the idea village inc.app1.lla.la.gov/publicreports.nsf/c7d3a9e88ba89aa... · capital and...

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THE IDEA VILLAGE, INC,

FINANCIAL STATEMENTS

December 31, 2009 and 2008

Under provisions of state law, this report is a public document. A copy of the report has been submitted to the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clert< of court.

Release Date "iWi/D

THE IDEA VILLAGE, INC. NEW ORLEANS, LOUISIANA

CONTENTS

Independent Auditors' Report

PageCs)

Financial Statements Statements of Financial Position 2 Statements of Activities 3-4 Statements of Functional Expenses 5-6 Statements of Cash Flows 7 Notes to Financial Statements 8-13

Special Report of Certified Public Accountants Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 14-15

Schedule of Findings 16

C L I F T D N V^. N E W L I N ROBERT D. V^ATKINB EDWARD G. BCRaUEaSC, j R . JDN S, FOLBE

M A R K D. B D H N E T

LISA D. E N Q L A D E KERNEY R CRAFT, J R .

W E G M A N N D A Z E T & COMPANY

INDEPENDENT AUDITORS^ REPORT

To the Board of Directors The Idea Village, Inc. New Orleans, Louisiana

We have audited the accompanying statements of financial position of The Idea Village, Inc. (a nonprofit organization) as of December 31, 2009 and 2008, and the related statements of activities, functional expenses and cash flows for the years then ended. These financial statements are the responsibility of the Organization's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. 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 Idea Village, Inc. as of December 31, 2009 and 2008, and the changes in its net assets and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated May 28, 2010, on our consideration of The Idea Village, Inc.'s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, and grants and other matters. The purpose of that report is lo describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of the audit performed in accordance with Government Auditing Standards and important for assessing the results of our audits.

May 28,2010 ^ ^ . i ^ ^'-t'pPC^ ^^C j r - ^^^v i rt-^M-^

W E Q M A N N D A Z E T & CDMPANY j A PROFEBBIQNAU OORPDRATION | CERTIFIED PUBLIC A C O O U N T A N T B M E M B E R S : A I C P A P R I V A T E C D M P A N I E S PRACTICE SECTION 1 AN INDEPENDENT MEMBER DF THE BDD 3EIDMAN ALLIANCE

NEW ORLEANS OFFICE | 111 VETERANS BLVD. | SUITE QOD | METAIRIE 1 LA 7 0 0 D 5 NUHTHBHORE OFFICE | 109 NEW CAMELLIA BLVD. j SUITE 1D6 | CDVINQTON | LA 7 D 4 3 3

f 5 0 4 ] 6 3 7 - 0 8 4 4 | FAX [ 3 0 4 ] Q 3 7 - Q B S 6 | WWW.WDCD.BIZ

http://WWW.WDCD.BIZ

THE IDEA VILLAGE, INC. STATEMENTS OF FINANCIAL POSITION

December 31, 2009 and 2008

2009 2008 ASSETS

Current assets Cash and cash equivalents Pledges receivable Grants receivable Other receivables

Total current assets

Property and equipment, at cost less accumulated depreciation Deposits

Total assets

LIABILITIES

Current liabilities

$ 819,287 24,479

236,120 7.750

1,087,636

343,614 5,551

$ 1,436,801

$

$

1,792,978 24,800 90,238 18,502

1,926,518

50,867 2,250

1,979,635

Accounts payable and accrued expenses Other current liabilities

Total current liabilities

Net assets Unrestricted accumulated equity Restricted accumulated equity

Total net assets

Total liabilities and net assets

NET ASSETS

$

$

6,165 3,464 9,629

624,432 802,740

1,427,172

1,436,801

$ 6,060 -

6,060

666,535 1,307,040 1,973.575

$ 1,979,635

See accompanying Notes to Financial Statements. -2-

THE IDEA VILLAGE, INC. STATEMENT OF ACTIVITIES

For the Year Ended December 31, 2009

Revenues Contributions Donations Net assets released from restrictions

Total revenues

Expenses Program services

Program activities Fundraising

Supporting services General and administrative

Total expenses

Change in net assets

Net assets Beginning of year

Unrestricted

$ 981,001 66,153

1,132,543

2,179,697

1,286,054 61,250

874,496

2,221,800

(42,103)

666,535

Restricted

$ 628,243 -

(1,132,543)

(504,300)

--

-

_

(504,300)

1,307,040

Total

$ 1,609,244 66,153

-

1,675.397

1,286,054 61,250

874,496

2,221,800

(546,403)

1,973,575

End of year $ 624,432 $ 802,740 $ 1,427,172


THE IDEA VILLAGE, INC. STATEMENT OF ACTIVITIES

For the Year Ended December 31, 2008

Revenues Contributions Donations Net assets released from restrictions

Total revenues

Expenses Program services

Program activities Fundraising

Supporting services General and administrative

Total expenses

Unrestricted

$ 321,521 187,512

1,159,691

1,668,724

733,749 7,786

574,621

1,316,156

Restricted

$ 2,066,846 49,212

(1,159,691)

956,367

--

-

.

Total

$ 2,388,367 236,724

-

2,625,091

733,749 7,786

574,621

1.316,156

Change in net assets 352,568 956,367 1,308,935

Net assets Beginning of year as previously reported 443,980 Prior period adjustment to reconcile net assets (130,013)

220,660 130.013

664.640

End of year $ 666,535 $ 1,307.040 $ 1.973.575


THE IDEA VILLAGE. INC. STATEMENT OF FUNCTIONAL EXPENSES

For the Year Ended December 31.2009

Accounting Advertising Alarm and security Auto rental Bad debt expense Bank service charge Computer services and supplies Consulting Development Depreciation Dues and subscriptions Employee allowance Events expense Grants awarded Hardware rental Insurance Internet Legal fees Licenses and permits Marketing Meals and entertainment Medical insurance Meeting Merchant credit card fees Office supplies Other expense Overhead cost Parking and tolls Payroll service fees Payroll taxes Pest control Postage and deliveiy Printing and reproduction Production Professional development Public relations Recycling expense Rent expense Repairs and maintenance Salary and wages Telephone Travel Utilities Workers comp insurance

Total expenses

Program $ 7.375

144 -

9.687 -30

-102,637

--

-3,600

43,942 547.594

--116

3.041 -

7,587 20,011

(29) 245 -

1.841 -

63,000 61

-7.020

-178

4.452 4,500 4,539 3,948

-936 -

441,294 -

8.305 --

$ 1,286,054

Fundraising $

--44

-30

--

7,939 -233 400 ----163 --

8,399 3,486

---618 --(50) ---789 33

------

38,588 -578 --

$ 61,250

Support Sei-viccs

$ 23.653 -

4,977 3.800

12.000 418

37,368 173

1,270 20,011

533 9,260 5,968

61,000, 7,818 9.229

16,094 35

246 23,583 15,926 55,117

1,017 819

8.023 1,875

(63,000) 3,789 3.340

56,884 182

1,291 4,485

163 3,157 2,383

225 22,410

8,015 478,490

16,531 2,013 4,445 9,480

$ 874.496

Total Expenses

$ 31,028 144

4,977 13,531 12,000

478 37,368

102,810 9,209

20,011 766

13,260 49,910

608,594 7,818 9,229

16,373 3,076

246 39,569 39,423 55,088

1,262 819

10,482 1,875

-3,800 3,340

63,904 182

2,258 8,970 4.663 7.696 6.331

225 23,346

8,015 958,372

16.531 10,896 4.445 9,480

$ 2,221,800


THE IDEA VILLAGE, INC. STATEMENT OF FUNCTIONAL EXPENSES

For the Year Ended December 31,2008

Accounting Alarm and security Auto rental Bad debt expense Bank service charge Building repairs Computer services and supplies Consulting Contract labor fees Dental insurance Depreciation Dues and subscriptions Equipment repairs Grants awarded Hardware rental Information technology Insurance Interest income Licenses and permits Marketing Meals and entertainment Medical insurance Merchant credit card fees Office supplies Other expense Parking and tolls Payroll service fees Payroll taxes Postage and delivery Printing and reproduction Professional development Recycling expense Rent expense Repairs and maintenance Salary and wages Supplies other Telephone Travel Utilities Workers comp insurance

Total expenses

Program $

-2,222

-26

-2,148

78,235 8,081

----

447 -

315 ---

48,256 19,756

--

2,819 715

2,440 -

42,155 160

-2,310

---

501,300 -

178 22,186

--

$ 733,749

Fundraising S

------------------

6,196 --------

210 1,380

----------

$ 7,786

Support Services

$ 814 452

1,022 2,500

735 496

4,817 62,979 • 8.278 3,384 1,580

509 82

75,600 202

3,683 1,410 (644) 134

10,928 6,454

39,523 389

5,120 3,329 1,007 2,456 9,072

748 2,540 9,041

195 36,000 8,088

241,480 1,003

12,225 4,973 6.575 5,442

$ 574,621

Total Expenses

$ 814 452

3,244 2,500

761 496

6,965 141,214 16,359 3,384 1.580

509 82

76,047 202

3,998 1,410 (644) 134

65,380 26.210 39,523

389 7,939 4,044 3,447 2,456

51,227 1,118 3,920

11,351 195

36,000 8,088

742,780 1,003

12,403 27,159 6,575 5,442

$ 1,316,156


THE IDEA VILLAGE, INC. STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2009 and 2008

Cash flows from operating activities: Change in net assets Adjustments to reconcile change in net assets to net cash

provided (used) by operating activities: Depreciation

(Increase) decrease in operating assets: Receivables Other receivables Prepaid pension cost Due from third party Other current assets

Increase (decrease) in operating liabilities: Accounts payable and accrued expenses Other current liabilities

Net cash (used) provided by operating activities

Cash flows from investing activities; Purchase of property and equipment

Net cash used by investing activities

Net (decrease) increase in cash '

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

2009

$ (546,403)

20,011

(312,758)

2008

$ 1,308,935

1,580

(268,349)

133,540

-

-

(3.301)

105 3,464

(660,933)

191,315

(11,802)

3,144

29,506

250

(36,241) -

1,486,687

(51,153) (312,758)

(973,691)

1,792,978

$ 819.287

(51,153)

1,435,534

357,444

$ 1,792.978


THE IDEA VILLAGE, INC. NOTES TO FINANCIAL STATEMENTS


1) Nature of activities

The Idea Village, Inc. (the "Village") is a non-profit organization established in 2002 to generate economic development in the New Orleans region by commercializing ideas and accelerating the growth of entrepreneurial companies. The Village focuses primarily on early-stage companies, providing targeted services and access to third-party capital including venture capitalists, corporate and individual investors. The Village guides companies as to the most efficient and effective means of raising venture capital and accelerating success.

Due to the impact of Hurricane Katrina on the New Orleans area, the Village established a fimd, the IV Business Relief Fund, to provide short term financial assistance and/or professional consulting services to local entrepreneurs trying to reopen their businesses. Donors are able to designate that their contributions to the Village be used for this purpose. The Village assesses, qualifies and performs general due diligence before awarding monetary grants and/or consulting services to applicant companies.

The Village has also developed a revitalization strategy to support entrepreneurs determined to rebuild their business in the New Orleans area. Its goal is to secure strong, sustainable commercial corridors that will serve as community "anchors" fueling private investments and giving residents a greater sense of confidence, ownership and participation in their neighborhoods.

2) Summarv of significant accounting policies

The significant accounting policies followed by the Village are summarized as follows:

(a) Financial statement presentation The Villagers policy is to prepare its financial statements on the accrual basis of accounting, which recognizes all revenues and the related assets when earned and all expenses and the related obligations when incurred.

(b) Contributions Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and nature of any donor restrictions. Support that is not restricted by the donor is reported as an increase in unrestricted net assets. All other donor restricted support is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction. When a restriction expires (that is when a stipulated time restriction ends or purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the Statement of Activities as net assets released from restrictions. Restricted contributions whose restrictions are met in the same reporting period are recorded as unrestricted contributions.

(c) Cash and cash equivalents All cash-related items having a maturity of three months or less from the original maturity date are classified as cash and cash equivalents.

(d) Accounts receivable Accounts are considered overdue if uncollected within ninety days of original invoice. The Village writes off uncollectible accounts as they are identified. No allowance for uncollectible accounts has been provided, as management has evaluated the accounts and believes they are all collectible.

•8-



2) Summai-y of Significant Accounting Policies (continued)

(e) Depreciation of propertv and equipment Depreciation of the ofllce building, automobiles and furniture and equipment is provided over the estimated usefiji lives of the respective assets on a straight-line basis ranging from 3 to 39 years.

Property and equipment are stated at cost. Additions, renewals, and betterments that add materially to productive capacity or extend the life of an asset are capitalized. Expenditures for maintenance and repairs, which do not extend the life of the applicable assets, are charged to expense as incurred. Upon retirement or disposal of an asset, the asset and accumtilaled depreciation accounts are adjusted accordingly. Any resulting gain or loss is included in the statement of activities.

(f) Taxes The Village is exempt from income taxes under Section 501(c)(3) of the U.S. Intemal Revenue Code. The Village has filed for and received income tax exemptions in the various jurisdictions where it is required to do so. The Village files Form 990 and Form 990 T tax returns in the U.S. federal jurisdiction and in various states.

With few exceptions, the Village is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2006. Management of the Village believes it has no material uncertain tax positions and, accordingly it will not recognize any liability for unrecognized tax benefits.

(g) Fundraising All expenses associate with the fundraising event are expenses as incurred.

(h) Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(i) Concentration of credit risk Financial instruments that potentially subject the Village to concentrations of credit risk consist principally of cash deposits. The Village at times has cash on deposit at financial institutions that may exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. The Village, at times, may be in excess of FDIC insured limits. The Village has not experienced any losses in such accounts. The Village has no policy requiring collateral or other security to support its deposits.

(j) Restricted cash The Village has established a fimd, the IV Business Relief Fund, to provide short-term assistance to local entrepreneurs trying to reopen their business in the New Orleans area. Donors are able to designate that their contributions to the Village be used for this purpose. The Idea Village assesses, qualifies and performs due diligence before awarding monetary grants and/or consulting services to applicant companies.


For the Years Ended December 31. 2009 and 2008

2) Summarv of Significant Accounting Policies (continued')

(k) Promises to give Unconditional promises to give arc recognized when the donor makes a promise to give. Conditional promises to give are reported as increases in unrestricted net assets if the restrictions expire in the fiscal year in which the contributions are recognized. All other donor-restricted contributions are reported as increases in temporarily or permanently restricted net assets depending on the nature of the restrictions. When a restriction expires, temporarily restricted net assets are reclassified to unrestricted net assets.

(I) Donated services Donated services are recognized as contributions if the services create or enhance nonfinancial assets or require specialized skills, are performed by people with those skills, and would otherwise be purchase by the Village.

No such contributions were recorded in 2009 or 2008,

3) Restrictions on net assets

The Village operates many initiatives in the New Orleans area. The Village has several initiatives which provide services to develop a business center green businesses, to develop affordable housing in New Orleans, to help young adults stay in the New Orleans area, and to develop a business center in the ninth ward.

Temporarily restricted net assets are available for the following initiatives:

2009

ECO Park Innovation Fund Brain Gain IV @ Galvez Total temporarily restricted assets

2008

$

?

79,113

490,527

80,548

152,552

802,740

$

i_

259,996

932,092

51,302

63.680

1,307,070

-10-



4) Federal financial assistance

The Village was awarded a grant from the U.S. Department of Housing and Urban Development through the Louisiana Department of Economic Development to provide direct business support and grants to New Orieans based entrepreneurs. Idea Village will identify and accelerate the recovery and grov/th of one hundred diverse small business owners, who above all, exhibit the unmistakable spirit of entrcpreneurialism. The grant is considered to be an exchange transaction. Accordingly, revenue is recognized when earned and expenses are recognized as incurred. Grant activity for the years ended December 31, 2009 and 2008 was as follows:

2009 2008 Grant Receipts $ 195,473 $343,439 Grant Expendiuires 195,473 433,677

Due from grant at end of year $ - $ 90,238

In 2009, the Village was awarded a grant from the U.S. Department of Commerce through the Economic Development Administration to provide technical assistance to emerging business in key growth sectors. Idea Village will allow the region to attract, stabilize, retain and grow those businesses. The grant is considered to be an exchange transaction. Accordingly, revenue is recognized when earned and expenses are recognized as incurred. Grant activity for the year ended December 31, 2009 was as follows;

2009 Grant Receipts $156,817 Grant Expenditures 228,904

Due from grant at end of year $ 72,087

5) Propertv and equipment

Property and equipment consists of the following:

Building Computers Furniture and fixtures Loan closing costs Leasehold improvements

Total costs Less: accumulated depreciation

Property and equipment

-11-

2009 2008

$ 41,508 31,725 49,366 2,134

261,984

386,717 43,103

$343,614

$41,508 25,289 7,162

--

73,959 23,092

$ 50,867



6) Line of credit

As of December 31, 2009, pursuant to an agreement with First Bank and Trust, the Village had a $150,000 unsecured line of credit, none of which was outstanding at December 31,2009.

7) Operating lease

The Village leases an office space. The lease expires in March 2014. Future minimum rental payments under the lease are as follows:

Year Ending Amount 2010 $61,103

2011 67,328

2012 68,385

2013 69,443

2014 23,265

Total rent expense under the operating lease was $23,346 for the year ended December 31, 2009.

8) Innovation Fund Initiative

The Village has entered into an agreement with the Rockerfeller Foundation whereby the Village will establish a competitive program to fund and provide technical assistance for three innovative proposals by New Orleans-based Rockerfeller Foundation Redevelopment Fellows that advance the production of affordable housing and neighborhood revitalization in New Orieans.

The Village received $1,000,000 in restricted revenue for the initiative that runs from December ,1, 2008 through November 30, 2010. Of the total fijnds received $200,000 is support staff salary of the Village, $300,000 is to support consultants that will provide technical assistance and the remaining $500,000 is to be disbursed to the three winning ventures depending upon the needs of each venture. At December 31, 2009 and 2008 there was $490,527 and $932,092, respectively, remaining in temporarily restricted net assets.

2008 Grant 2009 Balance Expenditures Balance

Idea Village Staff Support ~$ • 132,092 ~$ 132.092 Fellows - Consultants Support 300,000 38,000 Ventures - Development Funds 500.000 27L473

Totals $ 932.092 $ 441.565

$

$

262,000

228,527

490,527

•12-



9) Prior period adjustment

Restricted net assets at the beginning of 2008 have been adjusted for restricted revenue recognized as unrestricted in error in the prior year. The correction has no effect on the results of the current year's activities; however, the cumulative effect increased beginning restricted net assets for 2008 by $130,013.

10) Subsequent events

Management has evaluated subsequent events through May 28,2010, the dale which the financial statements were available to be issued. There were no material subsequent events that required recognition or additional disclosure in these financial statements.

13-

CUIFTDN W. NeWLIN ROBERT D. WATKINa EDWARD C3. B E R B U E S S E . J R . JON S. FOLSE

lilD M A R K D . B D H N E T

LiBA D. ENC3UADE K E R N E Y F. C R A F T . J R .

W E Q M A N N DAZET & COMPANY

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORANCE WITH

GOVERNMENT AUDITING STANDARDS

To the Board of Directors The Idea Village, Inc. New Orleans, Louisiana

We have audited the financial statements of The Idea Village, Inc. (a nonprofit organization) as of and for the year ended December 31, 2009, and have issued our report thereon dated May 28, 2010. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.

INTERNAL CONTROL OVER FINANCIAL REPORTING

In planning and performing our audit, we considered The Idea Village, Inc.'s internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the The Idea Village, Inc's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Organization's internal control over financial reporting.

A deficiency in intemal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis.

Our consideration of intemal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over financial reporting that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above.

COMPLIANCE AND OTI^R MATTERS

As part of obtaining reasonable assurance about whether The Idea Village, Inc.'s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

WEQMANN DAZET & COMPANY ) A PROFESSiaNAL CORPORATION J CERTIFIED PUBLIC ACCOUNTANTS M E M B E R S : AICPA PRIVATE DDMPANIEB PRACTICE SECTION 1 AN INDEPENDENT MEMBER OF THE BDO SEIOMAN ALLIANDE

NEW DRUEANa OFFICE 1 111 VETERANS BLVD. j SUITE BDD \ METAIRIE 1 LA 7 0 0 0 5 N O R T H S H O R E OFFICE j lOQ NEW CAMELLIA BLVD. | SUITE I D S j CDVINQTON j LA 7D4-33

ISP^J B 3 7 - a B ' 4 4 I FAX [SD41 B 3 7 - a a S 6 | WWW.WDOO.BIZ

-14-

http://WWW.WDOO.BIZ

This report is intended solely for the information and use of management, Board of Directors, others within the entity, and federal awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than these specified parties.

May 28, 2010 (jjM/̂ ^-^^--^ P ^ ' ' ^ ^ U^<^---i

THE IDEA VILLAGE, INC. SCHEDULE OF FINDINGS

For the Years Ended December 31,2009 and 2008

Section I Summary of Auditors' Report

A) Financial Statements

Typeof auditors'report issued: Unqualified

Intemal Control over financial reporting:

• Material weakness(es) identified Yes x No

• Significant Deficiency(s) identified that are not considered

to be material weaknesses , Yes x No

Noncompliance material to financial statements noted Yes _x No

B) Federal Awards For the year ended December 31,2009, The Idea Village, Inc. was not subject to OMB Circular A-133 Audits of States. Local Government and Non-Profit Organizations.

Section U Financial Statement Findings

None Noted

Section HI Federal Award Findings and Questioned Costs

Not applicable.

-16-

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