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Financial Statements
For the Years Ended December 31, 2012 and 2011
with
Independent Auditors Report
13010 MORRIS ROAD CORPORATE CENTRE ONE SUITE 603 ALPHARETTA, GEORGIA 30004
TABLE OF CONTENTS
We have audited the accompanying financial statements of Faith Promise Church as of and
for the years ended December 31, 2012 and 2011. These financial statements are comprised of
the statement of financial position and related statements of activities and cash flows, and the
notes to the financial statements.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States of
America; this includes the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditors
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Faith Promise Church as of December 31, 2012 and 2011,
and the changes in its net assets and its cash flows for the years then ended in conformity with
accounting principles generally accepted in the United States of America.
Atlanta, Georgia
February 5, 2013
2012
2011
ASSETS
Cash
Prepaids, deferred costs, and other assets
Fixed assets, net
$ 1,304,353 $ 1,184,143
77,035
92,682
20,679,254 12,663,477
$ 22,060,642 $ 13,940,302
281,296 $
439,582
13,764,142
6,487,278
14,045,438
6,926,860
908,651
7,106,553
8,015,204
684,492
6,328,950
7,013,442
$ 22,060,642 $ 13,940,302
Unrestricted
2012
2011
Temporarily Restricted
2012
2011
EXPENSES
Ministry
Employee
Program and missions
Building and grounds
Depreciation and amortization
Interest
Administrative
Release of restricted funds
438,238
3,253,832
581,864
605,371
442,384
464,449
1,110,176
(1,688,081)
5,208,233
438,349
2,843,207
565,215
520,172
451,963
283,471
510,090
(1,252,877)
4,359,590
1,688,081
1,688,081
1,252,877
1,252,877
777,603
1,265,724
224,159
378,047
6,328,950
5,063,226
684,492
306,445
908,651 $
684,492
$ 7,106,553 $ 6,328,950 $
Permanently Restricted
2012
2011
TOTAL
2012
2011
- $
-
- $ 7,897,077 $ 7,254,017
400
1,581
599
640
7,898,076
7,256,238
Ministry
Employee
Program and missions
Building and grounds
Depreciation and amortization
Interest
Administrative
Release of restricted funds
438,238
3,253,832
581,864
605,371
442,384
464,449
1,110,176
6,896,314
438,349
2,843,207
565,215
520,172
451,963
283,471
510,090
5,612,467
1,001,762
1,643,771
7,013,442
5,369,671
- $
- $ 8,015,204 $ 7,013,442
EXPENSES
2012
2011
$ 7,897,477 $ 7,255,598
(6,141,397) (4,632,568)
(464,449)
(283,471)
599
640
1,292,230
2,340,199
(8,448,884)
(8,448,884)
(2,513,661)
(2,513,661)
7,276,864
7,276,864
5,550,000
(99,932)
937,278
(5,592,994)
794,352
120,210
620,890
1,184,143
563,253
$ 1,304,353 $ 1,184,143
$ 1,001,762 $ 1,643,771
433,107
(158,286)
15,647
417,558
340,305
(61,435)
$ 1,292,230 $ 2,340,199
Land
Building
Leasehold improvements
Furniture, fixtures and equipment
2011
3,222,279 $
7,296,892
1,483,978
1,021,766
13,024,915
(2,750,409)
10,274,506
10,404,748
3,222,279
7,264,943
1,183,978
1,009,766
12,680,966
(2,317,302)
10,363,664
2,299,813
20,679,254 $
12,663,477
During 2011 the Church began a major expansion of its main campus. Expenditures related to
this expansion have been capitalized, along with accrued retainage of $166,287, but no
depreciation will be recorded until the expansion is complete and the facilities have been
placed into service, which is expected in February 2013.
5,550,000
$ 5,550,000
8,214,142
937,278
$ 13,764,142
$ 6,487,278
244,044
305,346
319,484
7,787,005
131,195
4,977,068
$ 13,764,142
8
2011
NOTE 5LEASES
The Church leases certain office equipment under arrangements that qualify as operating
leases. In addition, the Church leases facilities under operating leases. Future minimum
payments are as follows for the years ended December 31:
Facilities
2013
2014
2015
Equipment
234,000
156,000
156,000
26,900
26,900
6,700
546,000
60,500
The Church also leases space on the University of Tennessee campus under a short-term lease
agreement.