2005 Financial Statement
Compiled Financial Statements
Prepared by Farley & Upham, P.A.
Certified Public Accountants
1415 Panther Lane, Suite 387
Naples, Florida 34109
To the Board of Directors
Heernett Foundation, Inc.
We have compiled the accompanying statement of financial position tax basis of Heernett Environmental Foundation, Inc. (a nonprofit corporation) as of December 31, 2005, and the related statement of activities tax basis for the year then ended, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. The financial statements have been prepared on the tax basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles.
A compilation is limited to presenting in the form of financial statements information that is the representation of management. We have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.
Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared on the tax basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user’s conclusions about the Foundation’s assets, liabilities, net assets, revenues, and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters.
We are not independent with respect to Heernett Environmental Foundation, Inc.
Farley & Upham, P.A.
Certified Public Accountants
June 1, 2006
Heernett Foundation, Inc.
Statement of Financial Position - Cash Basis
December 31, 2005
| Assets | |
| Cash | $ 294,366 |
| Investment in stock | $ 140 |
| Property and equipment, at cost, net of accumulated depreciation of $60,217 | $ 1,934 |
| Land | $ 2,470,000 |
| Funds held in trust | $ 20,369 |
| Total assets | $ 2,786,809 |
| Liabilities | |
| Due to employee | $ 610 |
| Total liabilities | $ 610 |
| Net Assets | |
| Unrestricted | $ 2,786,199 |
| Total net assets | $ 2,786,199 |
| Total liabilities and net assets | $ 2,786,809 |
Heernett Foundation, Inc.
Statement of Activities - Cash Basis
Year Ended December 31, 2005
Unrestricted revenues, gains and other support
| Contributions | $ 50,807 |
| Sale of timber, net | $ 303,223 |
Total unrestricted revenues, gains and other support |
$ 354,030 |
| Expenses | |
Program services |
|
Land and stream conservation |
$ 13,970 |
Public education |
$ 12,148 |
Total program services |
$ 26,118 |
| Supporting services | |
Management and general |
$ 21,174 |
| Total supporting services | $ 21,174 |
| Total expenses | $ 47,292 |
| Increase in unrestricted net assets | $ 306,738 |
| Net assets at beginning of year | $ 2,479,461 |
| Net assets at end of year | $ 2,786,199 |
