temporarily restricted net assets $ 163,487 $ 124,453 Note 3 - Lease commitment . The Organization leases office equipment under an operating lease expiring in December 2008. The terms of this lease require monthly payments of $150. The related lease expense was $1,800 for each of the years ended December 31, 2006 and 2005. Future minimum lease payments are: 2007 2008 $ 1,800 1,800 $ 3,600 8