ART LEAGUE JOURNAL ENTRIES

DR CR
1 CASH 63,250
CONTRIBUTIONS-UNRESTRICTED 21,701
GRANTS RECEIVABLE 5,300
MEMBERSHIP DUES 16,985
TUITION & FEES REVENUE 7,114
MEMBER ARTISTS PAYABLE 2,430 ($12,190 * 20%)
PAYALE TO ARTISTS 9,720

2 CASH 1,997
INVESTMENT INCOME - UNRESTRICTED 700
INVESTMENT INCOME - TEMP RESTRICTED 1,297 ($939+$358)

3 GRANT RECEIVABLE 5,300

CONTRIBUTION - UNRESTRICTED 3,260
DEFERRED REVENUE 2,040

4 RENT EXPENSE 19,400

CONTRIBUTIONS - UNRESTRICTED 19,400

5 SALARY EXPENSE 48,300

UTILITY EXPENSE 3,220
POSTAGE & SUPPLIES EXPENSE 1,450
MISCELLANEOUS EXPENSE 780
CASH 53,293
PREPAID EXPENSES 290 ($1,270-$980)
ACCOUNTS PAYABLE & ACCRUED EXPENSES 167 ($2,789-$2,956)

6 CASH 3,600
SHORT-TERM INVESTMENT 3,600

EQUIPMENT 2,975
CASH 2,975

7 COMMUNITY ART EDUCATION 965

CASH 965
NET ASSETS RELEASED - SATISFACTION OF
PURPOSE RESTRICTION - TEMP RESTRICTED 965
NET ASSETS RELEASED - SATISFACTION OF
PURPOSE RESTRICTION - UNRESTRICTED 965
 8 DEPRECIATION EXPENSE 1,782
ALLOWANCE FOR DEPRECIATION - EQUIPMENT 1,782

NET ASSETS RELEASED - SATISFACTION OF PURPOSE

RESTRICTION - TEMPORARILY RESTRICTED 1,782
NET ASSETS RELEASED - SATISFACTION OF
PURPOSE RESTRICTION - UNRESTRICTED 1,782

9 EXHIBITION PROGRAM EXPENSE 22,480

COMMUNITY ART EDUCATION PROGRAM EXPENSE 22,480
MANAGEMENT & GENERAL EXPENSE 18,733
FUND-RAISING 11,240
RENT EXPENSE 19,400
SALARY EXPENSE 48,300
UTILITY EXPENSE 3,220
POSTAGE & SUPPLIES EXPENSE 1,450
MISCELLANEOUS EXPENSE 780
DEPRECIATION EXPENSE 1,782

10 MEMBER ARTISTS PAYABLE 9,720

CASH 9,720

11 CONTRIBUTIONS- UNRESTRICTED (TRANS 1,3 &4) 44,361

MEMBERSHIP DUES 16,985
TUITION AND FEES 7,114
COMMISSION REVENUE 2,430
INVESTMENT INCOME - UNRESTRICTED 700
UNRESTRICTED NET ASSETS 4,375
EXHIBITION PROGRAM 22,480
COMMUNITY ART EDUCATION (TRANS 7&9) 23,445
MANAGEMENT AND GENERAL 18,733
FUND-RAISING 11,240
 ART LEAGUE
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2014
Temporariy Permanently Total
Unrestricted
Restricted Restricted Revenues
Revenues and other support
Contributions $44,361 $ - $44,361
Tuition and fees 7,114 $ - 7114
Commission revenue 2,430 $ - 2430
Membership dues 16,985 $ - 16985
Investment Income 700 1,297 $ - 1997
Net assets released from restrictions 2,747 (2,747) $ -
Total revenues and other support 74,337 (1,450) $ - 72,887

Expenses:
Exhibition Program 22,480 22,480
Community Art Education 23,445 23,445
Management & General 18,733 18,733
Fund-Raising 11,240 11,240
Total expenses 75,897 75,897

Increase (decrease) in net assets (1,561) (1,450) 0 (3,011)

Beginning net assets 9,151 14,645 5,907 29,703
Ending net assets $7,590 $13,195 $5,907 $26,692
 ART LEAGUE
STATEMENT OF FINANCIAL POSITION
JUNE 30, 2014

ASSETS:
Cash 4,419
Short tem investments 9,630
Grants Receivable 6,000
Prepaid Expenses 980
Assets Restricted:
For endowment:
Investments 5907
Equipment 8,952
Total assets: $35,888

LIABILITIES:
Accounts payable & accrued expenses 2,956
Deferred revenue 6,240
Total liabilities 9,196

NET ASSETS:
Unrestricted 7,590
Temporarily restricted 13,195
Permanently restricted 5,907
Total net assets 26,692
Total liabilities and net assets $35,888