LONGY FACULTY UNION

Financial Statements

Year Ended June 30,2017

 LONGY FACULTY UNION

TABLE OF CONTENTS

Page No.

L\DEPENDENT AUDITOR' S REP ORT

FNANCIAL STATEMENTS
2
Statements of Financial Position
J
Statements of Activities
4
Statements of Cash Flows
5-6
Notes to Financial Statements
 128 Carnegie Row, Suite 206
Norwood, MA02062

I Il. Cohan & Associates, P.C. Phone: (781) 326-3311

:l TUBLIC ACCOUNTANTS Fax: (781) 329-3694
Independent Auditor's Report
Ir-i the Erecutive Board
L '-,nB). Faculh' Union
B',, !lrlD. \Iassachusetts

' nancial statements of Longy Faculty Union (the Union) (a

:_-1'j,::::t:
ses the statement of financial position as of June
., -',,..i'j.;;;:T 30,201),
s and cash flows for the year then ended, and the
- -:_i r.r :he l-tnancial statements. ) rerated

\ ! r u tge
ntent's Responsibility for the Financial Statements
I ':":nrentis responsible. for the preparation and fair presentation
of these financial
rrvr4r rstatements
LsLvrllvllLJ

- '-..lt]lt_t ]^tll^it"gunting
principles generally u"r.pt"d in the united States
of America;
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.-- -:-. "ll:_1t""*,
implementation, *a
rnaitrt.nun"" oi int.rnul control relevant to the
t, j-'il].",idJ1l:l]:'^:llilton of financial statements that are free from material rnisstatement,
:: lue to lraud or error.

1 ;, J iro r's Responsibitity

-- -;s:r-nsibility is to express an opinion on these financial
statements based on our audit. We
- '---:':i our audit in accordance with auditing
rtunJurar generally u"..pt"c in the United
r --:i r \merica' Those standards require th-at we plan
-: : r:r'i and perform the audit to obtain
- ' assurance about whether the financial statements
are free of material misstatement.
-- '---t tnrolves p-erforming procedures to obtain audit
evidence about
- r- -j-:-s in the financial statements. The procedures selected depend the amounts and
-l'rr-ll:' including the assessment of the risks of material misstatement on the auditor,s
of the financial
: --;--;iiS' $hether due to fraud or enor. In making those
';- risk assessments, the auditor considers
-.;l controi relevant to the entity,s pre resentation of the financial
:.:r--ir-r.S in order to design audit procedures
- ---: purpose of expressing an opinion in the circumstances, but not
on the the entity,s internal control.
--- r:irr_slr'. we express no such opinion. An aud ng the appropriateness
:-:,_ -nring policies used and the reasonablenes
-. -:J-ireria's tLt":*t#lJes made bv
well as evaluating the overail pres
;: ::-i:re that the audit evidence we have obtained is sufficient and appropriate to provide
, ::,: I tr our audit opinion. a

t-tl,,u.itttt
referred to above present fairly, in all material respects,
,-.' i,, Union as of June 30, 2017, and. the changes in iis net
-r:-:) then ended in accordance with accounting principles
r :.-.:.: f America.
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) :: .::rber 21, 2017
 LONGY FACULTY UNION
STATEMENT OF FINANCIAL POSITION
JUNE 30,2017

2017

-{SSETS

CTRRENT ASSETS
C"sh 4I,857
D.:es hcome Receivable 672

TOTAL ASSETS 42,529

LL{BILITIES AND NET ASSETS

CLR.RENT LIABILITIES
-dccrued Expenses 5,682
TOTAL CURRENT LIABILITIES 5,692

\TT -{SSETS - UNRESTRTCTED (NOTE 1) 36,847

TOT.{I LIABILITIES AND NET ASSETS s 42,529

The Independent Auditor's Report and Accompanying Notes

are an Integral Part of these Financial Statements.
 LONGY FACULTY UNION
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30,2017

2017

SL-PPORT

Dues Income 22,463

1
Interest Income
22,464

EX?ENSES
4,250
^{rbitration
Conferences, Conventions and N{eetings 19s

lnsurance - Teacher's LiabilitY 180

Office 386

Offrcer Stipends s99

Per Capita - AFT Massachusetls 9,319

Per Capita - American Federation of Teachers 5,430

Per Capita - Greater Boston Labor Council t69
Per Capita - Massachusetts AFL-CIO 506

Professional Fees 4.s00

24,534

DECREASE IN NET ASSETS (2,070)

\ET ASSETS, BEGINNII{G OF }L{R 38,917

\ET ASSETS, END OF T'EAR 36,817

The Independent -{rdino,r"s Report and Accompanying Notes

are an Intqnl Fan of these Financial Statements.
3
t

LONGY FACULTY UNION

STATEMENT OF CASII FLOWS
FOR THE YEAR ENDED JUNE 3O,2OI7

2017

CASH FLOWS FROM OPERATING ACTIVITTES

Decrease in Net Assets (2,070)
Adjustments to Reconcile Decrease in Net
-{ssets to Net Cash Used by Operating Activities
(lncrease) ln
Dues Income Receivable (e0)

Increase In
Accrued Expenses 708

NTT CASH USED BY OPERATING

.{CTI!TT[ES (1,452)

\TT DECREASE IN CASH (1,452)

CASH, BEGINNING 43,309

CASH, ENDING $ 41,857

The Independent Auditor's Report and Accompanying Notes

are an Integral Part of these Financial Statements.
4
 LONGY FACULTY UNION
NOTES TO FINANCIAL STATEMENTS
Jfri\E 30,2017

POLICIES
l. SUMMARY OF SIGNIFICANT ACCOUNTING

Nature of Activities
formed in
Longy FacultY Union (the Union)
is a nonproht edlcational labor unionto members
2010 *fti"tt pt"tides supporl services
Boston, Massachusetts in February
derived from union member dues'
regarding labor issues' i;nn* t, irimarily

on the accrual method of

The hnancial statements of Longy Faculty Union are prepared
accounting.

Financial Statement PreParation

Contributions

Income Tax
under Section
is a nonpro li orgattzation that is exempt from income taxes
The Union
iOr t.l (5) of the Intirnal Revenue Code'
gui
Accounting standards provide detailed
m.urtr.*Jnt and disclosure of uncertain

iring accounting reco gnition'

Continued-
 LONGY FACULTY UNION
NOTES TO FINANCIAL STATEMENTS
JUNE 30,2011

Income Tax (Continued)

(e-Postcard) for Tax-Exempt Organization
The Union's Form 990-N, Electronic Notice
gg}-Ez,for the years ending June 30'2015' 2016 and
Not Required to File Form 990 or
generally for three years after they were
2017 are subject to examination by the iRS,
frled.

Estimates

nformity with generally accepted accounting

estimates and assumptions that affect the
and the disclosure of contingent assets and
and
ents and the repofied amounts of revenues
results could differ from those estimates'
expenses during the reporting period. Actual

through September 2l' 20!7 the date which

The Union has evaluated subsequent events '
issued'
the financial statements were available to be

See Independent Auditor's Report'

6