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Audit + Index_FINAL 12/30/09 2:16 PM Page 14 CALIFORNIA NURSES ASSOCIATION FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2008 AND 2007 TABLE OF CONTENTS Page CALIFORNIA NURSES ASSOCIATION Independent Auditor's Report 1 FINANCIAL STATEMENTS Financial Statements: and Statements of Financial Position INDEPENDENT AUDITOR'S REPORT 2 Statements of Activities 3-4 Statements of Cash Flows YEARS ENDED JUNE 30, 2008 AND JUNE 30, 2007 5 Notes to Financial Statements 6 - 19 CALIFORNIA NURSES ASSOCIATION STATEMENTS OF FINANCIAL POSITION JUNE 30, 2008 AND 2007 ASSETS 2008 Cash and Cash Equivalents Dues and Fees Receivable Other Receivables Prepaid Expenses and Other Assets Due from Other Organizations Investments Fixed Assets Net of Accumulated Depreciation and Amortization Assets Designated for Specific Programs Independent Auditor's Report Board of Directors California Nurses Association Oakland, California We have audited the accompanying statements of financial position of the California Nurses Association (CNA), an incorporated organization exempt from federal and state income and franchise taxes, as of June 30, 2008 and 2007, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of CNA's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with generally accepted auditing standards 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 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. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the California Nurses Association as of June 30, 2008 and 2007, and the changes in its net assets and its cash flows for the years then ended in conformity with generally accepted accounting principles in the United States of America. Total Assets $ 34,755,401 3,554,298 329,440 511,742 178,843 960,246 2007 $ 7,381,667 209,370 $ 47,881,007 22,689,221 3,721,611 119,608 570,661 192,843 1,059,181 7,387,231 272,857 $ 36,013,213 $ 2,207,029 39,699 2,990,324 2,702,339 LIABILITIES AND NET ASSETS Liabilities: Accounts Payable Dues and Fees Collected in Advance Accrued Compensated Absences Mortgages $ Total Liabilities 1,814,445 34,951 3,776,850 2,540,810 8,167,056 7,939,391 36,124,252 3,589,699 24,839,532 3,234,290 Net Assets: Unrestricted: Undesignated Designated Total Unrestricted 39,713,951 28,073,822 Total Net Assets 39,713,951 28,073,822 Total Liabilities and Net Assets $ 47,881,007 $ 36,013,213 San Francisco, California September 28, 2009 See Accompanying Notes and Independent Auditor's Report -2- -1- 14 REGISTERED NURSE W W W. C A L N U R S E S . O R G NOVEMBER | DECEMBER 2009