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CALIFORNIA NURSES ASSOCIATION FINANCIAL STATEMENTS and INDEPENDENT AUDITORS' REPORT YEARS ENDED JUNE 30, 2004 AND JUNE 30, 2003 CALIFORNIA NURSES ASSOCIATION FINANCIAL STATEMENTS YEARS ENDED JUNE 30, 2004 AND 2003 TABLE OF CONTENTS Page Independent Auditors' Report 1 Statements of Financial Position 2 Statements of Activities 3 - 4 Statements of Cash Flows 5 Notes to Financial Statements 6 - 22 See Accompanying Notes and Independent Auditors' Report CALIFORNIA NURSES ASSOCIATION STATEMENTS OF FINANCIAL POSITION JUNE 30, 2004 AND 2003 ASSETS 2004 2003 Cash and Cash Equivalents $ 159,500 $ 715,860 Dues and Fees Receivable 1,925,799 1,026,688 Other Receivables 8,115 111,440 Prepaid Expenses and Other Assets 214,083 381,290 Due from Other Organizations 777,341 801,342 Investments 289,991 444,761 Fixed Assets Net of Accumulated Depreciation and Amortization 6,801,538 5,438,957 Assets Designated for Specific Programs 81,819 42,096 Total Assets $ 10,258,186 $ 8,962,434 LIABILITIES AND NET ASSETS Liabilities: Accounts Payable $ 1,760,387 $ 1,149,718 Deferred Revenue 161,211 393,791 Dues and Fees Collected in Advance 76,361 716,891 Line of Credit 500,000 - Margin Loan 173,592 - Accrued Compensated Absences 1,978,438 1,539,787 Mortgages 3,128,494 2,414,053 Total Liabilities 7,778,483 6,214,240 Net Assets: Unrestricted: Undesignated 1,890,746 1,596,556 Designated (194,243 ) 363,442 1,696,503 1,959,998 Temporarily Restricted 783,200 788,196 Total Net Assets 2,479,703 2,748,194 Total Liabilities and Net Assets $ 10,258,186 $ 8,962,434 Independent Auditors' 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, 2004 and 2003, 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. 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, 2004 and 2003, 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. __________________________________ San Francisco, California November 18, 2004