Professional Documents
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FINANCIAL STATEMENTS
DECEMBER 31, 2011 AND 2010
TABLE OF CONTENT
Page
INDBPKNDRNT AUDITOR'S RFPORT
FINANCIAL ST'ATKMLNTS:
Statement of Finaneial Position
5-8
Board of Directors
Federation Puertorriquena de Futbol, Inc.
San Juan, Puerto Rico
I have audited the accompanying statements of financial position of Federacion
Puertorriquena de Futbol, Inc., a non-profit organization, as of December 31, 2011 and 2010,
and the related statements of operations and changes in net assets, and cash flows for the
years then ended. These financial statements are responsibility of the organization. My
responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with the auditing standards generally accepted in the
United States of America. Those standards require that I 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
principle used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis
for my opinions.
In my opinion the financial statements referred above present fairly, in all material respects,
the financial position of Federacion Puertorriquena de Futbol, Inc., as of December 31, 2011
and 2010, and the results of its operations and its cash flows for the years then ended, in
conformity with accounting principles generally accepted in the United States of America.
Juan C. Vazquez-Hernandez
Certified Public Accountant
License number 2704
M+*
s? \ f ,
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352 SAN CLAUDIO AVENUE, SUITE 221, SAN JUAN, PUERTO Rico 00926-4107
PHONE (787) 294-0633 / 294-0634 1:AX (787) 294-0635
www.vazquezhernandezcpa.com
Temporary
Restricted
Unrestricted
Totals
2011
2010
ASSETS
CURRENT ASSETS
Cash
Accounts receivable
Accounts receivable- other
Due from HAP fund
Inventories
29.133
29.133
PROPERTY AND EQUIPMENT
Equipment
Furniture and fixtures
TOTAL ASSETS $
4,89^
15.204
2.281
823
1,386
24,591
S 34,030
15.204
2,281
823
1,386
53,724
19.309
2,600
21,909
18,044
3,865
19,309
2,600
21,909
18,044
3,865
85,556
4,615
6.501
96.672
14,295
2,600
16,895
16,200
695
20,133
28,456
$ 57,589
97,367
21,844
823
22,667
44,82.1
44.821
$ 66,665
823
67,488
80,593
(16.365)
(16,365)
6.466
6.466
29.133
28,456
80,593
6,466
(16,365)
(9,899)
S 57,589
74.496
(57.722)
16.774
$
97,367
Temporary
Restricted
REVENUES
Contributions received from l ; ll ; A- FAP
Contributions received from FIFA- WIN
Affiliation fees
Contributions
Other revenues
TOTAL REVENUES
OPERA! ING EXPENSES
Male Tournaments
Female Tournaments
General and administrative
infrastructure improvements and utilities
Office supplies, lease equipment and miscellaneous
Travel and lodging
Technical development, commissions and trainings
Professional services
Marketing and communication-,
Fulsal/ lieach football
Insurance
[ 'niforms, rewards and trophies
Memberships and affiliations
Bad debt expense
Bank charges and miscellaneous expenses
TOTAL OPERATING EXPENSES
Totals
675.1)0(1
675,000
228,625
64,601
161.545
13.538
3.640
29,231
74.531
143,455
1.845
2,536
.
2010
55,900
58.313
13,679
127.892
$ 675.000
55.900
58,313
13,679
802,892
$ 375,000
400.000
129.952
-
10.863
3,977
95,670
50.370
176,309
50.003
42 602
1 6 1 .839
97.473
79.309
13.451
8.974
8,067
30.669
13,507
75.437
23.149
924.829
904.952
6,264
!2,792
424
743.030
983
(645)
2,213
123,910
239,488
68,581
161.545
27,282
13,729
50.027
1 02.6 1 3
158.825
20.033
2,786
7,247
12,147
2.637
866,940
74.U130
1.844
125,754
1.844
868,784
2.672
927.501
13.744
1 fl.089
20.796
28,082
15.370
18.188
250
Depreciation o.petise
TOTAL EXPENSES
2011
Unrestricted
168.030)
2,138
(65.892)
(22.549)
NET ASSETS AT B E G I N N I N G OF Y E 4 R
74,496
1 57.722 i
16.774
39.323
39.219
39,2 1 ')
6/166
(16.365)
(9.899) $
16.774
2011
2010
$ (65,892)
S (22,549)
,.844
2,672
73,437
(7,192)
(1.386)
26,114
l'80.450'i
(46,512)
(2 5,6921
(5,014)
(934i
(5,014)
(934)
1,198
(20,000)
(20.000)
(51,526)
(46,6261
85,556
CASH AT B E G I N N I N G OF YEAR
CASH AT END OF Y E A R $
-4-
34,030
85,556
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Use of Estimates
The preparation of llnancial statements in conformity with generally accepted accounting principles in
the United States of America, requires management to make estimates and assumptions that affect the
recorded amounts of net assets at the date of the financial statements and reported amounts or revenues
and expenses during the reporting period. Accordingly, actual results could differ from those estimates.
Income Tuxes
The FPF is exempt from Income. Municipal and other local taxes under Section 1101 (6) oi'lhe amended
Puerto Rico Internal Revenue Code of 1994.
-6-
Amount Paid
$ 49,080.00
24.729.00
$ 73,809^00
Other expenses as travel, meals, telephone and others were reimbursed to members of the board of
directors.
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