HomeMy WebLinkAboutMACH ACADEMY SPLOST V AUGUSTA MUSEUM OF HISTORY INC
STATE OF GEORGIA )
)
RICHMOND COUNTY )
SPLOST V CONTRACTOR AGREEMENT
IMPROVEMENTS TO THE AUGUSTA MUSEUM OF HISTORY, INC.
This AGREEMENT made and entered into this 1 ~ay of M ~,2007, 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
Augusta Museum of History, Inc., (hereinafter referred to as the "Organization" or "The Augusta
Museum of History");
WITNESSETH:
WHEREAS, the voters of Augusta, Georgia, on November 8, 2005, approved the
imposition of the Special Purpose County One Percent Sales and Use Tax ("SPLOST V"),
effective April 1, 2006, and designated the use of the proceeds of said tax for certain capital
outlay projects, as defined on O.C.G.A. 48-8-111(a), and further approved a project priority
payment order in an Intergovernmental Agreement entered into by and between Augusta,
Georgia, and the municipalities of Hephzibah and Blythe;
WHEREAS, the Augusta-Richmond County Commission approved SPLOST funding
request guidelines for outside agencies on June 6, 2006;
WHEREAS, the Augusta-Richmond County Commission desires to contract with the
above named Organization to construct the capital outlay project identified herein as the
improvements to the Augusta Museum of History (hereinafter referred to as "Project"), which
was a part of the approved capital outlay projects for recreational, historical and cultural
improvements, referenced in the above-described Intergovernmental Agreement;
WHEREAS the proceeds of said tax in the amount of $400,000.00 are now available for
use by The Augusta Museum of History, Inc., according to the disbursement schedule adopted in
said Intergovernmental Agreement;
NOW, THEREFORE, for and in consideration of the mutual covenants and agreements
between the parties, it is agreed as follows:
SECTION 1- APPROPRIATION AND USE OF FUNDS
1.l The County agrees to appropriate the following sums to the Organization for the
purpose of constructing the Project: $400,000, payable in the following installments:
$400,000 at the execution of this Agreement.
Lump sum approved
Administrator
1.2. The Organization agrees to use such funds that it may receive, pursuant to this
Agreement, solely and exclusively for the construction of the above described Project; said
Project, including the Project Budget, is more specifically described at "Exhibit A," attached
hereto and incorporated herein.
1.3 Said disbursement to The Augusta Museum of History, Inc. is an authorized use
of said proceeds, under O.C.G.A. Section 48-8-11l(E), as said use benefits a "cultural,
recreational, or historical facility or a combination of such purposes;" and this Agreement is
entered into on behalf of Augusta, Georgia and The Augusta Museum of History, Inc., a Georgia
not for profit corporation, to recognize and acknowledge that Augusta has fully funded its
SPLOST V project obligation to Organization by payment of $400,000 in full made at the time
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this contract IS entered into or by funds held by Augusta and encumbered for installment
payment.
SECTION 2 - RESPONSIBILITIES AND OBLIGATIONS OF ORGANIZATION
2.1 In consideration of the disbursement of said funds, The Augusta Museum of History, Inc.
shall observe all conditions that the law and/or this Agreement imposes on the use of said funds,
which shall include, but not be limited to, the following:
2.2 The Augusta Museum of History, Inc. shall use said proceeds in connection with a
capital outlay project known as improvements to The Augusta Museum of History at 560
Reynolds Street, Augusta, Georgia. Said real estate and improvements are more particularly
described on Exhibit A-I, which is attached hereto and made a part hereof.
2.3 The Augusta Museum of History, Inc., covenants not to use said monies as part of its
maintenance and operation budget.
2.4 The Augusta Museum of History, Inc. will set up any and all banking accounts necessary
or convenient to segregate the account containing said SPLOST money from its other accounts.
The Augusta Museum of History, Inc. shall make quarterly reports of expenditures regarding
this project commencing with the end of the second quarter of 2007 to wit: June 30, 2007 and
quarterly thereafter until the end of the quarter in which the project is deemed completed as
determined by the Augusta Finance Department. The initial report is due ten (10) business days
next following the end of each said quarter. Said reports shall be delivered to Augusta Finance
Department, Municipal Building, Augusta, Georgia 3091l to the attention of Ms. Donna
Williams, Interim Finance Director for Augusta, Georgia, or her designee, Mr. Tim Schroer, the
accountant for the SPLOST program.
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2.4(a) Contractor will provide Augusta with a copy of its Annual Audit within thirty (30) days
of the delivery of audit to contractor.
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3.1
2.5 The Organization shall keep any funds that it receives from the County in a separate
account and fund and shall not commingle the County distributions with other funds of the
Organization prior to their expenditure. The Organization shall maintain a record of each and
every expense, in compliance with the generally accepted accounting principles, for which the
proceeds of the tax are used. The Organization shall submit quarterly accounting reports to the
County for all funds that the Organization receives from the County. Said accounting reports
shall set forth the amounts expended on the Project during the term of this contract, which shall
include any amount expended on such Project in that current year, and the estimated percentage
of said Project's completion. (See Exhibit A).
2.6 The Augusta Museum of History, Inc. accepts the following conditions for disbursement
of said funds:
A. The Organization must allow said facility to be used by the public for both the
staging of events and attendance. This section shall not preclude the Organization from charging
reasonable and ordinary fees for any event held at said facility.
B. Prior to receipt of said monies, the Organization shall furnish Augusta with a
budget, scope of work and the projected time for completion of the work of said improvements,
for which purpose the money is appropriated (See Exhibit A) which is accepted by the County.
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2.7 The Organization sball comply with the purchasing policies of Augusta-Richmond J
tV \~ ~ ~ c...€-~O'f) ~ Jo 1'\Q... ~~..Y\1\~ aM() pm cl u..c..b ctY~..(~ $ f e-W 0.....\ u...e..
Countwegarding the advertising for bids, the securing of bids, and payment, performance bonds
and contracting. Payments to any sub-contractor employed by the Organization shall be mad
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directly by the Organization, subject to County's audit and approval. If the total project costs
exceed the amount funded by the County, the Organization shall provide proof of other fundi
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sources. Payments by the Organization to sub-contractors shall be made only upon presentation
of verified invoices.
2.8 The Organization will maintain the following insurance during the performance of the
Contract:
A. Comprehensive General Liability Insurance shall be maintained in force at all times and
shall include the following coverages: Products/Completed Operations and Automobile Liability
Insurance in the combined single limits of $1,000,000. This coverage shall be intended to apply
as primary and shall not be affected by any insurance that the certificate holder may carry in its
own name. The Organization shall maintain Worker's Compensation and Employer's Liability
Insurance for the benefit of its workers. The above requirements shall also apply to the
Organization's contractors and sub-contractors who are engaged in the Project.
B. Prior to the commencement of work, the Organization will provide the Augusta-
Richmond County Commission with a certificate of insurance, which evidences the above
coverage and shows the Augusta-Richmond County Commission as an "additional insured."
SECTION 3 - RESPONSIBILITIES AND OBLIGATIONS OF THE COUNTY
3.1 Augusta enters this contract to improve the quality of life of its citizens and to provide its
citizens with added recreational services at lower costs and expense than those it would incur if it
were to construct and operate its own museum of history facility. Augusta shall have the right, by
and to this contract, for not less than 50 years of public use and availability of the facility that is
the subject of this contract.
3.2 The County and any auditors employed by Augusta shall have the right to verify and
audit the expenditures of the Organization and the Project, sufficient to determine that the
monies are being appropriately spent for the Project, in accordance with Georgia laws that
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govern the expenditures of Special Purpose Local Option Sales Tax momes. Official
representatives of the County may inspect the official records of the Organization, which relate
to this project, at reasonable times and upon reasonable notice to the Organization. The County
shall also have the right to inspect the Project at any reasonable time for any purpose related to
the performance of any contract awarded, or to be bid upon or awarded, by the Organization for
this Project.
SECTION 4 - OBLIGATIONS OF THE ORGANIZATION AND COUNTY
4.1 Each of the parties hereto warrants and represents to the other that it will comply with all
the requirements of the laws of the State of Georgia.
4.2 After approval of this contract, all contracts between the Organization and any sub-
contractor shall be submitted to the County Administrator for administrative review. If any
irregularity or illegality appears, the Administrator may submit any such questions to the
Augusta-Richmond County Commission.
4.3 This Agreement constitutes the entire agreement between the parties as to the matters
described herein and may not be amended except by a written instrument, signed by each party's
duly authorized officers.
4.4 Breach of contract with respect to any of the terms of this Agreement, or with respect to
the use of funds, shall terminate the County's obligations under this Agreement; shall terminate
the County's obligation for the payment of any future funds; and shall entitle the Parties to all
remedies provided by law.
IN WITNESS WHEREOF, the County and Organization have caused these presents to be
executed by their respective, duly authorized officials, on the date entered above.
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AUGUSTA-RICHMOND COUNTY COMMISSION
9.{{ BY:c1~ >f - r-
P Mayor
SEAL
By:
ORGANIZATION:
::E Amm OF HISTORY, INC.
As its 07~~ ., Eca AI- ..J (J O,~ i lfru~
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F: I Users \SShepardlSTE VE\CITY\SP LOST agreement. museum of history. doc
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EXHIBIT" A"
CONTRACTOR: The Augusta Museum of History, Inc.
PROJECT NAME: Improvement to The Augusta Museum of History, Inc.
DESCRIPTION OF PROJECT/SCOPE OF WORK: Improvements to museum to improve
environmental control (HV AC system) for improved preservation of items in collection, both on
display and/or held in storage.
PROJECTED TIME OF CONSTRUCTION:
Design to be completed; construction to
commence on or about July 1,2007; completion expected within a year.
PROJECTED BUDGET: See attached submission from Director of Augusta Museum of
History.
FINANCIAL ANALYSIS:
Project Costs $400,000
TOTAL
$400,000
Available Revenues in Hand
Appropriation from SPLOST V
TOTAL
$-0-
$400,000
$400,000
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EXHIBIT "A-I"
LOCATION/LEGAL DESCRIPTION OF PROPERTY ON WHICH PROJECT IS LOCATED:
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REEL 354 PAGE 161:3
~HP W 29433
QUIT-CLAIM DEED
RICHMOND COGNTY
THIS INDENTURE, made and enterad into this
If~
day
of February, 1991, between CITY COUNCIL OF AUGUSTA, a municipal
corporation organized and existing under the laws of Georgia,
hereinafter referred to as "City" and AUGUSTA-RICHMOND COUNTY
MUSEUM, INC., a corporation organized and existing under the laws
of the state of Georgia, hereinafter referred to as "Museum";
WIT N E SSE T H: that
WHEREAS, on or before October 11, 1990, City and Museum
agreed to purchase certain property more .:)articularly described on
"Exhibit A" attached hereto, for a purchase price of $8,100.00; and
WHEREAS, on or before December 18, 1990, the City and
WHEREAS, although Museum and City agreed t~ acquire said
the Museum agreed to purchase certain property mor~ partiCUlarly
described on "Exhibit 8" attached hereto for a purchase pri-::e of
$50,000.00; and
property jointly as tenants in common with each party to pay one-
half (1/2) of the cost of acquisition of the same, title to full,
fee simple title of said property was conveyed to the City; and
WHEREAS, in order to correct the record title as to the
ownership of said prop arty ,
the City desires to quit-claim
..-
...v
Muse~~ a one-half (1/2) undivided interest in said property.
:~_:~' . ,.. : ". ~ ... "~.~. -:- ~. .~; .~.-: ' .....
e'. -', ,.. 7 JI.. 1. "~.J_ 4. ~~_--..L I>-'\:f
- ,~".:-- ~~'t--=-::-c~,-:="-7--c~~~'
NOW, THEREFOR~, 1n consideration of the premises and the
payment heretofore made by Museum of ~ne-half (1/2) of the cost of
acquisition of said property, the City has re:"eased, remis'ild,
conveyed and forever quit-claimed and by these presents does
releas~, remise, convey and forever Quit-claim unto the Museuw its
successors and assigns, all of the right, title and interest of
City in and to the following described property, to-wit:
A one-half (1/2) undivided interest in and to all those
tracts or parcels of land (including any interest in
Cohen's Alley) with improvements thereon located in the
state of Georgia, County of Richmond, City of Augusta
which were conveyed to City by deed dated December 18,
1990, of Southeastern Newspapers Corporation recorded in
the Office of the Clerk of Superior Court of RiChmond
County, Georgia on Realty ~eel 350 pp. 117S-1176A and by
deed d~tcd October 11, 1990, of Jch~ Hammond Hill
recorded in said Clerk's Office on Realty Reel 345, pp.
1595-1596 amended by Deed of Correction from John Hammond
Hill to City Coun~il of Auqusta subsequently filed in
said Clerk's Office; said deeds being specifically
incorporated herein by reference for a more> particular
description of said property.
TOGETHER WITH ALL AND SINGULAR, the rights, easements,
ways, members and appurtenances to said land, being belonging or
in any wise appertaining and the remainders, reversions, rents,
issues and profits thereof, and every part thereof.
TO HAVE AND TO HOLD, the said described property to
Museum so that neither t.he City nor any person or persons claiming
under the City shall at any time, by any means or ways, have, claim
or demand any right or title to said property or its appurtenances
IN WITNESS WHEREOF, the City has caused its proper
corporate officers to execute these presents wi,th its cOJ:porate
:::a~l being ~ff't~~d h~r~.tu un Lbe det:' deu] 'y~d..c first above wrltten
as the date of these presents.
:,,~_:~~~--~~~: ,,', '_:,\--~!:~
Signed, 8~aled and delivered in
Richmond County, G~orgia, in
the pres;lancla of:
_C~a.,i:ji 7x~~
'-;f)_ / I '-A.- d
N:t~;~~h~, ~{:t::~~JJI1M~
CQu.n'tY,Glaorgia
My com1'lltssion Expires:
n"lilry I"tfblle. Oowmbla Cty~ G_ala
My C"mmissJOIl ll><Pues J_ 21. ,l&i14
REEL 354 PAGE 1620
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~ITY COUNCIL OF AUGUSTA
BY:~~ ,
Mayor, City of "Augusta . 0'
ATTEST:
^ II II 1\ .
.-I~JSl. l~
Clerk of Council
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GA. R I CHt'lOND COllNT'r' CLERK SUPER lOR COIJRT
F r LEO FOR RECORD 14 t1AR 1991 AT Hl\: 4:3AM
RECORDED 14 t1HR 1991
AUGUSTA MUSEUM OF HISTORY
REPORT ON FINANCIAL STATEMENTS
For the years ended December 31,2005 and 2006
MATTISONR. VERDERY
CERTIFIED PUBLIC ACCOUNTANT
A PROFESSIONAL CORPORATION
AUGUSTA MUSEUM OF mSTORY
TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR'S REPORT
1
FINANCIAL STATEMENTS
Statement of Financial Position
Statement of Revenue, Expenses and Changes in Net Assets
Statement of Cash Flows
2
3
4
NOTES TO FINANCIAL STATEMENTS
5-7
INDEPENDENT ACCOUNTANT'S REPORT ON THE SUPPLEMENTARY
INFORMATION
8
SUPPLEMENTARY INFORMATION
Schedule of Operating Expenses
9
-.. (706) 733-1258 Office
(706) 733-3846 Home
(706) 733-1863 Fax
MAITISON R. VERDERY
CERTIFIED PUBUC ACCOUNTANT
A PROFESSIONAL CORPORATION
207 Wheeler Executive Center
3540 Wheeler Road
Augusta, Georgia 30909
Member: American Institute of Certified
Public Accountants
Georgia Society of Certified
Public Accountants
INDEPENDENT AUDITOR'S REPORT
Board of Directors
Augusta Museum of History
Augusta, Georgia
I have audited the accompanying statements of financial position - modified cash basis _ of the Augusta
Museum of History as of December 31, 2005 and 2006, and the related statements of revenue, expenses and
changes in net assets and cash flows - modified cash basis - for the years then ended. These financial statements
are the responsibility of the Augusta Museum of History's management. My responsibility is to express 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 of
America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.
As described in Note 1, these financial statements were prepared on a modified cash basis, which is a
comprehensive basis of accounting other than generally accepted accounting principles.
In my opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Augusta Museum of History. as of December 31, 2005 and 2006, and the changes in its net assets
and cash flows for the year then ended in conformity with the basis of accounting describe:d in Note 1.
?t---....
Mattison R. Verdery
Certified Public Accountant
A Professional Corporation
April 30, 2007
AUGUSTA MUSEUM OF mSTORY
STATEMENT OF FINANCIAL POSITION - MODIFIED CASH UASIS
December 31,2006
(With comparative totals for December 31,2005)
ASSETS
CURRENT ASSETS 2006 2005
Cash and cash equivalents $ 54,515 $ 99,308
Pledges Receivables 60,000
Inventory, at lower of cost or market 12,725 15,961
Total current assets 67,240 175,269
PROPERTY AND EQUIPMENT, NET -i:,133,943 4,308,727
$ 4,201,183 $ 4,483,996
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Accounts Payable $ 6,674 $ 4,134
Due to Endowment Fund - Capital Campaign 60,000
NIP Georgia Bank & Trust 50,000
Accrued liabilities 196 118
Total current liabilities 6,870 114,252
NET ASSETS
Unrestricted 4,088,228 4,292,084
Temporarily Restricted 106,085 77,660
4,194,313 4,369,744
$ 4,201,183 $ 4,483,996
The accompanying notes are an integral part of this financial statement.
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AUGUSTA MUSEUM OF HISTORY
STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN NET ASSETS - MODmIED CASH BASIS
For the year ended December 31, 2006
(With comparative totals for December 31, 2005)
Un rest- Temporarily 2006 2005
ricted Restricted Total Total
REVENUES
Government Appropriations $ 206,250 $ $ 206,250 $ 206,250
Harris House contract 50,000 50,000 50,000
Memberships 47,335 47,335 56,773
Admissions 35,686 35,686 54,238
Grants 54,445 50,000 104,445 104,826
Capital Campaign (7,465)
Contributions & gifts 79,847 45,917 125,764 88,569
Special Events & Rent 50,256 50,256 38,392
Gift Shop - Net 597 597 9,263
Net income on investments 544 544 517
Net gain (loss) on sale of securities 228 228
Other income 12,153 12,153 3,895
Net assets released from restrictions 67,492 (67,492)
604,833 28,425 633,258 605,258
EXPENSES
Program services, education, & public information 393,371 393,371 347,046
Management & general 208,211 208,211 221,325
Fund raising 32,324 32,324 30,858
Depreciation Expense 174,783 174,783 192,192
808,689 808,689 791,421
Increase (Decrease) in unrestricted
net assets (203,856) 28,425 (175,431) (186,163)
NET ASSETS, BEGINNING OF YEAR 4,292,084 77,660 4,369,744 4,555,907
NET ASSETS, END OF YEAR $ 4,088,228 $106,085 $ 4,194,313 $ 4,369,744
The accompanying notes are an integral part of this financial statement.
-3-
174,783 192,192
60,000 149,575
3,236 (1,443)
2,540 (3,902)
79 (3,183)
AUGUSTA MUSEUM OF mSTORY
STATEMENT OF CASH FLOWS - MODIFIED CASH BASIS
For the year ended December 31, 2006
(With comparative totals for December 31,2005)
OPERATING ACTMTIES
Change in net assets
Adjustments to reconcile increase
(decrease) in net assets to net cash
provided by (used in) operating activities:
Depreciation
Change in deferred and accrued amounts:
Accounts receivable
Inventory
Accounts payable
Accrued liabilities
2006
Total
(175,431 )
Net cash provided by (used in)
operating activities
65,207
INVESTING ACTMTIES
Purchase of property and equipment
Net cash (used in) investing activities
FINANCING ACTIVITIES
Increase (decrease) in note payable
(110,000)
Net cash (used in) financing activities
(110,000)
Net increase (decrease) in cash and
cash equivalents
(44,793)
CASH AND CASH EQUIVALENTS,
BEGINNING OF YEAR
99,308
CASH AND CASH EQUIVALENTS,
END OF YEAR
$ 54,515
The accompanying notes are an integral part of this financial statement.
-4-
2005
Total
(186,163)
147,076
(14,618)
(14,618)
(136,725)
(136,725)
(4,267)
103,575
$ 99,308
AUGUSTA MUSEUM OF mSTORY
NOTES TO FINANClAL STATEMENTS
NOTE 1 - SlIMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ACTMTIES
Nature of Organization
Augusta Museum of History is a nonprofit museum organized under the laws of the State of Georgia.
The Museum is located in Augusta, Georgia, and provides historical and scientific educational exhibits,
seminars, and other services to residents and visitors of the Augusta-Richmond County, Georgia area.
The Museum is exempt from income taxes under Section 501 (c) (3) of the Internal Revenue Code.
Estimates
The preparation of financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosures of contingent liabilities at the date of
the financial statement, and there reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Basis of Accounting
The Museum's policy is to prepare its financial statements on a modified cash basis that includes
recording of depreciation on long-lived assets, liabilities for expenses incurred, payroll withholdings and
accruals of payroll taxes. Under this basis, most revenues are recorded when received. However,
unconditional promises to contribute to the Museum may be recorded in the period the promise is
received as long as verifiable documentation exists. Also, grants which have been awarded but have not
been fully funded during the year are included as "receivables" on the statements of financial position.
Financial Statement Presentation
Assets and liabilities are reported in the Statement of Financial Position. Revenue and expenses are
reported in the Statement of Revenue, Expenses, and Changes in Net Assets. Net Assets reported on the
Statement of Financial Position specify classifications as unrestricted or temporarily restricted.
Unrestricted net assets represent the portion of funds available for support of Museum operations and
exhibits, and the net carrying value of land, building, and equipment. Temporarily restricted net assets
consist of cash and cash equivalents and other assets and liabilities related to the future acquisition of
fixed assets and exhibits.
Cash and cash equivalents
For the purposes of the statement of cash flows, the Augusta Museum of History considers all highly
liquid investments available for current use with an initial maturity of three months or less to be cash
equivalents. In addition, contributions, in the fonn of securities, received at year-end and converted to
cash within a week to ten (10) days are also classified as cash equivalents.
Collections of Artifacts
In confonnity with SF AS No. 116, artifacts purchased and donated are not included in the Statement of
Financial Position. Under SF AS No. 116, contributed collections items are recognized as revenues or
gains if collections are capitalized and are not recognized as revenues or gains if they are not capitalized.
In addition, costs of items purchased, but not capitalized, are reported as decreases in the appropriate class
of net assets; proceeds from the disposition of items are reported as increases in the appropriate class of
net assets; and proceeds for insurance claims for lost or destroyed items are reported as increases in the
appropriate class of net assets.
The cost of all objects purchased, together with the value of objects acquired by gift as indicated in the
preceding paragraph, less the proceeds from the sale of objects, is reported as a separate program expense.
The cost of artifact acquisitions in 2006 amounted to $19,500.
-5-
Inventories
Inventories are stated at the lower of cost (first-in, first-out method) or market.
Property and Equipment
Property and equipment are stated at cost or, for donated items, the estimated fair market value on the
date received. Depreciation is calculated on a straight-line basis over the estimated useful life of the
asset.
Functional Expenses
The costs of providing various programs and other activities have been summarized on a functional basis
in the Statement of Revenue, Expenses, and Changes in Net Assets - Cash Collection 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. A detailed schedule of these expenses are included in the supplementary information to these
financial statements.
Contributed Services
A substantial number of unpaid volunteers have made significant contributions of their time in the
furtherance of the Museum's programs. The value of this contributed time is not reflected in these
statements.
NOTE 2 - CASH & CASH EQUIVALENTS
The Museum's cash and cash equivalents consisted of the following:
Deposits in local banks and undeposited funds
Certificates of deposit and money market funds
Museum Shop - Money market
Total
$
30,731
19,666
4.118
54.515
NOTE 3 - PROPERTY AND EQUIPMENT
Property and equipment consist of the following:
Land
Building & Grounds
Furniture, Fixtures, & equipment
Exhibits
$
153,285
5,139,348
193,388
489,345
5,975,366
Less accumulated depreciation
(1,841,423)
4,133,943
NOTE 4 - LINE OF CREDIT
In 2006, the Museum secured a $100,000 line of credit using the Endowment Fund as collateral. No money was
borrowed from the line of credit in 2006.
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NOTE 5 - TRANSACTIONS WITH RELATED PARTIES
Related party transactions that came to my attention during the audit of the financial statements for the year ended
December 31, 2006 consisted of the following:
(a) As mentioned in Note 4, the Augusta Museum of History Endowment Fund was used as collateral for
a line of credit.
NOTE6-ENOOWMffiNTFUND
The Augusta Museum of History Endowment Fund is a separate legal entity form the Museum. This fund is
subject to restrictions of a trust instrument established in 1979 and is governed by its own Board of Trustees. The
Trust requires that the principal be invested an only the income may be used for Museum operations. Five
percent (5%) of the three year rolling average rate of return may be appropriated annually for Museum operations.
During the past year, the Trust appropriated $49,300 to Museum for use in their operations.
At December 31, 2006, the balance in the endowment fund amounted to $1, I 98,641. The assets of this trust fund
are not included in the statement of financial position for the year presented.
NOTE 7- CAPITAL/ENDOWMENT CAMPAIGN
In November, 1999, the Museum began a major fund raising campaign with a goal of$I,800,000. This campaign
is a joint effort with the Endowment Fund. The funds were used for capital improvements of $1,408,488, and an
addition to the Endowment Fund.
At December 31,2006, total pledges were $2,085,171, $2,004,596 had been collected, and $80,575 was written
off as uncollectible. The remaining pledges were collected in 2006, therefore, showing no pledges receivable for
future years.
NOTE 8 - TEMPORARILY RESTRICTED ASSETS
Temporarily restricted assets are made up of the following funds:
12/31/05 2006 2006 12/31/06 Restrictions
Restricted Balance Income Expenses Ending Balance
Dr. Still $ 811 $ 0 $ 0 $ 811 Addn to Child Discovery Gallerv
Capital 22,540 0 0 22,540 Capital Addu
Campaign
Artifacts 2,061 0 0 2,061 Acauisition of artifacts
Grants 0 18,500 18,500 0 Arsenal archive
Tourism Grant 0 31,500 31,500 0 Web Site & advertisinlZ
Sizzle 52,248 38,917 13,572 77,593 Permanent exhibitions
Walton Circle 0 7,000 3,920 3,080 Operating costs
Totals $ 77,660 $ 95,917 $ 67,492 $ 106,085
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- (706) 733-1258 Office
(706) 733-3846 Home
(706) 733-1863 Fax
MAIT/SON R. VERDERY
CERTIFIED PUBUC ACCOUNTANT
A PROFESSIONAL CORPORATION
207 Wheeler Executive Center
3540 Wheeler Road
Augusta. Georgia 30909
Member: American Institute of Certified
Public Accountants
Georgia Society of Certified
Public Accountants
To the Board of Trustees
Augusta Museum of History
Augusta, Georgia
INDEPENDENT ACCOUNTANT'S REPORT ON THE SUPPLEMENTARY INFORMATION
My audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.
The accompanying additional financial information is presented for supplementary analysis purposes and is not a
required part ofthe basic financial statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
~
Mattison R. Verdery
Certified Public Accountant
April 30, 2007
j
AUGUSTA MUSEUM OF mSTORY
SCHEDULE OF OPERATING EXPENSES - MODIFIED CASH BASIS
AND GIFT SHOP - NET INCOME
For the year ended December 31, 2006
(With comparative totals for December 31, 2005)
Program Management 2006 2005
Services Fundraisin2 and General Total Total
EXPENSES
Salaries & Wages $ 194,710 $ 23,964 $ 80,879 $ 299,553 $ 281,106
Payroll Taxes 16,141 1,986 6,704 24,831 25,067
Employee Benefits 3,909 44,953 48,862 42,204
General Insurance 2,905 11,620 14,525 15,336
Maintenance 3,788 15,149 18,937 31,573
Membership / Promotion 13,980 5,392 599 19,971 16,381
Advancement / Development 2,306 982 982 4,270 3,586
Collections / Exhibit Development 36,713 36,713 22,645
Special Programs 12,738 12,738 6,954
Utilities 60,533 20,177 80,710 88,044
Accounting Fees 5,800 5,800 5,000
Supplies 4,068 3,465 7,533 5,376
Telephone 3,996 3,996 3,360
Postage 2,147 1,156 3,303 3,200
Printing 3,423 3,423 6,920
Travel 3,970 3,970 2,160
Program Expenses 39,347 39,347 24,468
Staff recruitment 86 2,060 2,146 9,005
Other Expenses 3,278 3,278 6,844
$ 393,371 $ 32,324 $ 208,211 $ 633,906 $ 599,229
Depreciation expense 174,783 192,192
$393,371 $32,324 $208,211 $808,689 $791,421
GIFT SHOP - NET INCOME 2006 2005
Sales $ 27,915 $ 24,934
Cost of Sales 14,613 12,597
Gross Profit 13,302 12,337
Supplies & other expenses 12,705 3,074
Net Income (loss) $ 597 $ 9,263
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